12-20-2019 (WEDC) Agenda Packet •
9 NOTICE OF MEETING
ECONOMIC DEVELOPMENT CORPORATION
Regular Meeting Agenda
December 20, 2019—7:30 A.M.
WEDC Offices— Conference Room
250 South Highway 78 —Wylie, Texas
Todd Wintters President
Demond Dawkins Vice President
John Yeager Secretary
Gino Mulliqi Treasurer
Melisa Whitehead Board Member
Mayor Eric Hogue Ex-Officio Member
Chris Hoisted, City Manager Ex-Officio Member
Samuel Satterwhite Executive Director
Jason Greiner Assistant Director
Angel Wygant Senior Assistant
In accordance with Section 551.042 of the Texas Government Code, this agenda has been posted at the Wylie
Municipal Complex, distributed to the appropriate news media, and posted on the City Website: www.wylietexas.gov
within the required time frame.
CALL TO ORDER
Announce the presence of a Quorum.
INVOCATION & PLEDGE OF ALLEGIANCE
CITIZEN PARTICIPATION
Residents may address the WEDC Board regarding an item that is or is not listed on the agenda. Residents must
provide their name and address. The WEDC Board requests that comments be limited to three (3) minutes. In
addition, the WEDC Board is not allowed to converse,deliberate or take action on any matter presented during citizen
participation.
ACTION ITEMS
I. Consider and act upon approval of the December 9, 2019 Minutes of the WEDC Board of
Directors Meeting.
II. Consider and act upon approval of the November 2019 WEDC Treasurer's Report.
III. Consider and act upon a Purchase and Sale Agreement and Perfot uiance Agreement between
the WEDC and Taylor& Son, LLC.
DISCUSSION ITEMS
IV. Discussion of issues surrounding WEDC Bylaws.
WEDC—Agenda
December 20, 2019.
Page 2 of 3
V. Staff report: review issues surrounding WEDC Performance Agreement Summary, Hotel
Occupancy Tax, WB Real Estate Contract, thoroughfare impact fees, environmental activity
summary, Brown & 78 redevelopment update, 544 Gateway redevelopment update, and
regional housing starts.
VI. Discussion of issues to be placed on future WEDC Board Meeting agenda (no substantial
consideration/discussion allowed).
EXECUTIVE SESSION
If during the course of the meeting covered by this notice, the Wylie Economic Development
Corporation(WEDC) should determine that a closed or executive meeting or session of the WEDC
Board, or a consultation with the attorney for the City, should be held or is required, then such
closed or executive meeting or session or consultation with attorney as authorized by the Texas
Open Meetings Act, Texas Government Code§551.001 et. seq., will be held by the WEDC Board
at the date, hour, and place given in this notice as the WEDC Board may conveniently meet in
such closed or executive meeting or session or consult with the attorney for the City concerning
any and all subjects and for any and all purposes permitted by the Act, including, but not limited
to, the following sections and purposes:
Texas Government Code Sections:
§551.071 —Private consultation with an attorney for the City.
§551.072—Discussing purchase, exchange, lease or value of real property.
§551.074—Discussing personnel or to hear complaints against personnel.
§551.087—Discussing certain economic development matters.
§551.073—Discussing prospective gift or donation to the City.
§551.076—Discussing deployment of security personnel or devices or security audit.
Section 551.072 (Real Estate) of the Local Government Code, Vernon's Texas Code Annotated
(Open Meetings Act). Consider the sale or acquisition of properties located at:
• State Highway 78 &F.M. 544
• State Highway 78 &Ballard
• Jackson & Oak
Section 551.087 (Economic Development) of the Local Government Code, Vernon's Texas Code
Annotated(Open Meetings Act). Deliberation regarding commercial or financial infoiuiation that
the WEDC has received from a business prospect and to discuss the offer of incentives for:
• Project 2018-12a
• Project 2019-5b
• Project 2019-11b
• Project 2019-1 lc
• Project 2019-11e
• Project 2019 12-a
WEDC—Agenda
December 20, 2019.
Page 3 of 3
Section 551.074 (Personnel Matters) of the Local Government Code, Vernon's Texas Code
Annotated (Open Meetings Act).
• Evaluation of WEDC Assistant Director
RECONVENE INTO OPEN MEETING
Take any action as a result from Executive Session
ACTION ITEMS (Cont'd)
VII. Consider and act upon the Election of WEDC Officers for the WEDC Board of Directors.
ADJOURNMENT
CERTIFICATION
1 certify that this Notice of Meeting was posted on this 16'day of December 2019 at 5:00 p.m. as required by law in
accordance with Section 551.042 of the Texas Government Code and that the appropriate news media was contacted.
As a courtesy, this agenda is also posted on the City of Wylie website: www.wylietexas.gov.
Stephanie Storm,City Secretary Date Notice Removed
mutes
Wylie Economic Development Corporation
Board of Directors Meeting
Monday, December 9, 2019—7:30 A.M.
WEDC Offices—Conference Room
250 South Highway 78 —Wylie, Texas
CALL TO 0 ' DER
Announce the presence of a Quorum
President Todd Wintters called the meeting to order at 7:32 a.m. Board Members present were
John Yeager, Demond Dawkins, Gino Mulliqi, and Melisa Whitehead.
Ex-officio member Chris Hoisted, City Manager, was present.
WEDC staff present was Executive Director Sam Satterwhite, Assistant Director Jason Greiner,
and Senior Assistant Angel Wygant.
INVOCATION & PLEDGE OF ALLEGIANCE
President Wintters gave the invocation and led the Pledge of Allegiance.
CITIZEN PARTICIPATION
With no citizen participation, President Wintters moved to Action Items.
ACTION ITEMS
ITEM NO. 1 — Consider and act upon approval of the November 20, 2019 Minutes of the
Wylie Economic Development Corporation (WEDC) Board of Directors Meeting.
MOTION: A motion was made by John Yeager and seconded by Demond Dawkins to
approve the November 20, 2019 Minutes of the Wylie Economic
Development Corporation. The WEDC Board voted 5 — FOR and 0 —
AGAINST in favor of the motion.
ITEM NO. 2 — Discussion of issues to be placed on a future WEDC Board Meeting agenda
(no substantial consideration/discussion allowed).
Board Member Demond Dawkins requested that a Review of the WEDC Bylaws be placed on a
future agenda.
Board Member Melisa Whitehead requested that the creation of Sub-committees be placed on a
future agenda.
WEDC—Minutes
December 9, 2019
Page 2 of 2
President Wintters requested that Election of Officers also be placed on a future agenda.
EXECUTIVE SESSION
Recessed into Closed Session at 7:45 a.m. in compliance with Section 551.001, et. seq. Texas
Government Code, to wit:
Section 551.087 (Economic Development)of the Local Government Code, Vernon's Texas Code
Annotated(Open Meetings Act). Deliberation regarding commercial or financial information that
the WEDC has received from a business prospect and to discuss the offer of incentives for:
• Project 2019-5b
• Project 2019-11e
Section 551.074 (Personnel Matters) of the Local Government Code, Vernon's Texas Code
Annotated (Open Meetings Act).
• Evaluation of WEDC Assistant Director
Sam Satterwhite and Angel Wygant left the meeting at 8:03 a.m. and returned at 8:47 a.m.
RECONVENE INTO OPEN MEETING
Take any action as a result from Executive Session
The WEDC Board of Directors reconvened into open session at 8:48 a.m. and took no action.
ADJOU ' MENT
With no further business, President Wintters adjourned the WEDC Board meeting at 8:48 a.m.
Todd Wintters,President
ATTEST:
Samuel Satterwhite, Executive Director
y
lie Econo ic I evelo • ent Cor • oration
EMORA DU
TO: Sam Satterwhite, Executive Director
FROM: Angel Wygant, Senior Assistan
SUBJECT: November 2019 Treasurer's Report
DATE: December 12, 2019
Issue
Consider and act upon approval of the November 2019 WEDC Treasurer's Report.
Analysis
Sales Tax Receipts for December were $226,664 representing an increase of 5.96% over 2018
receipts.
From the Balance Sheet,page 1:
Deposits - $2,000. This amount reflects a$2,000 deposit paid for the current WEDC office.
Accounts Rec — Forgivable Loans - $140,000. This figure represents the loan made to Exco
Extrusion Dies in the amount of$350,000. The first 3 payments were forgiven on February
24th of 2017, 2018, and 2019 respectively in accord ancewth the terms of the Performance
Agreement. Assuming Exco remains in compliance, the remaining 2 loan payments will be
forgiven in equal amounts of$70,000 on an annual basis effective February 24th
Deferred Outflows - $813,688.80. This is the total of incentive payments which are due in the
future. A breakdown of these charges includes: Exco Extrusion Dies — $20,000, DCU -
$19,488.80, DANK Real Estate - $45,900, Cross Development - $250,000, SCSD-Finnell -
$175,000, Carrie Elle - $2,500, Rocking M - $89,500, Taylor & Son - $104,500, Cardinal -
$106,800.
Balance Sheet,page 2:
Deferred Inflow - $78,000. This figure represents the Exco. Extrusion Dies forgivable loan
which will be reduced by $39,000 annually over a5-yearpcecnod. The annual $39,000 amount
represents one fifth of the $195,000 gain that would have d urred if the loan forgiveness were
not in place ($350,000 - $155,000 = $195,000). The first three payments of $39,000 were
forgiven on February 2nd of 2017, 2018, and 2019 respectively, with two payments remaining.
WEDC November 2019 Treasurers Report
December 12, 2019
Page 2 of 2
Revenue and Expense Report,page 2:
Rental Income — $10,190. Wheels Unlimited - $1,435, Heath - $5,420, Trimark - $1,035, Wylie
Northeast- $1,000, Richmond - $500, Helical Concepts - $400, Ken Ross - $400.
Bank Note Proceeds - $607,122.20. ANB Draw Loan #106 for the purchase of KCS Frontage
along Highway 78 near Brown Street.
Revenue and Expense Report,page 3:
Postage & Freight - $13.05. Postage for package to Joe Foust and InvenTrust final incentive
letter.
Food Supplies - $53.88. Manufacturing Day lunch supplies ($21.95) and WEDC Board Mtg
Meals ($31.93).
Incentives - $37,100. Dank Real Estate (Deanan Gourmet Popcorn)—Incentives la& lb of 3.
Special Services - $15,521.68. 544 Gateway — Dirt Removal ($3,530), Birmingham Dirt
Relocation ($2,500), Environmental ($2,415), Mowing ($562), Janitorial ($315), Birmingham
alley - gas meter relocation ($3,068.85), Property Management ($2,822.83), 'No Dumping'
signage ($308).
Advertising- $2,977.40. Wylie News—Manufacturing Day & Veterans Day Ads ($1,332.40), In
& Around ($1,645).
Community Development - $14,066.22. WEDC Invitational ($7,177.85), Manufacturing Day
Tour lunches-100 ($593.10), Manufacturing Day—AV ($3,057), Chamber Sponsor—Wreaths on
the runway ($500), WEDC Legacy Award— Savage ($760).
Travel & Training - $1,914.83. KCS Conference Parking — Satterwhite ($115.97), TML Conf.
Reg. —Whitehead—($265), KCS Event ($1,500), Bus Mtg/Prof. Update ($33.86).
Dues & Subscriptions - $7,835. Chamber Membership ($1,500), Impact Dashboard ($5,237),
SEDC Dues ($250), Rotary-Wygant ($848).
Audit& Legal - $3,000. WEDC portion of the annual audit from Weaver.
Land-$607,122.20. Purchase of KCS Frontage property.
Recommendation
Staff recommends the WEDC Board of Directors approve the November 2019 Treasurer's
Report.
Attachments
November 2019 Treasurer's Report
12-03-2019 08:05 AM CITY OF WYLIE PAGE: 1
BALANCE SHEET
AS OF: NOVEMBER 30TH, 2019
111-WYLIE ECONOMIC BEVEL CORP
ACCOUNTi TITLE
. ,
ASSETS
1000-10110 CLAIM ON CASH AND CASH EQUIV. 948,422.52
1000-10115 CASH - WEDC - INWOOD 0.00
1000-10135 ESCROW 0.00
1000-10180 DEPOSITS 2,000.00
1000-10198 OTHER - MISC CLEARING 0.00
1000-10341 TEXPOOL 0.00
1000-10343 LOGIC 0.00
1000-10481 INTEREST RECEIVABLE 0.00
1000-11511 ACCTS RFC - MISC 0.00
1000-11517 ACCTS REC - SALES TAX 0.00
1000-12810 LEASE PAYMENTS RECEIVABLE 0.00
1000-12950 LOAN PROCEEDS RECEIVABLE 0.00
1000-12996 LOAN RECEIVABLE 0.00
1000-12997 ACCTS NEC - JTM TECH 0.00
1000-12998 ACCTS REC - FORGIVEABLE LOANS 140,000.00
1000-14112 INVENTORY - MATERIAL/ SUPPLY 0.00
1000-14116 INVENTORY - LAND & BUILDINGS 12,558,802.10
1000-14118 INVENTORY - BAYCO/ SANDEN BLVD 0.00
1000-14310 PREPAID EXPENSES - MISC 0.00
1000-14410 DEFERRED OUTFLOWS 745,843.10
14,395,067.72
TOTAL ASSETS 14,395,067.72
LIABILITIES
2000-20110 FEDERAL INCOME TAX PAYABLE 0.00
2000-20111 MEDICARE PAYABLE 0.00
2000-20112 CHILD SUPPORT PAYABLE 0.00
2000-20113 CREDIT UNION PAYABLE 0.00
2000-20114 IRS LEVY PAYABLE 0.00
2000-20115 NATIONWIDE DEFERRED COMP 0.00
2000-20116 HEALTH INSUR PAY-EMPLOYEE 1.00
2000-20117 TMRS PAYABLE 1,853.98
2000-20118 ROTH IRA PAYABLE 0.00
2000-20119 WORKERS COMP PAYABLE 0.00
2000-20120 FICA PAYABLE 0.00
2000-20121 TEC PAYABLE 0.00
2000-20122 STUDENT LOAN LEVY PAYABLE 0.00
2000-20123 ALIMONY PAYABLE 0.00
2000-20124 BANKRUPTCY PAYABLE 0.00
2000-20125 VALIC DEFERRED COMP 0.00
2000-20126 ICMA PAYABLE 0.00
2000-20127 EMP. LEGAL SERVICES PAYABLE 0.00
2000-20130 FLEXIBLE SPENDING ACCOUNT 783.32
2000-20131 EDWARD JONES DEFERRED COMP 0.00
2000-20132 FMP CARE ELITE 12.00
2000-20151 ACCRUED WAGES PAYABLE 0.00
2000-20180 ADDIT EMPLOYEE INSUR PAY 48,00
2000-20199 MISC PAYROLL PAYABLE 0.00
12-03-2019 08:05 AM CITY OF WYLIE PAGE: 2
BALANCE SHEET
AS OF: NOVEMBER 30TH, 2019
111-WYLIE ECONOMIC DEVEL CORP
ACCOUNT# TITLE
2000-20201 AP PENDING 0.00
2000-20210 ACCOUNTS PAYABLE 0.00
2000-20530 PROPERTY TAXES PAYABLE 0.00
2000-20540 NOTES PAYABLE 745,843.10
2000-20810 DUE TO GENERAL FUND 0.00
2000-22270 DEFERRED INFLOW 78,000.00
2000-22275 DEC INFLOW - LEASE PRINCIPAL 0.00
2000-22280 DEFERRED INFLOW - LEASE INT 0.00
2000-22915 RENTAL DEPOSITS 1,200.00
TOTAL LIABILITIES 827,741.40
EQUITY
3000-34110 FUND BALANCE - RESERVED 0.00
3000-34590 FUND BALANCE-UNRESERV/UNDESIG 12,904,902.22
TOTAL BEGINNING EQUITY 12,904,902.22
TOTAL REVENUE 817,368.27
TOTAL EXPENSES 154,944.17
REVENUE OVER/(UNDER) EXPENSES 662,424.10
TOTAL EQUITY & OVER/(UNDER) 13,567,326A2
TOTAL LIABILITIES, EQUITY & OVER/(UNDER) 14,395,067.72
12-03-2019 08:05 AM CITY OF WYLIE PAGE 1
BALANCE SHEET
Al OF NOVEMBER 30TH, 2019
922-GEN LONG TERM DEBT (WFDC)
ACCOUNTS TITLE
ASSETS
1000-10312 GOVERNMENT NOTES 0,00
1000-18110 LOAN - WEDC 0,00
1000-18120 LOAN - BIRMINGHAM 0.00
1000-18210 AMOUNT TO BE PROVIDED 0.00
1000-18220 BIRMINGHAM LOAN 0.00
1000-19050 DEF OUTFLOW TMRS CONTRIBUTIONS 35,543,29
1000-19051 DEF OUTFLOW SDBF CONTRIBUTIONS 543.00
1000-19075 DEF OUTFLOW - INVESTMENT EXP 048
1000-19100 DEE OUTFLOW - ACT EXP/ASSUMP 65,034,78
1000-19125 (GAIN)/LOSS ON ASSUMPTION CHG( 30,107.41)
70,714.14
TOTAL ASSETS 70,714.14
LIABILITIES
2000-20310 COMPENSATED ABSENCES PAYABLE 90,966.82
2000-20311 COMP ABSENCES PAYABLE-CURRENT 14,237.00
2000-21410 ACCRUED INTEREST PAYABLE 11,478.21
2000-28205 WEDC LOANS/CURRENT 288,767.36
2000-28220 BIRMINGHAM LOAN 0.00
2000-28230 INWOOD LOAN 0.00
2000-28232 ANB LOAN/EDGE 0.00
2000-28233 ANB LOAN/PEDDICORD WHITE 0.00
2000-28234 ANB LOAN/RANDACK HUGHES 0.00
2000-28235 ANB LOAN 0,00
2000-28236 ANB CONSTRUCTION LOAN 0.00
2000-28237 ANB LOAN/ WOODBRIDGE PARKWAY 96,900.47
2000-28238 ANB LOAN/BUCHANAN 0.00
2000-28239 ANB LOAN/JONES:HOBART PAYOFF 0.00
2000-28240 HUGHES LOAN 0.00
2000-28242 ANB LOAN/HWY 78:5TH ST REDEV 4,298,563.49
2000-28245 ANB LOAN/DALLAS WHIRLPOOL 1,863,204.17
2000-28247 JARRARD LOAN 202,935.09
2000-28250 CITY OF WYLIE LOAN 0.00
2000-28260 PRIME KUTS LOAN 0.00
2000-28270 BOWLAND/ANDERSON LOAN 0.00
2000-28280 CAPITAL ONE CAZAD LOAN 0.00
2000-28290 HOBART/COMMERCE LOAN 0,00
2000-29150 NET PENSION LIABILITY 171,108.17
2000-29151 SDBF LIABILITY 6,506.00
TOTAL LIABILITIES 7,044,666.78
12-03-2019 08:05 AM CITY OF WYLIE PAGE: 2
BALANCE SHEET
AS OF. NOVEMBER 30TH, 2019
922-GEN LONG TERM DEBT (WEDC)
ACCOUNT# TITLE
EQUITY
3000-34590 FUND BALANCE-UNRESERV/UNDESIG( 6,088,576.11)
3000-35900 UNRESTRICTED NET POSITION ( 120,264.00)
TOTAL BEGINNING EQUITY ( 6,208,840.11)
TOTAL REVENUE ( 795,063.96)
TOTAL EXPENSES ( 29,951.43)
REVENUE OVER/(UNDER) EXPENSES ( 765,112.53)
TOTAL EQUITY & OVER/(UNDER) ( 6,973,952.64)
TOTAL LIABILITIES, EQUITY & OVER/(UNDER) 70,714.14
12-03-2019 08:07 AM CITY OF WYLIE PAGE: 1
REVENUE AND EXPENSE REPORT - (UNAUDITED)
AS OF: NOVEMBER 30TH, 2019
111-WYLIE ECONOMIC DEVEL CORP
FINANCIAL SUMMARY
CURRENT CURRENT PRIOR YEAR Y-T-D Y-T-D BUDGET % OF
BUDGET PERIOD PO ADJUST. ACTUAL ENCUMBRANCE BALANCE BUDGET
REVENUE SUMMARY
TAXES 2,948,400.00 0.00 0.00 0.00 000 2,948,400.00 0.00
INTERGOVERNMENTAL REV. 0.00 0.00 0.00 0.00 0.00 0.00 0.00
INTEREST INCOME 6,000.00 0.00 0.00 494.31 0,00 5,505,69 8.24
MISCELLANEOUS INCOME 1,937,266.00 10,190.00 0.00 21,810.00 0,00 1,915,456.00 1.13
OTHER FINANCING SOURCES 0.00 607,122.20 0,00 795,063.96 0.00 ( 795,063.96) 0.00
..,...
