03-23-1999 (WEDC) Minutes Minutes
WYLIE ECONOMIC DEVELOPMENT CORPORATION
Tuesday, March 23, 1999
Board Members Present:
Marvin Fuller
Kevin St. John
J.C. Worley
John Yeager
Staff Present:
Samuel Satterwhite, Executive Director
Others Present:
Mike Collins, City Manager
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 March 23, 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 12:09 p.m.
ITEM NO. 1 - Discuss and Consider Approval of Minutes for the February 16, 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 February 16, 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 Minutes for the March 16, 1999 Regular
Board of Directors Meeting of the Wylie Economic Development Corporation.
MOTION: A motion was made by Marvin Fuller and seconded by Kevin St. John to
approve the minutes for the March 16, 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.
WEDC -Minutes
March 23, 1999
Page 2
ITEM NO. 3 - Discuss and Consider Issues Surrounding Amending the By-Laws of the
Wylie Economic Development Corporation.
Chairman Yeager requested that the proposed Section 4.03 be amended to read as follows:
4.03 Bonds and Insurance
(1) The corporation shall provide a General Liability Policy, including Board
Members, and a Public Officials Liability Policy for Board Members of not less than one million
dollars ($1,000,000). The corporation shall also provide a Fidelity Bond covering all employees
and Board Members of not less than one hundred thousand dollars ($100,000). The bonds and
insurance referred to in this section shall be considered for the faithful accounting of all moneys
and things of value coming into the hands of the offices. The bonds and insurance shall be
obtained from accredited, surety, and insurance companies authorized to do business in the State
of Texas.
(2) All premiums for the liability insurance and fidelity bonds will be maintained and
funded at the total expense of the corporation. Copies of bonds and insurance policies shall be
filed with the City Secretary, and furnished to the corporation and Board Members.
As referred to in Section 4.07, Board member Worley requested that the annual meeting of the
Board be held in January opposed to the second Tuesday in January at 4:00 p.m. Finally, Board
member Fuller requested that within Section 5.02, the terms `initial' and `original' be stricken
since those terms refer to the original Board. The WEDC Board of Directors accepted all other
amendments as proposed.
MOTION: A motion was made by Kevin St. John and seconded by Marvin Fuller to
approve the First Amended Bylaws for the Wylie Economic Development
Corporation as amended. The WEDC Board of Directors voted 4 - FOR
and 0 - AGAINST in favor of the motion.
ITEM NO. 4 - Executive Session.
The Wylie Economic Development Corporation Board of Directors convened into Executive
Session at 12:35 p.m. to deliberate the purchase of real property as authorized in the Texas Local
Government Code, Section 551.072.
ITEM NO. 5 - Reconvene From Executive Session.
The Wylie Economic Development Corporation Board of Directors reconvened into open session
at 1:19 p.m.
WEDC -Minutes
March 23, 1999
Page 3
MOTION: A motion was made by Kevin St. John and seconded by J.C. Worley
authorizing staff to negotiate for the purchase of±5.0 acres of industrial
property generally located on Highway 78 north of F.M. 544 and south of
Birmingham Street for 75% of the assessed value as determined by the
Collin County Central Appraisal District. The WEDC Board of Directors
voted 4 -FOR and 0 -AGAINST in favor of the motion.
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 1:25 p.m.
Ye er, sident
Attest:
Samuel D.R. Satterwhite
Executive Director