07-20-1999 (WEDC) Minutes Minutes
WYLIE ECONOMIC DEVELOPMENT CORPORATION
Tuesday, July 20, 1999
Board Members Present:
Gary Bowland
Kevin St. John- arrived at 2:19
John Yeager
Merrill Young
Staff Present:
Samuel Satterwhite, Executive Director
Ashley Gillean, Administrative Assistant
Others Present:
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 July 20, 1999 in the Chamber of Commerce Board Room at
108 W. Marble Street, Wylie, Texas.
The meeting was called to order by President John Yeager at 2:10 p.m.
ITEM NO. 1 - Discuss and Consider Issues Surrounding the Relocation/Expansion of
Extruders, Inc. to Premier Business Park.
Board member Fuller was not present at the meeting citing a conflict of interest.
A chart was provided to Board members comparing bids by area banks to fund a loan to the
WEDC to purchase the existing Extruders facility. The institutions providing information are
Provident Bank, First National Bank Sachse, Wells Fargo, and American National Bank — Wylie.
Chase Bank and FEC Electric chose to withdraw from the bid process. The low bid was provided
by American National Bank — Wylie. The terms of American National Bank - Wylie are to fund
100% of the requested loan amount ($1,234,409) at a fixed rate of 6.5% on a 5-year balloon with
a 20-year amortization. The collateral to be pledged by the WEDC will be the '/2 cent sales tax
with the facility and assignment of the lease as an abundance of caution.
MOTION: A motion was made by Gary Bowland and seconded by Kevin St. John to
select American National Bank - Wylie as the financial institution to fund a
$1,234,409 loan to purchase the existing Extruders facility. The Board of
Directors voted 4 -FOR and 0 - AGAINST in favor of the motion.
WEDC—Minutes
July 20, 1999
Page 2
ITEM NO. 2 - Executive Session.
The WEDC Board of Directors convened into Executive Session at 2:30 p.m. to deliberate the
purchase of real property as authorized in the Texas Local Government Code Section 551.072.
ITEM NO. 3 - Reconvene from Executive Session.
The WEDC Board of Directors reconvened into open session at 2:52 p.m. No formal action was
taken.
ITEM NO. 4 - Citizen Participation.
There being no citizens present, the Chairman proceed to Item No. 5.
ITEM NO. 5 - Adjourn.
There being no further business, the meeting was adjourned at 3:15 p.m.
,ems
ohn ager, President
Attest:
Samuel D. R. Satterwhite
Executive Director