TOTAL REVENUES 4,891,666.00 617,312.20 0.00 817,368.27 0.00 4,074,297.73 16.71
EXPENDITURE SUMMARY
DEVELOPMENT CORP-WEDC 4,333,886.00 92,080.58 0.00 154.4944.17 21,040.74 4,207,901.09 4.01
TOTAL EXPENDITURES 4,383,886.00 92,080.58 0.00 154,944.17 21,040.14 4,201,901.09 4.01
REVENUE OVER/(UNDER) EXPENDITURES 507,780.00 525,231.62 0,00 662,424.10 ( 21,040.74) ( 133,603.36) 126.31
u-o»-zom no.o, ^m rzrx OF °,^zs r^co. ,
muvumvo AND uxromao mucnur - (owavozroo)
AS OF: m^,ovaou mr*' zom
o,'w,Lzo 000mmezr oovoL CORP
ouvumvun
CURRENT cvnvomr cezom YEAR x-r-u z-r'o avnnor or
uvocEr ,c,zvn po ^oavxr uCcv^c omcvmaRAmco ap^^mco nouoor
TAXES
4000-40150 aov IN uozo or raxo; 0.00 0.00 o`on 0.00 n�uv 0,00 n^vo
«noo-«ozm oxLos on ~= '948'400�00 0.00 ~ '=. 0^00 0.00 0.00 2,948,400.00 _0.00
rnrv^ roxmx 2'948'*00.00 0.00 o�vo o�oo v�nn z'o^a.^on�oo v�on
INTERGOVERNMENTAL REV.
xnvn 43510 380 ncvNoxzo mcnoumomrx 0.00 _ n�nn . 0�00 0�00 0�00 0�00 _0�00
zor^L zmroaGnvrummsmzxL msv. -�-----0.00 0,00 � -�n�oo o�no ~-----n�nu 0,00 0.00
`wroREST INCOME
4000-46050 mnrirznazo or oocouzr n�nn u`oe 0.00 n�vo o�oo o�vu 0.00
4000-46110 ^L^or^ruo Iwzuvuxr u^^ozwcn a'ono.un n`nv o^.00 494�31 0.00 5'505�69 8.24
4000-46140 ToxenoL zmroaoo` o�no 0,00 o~on o�oo 0.00 o�no 0.00
4000-46143 Lonzr z°rcmuxr 0.00 e`oo o~oo o�oo 0.00 0,00 o`^v
4000'46150 zprononr oaRm,moo o�on 0.00 0,00 n�ou v�ov o�oo 0.00
4000'46160 Lnvm pmrvxmsmT (emzmczpxL) o�no 0,00 0.00 o�oo 0.00 0,00 0,00
4000-46210 aamx emmox MARKET zwrauonr� 0�00 _ _0-00 0.00 0�00 0.00 , 0.00 o=oo
ror^L zmToaoxr zmcomo ^'nnmo o�ov 0.00 494�31 0.00 5,505,69 8.24
MISCELLANEOUS
^nnv-^oz'v vmnr^c zmcvwu z^^'o^n,00 zo'zymo v ov 21,810.00 0.00 /33'230.00 14�07
^onn 4u3`n aocovouz - ,azua YEAR o,eow 0.00 v�vv o�on u�vo u ou o ov 0.00
4000'48410 mcocELLAmsovx INCOME 0.00 o�oo 0.00 o oo 0.00 o=no n�oo
4000-4e430 nuzw/,Loo,> S^co or cve ° 0�0 ^ o�uu� 0.00 -_2��l
TOTAL mzxro^^anoonn zmnomo 1.937.266.00 m,1yu�no 'v�on �--51'810'00 �---- 0�00 1,9������� 1�13
OTHER FTNANCING SOURCES
4000-49160 `RAmnmoa FROM c000nmL rvpn 0.00 o�no o�no n�oo v�ov 0,00 v�nn
4000-+9325 oomv wnro rpuc0000 0.00 wr'zzx�zo v�no 795'063�96 n�oo 795'063,96) 0.00
4000-49550 LEASE ruImuexL raYMEmro (v ^.vn o�vo o�oo o�oo v vo v.00 v�oo
4000-49600 zwunnumno mucovoazc; 0.00 . »�«o ~^ 0�00 �_���� _ o.»o »'.«o ' «.»«
zoT^c ore,u rzm^mrzwo xovncno 0.00 e7''zz�cn o�on ,,^'n^» o^ mn 795'063�96) 0.00
ror^^ msvowvoS 4'891'666,00 61'7'312�20 v�nn oz''sna�,' v�oo 4'074'297�73 'o.n
12-03-2019 08:07 AM CITY OF WYLIE PAGE: 3
REVENUE AND EXPENSE REPORT - (UNAUDITED)
AS OF: NOVEMBER 30TH, 2019
111-WYLIE ECONOMIC DEVEL CORP
DEVELOPMENT CORP-WEDC
DEPARTMENTAL EXPENDITURES
CURRENT CURRENT PRIOR YEAR Y-T-D Y-T-D BUDGET % OF
BUDGET PERIOD PO ADJUST. ACTUAL ENCUMBRANCE BALANCE BUDGET
PERSONNEL SERVICES
5611-51110 SALARIES 304,457.00 23,928.00 0.00 40,895,59 0.00 263,561.41 13.13
5611-51130 OVERTIME 0.00 0.00 0.00 0.00 0,00 0.00 0.00
5611-51140 LONGEVITY PAY 1,597.00 1,588.00 0.00 1,580.00 0.00 9.00 99.44
5611-51145 SICK LEAVE BUYBACK 0.00 0.00 0.00 0.00 0.00 0.00 0.00
5611-51160 CERTIFICATION INCENTIVE 0.00 0.00 0.00 0,00 0.00 0.00 0.00
5611-51170 PARAMEDIC INCENTIVE 0.00 0.00 0.00 0.00 0,00 0.00 0.00
5611-51210 CAR ALLOWANCE 12,600.00 969,26 0.00 1,661.59 0,00 10,938.41 13.19
5611-51220 PHONE ALLOWANCE 4,656.00 0.00 0.00 1,161.00 0.00 3,492.00 25.00
5611-51230 CLOTHING ALLOWANCE 0.00 0.00 0.00 0.00 0.00 0.00 0.00
5611-51260 MOVING ALLOWANCE 0.00 0.00 0.00 0.00 0.00 0.00 0.00
5611-51310 TMRS 48,052.00 0.00 0.00 2,663.12 0,00 45,388.88 5.54
5611-51410 HOSPITAL I LIFE INSURANCE 41,595.00 3,342.97 0.00 6,685.94 0,00 34,909.06 16.07
5611-51415 EXECUTIVE HEALTH PLAN 0.00 0.00 0.00 0.00 0.00 0.00 0.00
5611-51420 LONG-TERM DISABILITY 1,736.00 86.85 0.00 260.55 0.00 1,475.45 15.01
5611-51440 FICA 19,748.00 686.71 0.00 1,152.90 0.00 18,595.10 5.84
5611-51450 MEDICARE 4,619.00 364.47 0.00 606.56 0,00 4,012.44 13.13
5611-51470 WORKERS COMP PREMIUM 415.00 0.00 0.00 299,14 0.00 115.86 72.08
5611-51480 UNEMPLOYMENT COMP (TWC) 810.00 0.00 0.00 0.00 0,00 810.00 0.00
-..
TOTAL PERSONNEL SERVICES 440,285.00 30,966.26 0,00 56,977.39 0.00 383,307.61 12.94
SUPPLIES
5611-52010 OFFICE SUPPLIES 3,000.00 0.00 0.00 0.00 180.57 2,819.43 6.02
5611-52040 POSTAGE & FREIGHT 395.00 13.05 0.00 13.05 0.00 381.95 3.30
5611-52130 TOOLS/ EQUIP (NON-CAPITAL) 0.00 0.00 0.00 0,00 0.00 0.00 0.00
5611-52810 FOOD SUPPLIES 2,100.00 53.88 0.00 674.42 2.00 1,423.58 32.21
5611-52990 OTHER 0.00 0.00 0.00 0.00 0.00 0.00 0.00
TOTAL SUPPLIES 5,495.00 66.93 0.00 687.47 182.57 4,624.96 15.83
MATERIALS FOR MAINTENANC
5611-54630 TOOLS & EQUIPMENT 0.00 0.00 0.00 0.00 0,00 0.00 0.00
5611-54810 COMPUTER HARD/SOFTWARE 3,000.00 0.00 0.00 0.00 0,00 3,000,00 0.00
5611-54990 OTHER 5,000.00 0.00 0.00 0.00 000 5,000.00 0.00
TOTAL MATERIALS FOR MAINTENANC 8,000.00 0.00 0.00 0.00 0.00 8,000.00 0.00
CONTRACTUAL SERVICES
5611-56030 INCENTIVES 551,291.00 37,100.00 0.00 37,100.00 0.00 514,191.00 6.73
5611-56040 SPECIAL SERVICES 120,871.00 15,521.68 0.00 15,521.68 65.47 105,283.85 12.90
5611-56080 ADVERTISING 137,600.00 2,977.40 0.00 2,977.40 166.50 134,456.10 2.28
5611-56090 COMMUNITY DEVELOPMENT 43,350.00 14,066.22 0.00 14,066.22 6,589.38 22,694.40 47.65
5611-56110 COMMUNICATIONS 9,376.00 750.49 0.00 930.26 0.00 8,445.74 9.92
5611-56180 RENTAL 29,328.00 4,888.00 0.00 7,138.00 0.00 22,190.00 24.31
5611-56210 TRAVEL & TRAINING 31,317.00 1,914.83 0.00 2,468.75 4,397.11 24,451.14 21.92
5611-56250 DUES & SUBSCRIPTIONS 19,567.00 7,835.00 0.00 7,835.00 85.00 11,647.00 40.48
5611-56310 INSURANCE 4,310.00 0.00 0.00 0.00 0.00 4,310.00 0.00
5611-56510 AUDIT & LEGAL SERVICES 23,000.00 3,000.00 0.00 3,000.00 0,00 20,000.00 13.04
5611-56570 ENGINFERINC/ARCHITECTURAL 15,000.00 0.00 0.00 0.00 0.00 15,000.00 0.00
5611-56610 UTILITIES-ELECTRIC 3,000.00 0.00 0.00 0.00 179,71 2,820.29 5.99
TOTAL CONTRACTUAL SERVICES 988,010.00 88,053.62 0.00 91,037.31 11,463,17 885,489.52 10.38
12-03-2019 08:07 AM CITY OF WYLIE PAGE: 4
REVENUE AND EXPENSE REPORT - (UNAUDITED)
AS OF: NOVEMBER 30TH, 2019
111-WYLIE ECONOMIC DEVEL CORP
DEVELOPMENT CORP-WEDC
DEPARTMENTAL EXPENDITURES
CURRENT CURRENT PRIOR YEAR Y-T-D Y-T-D BUDGET S OF
BUDGET PERIOD PO ADJUST. ACTUAL ENCUMBRANCE BALANCE BUDGET
DEBT SERVICE 6 CAP REPL
5611-57110 DEBT SERVICE 0.00 0.00 0.00 0.00 0,00 0.00 0,00
5611-57410 PRINCIPAL PAYMENT 1,933,033.00 14,985.11 0,00 29,951.43 0,00 1,903,086.57 1,55
5611-57415 INTEREST EXPENSE 334,394.00 24,996.66 0.00 48,401.90 0.00 285,992.10 14.47
5611-57710 BAD DEBT EXPENSE 0.00 0.00 0.00 0.00 0.00 0.00 0.00
. . . . .
TOTAL DEBT SERVICE & CAP. REPL 2,267,432.00 39,981.77 0.00 78,353.33 0.00 2,169,078.67 3.46
CAPITAL OUTLAY
......_ ......
5611-58110 LAND-PURCHASE PRICE 100,164.00 607,122.20 0.00 789,940.63 0.00 ( 689,776.63) 788.65
5611-58120 DEVELOPMENT FEES 0.00 0.00 0.00 0.00 0.00 0.00 0.00
5611-58150 LAND-BETTERMENTS 0.00 0,00 0.00 0.00 0.00 0,00 0.00
5611-58210 STREETS & ALLEYS 573,000.00 0,00 0.00 doo 9,375.00 563,625,00 1.64
5611-58410 SANITARY SEWER 0.00 0.00 0.00 0,00 0.00 0,00 0.00
5611-58810 COMPUTER HARD/SOFTWARE 1,000.00 0.00 0.00 0.00 0.00 1,000.00 0.00
5611-58830 FURNITURE & FIXTURES 500.00 0,00 0.00 0.00 0.00 500,00 0.00
5611-58910 BUILDINGS 0.00 0.00 0.00 0.00 0.00 0.00 0.00
5611-58995 CONTRA CAPITAL OUTLAY 0.00 ( 674,110.20) 0.00 ( 862,051,96) 0 00. 862,051.96 0.00
TOTAL CAPITAL OUTLAY 674,664.00 ( 66,988.00) 0.00 ( 72,111.33) 9,375.00 737,400.33 9.30-
OTHER FINANCING (USES)
