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12-15-1998 (WEDC) Minutes Minutes WYLIE ECONOMIC DEVELOPMENT CORPORATION Tuesday, December 15, 1998 Board Members Present: Gary Bowland Marvin Fuller Kevin St. John J.C. Worley John Yeager 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 December 15, 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 Yeager at 2:10 p.m. ITEM NO. 1 - Discuss and Consider Approval of Minutes for the November 24, 1998 Regular Board of Directors Meeting of the Wylie Economic Development Corporation. MOTION: A motion was made by Kevin St. John and seconded by J.C. Worley to approve the minutes for the November 24, 1998 Regular Board of Directors Meeting of 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 Approval of the October, 1998 Treasurer's Report for the Wylie Economic Development Corporation. MOTION: A motion was made by J.C. Worley and seconded by Kevin St. John to approve the October, 1998 Treasurer's Report for the Wylie Economic Development Corporation. The WEDC Board of Directors voted 5 - FOR and 0 - AGAINST in favor of the motion. ITEM NO. 3 - Discuss and consider Approval of the November, 1998 Treasurer's Report for the Wylie Economic Development Corporation. Board member Fuller stated that sales tax receipts are 27.72% over 1997/1998 revenues opposed to 4.62% as indicated in the Treasurer's Report and requested that the Treasurer's Report be amended to reflect the change. MOTION: A motion was made by Kevin St. John and seconded by J.C. Worley to WEDC - Minutes December 15, 1998 Page 2 approve the November, 1998 Treasurer's Report for the Wylie Economic Development Corporation as amended. The WEDC Board of Directors voted 5 - FOR and 0 - AGAINST in favor of the motion. ITEM NO. 4 - Discuss and Consider Issues Surrounding Hoffman Blastroom Equipment. Mr. Joe Hoffman has requested that the WEDC convey to Hoffman an additional 75 feet of property on the eastern boundary of the site so that the building will lay out properly. The reason for the change in design is two fold: first, the site has been compromised by the inability to use property south and west of the sewer easement for storage; second, the size of the building has grown which will not allow the proper access between the southwest corner of the building and the sewer easement. Board member St. John commented that the WEDC has a considerable investment already in this project and the WEDC Board should carefully consider any further incentive. Board member Fuller, while agreeable to the 75 feet, strongly believed that property south and west of the sewer easement should not be sold to Hoffman regardless of the inability of the WEDC to utilize the property. Also, Board member Fuller indicated that the WEDC should convey only the property requested (southern boundary of Hoffman site 160 feet from WEDC southern boundary). MOTION: A motion was made by Marvin Fuller and seconded by Kevin St. John to convey an additional 75 feet of property adjacent to the Phase II development of Hoffman Blast Room Equipment, remove property south and west of the sewer easement from the incentive package, and have the southeastern boundary of the Hoffman site 160 feet from the southernmost WEDC boundary. The WEDC Board of Directors voted 5 - FOR and 0 - AGAINST in favor of the motion. ITEM NO. 5 - Discuss and Consider Issues Surrounding Project Honeycomb. Staff had hoped that there would be further development on Project Honeycomb. After informing the Board that financing had not yet been secured by Benecore officials, discussion was held surrounding a deadline or time limitation on the WEDC incentive offer. Board member Fuller indicated that this project is an example of why every offer should have time limitations. MOTION: A motion was made by Marvin Fuller and seconded by J.C. Worley to withdraw the WEDC incentive package offered to Benecore, Inc. should financing not be secured by February 1, 1999. The WEDC Board of Directors voted 5 - FOR and 0 - AGAINST in favor of the motion. WEDC - Minutes December 15, 1998 Page 2 ITEM NO. 6 - Discuss and Consider Potential Assistance to Businesses Affected by the December 10, 1998 Fire in Downtown Wylie. The WEDC Board of Directors hosted a roundtable discussion in regards to potential assistance to businesses affected by the two fires which occurred in downtown Wylie on December 9 - 10, 1998. In attendance were representatives from Provident Bank, American National Bank, First National Bank of Sachse, Mr. Rollie Tesh, and Mr. Bob Heath. WEDC staff indicated that there may be assistance from the National Trust in the form of dollars