02-16-1999 (WEDC) Minutes Minutes
WYLIE ECONOMIC DEVELOPMENT CORPORATION
Tuesday, February 16, 1999
Board Members Present:
Gary Bowland
Marvin Fuller
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 February 16, 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 2:02 p.m.
ITEM NO. 1 - Discuss and Consider Approval of Minutes for the January 26, 1999 Regular
Board of Directors Meeting of the Wylie Economic Development Corporation.
MOTION: A motion was made by Marvin Fuller and seconded by J.C. Worley to
approve the minutes for the January 26, 1999 Regular Board of Directors
Meeting of the Wylie Economic Development Corporation. The WEDC
Board of Directors voted 4 - FOR and 0 - AGAINST in favor of the
motion.
ITEM NO. 2 - Discuss and Consider Approval of the January, 1999 Treasurer's Report for
the Wylie Economic Development Corporation.
MOTION: A motion was made by J.C. Worley and seconded by Gary Bowland to
approve the January, 1999 Treasurer's Report for the Wylie Economic
Development Corporation. The WEDC Board of Directors voted 4 - FOR
and 0 - AGAINST in favor of the motion.
ITEM NO. 3 - Discuss and Consider Amending the By-Laws of the Wylie Economic
Development Corporation.
Staff provided Board members with a draft version of amendments to WEDC By-Laws. There
being no action recommended by staff, the Board reviewed the proposed amendments and
instructed staff to place this item on an agenda for future consideration.
WEDC - Minutes
February 16, 1999
Page 2
ITEM NO. 4 -Discuss and Consider Issues Surrounding Hoffman Blastroom Equipment.
As per direction given to staff during the January 26, 1999 regular meeting of the WEDC Board
of Directors, a First Amendment to the Loan Agreement was provided for Board review. The
First Amendment withdraws WEDC funding for paving improvements, includes the placement
of live screening surrounding Tract 2 as an Event of Default, and states that the WEDC will
subordinate its interest in the property to the financial institution funding the permanent
construction loan.
MOTION: A motion was made by Marvin Fuller and seconded by J.C. Worley to
approve the First Amendment to the Loan Agreement between the Wylie
Economic Development Corporation and Hoffman Blastroom Equipment,
Inc. The WEDC Board of Directors voted 4 - FOR and 0 - AGAINST in
favor of the motion.
ITEM NO. 5 - Staff Reports.
Staff reviewed the status of Accurate Automatic, Banc Professionals, Inc., JC Ornamental Iron
Works, and Bayco Products, Inc. Staff also indicated to the Board that Extruders may be
relocating to a surrounding community. The Board requested that staff present the tax impact of
such a loss at the next regular meeting.
ITEM NO. 6- Citizen Participation.
There being no citizens present, the Chairman proceeded to Item No. 7.
ITEM NO. 7-Adjourn.
There being no further business, the meeting was adjourned at 3:52 p.m.
John Y ger, President
Attest:
Samuel D.R. Satterwhite
Executive Director