....._____
5611-59111 TRANSFER TO GENERAL FUND 0.00 0.00 0.00 0.00 0.00 0,00 0.00
5611-59190 TRANSFER TO THORUGHFARE IMP 0.00 0.00 0.00 0.00 0.00 0.00 0.00
5611-59430 TRANSFER TO CAPITAL PROJ FU 0.00 0.00 0.00 0.00 0.00 0.00 0.00
5611-59990 PROJECT ACCOUNTING 0.00 0.00 0.00 0 00. 0.00 0 00 0.00
TOTAL OTHER FINANCING (USES) 0.00 0.00 0.00 0.00 0.00 0,00 0,00
TOTAL DEVELOPMENT CORP-WEDC 4,383,886.00 92,080.58 0.00 154,944.17 21,040.74 4,207,901.09 4.01
......_
TOTAL EXPENDITURES 4,383,886.00 92,080.58 0.00 154,944.17 21,040.74 4,207,901.09 4.01
REVENUE OVER (UNDER) EXPENDITURES 507,780.00 525,231.62 0.00 662,424.10 ( 21,040.74) ( 133,603.36) 126.31
*** END OF REPORT *..
12-03-2019 8:08 AM DETATL LISTING PAGE: 1
FUND : 111-WYLIE ECONOMIC DEVEL CORP PERIOD TO USE: Nov-2019 THRU Nov-2019
DEPT 611 DEVELOPMENT CORP-WEDC ACCOUNTS: 5611-52010 THRU 5611-58910
POST DATE TRAM # REFERENCE PACKET======DESCRIPTION VEND PO /JE # NOTE AMOUNT-- ====BALANCE====
5611-52010 OFFICE SUPPLIES
B E C I N N I N" to- BALANCE 0.00
5611-52040 POSTAGE & FREIGHT
BEGINNING BALANCE 0.00
11/19/19 11/19 A58124 DFT: 000953 19569 WDBG CROSS FINAL LTR 000912 91657 2.50 2.50
11/19/19 11/19 A58124 DFT: 000958 19569 JOE FAUST PKG 000912 91657 10.55 13.05
NOVEMBER ACTIVITY DB: 1.3.05 CR: 0.00 13.05
5611-527.30 TOOLS/ EQUIP (NON-CAPITAL)
B R n I N N I N G; BALANCE 0.00
5611-52160 TOOLS/ EQUIP - $100-$999.99
BEGINNING B A LAN C E 0.00
56i.1.-5281.0 FOOD SUPPLIES
BEGINNING BALANCE 620.54
11/19/19 11/19 A58124 DFT: 000958 19569 WEDC BRD MTG MEAL 000912 91657 6.00 626.54
11/19/19 11/19 A58124 DFT: 000958 19569 WEDC BRD MTG MEAL 000912 91657 11.99 638.53
11/19/19 11/19 A58124 DFT: 000950 19569 MANE DAY SUPP 000912 91657 21.95 660.48
11/19/19 11/19 A587.24 DET: 000958 19569 WEDC BRD MTG MEAL 000912 91657 13.94 674.42
---- -- NOVEMBER ACTIVITY DB: 53.88 CR: 0.00 53.88
561.1-52990 OTHER
BEGINNING BALANCE 0.00
5611-54630 TOOLS & EQUIPMENT
BEGINNING BALANCE 0.00
5611-5481000MPUTER HARD/SOFTWARE
BEGINNING BALANCE 0.00
5611-54990 OTHER
BEGINNING BALANCE 0.00
12-03-2019 8:08 AM DETAIL LISTING PAGE: 2
FUND : 111-WYLIE ECONOMIC DEVEL CORP PERIOD TO USE: Nov-2019 THRU Nov-2019
DEPT : 611 DEVELOPMENT CORP-WEDC ACCOUNTS: 5611-52010 THRU 5611-58910
POST DATE TRAM # REFERENCE PACKET DESCRIPTION-----_= VEND PO /JE # NOTE -------AMOUNT----- -----BALANCE-===
5611-56030 INCENTIVES
BEGINNING BALANCE 0.00
11/05/19 11/05 A56975 CHIC: 106892 19141 INCENTIVE la OF 3 004349 91007 15,600.00 15,600.00
11/05/19 11/05 A56976 CHK: 106892 19141 INCENTIVE lb OF 3 004349 91007 21,500.00 37,100.00
-- - = NOVEMBER ACTIVITY DB: 37,100.00 CR: 0.00 37,100.00
5611-56040 SPECIAL SERVICES
BEGINNING BALANCE 0.00
11/05/19 11/05 A57019 CHK: 106905 19160 544 GATEWAY-DIRT REMOVAL 001910 91400 3,530.00 3,530.00
11/05/19 11/05 A57020 CHK: 106909 19160 JANITORIAL SVC OCT19 WED 002330 91395 157.50 3,687.50
11/06/19 11/06 A57074 CHK: 106919 19187 MOWING - WEDC PROPERTY 002723 91557 562.00 4,249...50
11/08/19 11/08 A57256 CHK: 106961 19279 BIRMINGHAM LOT DIRT RELO 001910 91643 2,500.00 6,749.50
11/11/19 11/11 A57361 CBE: 106989 19338 TCEQ - VCP 544/KIRBY 001320 9164E 2,415.00 9,164,50
11/11/19 11/11 A57362 CHK: 106986 19338 JANITORIAL SVC-NOV 002330 91646 157.50 9,322,00
11/20/19 11/20 A58141 OFT: 000958 19596 NO DUMPING SIGNS 000912 91.652 308,00 9,630-;00
11/26/19 11/26 A58666 CHK: 107321 19767 BIRMING-GAS METER RESET 003111 91884 3,068.85 12,698.85
11/26/19 11/26 A58672 CHK: 107314 19767 PRP MGMT-FEES/RP SP27-02 005262 91877 2,822.83 15,521.68
- -.. NOVEMBER ACTIVITY DB: 15,521.68 CR: 0.00 15,521.68
5611-56080 ADVERTISING
BEGINNING BALANCE 0.00
11/12/19 11/12 A57480 CHK: 1.07025 19371 MFG DAY I VET DAY AD 000391 91645 1,332.40 1,332.40
11/12/19 11/12 A57481 CHK: 107025 19371 IN-ARND AD-NOV - AD 000391 91645 1,645.00 2,977.40
11/21/19 11/26 B67622 19407 JE32144 WDMA INV # 532 JE# 032144 150.000R 2,827,40
11/21/19 11/21. A58280 CHK: 107219 19653 AUDIO ADV.-Q3 001078 91879 150,00 2,977.40
NOVEMBER ACTIVITY DB: 3,127.40 CR: 150.000R 2,977.40
5611-56090 COMMUNITY DEVELOPMENT
BEGINNING BALANCE 0.00
11/05/19 11/05 A56971 CBE: 106889 19141 COVENTRY-AUC SPONS WEDC 002639 91008 1,000.00 1,000.00
11/13/19 11/21 B67528 19392 JE32103 WCC INV# 9822 JE# 032103 1,000.00CR 0.00
1.1/13/19 11/13 A57643 CBE: 107084 19421. SPONSOR-RODEO 000468 91650 1,000.00 1,000.00
11/13/19 11/13 A51644 CHK: 107084 19421 SPONS- WREATH 000468 91650 500.00 1,500.00
11/13/19 11/13 A57645 CHK: 107083 19421 WEDC INVITATIONAL 000832 91644 455,00 1,955.00
11/19/19 11/19 A58124 DFT: 000958 19569 WEDC INVITATIONAL 000912 91657 145,02 2,100.02
11/19/19 11/19 A58124 OFT: 000958 19569 MANF LUNCH SUPP 000912 91657 21.65 2,121.67
11/19/19 11/19 A58124 DFT: 000958 19569 AWARD-INVIT./SAVAGE 000912 91657 760.00 2,881.67
11/19/19 11/19 A58124 OFT: 000958 19569 WEDC INVITATIONAL 000912 91657 929.56 3,811.23
12-03-2019 8:08 AM DETAIL LISTING PAGE 3
FUND : 111-WYLIE ECONOMIC DEVEL CORP PERIOD TO USE: Nov-2019 THRO Nov-2019
DEPT : 611 DEVELOPMENT CORP-WEDC ACCOUNTS: 5611-52010 THEM 5611-58910
POST DATE TRAN # REFERENCE PACKET---- --DESCRIPTION------- VEND PO /JE # NOTE AMOUNT-- --BALANCE--
11/19/19 11/19 A58124 DFT: 000958 19569 MANE. DAY - LUNCH 000912 91657 593.10 4,404.33
11/20/19 11/20 A58141 DFT: 000958 19596 KREYMER-PLANT 000912 91652 27.06 4,431.39
11/20/19 11/20 A58141 DFT: 000958 19596 WEDC INVITATIONAL 000912 91652 6,033.36 10,464.75
11/20/19 11/20 A58141 OFT: 000958 19596 WEDC INVITATIONAL 000912 91652 381.62 10,846.37
11/20/19 11/20 A58141 DFT: 000958 19596 WEDC INVITATIONAL 000912 91652 162.85 11,009.22
11/21/19 11/21 A58385 CHK: 107242 19684 MANF. DAY AV 005432 91873 3,057.00 14,066.22
,,,,, a,,,, NOVEMBER ACTIVITY DB: 15,066.22 CR. 1,000,00CR 14,066.22
--------------------------------------------------------------------------------------_-__-___----_-____-________-_
5611-56110 COMMUNICATIONS
BEGINNING BALANCE 179.77
11/05/19 11/05 1156977 CHK: 106894 19141 INTERNET OCT1-24 WEDC 004568 91009 228.37 408.14
11/12/19 11/12 A57489 CHK: 107019 19371 INTERNET SVC 004568 91651 228,38 636.52
11/20/19 11/20 A58141 DFT: 000958 19596 TELEPHONE SVC 000912 91652 179.77 816.29
11/21/19 11/21 A58282 CHK: 107218 19653 TABLET SERVICE 001797 91870 113.97 930.26
NOVEMBER ACTIVITY DB: 750.49 CR: 0.00 750.49
5611-56180 RENTAL
BEGINNING BALANCE 2,250.00
11/05/19 11/05 A57023 CHK: 106912 19160 OFFICE RENT NOV19 003231 91409 2,250.00 4,500.00
11/08/19 11/08 A57311 CHK: 106971 19297 COPIER RENTAL OCT19 003509 91394 194.00 4,694.00
11/13/19 11/13 A57651 CHIK 107074 19421 COPIER RENTAL 003509 91647 194.00 4,888.00
11/26/19 11/26 A58667 CUR: 107322 19767 OFFICE RENT DEC 2019 003231 91878 2,250.00 7,138.00
NOVEMBER ACTIVITY DB: 4,888.00 CR: 0.00 4,888.00
5611-56210 TRAVEL & TRAINING
BEGINNING BALANCE 553.92
11/12/19 11/12 A57578 CHK: 107058 19396 EXPNS TAXI & PARKING 000317 191.75 745.67
11/12/19 11/13 067460 19370 JE32058 SATTERWHITE EXP REP JE# 032058 75.78CR 669.89
11/20/19 11/20 A58141 DFT: 000958 19596 TML CONE REG.-WHITEH 000912 91652 265.00 934.89
11/20/19 11/20 A58141 DFT: 000958 19596 DOS MTG - RP REAL ES 000912 91652 26.61 961.50
11/20/19 11/20 A58141 DFT: 000958 19596 PROJ, UP - WHITEHEAD 000912 91652 7.25 968.75
11/20/19 11/20 A58141 DFT: 000958 19596 BUS MTG - DEV, KCS 000912 91652 1,500.00 2,468.75
NOVEMBER ACTIVITY DO 1,990.61 CR: 75.78CR 1,914.83
5611-56220 PROFESSIONAL TRAINING
BEGINNING BALANCE 0.00
12-03-2019 8:08 AM DETAIL LISTING PAGE: 4
FUND 111-WYLIE ECONOMIC: DEVEL CORP PERIOD TO USE: Nov-2019 THRU Nov-2019
DEPT 611 DEVELOPMENT CORP-WEDC ACCOUNTS: 5611-52010 THRU 5611-58910
LOST DATE TRAM # REFERENCE PACKET_____. __.DESCRIPTION==-==== VEND PO IJE # NOTE ----AMOUNT BALANCE-—
5611-56250 DUES & SUBSCRIPTIONS
BEGINNING BALANCE 0.00
11/05/19 11/05 A57017 CH1S: 106911 19160 ANN M-SHIP NOV19-NOV20 000468 91393 1,500.00 1,500.00
11/05/19 11/05 A57029 CHK: 106906 19160 DASHHRD-WEDC FY19-20 004815 91410 5,237.00 6,737.00
11/19/19 11/19 A58079 DFT: 000958 19559 SEDC DUES 000912 91845 250.00 6,987.00
11/21/19 11/21 A58281 GHK: 107215 19653 ROTARY DUES - AW 001420 91876 848.00 7,835.00
,,. mm NOVEMBER ACTIVITY DB: 7,835.00 CR: 0.00 7,835.00
5611-56310 INSURANCE
BEGINNING BALANCE 0.00
5611-56510 AUDIT & LEGAL SERVICES
BEGINNING BALANCE 0.00
11/07/19 11/07 A57160 CHK: 106950 19229 FY19- WEAVER AUDIT 002692 91593 3,000.00 3,000.00
- - -'� -_ NOVEMBER ACTIVITY DH. 3,000.00 CR: 0.O0 3,000.00
5611-56570 ENGINEERING/ARCHITECTURAL
BEGINNING BALANCE 0.00
5611-56610 UTILITIES-ELECTRIC
BEGINNING BALANCE 0.00
5611-57110 DEBT SERVICE
BEGINNING BALANCE 0.00
5611-57410 PRINCIPAL PAYMENT
BEGINNING BALANCE 14,966.32
11/15/19 11/21. B67538 Bn➢: Dft 111519 1.9394 JE32113 WE PKWY PMT #63 JE# 032113 12,731.68 27,698.00
11/22/19 11/26 B67627 Bnk DR_ 112219 19408 JE32149 JARRARD PROP #35 JE# 032149 2,253.43 29,951.43
NOVEMBER ACTIVITY DB: 1.4,985.11 CR: 0.00 14,985.11
5611-5741.5 INTEREST EXPENSE
BEGINNING BALANCE 23,405.24
11/12/19 11/12 A57475 DFT: 000957 19366 ANB DRAW LN 3982 PMNT 11 003207 91554 16,715.80 40,121.04
12-03-2019 8:08 AM DETAIL LISTING PAGE:
FUND : 111-WYLIE ECONOMIC DEVEL CORP PERIOD TO USE: Nov-2019 TORO Nov-2019
DEPT : 611 DEVELOPMENT CORD-WEDC ACCOUNTS: 5611-52010 THRU 5611-58910
POST DATE TRAN # REFERENCE PACKET------DESCRIPTION---_________ VEND PO ///JE # NOTE AMOUNT==== BALANCE===_
11/15/19 11/21 B67538 Bank Oft 111519 19394 JE32113 W9 PKWY PMT #63 JE# 032113 536.25 40,657.29
11/22/19 11/26 867626 rink Dft 112219 19408 JE32148 DAL,LAS WHPLPL PMT #136 JE# 032148 6,888.89 47,546.18
11/22/19 11/26 B67627 Bnk Bit 112219 19408 JE32149 JARRARD PROP #35 JE# 032149 855.72 48,401.90
NOVEMBER ACTIVITY DB: 24,996,66 CR: 0.00 24,996.66
5611-5771.0 BAD DEBT EXPENSE
BEGINNING BALANCE 0.00
5611-58110 LAND-PURCHASE PRICE
BEGINNING BALANCE 182,818.43
11/22/19 11/22 A58455 BET: 000959 19690 KCS HWY 78 ROW CLOSING 003164 91869 607,122.20 789,940.63
w _... _- NOVEMBER ACTIVITY DB: 607,122.20 CR: 0.00 607,122.20
5611-58120 DEVELOPMENT FEES
BEGINNING BALANCE 0.00
5611-58150 LAND-BETTERMENTS
BEGINNING BALANCE 0.00
---------------------------------------------------------------------------
5611-58210 STREETS & ALLEYS
BEGINNING B AL A N C E 0.00
5611-58410 SANITARY SEWER
BEGINNING BALANCE 0.00
5611-58810 COMPUTER HARD/SOFTWARE
BEGINNING BALANCE 0.00
5611--58830 FURNITURE 4 FIXTURES
BEGINNING BALANCE 0,00
5611-58910 BUILDINGS
BEGINNING BALANCE 0.00
12-03-2019 8208 AM DETAIL LISTING PACE: 6
FUND : 111-WYLIE ECONOMIC DEVEL CORP PERIOD TO USE: Nov-2019 THRU Nov-2919
DEPT 611 DEVELOPMENT CORP-WEDC ACCOUNTS: 5611-52010 TURD 5611-58910
POST DATE TRAM # REFERENCE PACKET-------DESCRIPTION VEND PO /JE # NOTE AMOUNT-- ----BALANCE----
000 ERRORS IN THIS REPORT!
" REPORT TOTALS ** --- DEBITS --- --- CREDITS ---
BEGINNING BALANCES: 224,794.22 0.00
REPORTED ACTIVITY: 736,450.30 1,225.38CR
ENDING BALANCES: 961,244.52 1,225.78CR
TOTAL FUND ENDING BALANCE: 960,018.34
Wylie Economic Development Corporation
Balance Sheet Sub Ledger
November 30, 2019
Notes Payable
Date of Rate of Principal
Purchase Payment Beginning Bal. Add'I draws Principal Interest Interest Balance
November 1, 2019 6,158,233.49
ANBTX-88130976 WOODBRIDGE PKWY (#63 of 80) 8/15/14 13,267.93 238,599.37 12,731.68 536.25 2.61 225,867.69
ANBTX-88158357 DALLAS WHIRLPOOL(#36 of 60) 11/22/16 varies 2,000,000.00 0.00 6,888.89 4.00 2,000,000.00
JARRARD GRAYS AUTO(#35 OF 120) 12/1/16 3,109.15 228,192.83 2,253.43 855.72 4.50 225,939.40
ANBTX-88193982 ANB-BROWN&78(#11 OF 72)* 12/12/18 varies 3,691,441.29 607,122.20 0.00 16,715.80 5.25 4,298,563.49
November 30, 2019 $14,985.11 $24,996.66 $6,750,370.58
Wylie Economic Development Corporation
Inventory Subledger
October 31, 2019
Inventory -Land
Date of Pur. Address Acreage Improvements Cost Basis Sub-totals
Cooper McMasters 7/12/05 709 Cooper 0.48 0 n/a $202,045
Heath 12/28/05 706 Cooper 0.46 $32,005 3,625 186,934
Perry 9/13/06 707 Cooper 0.49 0 Demo 200,224
Bowland/Anderson 10/9/07 Cooper Dr. 0.37 0 n/a 106,419
KCS 8/1/08 Cooper Dr. 0.41 0 n/a 60,208
Duel Products 9/7/12 704 Cooper Dr. 0.50 0 n/a 127,452
Randack 10/23/12 711-713 Cooper Dr. 1.09 217,500 8,880 400,334
Lot 2R3 7/24/14 Cooper Dr. 0.95 0 n/a 29,056 $1,312,672
Industrial Ct. Ind Ct-Hwy 78 7/06-4/16 Ind Ct-Hwy 78 1.45 0 n/a 924,486
Jarrard 12/22/16 201 Industrial Ct 0.29 32,893 3,900 300,493 1,224,979
Regency Regency Pk* 6/4/10 25 Steel Road 0.65 0 n/a 25,171 25,171
Commerce Hobart Investments 11/12/13 Commerce 1.60 0 n/a 156,820
Hobart 1/6/14 605 Commerce 1.07 396,263 20,000 386,380
Dallas Whirl ools 11/22/16 900-908 Kirb 4.79 128,925 9,000 2,182,080 2,725,280
Downtown Heath 3/17/14 104 N. Jackson 0.17 0 Demo 220,034
Udoh 2/12/14 109 Marble 0.17 0 n/a 70,330
Peddicord 12/12/14 100 W. Oak St 0.35 155,984 4,444 486,032
City Lot 12/12/14 108/110 Jackson 0.35 0 n/a
Jones (K&M) 9/3/15 106 N. Birmingham 0.21 42,314 4,125 190,596
FBC Lot 6/15/16 111 N. Ballard St 0.20 0 n/a 150,964
FFA Village 1/7/18 102. N. Birmingham 0.17 35,390 910 99,804 1,217,760
Alanis White Property(Alanis) 12/12/14 Alanis 6.63 0 n/a 420,336 420,336
South Ballard Birmingham Trust 6/3/15 505-607 S. Ballard 1.12 0 n/a 409,390
Murphy 3/7/19 701 S. Ballard 0.20 115,724 1,312 172,487
Brale 7/22/19 503 S. Ballard 0.26 50,762 840 177,398 759,275
Squire Gallagher 3/14/18 Squire-lot 2-4 2.67 100,404 6,000 573,844 573,844
Brown &78 Turner 12/5/18 504 E. Brown 1.02 84,077 1,180 308,180
Wallace 12/18/18 502 E. Brown 0.19 24,637 680 204,775
Karan 12/28/18 300 E. Brown 2.39 0 0 1,250,391
O'Donald 1/7/19 410 E. Brown 0.19 64,421 940 177,044
Weatherford 2/12/19 303 Marble 2.17 0 0 757,488
Brothers JV 2/26/19 306 &308 N. 2nd Stn 0.38 0 n/a 145,923
Pulliam 2/27/19 300 N. 2nd Street 0.26 122,764 1,364 218,472
Swayze 4/18/19 208 N. 2nd Street 0.26 73,313 1,860 187,501
Swayze 5/9/19 204 N. 2nd Street 0.26 121,781 2,033 187,658
Kreymer 10/9/19 302 N. 2nd Street 0.13 72,609 1,386 187,942
KCS 11/22/19 Hwy 78 Frontage 2.54 0 0 674,110 4,299,485
Total 36.86 $1,871,766 72,479 $12,558,802 $12,558,802
WEDC EXECUTIVE DIRECTOR
J P MorganChase
Expense Report
October 2019
DATE PAYEE AMOUNT PURPOSE INDIVIDUAL/GROUPS PRESENT
10/7/19 La Joya 26.61 Business Mtg, WEDC, RP RE(2)
10/9/19 Wylie Flower 27.06 Plant-Kreymer n/a
10/15/19 Starbucks 7.25 Business Mtg WEDC, Whitehead
10/22/19 Col. Littletons 6,577.83 Business Mtg WEDC Invitational
10/22/19 TML ; 265.00 TML Economic Devel. Conf Whitehead
10/29/19 AA Center 1,500.00 Business Mtg WEDC, KCS, Developers
10/20/19 Signs Now 308.00 No Dumping Signs n/a
11/02/19 Cytracom 179.77 Telephone Service n/a
TOTAL 8,891.52
WEDC Assistant Director
JPMorgan Chase
Expense Report
October 2019
DATE VENDOR PURPOSE AMOUNT
10/17/19 SEDC Annual Dues-Greiner 250.00
Total 250.00
WEDC Senior Assistant
JPMorgan Chase
Expense Report
October 2019
DATE VENDOR PURPOSE AMOUNT
10/14/19 Col. Littleton WEDC Invitational 145.02
10/14- 16/19 Tom Thumb WEDC Board Mtg. Meal & Manuf.Day Supplies 39.94
10/16/19 McDonalds WEDC Board Mtg Meal 13.94
10/17/19 Chick-Fil-A Manufacturers Day Tours-WISD 593.10
10/21/19 Dollar Tree Manufacturers Day Luncheon -Trays 21.65
10/21/19 Browning Trophies 'Savage Award & Invitational Trophies 760.00
10/21/19 USPS Woodbridge Crossing - Letter 2.50
11/1/19 USPS Package-Joe Faust 10.55
11/1/19 Col Littleton WEDC Invitational 929.56
Total 2,516.26
WYLIE ECONOMIC DEVELOPMENT CORPORATION
SALES TAX REVENUE
FOR THE MONTH OF DECEMBER 2019
MONTH WEDC WEDC WEDC WEDC DIFF % DIFF
2017 2018 2019 2020 19 VS 20 19 VS 20
, .. .. . . .... ,. ,
DECEMBER $197,808 $184,849 $214,867 $226,664 $11,797 5.96%
JANUARY 196,347 191,896 223,750
FEBRUARY 276,698 275,668 307,367
MARCH 191,648 182,852 208,222
APRIL 168,844 163,485 182,500
MAY 244,816 203,707 274,299
JUNE 191,732 199,412 234,174
JULY 223,571 213,977 215,108
AUGUST 261,573 249,590 283,603
SEPTEMBER 210,974 213,426 243,048
OCTOBER 195,549 210,702 224,875
NOVEMBER 267,816 273,197 308,324
Sub-Total $2,627,376 $2,562,759 $2,920,137 $226,664 $11,797 5.96%
AUDIT ADJ
TOTAL $2,627,376 $2,562,759 $2,920,137 $226,664 $11,797 5.96%
. . _ _ . _ . . ... ..