for architectural and engineering plans, but no funds for land or buildings. Staff also indicated that assistance for retail businesses is generally outside the scope of 4A corporations. All banks represented indicated that their organization will work with property owners and businesses in any way possible. The Board requested that staff search for a site within which affected businesses could temporarily operate until a permanent site could be identified. ITEM NO. 7 - Discuss and Consider Issues Surrounding a Loan Agreement Between Best Technologies, Inc. and the Wylie Economic Development Corporation. On November 30, 1998, the first of four annual payments of$28,281.25 became due from Mr. Gary Bottoms as a result of the conveyance of 2.107 acres of property within 544 Industrial Park to Mr. Bottoms. Mr. Bottoms has constructed a 15,000 square foot facility on the site and employs approximately 50 individuals. Staff indicated that under Section 5(a) of the Loan Agreement, the WEDC shall forgive each annual principal payment due under Note 1 on its respective due date should there be no Event of Default as identified in Section 6 of the Loan Agreement. Staff also indicated that interest payments shall be due and payable annually; however, the interest payments may be forgiven at the sole discretion of the WEDC Board of Directors. Being that there has been no Event of Default, staff recommended the WEDC Board of Directors ratify the forgiveness of the principal payment and forgive the interest payment associated with Note 1. MOTION: A motion was made by Kevin St. John and seconded by Gary Bowland to ratify the forgiveness of the principal payment and forgive the interest payment on the first of four annual payments associated with Note 1 of a Loan Agreement between Mr. Gary Bottoms and the WEDC. The WEDC Board of Directors voted 5 - FOR and 0 - AGAINST in favor of the motion. WEDC - Minutes December 15, 1998 Page 2 ITEM NO. 8 - Discuss and Consider Issues Surrounding a Loan Agreement Between Moulding Associates, Inc. and the Wylie Economic Development Corporation. Staff indicated that Moulding Associates will be in default on January 1, 1999 if a building permit has not been issued. Due to delays in design and engineering, a building permit will not be issued prior to January 15, 1999. Staff recommended to the Board that the January 1 deadline be extended to February 1, 1999. Board member St. John suggested extending the deadline to February 15th to allow for any additional delays. MOTION: A motion was made by Kevin St. John and seconded by J.C. Worley to extend the Moulding Associates deadline for issuance of a building permit to February 15, 1999. The WEDC Board of Directors voted 5 - FOR and 0 - AGAINST in favor of the motion. ITEM NO. 9 - Staff Reports. Staff briefly updated the Board on issues surrounding Collin County Day in Austin and L.G. Motorsports. Staff also reviewed a project which Rampart Associates recommended to the WEDC. ITEM NO 10 - Citizen Participation. There being no citizens present, the Chairman proceeded to Item No. 11. ITEM NO. 11 - Adjourn. There being no further business,the meeting was adjourned at 4:50 p.m. John Yeager, President Attest: Samuel D.R. Satterwhite Executive Director Minutes WYLIE ECONOMIC DEVELOPMENT CORPORATION Tuesday,January 26, 199i Board Members Present: Gary Bowland Marvin Fuller Kevin St. John J.C. Worley John Yeager 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 26, 1999 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 Yeager at 2:09 p.m. ITEM NO. 1 - Discuss and Consider Approval of Minutes for the December 15, 1998 Regular Board of Directors Meeting of the Wylie Economic Development Corporation. President Yeager indicated that the Motion for Item No. 5 was incorrect and did not reflect the decision of the WEDC Board of Directors to withdraw an incentive package offered to Benecore, Inc. should financing not be secured by February 1, 1999. MOTION: A motion was made by Marvin Fuller and seconded by J.C. Worley to approve the minutes for the December 15, 1998 Regular Board of Directors Meeting of the Wylie Economic Development Corporation as amended. The WEDC Board of Directors voted 5 - FOR and 0 - AGAINST in favor of the motion. ITEM NO. 2 - Discuss and Consider Approval of the December, 1998 Treasurer's Report for the Wylie Economic Development Corporation. MOTION: A motion was made by Kevin St. John and seconded by J. C. Worley to approve the December, 1998 Treasurer's Report for the Wylie Economic Development Corporation. The WEDC Board of Directors voted 5 - FOR and 0 -AGAINST in favor of the motion.