02-23-1998 (WEDC) Minutes Minutes
WYLIE ECONOMIC DEVELOPMENT CORPORATION
Monday, February 23, 1998
Board Members Present:
Marvin Fuller
Kevin St. John
J.C. Worley
John Yeager
Merrill Young
Staff Present:
Samuel Satterwhite, Executive Director
Others Present:
Toni young, President- Wylie Chamber of Commerce
Henry Garland, Board Member- Wylie Chamber of Commerce
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 February 23, 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 12:00 p.m.
ITEM NO. 1 - Discuss and Consider Issues Surrounding the Expansion of Accurate
Automatic, Inc. within 544 Industrial Park.
The Loan Agreement and associated documentation between DC & Associates and the WEDC
were presented to the WEDC Board of Directors. The only changes to the document based upon
discussions during the January 27, 1998 WEDC Board Meeting is that staff is proposing that the
Loan Agreement be funded at the time Provident Bank releases the final draw under the
construction loan. As directed by the WEDC Board, staff placed language within the Loan
Agreement to meet the intent of the parking requirements, calling for a parking policy to be
established and distributed to Accurate employees. In addition, Accurate will be allowed three
written notices of parking violations within any twelve month period, with a two month cure
period prior to an event of default occurring.
The Loan Agreement states that $50,000 will be funded toward the project based upon a 10,000
square foot expansion and the construction of 30 additional parking spaces. The Board members
were pleased with the finalization of this project in that the community will benefit from an
increased tax base and the parking problem on Business Way will be addressed.
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February 23, 1998
Page 2
MOTION: A motion was made by Kevin St. John and seconded by J.C. Worley to
approve all agreements and documentation required to effectuate the
WEDCs' incentive proposal with DC & Associates (Accurate Automatic).
The WEDC Board of Directors voted 5 - FOR and 0 - AGAINST in favor
of the motion.
MOTION: A motion was made by Kevin St. John 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 DC & Associates (Accurate Automatic). 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 Relocation of L.G.
Motorsports to Century Business Park.
Staff informed the WEDC Board of Directors that Provident Bank will be funding the
construction loan for L.G. Motorsports. As per the request of Mr. Ray Turner, President of
Provident Bank, staff proposes that the WEDC fund the $25,832 loan at the time the final draw is
released for the construction loan. The current Loan Agreement between Lou Gigliotti and the
WEDC states that funding will take place at the time a certificate of occupancy is issued for a
12,000 square foot facility within Century Business Park.
MOTION: A motion was made by Merrill Young and seconded by J.C. Worley to
amend the Loan Agreement between Lou Gigliotti and the Wylie
Economic Development Corporation to reflect funding at the time the final
draw is released for the construction loan. The WEDC Board of Directors
voted 5-FOR and 0 - AGAINST in favor of the motion.
ITEM NO. 3 - Discuss and Consider Issues Surrounding Project First Response.
Staff indicated to the WEDC Board of Directors that offers have been made on three separate
properties required for the expansion of Project First Response. In addition, staff updated the
Board on design alternatives for the abandonment and redesign of the cul-de-sac adjacent to
property owned by Project First Response. The Board instructed staff to maintain
communications with First Response management and update the Board on an as needed basis.
ITEM NO. 4 - Discuss and Consider the Reorganization of the Wylie Chamber of
Commerce.
Toni Young and Henry Garland approached the WEDC Board of Directors to discuss the
reorganization of the Wylie Chamber of Commerce. The plan, as proposed, calls for the
management of the Chamber of Commerce and WEDC by the Executive Director of the WEDC.
Chamber officials and staff indicated that 10% of staffs' time will be required to perform the
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February 23, 1998
Page 3
duties as described. The WEDC Chairman appointed J.C. Worley and Kevin St. John to meet
with Toni Young and Henry Garland to work out the details of the reorganization and present a
finalized structure to the WEDC Board of Directors and City Council.
ITEM NO. 5- Staff Reports.
The Board questioned staff regarding various items surrounding development within the City of
Wylie, however no specific items were discussed.
ITEM NO. 6 - Citizen Participation.
There being no citizen participation, President Yeager proceeded to Item No. 7.
ITEM NO. 7 - Adjourn.
There being no further business, the meeting was adjourned at 1:18 p.m.
ohn Y ger, President
Attest:
Samuel D.R. Satterwhite
Executive Director