WEDC SALES TAX ANALYSIS
$350,000
$300,000
- '
$250,000 -
, -
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$200,000 1- r-
$150,000 -
. .
$100,000 : :
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ylie cono ic I evelop ent Con • oration
• ' A DU
TO: WEDC Board of Directors
FROM: Samuel Satterwhite, Executive Director
SUBJECT: Taylor and Son Properties, LLC
DATE: December 16, 2019
Issue
Consider and act upon a Purchase and Sale Agreement and Performance Agreement between the
WEDC and Taylor and Son, LLC.
Analysis
Attached for the Board's review is a Purchase & Sale Agreement and Performance Agreement
between the WEDC and Taylor and Son Properties, LLC. The WEDC purchased the ±0.17-acre
tract on Birmingham Street from FFA Village, LLC in 2018 for $99,000 and expended $5,500
for the demolition of the existing structure, thus creating a purchase price of$104,500.
The WEDC Board originally approved this Purchase & Sale Agreement on March 20, 2019 with
the effective date of the Agreement being May 31, 2019. The Agreement identifies a 180-day
due diligence period and a 30-day close. During the Due Diligence period, Taylor and Son was
to provide for WEDC approval, a site plan for the new construction of a 3,500 square foot office
which has yet to be presented. With Taylor out of compliance with the terms of the Purchase &
Sale Agreement and Performance Agreement, staff is recommending that the Board void both
Agreements.
Staff will further explain reasoning behind the default at the Board Meeting and present Taylor's
intent to resubmit this project for further consideration by the Board in the future.
Recommendation
Staff recommends that the WEDC Board of Directors declare Taylor & Son Properties, LLC in
default of the terms within the Purchase & Sale Agreement and Performance Agreement, thus
voiding both Agreements.
Attachments
Purchase and Sale Agreement
Performance Agreement
53
PURCHASE AND SALE AG EMENT
THIS PURC • SE AND SALE AG ' EMENT (this "Agreement") is made and
entered into by and among LIE ECONOMIC DEVELOPMENT CO ' 0 ' • TION, a
Texas non-profit corporation("Seller") and TAYLOR AND SON PROPERTIES,LLC, a Texas
limited liability company ("Purchaser").
ARTICLE I.
1.01. The Property. Subject to the terms and conditions hereinafter set forth, Seller
agrees to sell and convey to Purchaser good and indefeasible title by Special Warranty Deed
which is more particularly described below (the "Deed"), all of that certain real estate and any
improvements located thereon, being an approximate 0.17 acre tract of land, Lot 7, Block 2
located in Keller's First Addition, an addition to the City of Collin County, Texas, as
described herein on Exhibit"A" and as further depicted herein on Exhibit "A-1" (the "Land"),
together with any and all benefits, privileges, tenements, hereditaments, rights and appurtenances
thereon or pertaining to the Land, and all right, title and interest of Seller in and to in and to
adjacent streets, alleys or rights-of-way, together with any strips or gores relating to the Land
(collectively, the "Property").
ARTICLE II.
PURCHASE P' CE
2.01. punt of Purchase Price. The purchase price shall be the sum of One-Hundred
Four Thousand Five Hundred and No/100 dollars ($104,500) ("Purchase Price"), which
Purchase Price shall be adjusted at Closing for any prorations and closing costs, as set forth in
this Agreement. The Purchase Price will be paid by Purchaser to Seller at Closing by cash, check,
wire transfer or other immediate available funds.
ARTICLE III.
ESCROW DEPOSIT
3.01. Upon the full execution of this Agreement, Purchaser shall deliver to Lawyer's
Title, Attn: D. Barron Cook, 250 South Highway 78, Wylie, Texas 75098 (972) 442-3541
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(telephone); Email: baron.cook@lticao.com (the "Title Company"), a wire transfer, cashier's
check or other same day certified funds in the total amount of One Thousand and no/100 dollars
($1,000.00), as an escrow deposit (the "Escrow Deposit"). Purchaser and Seller agree that One
Hundred and no/100 dollars ($100.00) of the Escrow Deposit is given as independent
consideration for the Agreement ("Independent Consideration"), which Independent
Consideration shall be applied to the Purchase Price at Closing, and shall be paid to Seller in the
event the Escrow Deposit is otherwise returned to Purchaser pursuant to the terms of this
Agreement. In the event Purchaser fails to timely deliver the Escrow Deposit to the Title
Company, this Agreement shall automatically terminate and be of no further force or effect and
Seller and Purchaser shall be relieved from all liabilities or obligations hereunder.
TICLE IV.
CONDITIONS TO CLOSING
4.01. Contingencies. The obligation of the Purchaser to consummate the transaction
contemplated hereby is subject to the satisfaction of each of the conditions herein contained (any
of which may be waived in whole or in part by Purchaser at or prior to the Closing):
(a) Survey. Within ten (10) days after the Effective Date of this Agreement,
Seller shall cause to be delivered to Purchaser the existing survey of the Property
("Survey"), which will be updated and which shall otherwise be in a form acceptable to
the Title Company in order to allow the Title Company to delete at Purchaser's election
and expense, the survey exception (except as to "shortages in area") from the Owner's
Title Policy to be issued by the Title Company. If and to the extent required by the Title
Company, Seller shall execute any and all affidavits required by the Title Company in
order for such Survey to be used for issuance to Purchaser of an Owner Title Policy in the
form required by Purchaser. The Survey shall be staked on the ground, and the plat of
survey shall show the legal description, boundary lines and the location of all
improvements, highways, streets and roads (including the right-of-way and pavement
widths of each), signal lights, median breaks, curb-cuts, railroads, rivers, creeks, or other
water courses, fences, flood plain as defined by the Federal Emergency Management
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Agency ("FEMA"), easements (both current and those to be granted), and rights-of-way
on or adjacent to the Property and shall set forth the number of total gross square feet
comprising the Property. After approval of the Survey by Seller, Purchaser and the Title
Company, the legal description of the Property set forth in the Survey will be
incorporated in this Agreement as the legal description of the Property, and will be used
in the deed and any other documents requiring a legal description of the Property (unless
the Plat is finalized and recorded as provided in this Agreement in which event the legal
description contained in the Plat shall be used for the deed and any other closing
documents requiring a legal description).
(b) Preliminary Title Commitment. Within fifteen (15) days after the
Effective Date of this Agreement at Seller's sole cost and expense, Seller shall cause the
Title Company to issue to Purchaser a preliminary title commitment (the "Title
Commitment") in the amount of the anticipated Purchase Price on the current TLTA
Owner's Title Policy form accompanied by true, correct and legible copies of all recorded
documents relating to easements, rights-of-way, and any instruments referred to in any
schedule of the Title Commitment (the ``Title Documents"). With regard to the Title
Commitment, Schedule B of the Title Commitment must comply with the following
requirements: (a) the exception for restrictive covenants must either list specific
restrictions with recording data, or state "none"; (b)the survey exception must reflect that
it will be deleted, except as to shortages in area, at Purchaser's expense (and Schedule C
may condition such deletion upon the presentation of an acceptable survey); (c) the
exception for taxes must reflect only the current year and subsequent years, and
subsequent taxes for prior years due to change in land use or ownership; (d) no exception
will be permitted for "visible and apparent easements" or words to that effect (although
reference may be made to any specific easement or use shown on the survey); (e) no
exception will be permitted for "rights of parties in possession" or "rights of tenants in
possession"; and (f) no mortgage will be shown on Schedule B (with any other
indebtedness to be shown on Schedule C as to be released at Closing).
(c) Title Review Period. Purchaser shall have twenty (20) days (the "Review
Period") after Purchaser's receipt of the later of the Survey, the Title Commitment and
the Title Documents to review the same and deliver in writing to Seller such objections as
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Purchaser may have to anything contained in them (the "Objection Notice").
Notwithstanding anything contained in this Agreement to the contrary, in all events and
regardless of whether Purchaser objects to such exceptions, on or before the Closing,
Seller shall do the following: (i) discharge any voluntary lien created by Seller that is
secured by any portion of the Property; (ii)discharge any lien for delinquent ad valorem
taxes; (iii) discharge any mortgage or deed of trust encumbering the Property; and
(iv) discharge or bond around any mechanics' liens created by a contractor or
subcontractor performing work for and at the direction of Seller. In the event Purchaser
states that any of the Survey, Title Commitment, Title Documents or any item therein
contained, is not satisfactory, Purchaser may either: (a) terminate this Agreement and
have the Escrow Deposit returned to Purchaser; or(b) conditionally accept title subject to
Seller's obligations contained in this Agreement and subject to Seller's removal or
written agreement to remove at Closing of any matters contained in such Objection
Notice within fifteen (15) days from receipt of such Objection Notice (the "Title Cure
Period"), in which case Seller may elect, at its sole option, to use commercially
reasonable efforts to remove or cure such objectionable matters, but shall have no duty or
obligation to remove or cure any of such objectionable matters (except as otherwise
required in this Agreement or in Seller's written agreement to remove such matters). If
Seller cannot remove or cure such matters before the expiration of the Title Cure Period
that can be removed or cured prior to Closing (but not any items required to be removed
or cured as of Closing), or if Seller elects not to remove or cure any of Purchaser's
objections, then at Purchaser's election within ten (10) days following the expiration of
the Title Cure Period, Purchaser may either waive its uncured objections or terminate this
Agreement and have the Escrow Deposit forthwith returned to Purchaser. Failure by
Purchaser to give affirmative written notice to Seller and Title Company that it elects to
waive the matters set forth in the Objection Notice on or before five (5) days after the
expiration of the Title Cure Period shall not be deemed to be a termination of this
Agreement. Purchaser hereby agrees that the lien for taxes for the year of Closing from
the date of Closing and subsequent days, as prorated, the Restrictions and any items not
objected to timely by Purchaser shall hereinafter be deemed to be permitted exceptions
(the "Permitted Exceptions"), and Purchaser shall not be entitled to object to the status of
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title, the Survey or avoid the Closing on account of such Permitted Exceptions.
(d) Proposed Use. Purchaser's obligation to close on the Purchase of the
Property is further subject to and contingent upon each and all of the following being
confirmed or satisfied by the Purchaser at Purchaser's sole cost and expense (unless
otherwise specified herein):
(i) No material adverse changes to the Property shall have occurred
subsequent to the Effective Date of the Agreement and prior to the Closing Date.
(ii) The Property is properly zoned for the intended improvements and
proposed use.
4.02. Due Diligence Materials. Within ten (IQ) days from the Effective Date of this
Agreement, Seller shall deliver to Purchaser any and all of the following which Seller has in its
possession that relate to the Property or adjacent tracts of land (herein collectively "Due
Diligence Materials"):
(a) copies of any environmental assessments, remediation reports,
certifications and reports regarding releases and evidence of compliance of such
remediation with all Texas Commission on Environmental Quality ("TCEQ")
requirements;
(b) copies of any existing surveys, site topographical map and existing
engineering reports, soils reports or studies, geotechnical reports, and engineering plans;
(c) copies of all reciprocal easement agreements ("REA's") and reports in
Seller's possession;
(d) the utility plans or grading plans (and approvals) that Seller has either
acquired or obtained or created in connection with Seller's acquisition and/or the adjacent
properties;
(e) Any other items in Seller's possession relating to the Property and/or the
adjacent properties; and
The delivery of such Due Diligence Materials by Seller to Purchaser does not constitute
any representation on the part of Seller that the information contained therein is true, accurate or
complete. If Seller receives additional Due Diligence Materials, Seller shall immediately deliver
same to Purchaser.
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4.03. Feasibility Period. Purchaser shall have a period of one-hundred eighty (180)
days following the effective date of the Agreement (the "Feasibility Period") within which to
ascertain if acquisition of the Property by Purchaser is feasible and to inspect the Property in
order to complete all feasibility studies, including but not limited to the replat, site plan,
construction drawings, and other necessary approvals from the City of Wylie to proceed to
closing to determine if the same is suitable for Purchaser's intended use. In the event Purchaser
notifies Seller in writing on or before 5:00 p.m. on the last day of the Feasibility Period, as may
be extended, that Purchaser has ascertained that the acquisition of the Property is not feasible or
that Purchaser disapproves or is dissatisfied in any way with the Property, such determinations to
be made in Purchaser's sole and absolute discretion, then this Agreement shall terminate and the
Escrow Deposit (as defined herein) delivered by Purchaser to Title Company shall be returned to
Purchaser; provided however that the Independent Consideration shall be paid to Seller by the
Title Company. In the event Purchaser fails to so notify Seller in writing prior to the expiration
of the Feasibility Period of Purchaser's election to terminate this Agreement, this Agreement
shall continue in full force. Seller hereby grants to Purchaser during the Feasibility Period the
right to enter upon the Property and conduct such tests as Purchaser deems necessary. Purchaser
shall indemnify, defend, and hold harmless Seller from all claims, actions or causes of action,
other than those resulting from Seller's negligence or malfeasance, which might occur by virtue
of the entry upon or testing of the Property and provided further that in the event Purchaser does
not return the Property to its condition prior to Purchaser's activities, Purchaser shall be
responsible for all damages occasioned to the Property arising out of the entry upon or testing of
the Property, and this indemnity and covenant will survive the Closing or termination of this
Agreement for a period of six (6) months. Notwithstanding the delivery of the above described
studies and test, if any, Purchaser acknowledges that any information of any type which
Purchaser has received or may receive from Seller, or its agents, is furnished to Purchaser as a
courtesy only and on the express condition that Purchaser shall make an independent verification
of the accuracy of such information, all such information is being furnished without any
representation or warranty by Seller as to the truth, accuracy, or completeness of such
information, other than the representations and warranties contained herein. Purchaser shall use
good faith efforts to notify Seller in advance of any meetings or conferences with employees,
PSA-Wylie EDC/Sale to Taylor and Son Properties, LLC. Page 6
2359265 3
officials or representatives of the City of Wylie and shall give Seller an opportunity to participate
in the same.
4.04. Platting of the Property. Purchaser shall have the right to re-plat the Property
prior to the Closing at Purchaser's sole cost and expense, but such re-platting will not be a
condition of closing. Purchaser acknowledges that the Property may have to be re-platted prior to
development of the Property.
4.06. Conditions to Purchaser's Obligations to Close. Purchaser's obligation to close
the Purchase of the Property are conditioned on the following:
(a) Seller's representations and warranties set forth in this Agreement are true,
complete and correct, in all material respects both as of the date of this Agreement and as
of the Closing; and
(b) Seller has fully performed all of the obligations to be perfoinied by Seller,
in all material respects.
If the items above have not been satisfied, verified or otherwise waived by Purchaser in
writing, on or before the Closing, Purchaser may elect: (i) by five (5) days' prior written notice
to Seller and the Title Company, cancel this Agreement and Purchaser shall thereupon receive
the Escrow Deposit; or (ii) treat such failure as a breach by Seller of its obligations under this
Agreement.
4.07. Conditions to Seller's Obligations to Close. Seller's obligation to close this
transaction is subject to the satisfaction, or waiver by Seller in writing of the following
conditions on and as of Closing:
(a) Purchaser's representations and warranties set forth in this Agreement are
true, complete and correct, in all material respects and
(b) Purchaser has fully performed all of its obligations to be performed by
Purchaser, in all material respects.
If the items above have not been satisfied or otherwise waived by Seller in writing,
subject to Seller's performance of all of its obligations hereunder, on or before the Closing,
Seller may, as its sole remedy, by five (5) days' prior written notice to Purchaser and the Title
Company, cancel this Agreement and Seller shall thereupon receive the Escrow Deposit.
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ARTICLE V
CLOSING
5.01. Closing Date. The Closing of the purchase and sale transaction contemplated
herein shall be at the offices of the Title Company, on or before thirty (30) days following the
expiration of the Feasibility Period (the"Closing Date"). The base title policy premiums shall be
paid by Seller and allocated in accordance with each of their respective interests, and any
endorsements or extended coverage shall be paid by Purchaser. Any survey costs and platting
expenses shall be allocated to the Seller and Purchaser equally. The Seller shall pay the costs of
recording any releases, and one-half of the cost of recording the Deed. The Purchaser shall pay
one-half of the cost of recording the Deed, and the cost of and any lender costs on its side of the
transaction. The escrow fees shall be allocated in accordance with each party's respective
interests and both parties agree that each party will pay one-half of such fees. All other costs
shall be allocated among the Parties, as is customary for a transaction of this character in the
county where the Property is located, or as otherwise agreed.
