01-28-1998 (WEDC) Minutes Minutes
WYLIE ECONOMIC DEVELOPMENT CORPORATION
Wednesday,January 28, 1998
Board Members Present:
Marvin Fuller
Kevin St. John
J.C. Worley
John Yeager
Merrill Young
Staff Present:
Samuel Satterwhite, Executive Director
With notice of the meeting posted in time and manner required by law and a quorum of Board
members present, the Board of Directors of the Wylie Economic Development Corporation
(WEDC) met in Regular Session on January 28, 1998 in the Board Room of the Wylie Chamber
of Commerce at 108 W. Marble St., Wylie, Texas.
The meeting was called to order by President John Yeager at 12:14 p.m.
ITEM NO. 1 - Discuss and Consider Approval of Minutes for the January 20, 1998 Regular
Board of Directors Meeting of the Wylie Economic Development Corporation.
MOTION: A motion was made by Kevin St. John and seconded by Marvin Fuller to
approve the Minutes for the January 20, 1998 Regular Board of Directors
Meeting for the Wylie Economic Development Corporation. The WEDC
Board of Directors voted 5 - FOR and 0 - AGAINST in favor of the
motion.
ITEM NO. 2 - Discuss and Consider Issues Surrounding the Savage Precision Fabrication
Loan Agreement.
Staff informed the Board that there has been no Event of Default and that Savage has continued
to increase employment and add equipment. Thus, the principal amount of $8,333.33 is
automatically forgiven as per the terms of the Loan Agreement.
MOTION: A motion was made by Marvin Fuller and seconded by Merrill Young to
forgive the interest payment of $1,666.67 associated with a Loan
Agreement between Savage Precision Fabrication, Inc. and the Wylie
Economic Development Corporation. The WEDC Board of Directors
voted 5- FOR and 0 - AGAINST in favor of the motion.
WEDC - Minutes
January 28, 1998
Page 2
ITEM NO. 3 - Discuss and Consider Issues Surrounding the Relocation of CPI
Communications to Premier Business Park.
Board members were pleased to reach a final agreement on the terms of CPI's relocation after
discussing this issue for the past eighteen months. Staff informed the Board that all appropriate
changes have been made to the Loan Agreement as per the Board's instructions during the
January 20, 1998 WEDC Board of Directors Meeting.
MOTION: A motion was made by Merrill Young and seconded by Kevin St. John to
approve all agreements and documentation required to effectuate the
WEDCs' incentive proposal with CPI Communications. The WEDC
Board of Directors voted 5- FOR and 0 - AGAINST in favor of the
motion.
MOTION: A motion was made by Merrill Young and seconded by J.C. Worley to
authorize John Yeager, Chairman of the Board of the WEDC, to execute
all agreements and documentation required to effectuate the WEDCs'
incentive proposal with CPI Communications. The WEDC Board of
Directors voted 5-FOR and 0 - AGAINST in favor of the motion.
ITEM NO. 4 - Discuss and Consider Issues Surrounding the Expansion of Accurate
Automatic.
Staff informed the Board that Mr. Don Lewis, owner of Accurate Automatic, has come back to
the WEDC and requested an additional $15,000 to compensate for overruns in construction costs.
This additional amount will bring the loan amount to $50,000 if approved. Staff informed the
Board that this expansion will generate approximately $5,878 per year in property tax revenue to
the City of Wylie and WISD.
Board member Fuller emphasized that property taxes generated is not the only issue at stake
here. Accurate has indicated that 30 additional parking spaces will be provided along with the
10,000 square foot building expansion. These additional spaces will address the parking problem
along Business Way. Accurate currently has ±15 cars parked on the street. Aside from upsetting
neighbors, this parking situation will create a greater problem when Best Technologies relocates
55 employees to 544 Industrial Park. For that reason, Board member Fuller indicated that more
incentives should be considered for this project other than those considered solely for a 10,000
square foot expansion. Board member St. John agreed and included that staff should include the
additional parking requirements as an event of default within a Loan Agreement.
WEDC - Minutes
January 28, 1998
Page 3
MOTION: A motion was made by Kevin St. John and seconded by Marvin Fuller to
authorize staff to draft a Loan Agreement between the WEDC and
Accurate Automatic for $50,000 providing that a 10,000 square foot is
constructed and that 30 additional parking spaces are completed. The
WEDC Board of Directors voted 5- FOR and 0 - AGAINST in favor of the
motion.
ITEM NO. 5 - Citizen Participation.
There being no citizen participation, President Yeager proceeded to Item No. 6.
ITEM NO. 6 - Adjourn.
There being no further business, the meeting was adjourned at 1:08 p.m.
ohn Y ger, President
Attest:
Samuel D.R. Satterwhite
Executive Director