5.02. Seller Deliverables at Closing. At Closing, Seller shall:
(a) Deliver to Purchaser the duly executed and acknowledged Special
Warranty Deed in the form attached hereto as Exhibit "B," conveying good and
indefeasible title in fee simple to the Property, free and clear of any and all liens,
encumbrances, conditions, easements, assessments, and restrictions, except for the
following:
(i) Ad Valorem taxes and assessments for the year of Closing (from
and after the date of Closing) and subsequent years not yet due and payable,
which shall be pro-rated as of the Closing Date;
(ii) Permitted Exceptions (to be reviewed and approved by Purchaser);
and
(iii) Any other exceptions approved by Purchaser pursuant to this
Agreement or in writing;
(c) Deliver to Purchaser at Seller's sole cost and expense, a current TLTA
form Texas Owner's Title Policy issued by the Title Company in Purchaser's favor in the
full amount of the Purchase Price, insuring Purchaser's fee simple title to the Property,
subject only to the Permitted Exceptions, and the standard pre-printed exceptions
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contained in the usual form of Texas Owner's Title Policy containing a survey exception
deletion at Purchaser's expense, except as to shortages in area and such other
endorsements as required by Purchaser at Purchaser's expense.
(e) Deliver to Purchaser an affidavit, signed and acknowledged by Seller
under penalties of perjury, certifying that Seller is not a nonresident alien, foreign
corporation, foreign partnership, foreign trust, foreign estate, or other foreign person
within the meaning of Sections 1445 and 7701 of the Internal Revenue Code of 1986, as
amended, and the associated Treasury regulations.
(f) Deliver to Purchaser evidence of Seller's authority and capacity to close
this transaction.
(g) Deliver to Purchaser possession of the Property.
5.03. Purchaser Deliverables at Closing. At Closing, Purchaser shall:
(a) Deliver to the Title Company the Purchase Price, less pro-rations and
adjustments as provided in this Agreement, by cashier's check, wire transfer or otherwise
in immediately available funds.
(b) Deliver to Seller Evidence of Purchaser's authority and capacity to close
this transaction.
5.04. All state, county, and municipal taxes and assessments, if any, for the then current
year relating to the Property will be assumed by the Purchaser, since Seller is a tax-exempt
entity.
5.05. Each party shall pay any attorney's and other professional fees incurred by such
party. All other costs and expenses of Closing the sale and purchase shall be borne and paid as
provided in this Agreement, or if this Agreement is silent, as is usual and customary for real
estate transactions in Collin County, Texas.
• 'TICLE VI
REAL ESTATE COMMISSIONS
6.01. It is expressly understood and agreed that the no brokers have been involved in
the negotiation and consummation of this Agreement. Seller and Purchaser hereby agree to
indemnify, defend, and hold harmless each other from any and all claims for any other
commission(s), brokerage fees or finder's fees brought by any person asserting a claim against
Purchaser or Seller.
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ARTICLE VII
REPRESENTATIONS AND COVENANTS
7.01. Seller's Representations. As a material inducement to the Purchaser to execute
and perform its obligations under this Agreement, the Seller hereby represents and warrants to
the Purchaser as of the date of execution of this Agreement and shall reaffirm through the date of
the Closing as follows:
(a) At Closing, Seller has the right to, and will, convey to Purchaser good and
indefeasible fee simple title to the Property free and clear of any and all liens,
assessments, unrecorded easements, security interests and other encumbrances except
only to the Permitted Exceptions.
(b) Representations and warranties set forth in this Agreement are true,
complete and correct, in all material respects both as of the date of this Agreement and as
of the Closing; Seller shall not further encumber any of the Property or allow an
encumbrance upon the title to any of the Property, or execute or modify the terms or
conditions of any leases, Agreements or encumbrances, if any, currently affecting the
Property without the written consent of Purchaser.
(c) To Seller's current actual knowledge, there are no actions, suits, or
proceedings (including, but not limited to, condemnation) pending or threatened against
the Property, at law or in equity or before any federal, state, municipal, or other
government agency or instrumentality, domestic or foreign.
(d) The Property is not in a water district that requires any statutory notice or
disclosure to the Purchaser.
(e) The execution and delivery of this Agreement and the consummation of
this transaction shall not constitute a violation, breach or default by either Seller of any
term or provision of any other instrument of which either Seller is a party or to which
either Seller or the Property may be subject.
The Seller is a municipal development corporation and has all the requisite
power and authority to enter into, deliver and perform this Agreement.
(g) The Seller is not involved in any litigation pertaining to the Property or
any bankruptcy, reorganization or insolvency proceeding.
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(h) At the time of Closing, there will be no lease or other use agreement in
effect with regard to any of the Property and there will not be any party in possession of
any of the Property other than Seller.
EXCEPT AS EXPRESSLY PROVIDED HEREIN, IT IS UNDERSTOOD AND AGREED
THAT SELLER IS NOT MAKING ANY WA' ' •;NTIES OR REPRESENTATIONS OF
ANY KIND OR CHARACTER, EXPRESS OR IMPLIED, WITH RESPECT TO THE
PROPERTY, INCLUDING, BUT NOT LIMITED TO, WA ' • NTIES OR
REPRESENTATIONS AS TO MATTERS OF TITLE (OTHER THAN WA' • NITES
OR REPRESENTATIONS SET FORTH IN THIS AGREEMENT AND SELLER'S
WA ' • NTY OF TITLE SET FORTH IN THE SPECIAL WA' • NTY DEED TO BE
DELIVERED AT CLOSING), ZONING, TAX CONSEQUENCES, PHYSICAL OR
ENVIRONMENTAL CONDITION, OPERATING HISTORY OR PROJECTIONS,
VALUATION, GOVERNMENTAL APPROVALS, GOVERNMENTAL REGULATIONS
OR ANY OTHER MATTER OR THING RELATING TO OR AFFECTING THE
PROPERTY. EXCEPT AS EXPRESSLY PROVIDED IN THIS SECTION OR AS SET
FORTH IN THIS AGREEMENT, PURCHASER AGREES THAT WITH RESPECT TO
THE PROPERTY, PURCHASER HAS NOT RELIED UPON AND WILL NOT RELY
UPON, EITHER DIRECTLY OR INDIRECTLY, ANY REPRESENTATION OR
WA ' •NTY OF SELLER OR SELLER'S REPRESENTATIVES. PURCHASER WILL
CONDUCT SUCH INSPECTIONS AND INVESTIGATIONS OF THE PROPERTY,
INCLUDING, BUT NOT LIMITED TO, THE PHYSICAL AND ENVIRONMENTAL
CONDITIONS THEREOF, AND RELY UPON SAME, AND, UPON CLOSING, SHALL
ASSUME THE RISK THAT ADVERSE MATTERS, INCLUDING, BUT NOT LIMITED
TO, ADVERSE PHYSICAL AND ENVIRONMENTAL CONDITIONS, MAY NOT
HAVE BEEN REVEALED BY SELLER'S W• ' '` • TIES AND REPRESENTATIONS
OR PURCHASER'S FEASIBILITYS AND INVESTIGATIONS. PURCHASER AGREES
TO TAKE WHATEVER ACTION AND PERFORM WHATEVER INVESTIGATIONS
AND STUDIES PURCHASER DEEMS NECESSARY TO SATISFY ITSELF AS TO THE
CONDITION OF THE PROPERTY AND THE EXISTENCE OR NONEXISTENCE OF,
OR CURATIVE ACTION TO BE TAKEN WITH RESPECT TO, ANY HAZARDOUS
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AND/OR TOXIC SUBSTANCES ON OR DISCHARGED FROM THE PROPERTY.
PURCHASER ACKNOWLEDGES AND AGREES THAT UPON CLOSING SELLER
SHALL SELL AND CONVEY TO PURCHASER AND PURCHASER SHALL ACCEPT
THE PROPERTY "AS IS, WHERE IS", WITH ALL FAULTS AND THERE ARE NO
ORAL OR WRITTEN AGREEMENTS, W, ' ' •:NTIES OR REPRESENTATIONS,
COLLATERAL TO OR AFFECTING THE PROPERTY BY SELLER OR ANY THI ' r
PARTY (OTHER THAN THE WA'. '> •, ITES OR REPRESENTATIONS SET FORTH
IN THIS AGREEMENT AND SELLER'S W•. ' ' • NTY OF TITLE SET FORTH IN THE
SPECIAL WA' ' • NTY DEED TO BE DELIVERED AT CLOSING). FURTHER,
PURCHASER HEREBY ACKNOWLEDGES TO SELLER THAT PURCHASER AND
SELLER ARE NOT IN A SIGNIFICANTLY DISPARATE BARGAINING POSITION.
THE TERMS AND CONDITIONS OF THIS PARAGRAPH SHALL EXPRESSLY
SURVIVE THE CLOSING AND SHALL NOT BE MERGED THEREIN.
7.02. Purchaser's Representations. As a material inducement to the Seller to execute
and perform its obligations under this Agreement, the Purchaser hereby represents and warrants
to the Seller as of the date of execution of this Agreement and shall reaffirm through the date of
the Closing as follows:
(a) Purchaser is a Texas Iimited liability company. If Purchaser assigns this
Agreement to an allowed third party, such entity shall be duly organized, validly existing
and in good standing under the laws of the State of Texas and have all the requisite power
and authority to enter into, deliver and perform this Agreement;
(b) No consent or approval of any other person or entity is required in order
for this Agreement to be legal, valid and binding upon Purchaser; and the execution and
delivery of this Agreement and the consummation of this transaction shall not constitute a
violation, breach or default by Purchaser of any term or provision of any other instrument
of which Purchaser is a party or to which Purchaser may be subject; and
(c) To Purchaser's current actual knowledge, there are no actions, suits, or
proceedings pending or threatened against the Purchaser, at law or in equity or before any
federal, state, municipal, or other government agency or instrumentality, domestic or
foreign that would affect this transaction, and Purchaser has received no written notice of
PSA-Wylie EDC/Sale to Taylor and Son Properties,LLC. Page 12
2359265_3
same. The Purchaser is not involved in any bankruptcy, reorganization or insolvency
proceeding.
ARTICLE VIII
BREACH BY SELLER
8.01. In the event Seller shall fail to fully and timely perform any of its obligations
hereunder or shall fail to consummate the sale of the Property for any reason, except Purchaser's
default, Purchaser may either (i) cancel this Agreement upon giving ten (10) days prior written
notice to Seller and Title Company and will be entitled to obtain the return of the Escrow
Deposit, or(ii)pursue specific performance, as its sole and exclusive remedies.
ARTICLE IX
BREACH BY PURCHASER
9.01. In the event Purchaser shall fail to fully and timely perform any of its obligations
hereunder or shall fail to consummate the purchase of the Property, the conditions to Purchaser's
obligations set forth in this Agreement having been satisfied, and Purchaser being in default and
Seller not being in default hereunder, Seller shall cancel this Agreement upon giving ten (10)
days prior written notice to Purchaser and Title Company and will be entitled to retain the
Escrow Deposit, and if applicable, the Additional Escrow Deposit, as liquidated damages as its
sole and exclusive remedy.
ARTICLE X
CONDEMNATION
10.01 If all or any portion (as reasonably determined by Purchaser) of the Property is
condemned (or sold and conveyed in lieu of condemnation) prior to the Closing, Purchaser shall
have the option to either: (a)proceed with the Closing and receive all awards or payments made
by the condemning authority to which Seller was or might otherwise have been entitled to as a
result of such condemnation, or (b) terminate this Agreement and have the Escrow Deposit
refunded, whereupon this Agreement shall be of no further force and effect.
ARTICLE XI
REPURCHASE OPTION
11.01 In the event Purchaser fails to obtain a building permit from the City of Wylie and
commence construction on or before February 1, 2020, for an office building containing no less
than 3,500 square feet of space to be constructed on the Property in accordance with a site plan
PSA-Wylie EDC/Sale to Taylor and Son Properties,LLC. Page 13
2359265_3
to be approved by Seller during Due Diligence Period, Seller shall have the right, but not the
obligation, in its sole discretion, to purchase the Property back from Purchaser for an amount
equal to the Purchase Price set forth in Section 2.01 of this Agreement. For purposes of this
Contract, "commence construction'. shall mean the issuance of a Notice to Proceed to a third-
/9
party contractoripursuant to a written construction contract tor the. construction of the required
improvements and actual construction of the improvements on the Property. This Section 11.01
shall survive the Closing for a period of three (3) months and shall not be merged therein.
ARTICLE I
ISCELLANEOUS
12.01 Survival of Covenants. All of the representations, warranties, covenants and
agreements of the parties, as well as any rights and benefits of the parties, shall survive the
Closing for a period of three (3) months (or such longer period of time as may be contemplated
by this Agreement in the specific instance) and shall not be merged therein.
12.02 Notices. Notices given pursuant to this Agreement will be effective only if in
writing and delivered in person; by courier; overnight, next business day delivery; facsimile;
USPS certified mail, return receipt requested, postage prepaid or e-mail (provided that if e-mail
is used as the method of delivery, it shall be deemed delivered as of the date and time of
transmission of the email with a hard copy of said notice also sent by First Class Mail). All
notices will be directed to the other party at its address provided below or such other address as
either party may designate by notice given in accordance with this Section. Notices will be
effective (i) if by personal delivery or courier delivery, on the date of delivery; (ii) if by
overnight courier, one (1) business day after deposit with all delivery charges prepaid; (iii) if by
facsimile, on the date of transmission, provided that second copy is sent as required above and
(iv) if by certified mail, the one (1) business day after the date of posting at the United States
Post Office. Notices for Seller and Purchaser shall be delivered to the addresses herein below, as
follows:
PSA-Wylie EDC/Sale to Taylor and Son Properties, LLC. Page 14
2359265_3
If to Seller: Wylie Economic Development Corporation
250 State Highway 78
Wylie, Texas 75098
Attn: Sam Satterwhite & Jason Greiner
(972) 442-7901 (telephone)
(972) 429-0139 (facsimile)
Email: sama wy I ieedc.com
Email:jaoii w' IicdL.co rT1
Copy to Seller's counsel: Abernathy, Roeder, Boyd & Hullett
1700 Redbud Boulevard, Suite 300
McKinney, Texas 75069
Attn: Randy Hullett & Cynthia Collett
(214) 544-4007 (telephone)
(214) 544-4044 (facsimile)
Email: rh utleitItIallerna 'WA.CQII1
Email ceollet(d'alvrnatfr.-lawcom
If to Purchaser: Taylor and Son Properties, LLC.
Attn: Gary& Sam Taylor
109 Jackson St.
Wylie, TX 75098
Email: orariitav lorandsonbil I Iders%com
Email: sam@taylorandsonsery ices.coin
12.03 Binding Effect. This Agreement shall be binding upon and inure to the benefit of
the parties hereto and their respective heirs, executors, administrators, legal representatives,
successors and assigns where permitted by this Agreement.
12.04 Le al Construction. In case any one or more of the provisions contained in this
Agreement shall for any reason be held to be invalid, illegal, or unenforceable in any respect,
such invalidity, illegality, or unenforceability shall not affect any other provision hereof, and this
Agreement shall be construed as if such invalid, illegal, or unenforceable provision had never
been contained herein.
12.05 Integration. This Agreement constitutes the sole and only agreement of the
parties hereto and supersedes any prior understanding or written or oral agreements between the
parties respecting the within subject matter. This Agreement cannot be modified or changed
except by the written consent of all of the parties.
12.06 Time is of the Essence. Time is of the essence of this Agreement. If the time
period by which any right, obligation or election must be exercised or performed expires on a
PSA-Wylie EDC/Sale to Taylor and Son Properties,LLC. Page 15
2359265_3
weekend or legal holiday in the State of Texas or for the Federal Government of the United
States, then such time period shall automatically be extended through the close of business on the
next business day.
12.07 Attorney's Fees. Any party to this Agreement which is the prevailing party in any
legal proceeding against any other party to this Agreement brought under or with relation to this
Agreement or transaction shall be additionally entitled to recover court costs and reasonable
attorneys' fees from the non-prevailing party, as determined by a court of competent jurisdiction.
12.08 Gender & Number. Words of any gender used in this Agreement shall be held
and construed to include any other gender, and words in the singular number shall be held to
include the plural, and vice versa, unless the context requires otherwise.
12.09 Compliance. In accordance with the requirements of Section 28 of the Texas Real
Estate License Act, Purchaser is hereby advised that it should be furnished with or obtain a
policy of title insurance.
12.10 Effective Date of this Agreement. The term "Effective Date of this Agreement" as
used herein shall mean the date on which this Agreement is fully signed by Seller and Purchaser,
and the Escrow Deposit is deposited with the Title Company and the Contract is receipted by the
Title Company.
12.11 Counterparts/Facsimile. This Agreement may be executed by original or
facsimile signatures in multiple counterparts, each of which shall constitute an original and
together constitute one and the same instrument.
12.12 Assi a ent of this Agreement. This Agreement may not be assigned by
Purchaser without the prior written consent of Seller, which consent will be within the sole
discretion of the Seller. Nevertheless, it is expressly agreed that this Agreement and the rights
and obligations thereof may be assigned by Purchaser to an entity under common control with
Purchaser(or Purchaser's managers or members) or wholly-owned by Purchaser (or Purchaser's
managers or members), or in connection with a tax free exchange or to an entity which is
comprised in part by Purchaser or a subsidiary or related party to Purchaser, without the prior
consent of Seller; provided, however,that no such assignment shall be effective as to Seller until
an executed counterpart of the instrument of assignment has been delivered to Seller by
Purchaser, and provided that Purchaser shall continue to be liable for all of Purchaser's
obligations hereunder.
PSA-Wylie EDC/Sale to Taylor and Son Properties,LLC. Page 16
2359265_3
12.13 Section 1031 Tax-Free Exchange. Seller and Purchaser hereby acknowledge and
agree that Purchaser has the right to effectuate a "tax-free" exchange pursuant to Section 1031 of
the Internal Revenue Code in connection with the transaction contemplated in the Agreement. If
Purchaser notifies Seller not less than five (5) business days prior to the closing date that
Purchaser wishes to effectuate a "tax-free" exchange pursuant to Section 1031 of the Internal
Revenue Code, Seller shall cooperate with Purchaser (including, without limitation, executing
applicable documents), at no cost, expense, or liability to Seller. The provisions of this
paragraph shall survive the Closing.
12.14 IRS Reporting at Closing. The Title Company agrees to be the designated
"reporting person" under 6045(e) of the U.S. Internal Revenue Code with respect to the real
estate transaction described in this Agreement and to prepare, file and deliver such information,
returns and statements as the U.S. Treasury Department may require by regulations or forms in
connection therewith, including Form 1099-B.
12.15 Signage. Purchaser and/or Purchaser's broker may place a "Coming Soon" sign
on the Property during the term of this Agreement.
12.16 Execution of this A reement. This Agreement may be executed in counterparts,
each of which shall constitute an original, and all of which shall collectively constitute a single
Agreement. Purchaser shall have seven (7) days within which to fully execute and deliver this
Agreement to Seller, whereupon this Agreement shall constitute a legal and binding agreement.
In the event that Purchaser shall fail to so execute and deliver this Agreement on or before seven
(7) days after the effective date, then the offer made herein shall be deemed to have been revoked
for all purposes and this Agreement shall be null and void.
[SIGNATURES APPEAR ON THE FOLLOWING PAGES]
PSA-Wyllie EDC/Sale to Taylor and Son Properties,LLC. Page 17
2359265_3
C to be EPP' C as set fo iherein above.
S ' :
I ECIN. IC tE LIP i Co I ) . Tio
a Texas nonprofit corporation
By:
S. . Satterwhite, Executive Director
Date:
C . • SE " 'S SIGNATURE 'PE• ' *N THE I'II I G PAGE]
settees si P- •
Wylie EDC/Taylor&Son
2359265
PU' C . • SE' :
TA 0' • I SON P• I PE I S, LLE, a Texas limited
liability company
By:
(Idiy4"aylor, ember
Date:
[TITLE CO P • CEIPT AC 1 0 E I GE NT - 'PE • '
IN FILLI NG PAGE]
Purchaser's S a P
Wylie 10 C/Taylor&Son
2359265
TITLE CS P. AC 1 S E 'GE E • I • CEIPT
e Title Company acknowledges receipt of the executed Agreement and Escrow
Deposit on this 2) day or '14' A, 2019 at (9' --7`)(,:, <ii.t;./rt."1".): (the"Effective Date").
LA ' TITLE C PA
By i
N.
Its:
La ers Title Company
250 S. Highway 78
‘iVylie TX 75098
6 , 4,17
dtyg a'
'74
Title Company's S'1 attire/Receipt P. •
Wylie DC/Taylor&Son
2359265
E IBIT "B"
FO OF SPECIAL WA" ' . TY DEED
AFTER RECO I ING RETURN TO:
1Granteej
"NOTICE OF CONFIDENTIALITY RIGHTS: IF YOU , ' A NATU' •;L PERSON,
YOU MAY REMOVE OR STRIKE ANY OR ALL OF THE FOLLOWING
INFO ' ATION FROM THIS INSTRUMENT THAT T ` • SFERS AN INTEREST IN
REAL PROPERTY BEFORE IT IS FILED FOR RECO' 1 IN THE PUBLIC RECORDS:
YOUR SOCIAL SECURITY NUMBER OR YOUR DRIVERS' LICENSE NUMBER."
SPECIAL W• ." .;NTY DEED
STATE OF TEXAS §
§ KNOW ALL MEN BY THESE PRESENTS:
COUNTY OF COLLIN §
THAT ("Grantor"), for and in consideration of the sum of
TEN AND NO/100 DOLLARS ($10.00), and other good and valuable consideration paid by
(whether one or more, "Grantee") having an address of
, the receipt and sufficiency of which are
hereby acknowledged and confessed, subject to the exceptions hereinafter set forth and
described, has GRANTED, BARGAINED, SOLD and CONVEYED, and by these presents does
hereby GRANT, BARGAIN, SELL and CONVEY, unto Grantee all of that certain lot, tract or
parcel of land situated in Collin County, Texas, and being more particularly described in Exhibit
"A" attached hereto and incorporated herein by reference for all purposes ("Land"), together
with any and all benefits, privileges, tenements, hereditaments, rights and appurtenances thereon
or pertaining to the Land, and all right, title and interest of Seller in and to in and to adjacent
streets, alleys or rights-of-way, together with any strips or gores relating to the Land
(collectively, the "Property").
This conveyance is made subject and subordinate to the encumbrances and exceptions
("Permitted Exceptions") described in Exhibit "B" attached hereto and incorporated herein by
reference for all purposes, but only to the extent they affect or relate to the Property, and without
limitation or expansion of the scope of the special warranty herein contained.
TO HAVE AND TO HOLD the Property, subject to the Permitted Exceptions as aforesaid, unto
Grantee, and Grantee's successors and assigns, forever; and Grantor does hereby bind Grantor,
and Grantor's successors and assigns, to WARRANT and FOREVER DEFEND, all and singular,
the Property, subject to the Permitted Exceptions unto Grantee, and Grantee's successors and
assigns, against every person whomsoever lawfully claiming or to claim the same or any part
thereof by, through or under Grantor, but not otherwise, but with full substitution and
subrogation of Grantee in and to all covenants of warranty by parties other than Grantor
Exhibit"B"-Special Warranty Deed
Wylie EDC/Taylor&Son
2359265
heretofore given or made with respect to the rights, titles, and interests herein conveyed or any
part thereof.
Grantee, by its acceptance hereof, does hereby assume and agree to pay any and all ad valorem
taxes and special assessments pertaining to the Property for calendar year 201_and subsequent
years, there having been a proper proration of ad valorem taxes for the current calendar year
between Grantor and Grantee.
EXECUTED on the dates of the acknowledgments, but to be EFFECTIVE on the
day of 20_.
G' NTOR:
STATE OF TEXAS §
COUNTY OF COLLIN §
This instrument was acknowledged before me on the day of , 20 by
of , on behalf of such
Notary Public, State of Texas
Exhibit"B"-Special Warranty Deed
Wylie EDC/Taylor&Son
2359265
Exhibit"C"-Site Plan
Wylie EDC/The Rocking M,L.L.C.
2359265
U 1
1.111 0 0 D
Taylor and Son Properties, LW NATIONAL BANK orcrro.Tiro.ortrtw=
C/AL.rots,Tx
Building Your Dreams ciAirsciwJ2e1
109 N Jackson Ave 32-104-1110
Wyle,TX 75098
469.666.8600 Jun 04, 2019
PAY TO THE Lawyers Title
-"rE-
ORDER OF 1,000.00
One thousand and 00/100
DOLLARS zs
c7)
Void fter 60 DayIs
153
Lawyers Title
MEMO Au'voram.17X13 SIGNATURE
PERFO ' ANCE AGREEMENT
Between
Wylie Economic Development Corporation
And
Taylor and Son Properties, LLC
This Performance Agreement (the "Agreement") is made and entered into by and
between the Wylie Economic Development Corporation ("WEDC"), a Texas corporation
organized and existing under Chapter 501 of the Texas Local Government Code, known as the
Development Corporation Act, as amended from time to time (the "Act") and Taylor and Son
Properties,LLC, a Texas limited liability company ("Company").
RECITALS
WHEREAS, WEDC owns that certain tract of property located within the corporate
limits of the City of Wylie, Texas (the "City"), consisting of±0.17 acres, more or less, located in
Lot 7, Block 2 of Keller's First Addition, an Addition to the City of Wylie, Collin County,
Texas, as more fully described in the attached Exhibit A (the "Property") and as further depicted
herein on Exhibit "A-1” (the"Property Depiction");
WHEREAS, WEDC has agreed to sell the Property to Company and Company has
agreed to purchase the Property from WEDC pursuant to that certain Purchase and Sale
Agreement of even date herewith (the "Contract");
WHEREAS, the Company plans to construct an office building containing no less than
3,500 square feet of commercial office space on the Property in accordance with the site plan to
be approved by the WEDC (the "Facility");
WHEREAS, Company has requested financial and/or economic assistance from the
WEDC to plan and construct certain infrastructure improvements to assist in the development of
the Property, consisting of economic assistance for all hard and soft costs relating to the
construction of public and site improvements on or adjacent to the Property;
WHEREAS, Section 501.103 of the Act states that the WEDC may provide funding for
expenditures that are found by the Board of Directors to be required or suitable for infrastructure
necessary to promote or develop new or expanded business enterprises, limited to streets and
roads, rail spurs, water and sewer utilities, electric utilities, or gas utilities, drainage, site
improvements, and related improvements (the "Qualified Infrastructure"); and
WHEREAS, Company proposes to use the economic incentive for the construction of the
Qualified Infrastructure which will include approved public infrastructure improvements and site
improvements as may be amended from time to time, necessary for the development of the
Property and which will benefit the surrounding properties, as generally described in the attached
Exhibit B; and
PERFORMANCE AGREEMENT—Page I
2360175
WHEREAS, the WEDC has found that the Qualified Infrastructure is necessary to
promote or develop new or expanded business enterprises in the City and the WEDC has
concluded that the Qualified Infrastructure constitutes a "project", as that term is defined in the
Act, and is willing to provide Company with economic assistance as hereinafter set forth on the
terms and subject to the conditions as stated herein and Company is willing to accept the same
subject to all terms and conditions contained in this Agreement; and
WHEREAS, the WEDC has determined that it is in the best interest of the public and the
City and promotes the purposes authorized by the voters of the City of Wylie for which the
WEDC was established to encourage the development and use of commercial properties within
the City; and
WHEREAS, the WEDC is willing to provide the Company with economic assistance
hereinafter set forth on the terms and subject to the conditions as stated herein and Company is
willing to accept the same subject to all terms and conditions contained in this Agreement.
NOW, THEREFORE, for and in consideration of the above recitals and the terms,
conditions and requirements hereinafter set forth,the parties hereto agree as follows:
1. Economic Assistance. Subject to the terms of this Agreement and provided
Company is not in default, the WEDC will provide Company economic assistance in the form of
a performance reimbursement incentive in the sum of One Hundred Four Thousand Five
Hundred Dollars ($104,500.00) (the "Reimbursement Incentive"). The Reimbursement
Incentives will be paid per the criteria set forth herein with the WEDC's obligation to pay the
Incentives terminating on February 1, 2022. The total amount of economic assistance and/or
incentives to be paid to the Company, including the Reimbursement Incentive, shall not exceed
the cumulative sum of One Hundred Four Thousand Five Hundred Dollars ($104,500.00).
Upon meeting the qualifications and requirements (the "Performance Requirements"), the
Company shall be entitled to the following Economic Development Incentives:
Economic Development Incentive Payment Schedule:
Expected Cost of WEDC Cumulative Eligibility
Year Incentive Improvements incentive Incentive Expiration
2020 No. 1 $400,000 $52,250 $52,250 2-1-2021
2021 No, 2 N/A $52,250 $104,500 2-1-2022
2. Performance Obligations. The WEDC's obligation to pay Company the
Reimbursement Incentive stipulated above is expressly contingent upon Company completing
the following items (the"Performance Criteria") by the due dates set forth below:
PERFORMANCE AGREEMENT—Page 2
2360175
a. Incentive No. la: A Reimbursement Incentive of Fifty-Two Thousand Two
Hundred Fifty Dollars ($52,250.00) will be paid to Company upon completion of
the following Performance Requirements for Incentive No. la:
1) Company shall acquire title to the Property pursuant to the terms of the
Contract by no later than October 1, 2019; and
2) Company shall submit to WEDC for conditional approval of a site plan
and elevations for the development of a commercial office building of not
less than three thousand five hundred square feet prior to October 1, 2019;
and
3) Company shall secure approval from the City of Wylie Historic Review
Commission (HRC) for the development of a commercial office building
consistent with those plans required within Section 2 (a) 2 and conforming
with all requirement imposed by said HRC; and
4) Company shall obtain a building permit for the Facility from the City (the
"Building Permit") no later than February 1, 2020 (the "Building Permit
Deadline");
5) Receipt of documentation by WEDC of a Certificate of Completion for no
less than a three thousand five hundred (3,500) square foot commercial
office building issued by the City of Wylie no later than February 1, 2021
(the "Certificate of Completion Deadline");
6) Company shall supply documentation to the WEDC that the cost of
constructing the Facility, net of any costs related to acquiring the Property,
is at least Four Hundred Thousand Dollars ($400,000.00) no later than the
Certificate of Completion Deadline; and
7) Company shall supply documentation to the WEDC that the Qualified
Infrastructure has been completed and that the cost of constructing the
Qualified Infrastructure was at least One Hundred Four Thousand Five
Hundred Dollars ($104,500.00) no later than the Certificate of Completion
Deadline.
8) Company is current on all ad valorem taxes and other property taxes due
on the Property by January 31 of the year after they are assessed and
provide written notice and evidence of such payment to WEDC in a form
satisfactory to WEDC; and
9) Eligibility expiration for the Company to qualify for this Incentive No. la
is February 1, 2021.
PERFORMANCE AGREEMENT—Page 3
2360175
Notwithstanding the foregoing, Company may request a ninety (90) day extension of the
Building Permit Deadline and/or the Certificate of Completion Deadline by delivering
written notice thereof to the WEDC staff at least thirty (30) days prior to the applicable
deadline, along with documentation demonstrating that Company is making all
reasonable efforts to obtain the Building Permit or the Certificate of Completion for the
Facility, as applicable. In the event WEDC staff determines, in its sole and absolute
discretion, that Company is making all such reasonable efforts, then the Building Permit
Deadline and/or the Certificate of Completion Deadline, as applicable, shall be extended
by ninety (90) days.
b. Incentive No. 2: A Reimbursement Incentive of Forty-Nine Thousand Five
Hundred Dollars ($52,250.00) will be paid to Company upon completion of the
following Performance Requirements for Incentive No. 2:
1) The Facility shall be completed (as evidenced by a permanent Certificate
of Occupancy) for no less than one thousand seven hundred fifty (1,750)
square feet no later than February 1, 2022 (the "Certificate of Occupancy
Deadline");
2) Company is current on all ad valorem taxes and other property taxes due
on the Property by January 31 of the year after they are assessed and
provide written notice and evidence of such payment to WEDC in a form
satisfactory to WEDC; and
3) Eligibility expiration for the Company to qualify for this Incentive No. 2 is
February 1, 2022.
Notwithstanding the foregoing, Company may request a ninety (90) day extension of the
Building Permit Deadline and/or the Certificate of Occupancy Deadline by delivering
written notice thereof to the WEDC staff at least thirty (30) days prior to the applicable
deadline, along with documentation demonstrating that Company is making all
reasonable efforts to obtain the Building Permit or the permanent Certificate of
Occupancy for the Facility, as applicable. In the event WEDC staff determines, in its
sole and absolute discretion, that Company is making all such reasonable efforts, then the
Building Permit Deadline and/or the Certificate of Occupancy Deadline, as applicable,
shall be extended by ninety(90) days.
3. WEDC Payment of Reimbursement Incentive. Subject to the terms and
conditions of this Agreement, the Reimbursement Incentive shall be paid by WEDC to the
Company within ten (10) days of the issuance of the Certificate of Occupancy for the Facility.
4. Default. The WEDC's obligation to pay any portion of the Reimbursement
Incentive to Company will terminate if Company defaults by not completing the Performance
Criteria as set forth in Section 2 of this Agreement. In the event Company fails to obtain the
Building Permit by the Building Permit Deadline, as the same may have been extended, as
required in Section 2(b) of this Agreement, no portion of the Reimbursement Incentive will be
PERFORMANCE AGREEMENT—Page 4
2360175
paid to Company and WEDC shall have the option, but not the obligation, in WEDC's sole
discretion, to purchase the Property back from Company for the same purchase price that
Company paid to WEDC to acquire the Property from WEDC under the Contract. In the event
Company fails to meet any of the other Performance Criteria in this Section 2, the
Reimbursement Incentive shall not be paid to the Company and this Agreement shall terminate.
5. Termination of Agreement. This Agreement may be terminated by mutual
written consent of the parties or by either party, upon the failure of the other party to fulfill an
obligation as set forth in this Agreement.
6. Economic Assistance Termination. Notwithstanding the terms of this
Agreement, the WEDC's obligation to pay a portion or all of the Reimbursement Incentive to
Company will expire upon the earlier of(i) the full payment of the Reimbursement Incentive, or
(ii) May 1, 2022.
7. Miscellaneous.
a. This Agreement shall be construed according to the laws of the State of
Texas and is subject to all provisions of the Act, which are incorporated herein by
reference for all purposes. In the event any provision of the Agreement is in conflict with
the Act, the Act shall prevail.
b. This Agreement shall be governed by the laws of the State of Texas and is
specifically performable in Collin County, Texas.
c. This Agreement shall be binding upon and inure to the benefit of the
parties hereto and their permitted successors and assigns. This Agreement shall not be
assignable by Company without the prior written consent of the WEDC, which consent
will be at the sole and absolute discretion of the WEDC.
d. Any notice required or permitted to be given under this Agreement shall
be deemed delivered by hand delivery or depositing the same in the United States mail,
certified with return receipt requested, postage prepaid, addressed to the appropriate party
at the following addresses, or at such other address as any party hereto might specify in
writing:
WEDC: Mr. Sam Satterwhite
Executive Director
Wylie Economic Development Corporation
250 South Highway 78
Wylie, TX 75098
With copy to: Abernathy,Roeder, Boyd and Hullett, P.C.
1700 Redbud Blvd., Suite 300
McKinney, Texas 75069
Attention: Mr. G. Randal Hullett
PERFORMANCE AGREEMENT—Page 5
2360175
COMPANY: Taylor and Son Properties, LLC.
Attn: Sam Taylor, Member
109 Jackson St.
Wylie, TX 75098
e. This Agreement contains the entire agreement of the parties regarding the
within subject matter and may only be amended or revoked by the written agreement
executed by all the parties hereto.
f. This Agreement may be executed in a number of identical counterparts,
each of which shall be deemed an original for all purposes.
g. In case any one or more of the provisions contained in this Agreement
shall for any reason be held to be invalid, illegal or unenforceable in any respect, such
invalidity, illegality or unenforceability shall not affect any other provision thereof, and
this Agreement shall be construed as if such invalid, illegal or unenforceable provision
had never been contained herein.
h. Each signatory represents this Agreement has been read by the party for
which this Agreement is executed and that such party has had an opportunity to confer
with its counsel.
I. Time is of the essence in this Agreement.
j. The parties agree this Agreement has been drafted jointly by the parties
and their legal representatives.
By the execution hereof, each signatory hereto represents and affirms that he is acting on behalf
of the party indicated, that such party has taken all action necessary to authorize the execution
and delivery of the Agreenlent and that the same is a binding obligation on such party.
WEDC Board approved this - day of March 2019,the Effective Date.
WEDC:
WYLIE ECONOMIC DEVELOPMENT
CORPORATION, a Texas Corporation
By: _
Sam Satterwhite,Executive Director
PERFORMANCE AGREEMENT—Page 6
2360175
COI
Taylor and Son Properties,LLC,a Texas 'ted
liability company
By:
Sam ay1oiMernber
Exhibits:
Exhibit A Legal Description of the Property
Exhibit A-1. The Property Depiction
Exhibit B The Qualified i cUlre
PERE()• CE AGRE —Page 7
2360175
E BIT"A"
THE PROPERTY
BEING Lot 7, in Block 2, in Keller's First Addition, an Addition to the City of Wylie, Texas,
according to the Map thereof recorded in Volume 29, Page 349, of the Map Records of Collin
County,Texas.
PERFO' CE ACRE I —Page 8
236017S
PROPERTY DEPICTION
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PERFORMANCE AGREEMENT—P•. e 9
2360175
ylie Econo ic evelop ent Co I oration
E ORANDU
TO: WEDC Board of Directors
FROM: Sam Satterwhite, Executive Director
SUBJECT: WEDC Bylaws
DATE: December 17, 2019
Issue
Discussion of issues surrounding WEDC Bylaws.
Analysis
At the request of Board Members Dawkins and Whitehead, the WEDC Bylaws are attached for
the Board's review. The First Amended Bylaws were approved by the WEDC Board of
Directors on March 23, 1999 and by the Wylie City Council on May 25, 1999.
There has been discussion at Council level of changing term limits for all Board & Commissions
within the City of Wylie to allow for more turnover and thus greater participation by citizens
willing to serve. On January 14, 2020 a Resolution will be presented to Council which will limit
Board and Commission Members to serving no more than three (3) consecutive terms. In the
case of the WEDC, that limitation would equate to nine consecutive years assuming two
consecutive reappointments. It is staff s understanding in discussing the matter with the
Assistant City Manager that the Resolution will not apply to the 4A Economic Development
Corporation and Parks & Recreation 4B Board being that those legally autonomous entities are
governed by separate Bylaws. Staff does however anticipate that WEDC representatives will be
encouraged during discussion of the Action Item to provide input to Council pertaining to the
Boards' opinion of the limitation.
Should Council ultimately provide direction to the Board, being that the Board serves at the will
of the Council, that a three consecutive term limitation is in the best interest of the City, the
Board could take formal action to change its Bylaws at its Regular Meeting in February.
Following said approval, those amended Bylaws will be presented to Council for consideration
on February 25, 2020.
A second issue that has come up on more than one occasion is the qualifications to serve on the
Board as identified in Section 4.02 a, b, and c. Subsections (a) and (b) reference a Director
serving or having served as a Chief Executive Officer of a company or in a position of executive
management of a company while subsection (c) identifies a Director only being required to serve
or have served in a professional capacity which is vague at best and requires no executive
management experience. Being that the Bylaws will most likely be 'opened up' to address term
limits staff believes that the Board should consider removing the 'professional capacity'
WEDC—WEDC Bylaws
December 17, 2019
Page 2 of 2
reference so as to more clearly define the desire to seek out individuals with 'executive
management' experience to serve on the Board as positions become open in the future.
Finally, there has been brief discussion surrounding the creation of special standing committees
to take on certain tasks. Under Section 6.01, 6.02, and 6.03 of the Bylaws, the creation of
standing committees for any purpose is contemplated with the President appointing the members
of said committee subject to Board approval. As described in Section 6.01, committee members
need not be members of the WEDC Board unless required by these Bylaws, which they are not.
Should the Board be interested in the creation of standing committees, staff would recommend
that the scope and purpose of the committee be narrowly defined so as to create specific goals
and objectives for the committee and to facilitate the efficient the use of time for staff and
committee members.
Recommendation
Staff has no recommendation as this Item is for discussion only.
Attachment
WEDC Bylaws
FIRST AMENDED BYLAWS
OF
WYLIE ECONOMIC DEVELOPMENT CORPORATION
A NON-PROFIT CORPORATION
WYLIE, TEXAS
SECTION I
OFFICES
1,01 Registered Office and Registered Agent
The Corporation shall have and continuously maintain in the State of Texas a registered
Office, and a registered agent whose Office is identical with such registered Office, as required
by the Texas Non-Profit Corporation Act. The Board of Directors may, from time to time,
change the registered agent and/or the address of the registered office,provided that such change
is appropriately reflected in these Bylaws and in the Articles of Incorporation.
The registered office of the Corporation is located at, 108 W. Marble, Wylie, Texas
75098, and at such address is the Corporation, whose mailing address is P.O. Box 1467, Wylie,
Texas 75098. The registered agent of the Corporation shall be the President of the Corporation.
1.02 Principal Office
The principal office of the Corporation in the State of Texas shall be located in the City
of Wylie, County of Collin, and it may be,but need not be, identical with the registered office of
the Corporation.
SECTION II
PURPOSES
2.01 Purposes
The Corporation is a non-profit corporation specifically governed by Section 4A of
Tex.Rev.Civ.Stat.art. 5190.6, as amended from time to time, (the "Texas Development
Corporation Act of 1979"). The purpose of the Wylie Economic Development Corporation,is to
promote and develop industrial and manufacturing enterprises to promote and encourage
employment and the public welfare,in accordance with the Articles of Incorporation.
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SECTION III
MEMBERS
,01 Members
The Corporation shall have no members.
SECTION IV
BO. • III OF DIRECTORS
4.01 Board of Directors
The business and affairs of the Corporation and all corporate powers shall be exercised by
or under authority of the Board of Directors (the "Board"), appointed by the governing body of
the City of Wylie, and subject to applicable limitations imposed by the Texas Non-Profit
Corporation Act, the Development Corporation Act of 1979, the Articles of Incorporation, and
these Bylaws. The Board may, by contract, resolution, or otherwise, give general or limited or
special power and authority to the officers and employees of the Corporation to transact the
general business or any special business of the Corporation, and may give powers of attorney to
agents of the Corporation to transact any special business requiring such authorization.
The Board may plan and direct its work through a Director of Economic Development,
who will be charged with the responsibility of carrying out the Corporation's program as adopted
and planned by the Board. The Board may contract with another entity for the services of a
director.
4.02 Number ad Qualifications
The authorized number of Directors of this Board shall be five (5).
The Directors of the Corporation shall be appointed by and serve at the pleasure of the
Wylie City Council. The number of Directors shall be five(5). Each Director shall meet at least
one(1)of the following qualifications:
(a) serve, or have served, as Chief Executive Officer of a company; or
(b) serve, or have served, in a position of executive management of a company; or
(c) serve, or have served,in a professional capacity.
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In addition to the above qualifications:
(1) each Director must have lived in the City Limits or operated a business in
the City Limits for a minimum of one (1) year; and
(2) each Director must live in the City Limits during the tenure of office.
The City Council shall consider an individual's experience, accomplishments, and
educational background in appointing members to the Board to ensure that the interests and
concerns of all segments of the community are considered. The Board may make
recommendations of individuals to the council for appointment to the Board.
4.03 Bonds and bsuranct
(1) The corporation shall all 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 ($100,000.00). 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.
4,04 General Duties of the Board
1. The Board shall develop an overall economic development plan for the City
which shall include and set forth intermittent and/or short term goals which the Board deems
necessary to accomplish compliance with its overall economic development plan. Such plan
shall be approved by the City Council of the City of Wylie. The overall development plan
developed by the Board shall be one that includes the following elements:
a. An economic development strategy to permanently bolster the business
climate throughout the city.
b. Strategies to fully utilize the assets of the city which enhance economic
development.
c. Identification of strategies to coordinate public, private, military and
academic resources to develop and enhance business opportunities for all
citizens of Wylie. This plan shall include methods to improve
communication and cooperation between the above mentioned entities.
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d. Assurance of accountability of all tax moneys expended for the
implementation of the overall economic development plan.
e. Identification of strategies and provide for implementation of identified
strategies for direct economic development as defined in this Section.
f. An annual work plan outlining the activities, tasks, projects and programs
to be undertaken by the Board during the upcoming fiscal year.
g. To assist the Board in the implementation of the overall economic
development plan, the Board may seek out and employ a Director of
Economic Development. The Director of Economic Development shall be
responsible to the Board and shall act as the Board's chief administrative
officer and shall assist the Board in carrying out the duties of the Board as
set forth in this section. The Board shall, in the annual budget, make
provisions for the Compensation to be paid to the Director of
Economic Development and such compensation so established by the
Board shall comprise the salary and benefits paid to the Director of
Economic Development for his/her services
h. The Director of Economic Development shall be hired by the Board and
may be removed by a vote of 3 members of the Board.
2. The Board shall review and update its overall economic development plan from
time to time to ensure that said plan is up to date with the current economic climate and is
capable of meeting Wylie's current economic development needs.
3. The Board shall expend,in accordance with State law,the tax funds received by it
on direct economic development where such expenditures will have a direct benefit to the
citizens of Wylie.
As used in the article "direct economic development" shall mean the expenditure
of such tax funds for programs that directly accomplish or aid in the accomplishment of creating
identifiable new jobs or retaining identifiable existing jobs including job training and/or planning
and research activities necessary to promote said job creation. The Corporation's focus will be
primarily in the areas of:
a. Business retention and expansion
b. Business attraction
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4. The Wylie Economic Development Corporation shall make reports to the City
Council of the City of Wylie. The Wylie Economic Development Corporation shall discharge
this requirement by reporting to the City Council in the following manner:
a. The Wylie Economic Development Corporation shall make a detailed
report to the City Council once each year. Such report shall include, but
not be limited to,the following:
A review of all expenditures made by the Board in connection with
their activities involving direct economic development as defined
in this article, together with a report of all other expenditures made
by the Board.
2, A review of the accomplishments of the Board in the area of direct
economic development.
3. The policies and strategy followed by the Board in relation to
direct economic development together with any proposed changes
in such activities.
4. A review of the activities of the Board in areas of endeavor other
than direct economic development together with any proposed
changes in such activities.
5. The annual required report shall be made to the City Council no
later than January 31 of each year.
6. The annual report shall be considered by the City Council for its
review and acceptance.
b. The Board shall be regularly accountable to the City Council for all
activities undertaken by them or on their behalf, and shall report on all
activities of the Board, whether discharged directly by the Board or by any
person, firm, corporation, agency, association or other entity on behalf of
the Board. This report shall be made by the Board to the City Council
semi-annually with the first report being made each succeeding six (6)
months. The semi-annual report shall include the following:
Accomplishments to date as compared with the overall plan or
strategy for direct economic development.
2. Anticipated short term challenges during the next semi-annual
reporting period together with recommendations to meet such short
term challenges.
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3. Long term issues to be dealt with over the succeeding twelve-
month period or longer period of time, together with
recommendations to meet such issues with emphasis to be placed
on direct economic development.
4. A recap of all budgeted expenditures to date, together with a recap
of budgeted funds left unexpended and any commitment made on
said unexpended funds.
4.05 Implied Duties
The Development Corporation of Wylie, Inc. is authorized to do that which the Board
deems desirable to accomplish any of the purposes or duties set out or alluded to in Section 4.04
of these Bylaws and in accordance with State law.
4.06 Tenure
The initial terms of office for the Directors shall be two (2) Directors with three (3) year
terms, two (2) Directors with two (2) year terms, and one (1) Director with a one (1) year term,
as designated by the Mayor and City Council. After the initial term of office, the Directors shall
serve for three(3)years, and Directors may serve for an unlimited number of consecutive terms.
4.07 Meth gs; Notice; Conduct
The Board shall attempt to meet at least once each month within the city of Wylie, at a
place and time to be determined by the President. All meetings of the Board shall provide notice
thereof as provided and as required by the Texas Open Meetings Act. Any member of the Board
may request that an item be placed on the agenda by delivering the same in writing to the
secretary of the Board prior to the posting of the notice required by the Texas Open Meetings
Act. The President of the Board shall set regular meeting dates and times at the beginning of
his/her term. Special Meetings may be called by any member of the Board in accordance with
the provisions of the Texas Open Meetings Act.
The notice shall contain information regarding the particular time, date, and location of
the meeting and the agenda to be considered. All meetings shall be conducted in accordance
with the Texas Open Meetings Act.
The annual meeting of the Board of Directors shall be held in January of each year.
The Board may retain the services of a recording secretary if required.
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4.09 Attendance; Vacancy
Regular attendance of the Board meetings is required of all Members. The following
number of absences may require replacement of a member: three (3) consecutive absences, or
attendance reflecting absences constituting 50% of the meetings over a 12-month period. In the
event replacement is indicated, the member will be counseled by the President and, subsequently,
the President shall submit in writing to the City Secretary the need to replace the Board member
in question. Any vacancy on the Board shall be filled by appointment by the City Council of a
new member or members meeting the qualifications set out in Section 4.02 above.
A majority of the entire membership of the Board of Directors shall constitute a quorum
and shall be required to convene a meeting. If there is an insufficient number of Directors
present to convene the meeting,the presiding officer shall adjourn the meeting.
4.1 l Compensation
The duly appointed members of the Board shall serve without compensation, but shall be
reimbursed for actual or commensurate cost of travel, lodging and incidental expense while on
official business of the Board in accordance with State law.
4.12 Voti g;Action of the Board of Directors
Directors must be present in order to vote at any meeting. Unless otherwise provided in
these Bylaws or in the Articles of Incorporation or as required by law, the act of a simple
majority present shall be the act of the Board of Directors. In the event that a Director is aware
of a conflict of interest or potential conflict of interest, with regard to any particular vote, the
Director shall bring the same to the attention of the meeting and shall abstain from the vote,
unless the Board determines that no conflict of interest exists. Any Director may bring to the
attention of the meeting any apparent conflict of interest or potential conflict of interest of any
other Director, in which case the Board shall determine whether a true conflict of interest exists
before any vote shall be taken regarding that particular matter. The Director as to whom a
question of interest has been raised shall refrain from voting with regard to the deteimination as
to whether a true conflict exists.
4.13 Board's Relationship with City Council
In accordance with State law, the City Council shall require that the Wylie Economic
Development Corporation be responsible to it for the proper discharge of its duties assigned in
this article. The Board shall determine its policies and direction within the limitations of the
duties herein imposed by applicable laws, the Articles of Incorporation, these Bylaws, contracts
entered into with the City, and budget and fiduciary responsibilities.
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4.14 Board's Relationship with Administrative Departments of the City
Any request for services made to the administrative departments of the City shall be made
by the Board of its designee in writing to the City Manager. The City Manager may approve
such request for assistance from the Board when he finds such requested services are available
within the administrative departments of the City and that the Board has agreed to reimburse the
administrative depai tnient's budget for the costs of such services so provided.
SECTION V
OFFICERS
5.01 Officers qf the Corporation
The elected officers of the Corporation shall be a President, Vice President, Secretary,
and Treasurer. The Board may resolve to elect one or more Assistant Secretaries or one or more
Assistant Treasurers as it may consider desirable. Such officers shall have the authority and
perform the duties of the office as the Board may from time to time prescribe or as the Secretary
or Treasurer may from time to time delegate to his or her respective Assistant. Any two (2) or
more offices may be held by the same person, except the offices of President and Secretary.
5.02 Select ion o Officers
The President and Vice President shall be elected by the Board and shall serve a term of
one (1) year. On the expiration of the term of office of the President and Vice President, the
Board shall select from among its Members individuals to hold such office. The term of office of
the President and Vice President shall always be for a period of one year; provided,however, that
the President and Vice President continue to serve until the election of their successors.
The Secretary and Treasurer shall be selected by the members of the Board and shall hold
office for a period of one (1) year; provided, however, that they shall continue to serve until the
election of their successors. Elections shall be held at the annual meeting of the Board.
Any officer meeting the qualifications of these Bylaws may be elected to succeed himself
or to assume any other office of the Corporation.
5,0 V,acancies
Vacancies in any office which occur by reason of death, resignation, disqualification,
removal, or otherwise, shall be filled by the Board of Directors for the unexpired portion of the
term of that office in the same manner as other officers are elected to office.
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5.04 President
The President shall be the presiding officer of the Board with the following authority:
1. Shall preside over all meetings of the Board.
2. Shall have the right to vote on all matters coming before the Board.
3. Shall have the authority, upon notice to the members of the Board, to call
a special meeting of the Board when in his judgment such meeting is
required.
4. Shall have the authority to appoint standing committees to aid and assist
the Board in its business undertakings of other matters incidental to the
operation and functions of the Board.
5. Shall have the authority to appoint ad hoc committees which may address
issues of a temporary nature or concern or which have a temporary affect
on the business of the Board.
In addition to the above mentioned duties, the President shall sign with the Secretary of
the Board any deed, mortgage, bonds, contracts, or other instruments which the Board of
Directors has approved and unless the execution of said document has been expressly delegated
to some other officer or agent of the Corporation by appropriate Board resolution, by a specific
provision of these Bylaws, or by statute. In general, the President shall perform all duties
incident to the office, and such other duties as shall be prescribed from time to time by the Board
of Directors.
5.05 Vice President
In the absence of the President, or in the event of his or her inability to act, the Vice
President shall perform the duties of the President. When so acting, the Vice President shall have
all power of and be subject to all the same restrictions as upon the President. The Vice President
shall also perform other duties as from time to time may be assigned to him or her by the
President.
5.06 Secretary
The Secretary shall keep or cause to be kept, at the registered office a record of the minutes of all
meetings of the Board and of any committees of the Board. The Secretary shall also file a copy
of said Minutes with the City and the same to be given, in accordance with the provisions of
these Bylaws, or as required by the Texas Open Meetings Act or the Texas Open Records Act or
other applicable law. The Secretary shall be custodian of the corporate records and seal of the
Corporation, and shall keep a register of the mailing address and street address, if different, of
each director.
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5.07 Treasurer
The Treasurer shall be bonded for the faithful discharge of his/her duties with such surety
or sureties and in such sum as the Board of Directors shall determine by Board resolution, but in
no event shall the amount of such bond be less than an amount equal to the average of the sums
which the Treasurer has access to and the ability to convert during a twelve (12)month period of
time. The Treasurer shall have charge and custody of and be responsible for all funds and
securities of the Corporation. The Treasurer-shall receive and give receipt for money due and
payable to the Corporation from any source whatsoever, and shall deposit all such moneys in the
name of the Corporation in such bank, trust corporation, and/or other depositories as shall be
specified in accordance with Article VII of these Bylaws. The treasurer shall, in general,perform
all the duties incident to that office, and such other duties as from time to time assigned to him
by the President of the Board.
5.08 Assistant Secretaries and Assistant Treasurers
The Assistant Secretaries and Assistant Treasurers,if any, shall in general,perform such
duties as may be assigned to them by the Secretary or the Treasurer,or by the President of the
Board of Directors.
5.09 Director ofEconoinic Development
The Corporation may employ a Director of Economic Development. The Director of
Economic Development shall serve as the Chief Executive Officer of the Corporation and shall
oversee all administrative functions of the Corporation. The Director shall develop policies and
procedures for the Corporation including financial, accounting, and purchasing policies and
procedures to be approved by the Board and City Council.
5,10 Other Employed
The Corporation may employ such full or part-time employees as needed to carry out the
programs of the Corporation.
5•11 Contracts for Serv'ees
The Corporation may, contract with any qualified and appropriate person, association,
corporation or governmental entity to perfoiiii and discharge designated tasks which will aid or
assist the Board in the performance of its duties. However, no such contract shall ever be
approved or entered into which seeks or attempts to divest the Board of Directors of its discretion
and policy-making functions in discharging the duties herein above set forth in this section.
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SECTION VI
COMMITTEES
6 e e
Members of committees shall be appointed by the President, and approved by the Board.
Committee members need not be members of the Wylie Economic Development Corporation
unless required by these Bylaws or Board resolution.
5.02 Standing Committees
The President shall have authority to appoint the following standing committees of the
Board and such other committees as the Board may deem appropriate in the future:
1. Budget, Finance and Audit Committee: This committee shall have the responsibility of
working with the Director, or the contractual entity performing as Director as the case may be, in
the formation and promotion of the annual budget of the Board. The Committee shall present
such budget to the Board and, upon approval, shall present, in accordance with these Bylaws,
said budget to the City Council. In addition to the preparation of the budget,the committee shall
keep the Board advised in such matters. The Committee shall further have the responsibility to
oversee and work with auditors of the City or outside auditors when audits of the Board are being
performed.
2. Committee for Business Retention and Expansion: This committee shall work with the
Director of Economic Development and shall keep the Board informed of all development and
activities concerning business retention and expansion.
3. Committee for New Business Attraction and Recruitment: This committee shall work
with the Director of Economic Development and shall keep the Board informed of all
developments and activities concerning business attraction and recruitment.
6 03 Special Committees
The President may determine from time to time that other committees are necessary or
appropriate to assist the Board of Directors, and shall designate, subject to Board approval, the
members of the respective committees.
No such committee shall have independent authority to act for or instead of the Board of
Directors with regard to the following matters: amending, altering, or repealing the Bylaws;
electing, appointing, or removing any member of any such committee or any Director or Officer
of the Corporation; amending the Articles of Incorporation; adopting a plan of merger or
adopting a plan of consolidation with another corporation; authorizing the sale, lease, exchange,
or mortgage of all or substantially all of the property and assets of the Corporation; authorizing
the voluntary dissolution of the Corporation or revoking the proceedings thereof; adopting a plan
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for the distribution of the assets of the Corporation; or amending, altering, or repealing any
resolution of the Board of Directors which by its terms provides that it shall not be amended,
altered, or repealed by such committee.
The designation and appointment of any such committee and delegation to that
committee of authority shall not operate to relieve the Board of Directors, or any individual
Director, of any responsibility imposed on it or on him/her by law or these Bylaws.
6.04 Term of Committee Mcniber
Each member of a committee shall continue as such until the next appointment of the
Board of Directors and until his or her successor on the committee is appointed, unless the
committee shall be sooner terminated or unless such member has ceased to serve on the Board of
Directors,or unless such member be removed from such committee.
Any committee member may be removed from committee membership by the President,
with Board approval,whenever in their judgment the best interests of the Corporation would be
served by such removal.
D,15 Vacancies onCommi tees
Vacancies in the membership of any committee may be filled in the same manner as
provided with regard to the original appointments to that committee.
6,6 Ex-Off cio Members
The City Manager or his designee and the Mayor or his designee may attend all meetings
of the Board of Directors or Committees. These representatives shall not have the power to vote
in the meetings they attend. Their attendance shall be for the purpose of ensuring that
information about the meeting is accurately communicated to the City Council and to satisfy the
City Council obligation to control the powers of the Corporation.
SECTION VII
FINANCIAL ADMINISTRATION
The Corporation may contract with the City for financial and accounting services. The
Corporation's financing and accounting records shall be maintained according to the following
guidelines:
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7,01 Fiscal Year
The fiscal year of Corporation shall begin on October 1 and end on September 30 of the
following year.
7,02 Budge
A budget for the forthcoming fiscal year shall be submitted to, and approved by, the
Board of Directors and the City Council of the City of Wylie. In submitting the budget to the
City Council, the Board of Directors shall submit the budget on forms prescribed by the City
Manager and in accordance with the annual budget preparation schedule as set forth by the City
Manager. The budget shall be submitted to the City Manager for inclusion in the annual budget
presentation to the City Council.
7,03 Contracts
As provided in Article V above, the President and Secretary shall execute any contracts or
other instruments which the Board has approved and authorized to be executed, provided,
however, that the Board may by appropriate resolution authorize any other officer or officers or
any other agent or agents, including the Director of Economic Development, to enter into
contracts or execute and deliver any instrument in the name and on behalf of the Corporation.
Such authority may be confined to specific instances or defined in general terms. When
appropriate, the Board may grant a specific or general power of attorney to carry out some action
on behalf of the Board, provided, however that no such power of attorney may be granted unless
an appropriate resolution of the Board authorizes the same to be done.
7.04 Checks and Drafts
All checks, drafts, or orders for the payment of money, notes, or other evidences of
indebtedness issued in the name of the Corporation shall be signed or bear the facsimile of the
President or the Treasurer, or such other person as designated by the Board.
7,05 Deposits
All funds of the Wylie Economic Development Corporation shall be deposited on a
regular basis to the credit of the Corporation in a local bank which shall be federally insured.
7.06 Gifts
The Wylie Economic Development Corporation may accept on behalf of the Corporation
any contribution, gift, bequest, or devise for the general purposes or for any special purpose of
the Corporation.
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7.07 Purchasing
All purchases made and contracts executed by the Corporation shall be made in
accordance with the requirements of the Texas Constitution and statutes of the State of Texas,
7.08 investments
Temporary and idle funds which are not needed for immediate obligations of the
Corporation may be invested in any legal manner provided in Tex.Rev.Civ,Stat.Ann.Art. 842a-2
(Public Funds Investment Act).
7.09 Bonds
Any bonds issued by the Corporation shall be in accordance with the statute governing
this corporation but in any event, no bonds shall be issued without approval of the City Council
after review and comment by the city's bond counsel and fmancial advisor.
7.10 Uncommitted Funds
Any uncommitted funds of the Corporation at the end of the fiscal year shall be
considered a part of the Fund Balance.
The Undesignated Fund Balance may be committed for any legal purpose provided the
Corporation's Board of Directors and the City Council both approve such commitment. This
may include the establishment of a Permanent Reserve Fund which shall be accumulated for the
purpose of using the interest earnings of such fund to finance the operation of the Corporation.
SECTION VIII
BOOKS AND RECORDS
8.01 Books and Records
The Corporation shall keep correct and complete books and records of all actions of the
Corporation, including books and records of account and the minutes of meeting of the Board of
Directors and of any committee having any authority of the Board and to the City Council. All
books and records of the Corporation may be inspected by Directors of the Corporation or his/her
agent or attorney at any reasonable time; and any information which may be designated as public
information by law shall be open to public inspection at any reasonable time, The Texas Open
Records Act and Open Meetings Act shall apply to disclosure of public information. The Board
of Directors shall provide for an annual financial audit to be perfoiiiied by a competent
independent audit firm.
14
Amended
5/25/99
8,02 Monthly Reports
The Corporation shall provide the City Council monthly summaries of proposed dispersal
of funds for anticipated projects, and funds that are dispersed over$50,000.00.
SECTION IX
SEAL
9,01 Seal
The Board of Directors shall obtain a corporate seal which shall bear the words "Wylie
Economic Development Corporation"; the Board may thereafter use the corporate seal and may
later alter the seal as necessary without changing the corporate name; but these Bylaws shall not
be construed to require the use of the corporate seal.
SECTION X
PROGRAM
10.01 Authorization
The Corporation shall carry out its program subject to its Articles of Incorporation and
these Bylaws, and such resolutions as the Board may from time to time authorize.
1(1.02 Program
The program of the Wylie Economic Development Corporation shall be to assist,
stimulate, and enhance economic development in Wylie, Texas, subject to applicable State and
Federal law,these Bylaws, and the Articles of Incorporation.
SECTION XI
PARLIAMENTARY AUTHORITY
1 1.01 Amendments to Bylaws
These Bylaws may be amended or repealed and new Bylaws may be adopted by an
affirmative vote of four (4) of the authorized Directors serving on the Board, at a special or
regular meeting of the Directors held for such specific purpose, and the notice requirements
stated herein above regarding special and regular meetings shall apply. The Directors of the
Corporation present at a properly called meeting of the Board may, by a vote of four (4), in
accord with the requirements of Article IV herein above, amend or repeal and institute new
15
Amended
5/25/99
Bylaws, provided that at least ten (10) days prior to the meeting, written notice setting forth the
proposed action shall have been given to the directors, and public notice regarding such action
given according the requirements of the Texas Open Meetings Act.
Notwithstanding the foregoing, no amendment shall become effective unless the City
Council approves the amendment.
SECTION XII
DISSOLUTION
12,0 1 Dissolution
On petition of ten (10) percent or more of the registered voters of the City of Wylie
requesting an election on the dissolution of the Corporation, the City Council shall order an
election on the issue. The election must be conducted according to the applicable provision of
the Election Code. The ballot for the election shall be printed to provide for voting for or against
the proposition:
"Dissolution of the"Wylie Economic Development Corporation"
If a majority of voters voting on the issue approve the dissolution, the Corporation shall continue
operations only as necessary to pay the principal of and interest on its bonds and to meet
obligations incurred before the date of the election and, to the extent practicable, shall dispose of
its assets and apply the proceeds to satisfy those obligations. When the last of the obligations is
satisfied, any remaining assets of the Corporation shall be transferred to the City, and the
Corporation is dissolved.
SECTION XIII
INDEMNITY
13.01 Indemnity
The Board of Directors shall authorize the Corporation to pay or reimburse any current or
former Director or Officer of the Corporation for any costs, expenses, fines, settlements,
judgments, and other amounts, actually and reasonably incurred by such person in any action,
suit, or proceeding to which he or she is made a party by reason of holding such position as
Officer or Director; provided, however, that such Officer or Director shall not receive such
indemnification if he/she be finally adjudicated in such instance to be guilty of negligence or
misconduct in office. The indemnification herein provided shall also extend to good faith
expenditures incurred in anticipation of, or preparation for, threatened or proposed litigation.
The Board of Directors may, in proper cases, extend the indemnification to cover the good faith
settlement of any such action, suit, or proceedings,whether formally instituted or not.
16
Amended
5/25/99
SECTION
MIS CELL •OUS
4 1 'le • ioi
These Bylaws are subject to, and governed by, the Articles of Incorporation and
applicable State statutes under which the Corporation is organized.
17
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5/25/99
ylie cono ic P evelop ent Cor s oration
E O - A DU
TO: WEDC Board of Directors
FROM: Sam Satterwhite, Executive Director
SUBJECT: Staff Report
DATE: December 16, 2019
Issue.
Staff report: review issues surrounding WEDC Performance Agreement Summary, Hotel
Occupancy Tax, WB Real Estate, thoroughfare impact fees, environmental activity summary,
Brown & 78 redevelopment update, 544 Gateway redevelopment update, FM 544 waterline, and
regional housing starts.
Analysis
As a reminder to Board members, the Board may not discuss an item which is not specifically
identified on the agenda. Only those items listed above can be discussed. Should any Board
member desire that an issue be placed on the agenda at any time prior to a Board meeting, WEDC
President or staff can be contacted, or a request can be made during the Discussion Item below.
WEDC Performance Agreement Summaty
Attached for the Board's review is a summary of all outstanding Performance Agreements
including Cardinal Strategies, Carrie Elle, Clark Street Development, Cross Development,DANK
Real Estate, DCU, Exco Extrusion Dies, Rocking M, SAF Holland, SCSD-Finnell, and Taylor&
Son.
Woodbridge Centre
Within the Kroger-anchored center, $103,734.71 in sales tax was generated in September 2019
with$25,933.68 subject to reimbursement. September 2019 sales tax represents a 5%increase over
the same period in 2018.
Hotel Occupancy
Hotel Occupancy Taxes received to date are attached for the Board's reference and review. As
detailed on the attachment,both hotels have reported/paid occupancy tax the end of the fiscal year.
We anticipate Holiday Inn Express and Suites being added to the report in the next 60 days.
WEDC- Staff Report
December 16, 2019
Page 2 of 3
WB Real Estate Contract
The Whataburger (WB) site plan goes to the Planning & Zoning Commission on December 17,
2019. WB is planning to submit construction plans before the end of the year and close on
February 13, 2020 or sooner depending on approvals. In January the WEDC Board of Directors
will be presented with WB elevations which must be approved prior to the end of the due diligence
period.
Thoroughfare Impact Fees
On December 10,2019 the Wylie City Council held a work session to discuss thoroughfare impact
fees. The Impact Fee Advisory Committee recommended that Council leave the rates as is.
Several members of the development community along with WEDC staff presented potential
unintended consequences of increasing fees to the maximum allowable rates as defined within the
consultant's study. Council as a whole agreed that drastic increases could very well thwart
commercial development in the community almost immediately. However, there was also a
consensus that a minor increase may be warranted which may match percentage increases to
construction costs as a whole over the past five years. Staff was directed to bring back more data
on the matter with final consideration of this issue taking place on February 11, 2020.
Environmental Activity Summary
Attached for the Board's review is a spreadsheet tracking the remaining remediation project with
W&M Environmental. With the MSD certified for the 544 Gateway property, closure by the
TCEQ is anticipated on or about December 1, 2019. As reported in October the TCEQ requested
additional sampling which resulted in the TCEQ removing the requirement that a cap be placed on
areas with significant contamination. However, a vapor barrier will still be required on all
foundations.
Elm Creek Environmental has completed its data collection on the Brown/78 site and is now
preparing the Affected Property Assessment Report (APAR) to be submitted to the TCEQ. Staff
will be requesting the same case worker that has processed the last three VCP submittals by the
WEDC.
Brown & 78 Redevelopment Update
The most important tasks being pursued by staff at this time is acquisition of TxDOT and County
excess right-of-way and development of an Interlocal Agreement with the North Texas Municipal
Water District for the relocation of the 42' water line impacting the site.
544 Gateway Redevelopment Update
On December 10th Wylie City Council accepted the bid from Mulligan Foods for the purchase of
1.6 acres within the Gateway development with the City Manager executing the Real Estate
Contract.
WEDC- Staff Report
December 16, 2019
Page 3 of 3
Regional Housing Starts-
Twenty-eight homes were permitted in Wylie for the month of November 2019. Sachse, Murphy
and Lavon permitted a combined eight with Inspiration not reporting.
No action is requested by staff for this item.
Attachments
Performance Agreement Summary
Environmental Activity Report
Hotel Occupancy Tax Report
Regional Housing Permits
CSD Woodbridge Centre-Sales Tax Reimbursement Report
Filing Allocation City 4B WEDC WEDC
Period Period 1.00% 0.50% 0.50% Total Reimbursement
Jan-14 Mar-14 $500.33 $250.17 $250.17 $1,000.66 $250.17
Sub-Total 1,000.66 250.17
Feb-14 Apr-14 608.31 304.16 304.16 1,216.62 304.16
Mar-14 May-14 819.13 409.57 409.57 1,638.26 409.57
Apr-14 Jun-14 1,474.84 737.42 737.42 2,949.67 737.42
Sub-Total 5,804.55 1,451.14
May-14 Jul-14 1,856.70 928.35 928.35 3,713.39 928.35
Jun-14 Aug-14 25,686.18 12,843.09 12,843.09 51,372.36 12,843.09
Jul-14 Sep-14 1,482.27 741.14 741.14 2,964.54 741.14
Sub-Total 58,050.29 14,512.57
Aug-14 Oct-14 1,927.17 963.59 963.59 3,854.34 $963.59
Sep-14 Nov-14 32,934.65 16,467.32 16,467.32 65,869.29 16,467.32
Oct-14 Dec-14 1,998.92 999.46 999.46 3,997.84 999.46
Sub-Total 73,721.47 18,430.37
Nov-14 Jan-15 2,885.15 1,442.58 1,442.58 5,770.30 1,442.58
Dec-14 Feb-15 29,624.02 14,812.01 14,812.01 $59,248.04 $14,812.01
Jan-15 Mar-15 6,488.22 3,244.11 3,244.11 $12,976.44 $3,244.11
Sub-Total $77,994.78 $19,498.70
Feb-15 Apr-15 5,694.92 2,847.46 2,847.46 11,389.83 2,847.46
Mar-15 May-15 31,176.75 15,588.37 15,588.37 $62,353.49 $15,588.37
Apr-15 Jun-15 5,390.41 2,695.20 2,695.20 $10,780.81 $2,695.20
Sub-Total $84,524.13 $21,131.03
May-15 Jul-15 6,467.00 3,233.50 3,233.50 12,934.00 3,233.50
Jun-15 Aug-15 32,110.31 16,055.16 16,055.16 $64,220.62 $16,055.16
Jul-15 Sep-15 5,548.58 2,774.29 2,774.29 $11,097.15 $2,774.29
Sub-Total $88,251.77 $22,062.94
Aug-15 Oct-15 5,683.49 2,841.74 2,841.74 11,366.97 2,841.74
Sep-15 Nov-15 41,414.13 20,707.06 20,707.06 $82,828.25 $20,707.06
Oct-15 Dec-15 6,007.81 3,003.91 3,003.91 $12,015.62 $3,003.91
Sub-Total $106,210.84 $26,552.71
Nov-15 Jan-16 6,246.73 3,123.36 3,123.36 12,493.45 3,123.36
Dec-15 Feb-16 38,577.49 19,288.74 19,288.74 $77,154.97 $19,288.74
Jan-16 Mar-16 5,383.48 2,691.74 2,691.74 $10,766.95 $2,691.74
CSD Woodbridge Centre-Sales Tax Reimbursement Report
Sub-Total $100,415.37 $25,103.84
Feb-16 Apr-16 5,556.02 2,778.01 2,778.01 11,112.03 2,778.01
Mar-16 May-16 35,400.22 17,700.11 17,700.11 $70,800.43 $17,700.11
Apr-16 Jun-16 5,929.35 2,964.67 2,964.67 $11,858.69 $2,964.67
Sub-Total $93,771.15 $23,442.79
May-16 Jul-16 5,622.45 2,811.22 2,811.22 11,244.89 2,811.22
Jun-16 Aug-16 36,078.78 18,039.39 18,039.39 $72,157.55 $18,039.39
Jul-16 Sep-16 5,553.88 2,776.94 2,776.94 $11,107.76 $2,776.94
Sub-Total $94,510.20 $23,627.55
Aug-16 Oct-16 5,386.52 2,693.26 2,693.26 $10,773.03 2,693.26
Sep-16 Nov-16 45,851.97 22,925.99 22,925.99 $91,703.94 $22,925.99
Oct-16 Dec-16 5,712.60 2,856.30 2,856.30 $11,425.19 $2,856.30
Sub-Total $113,902.16 $28,475.54
Nov-16 Jan-17 5,534.56 2,767.28 2,767.28 $11,069.11 2,767.28
Dec-16 Feb-17 39,832.46 19,916.23 19,916.23 $79,664.92 $19,916.23
Jan-17 Mar-17 5,210.39 2,605.20 2,605.20 $10,420.78 $2,605.20
Sub-Total $101,154.81 $25,288.70
Feb-17 Apr-17 5,350.85 2,675.42 2,675.42 $10,701.69 2,675.42
Mar-17 May-17 35,935.03 17,967.52 17,967.52 $71,870.06 $17,967.52
Apr-17 Jun-17 5,446.64 2,723.32 2,723.32 $10,893.27 $2,723.32
Sub-Total $93,465.02 $23,366.26
May-17 Jul-17 6,978.40 3,489.20 3,489.20 $13,956.79 3,489.20
Jun-17 Aug-17 35,612.74 17,806.37 17,806.37 $71,225.48 $17,806.37
Jul-17 Sep-17 5,225.94 2,612.97 2,612.97 $10,451.87 $2,612.97
Sub-Total $95,634.14 $23,908.54
Aug-17 Oct-17 5,692.90 2,846.45 2,846.45 $11,385.79 2,846.45
Sep-17 Nov-17 46,321.69 23,160.85 23,160.85 $92,643.38 $23,160.85
Oct-17 Dec-17 4,662.38 2,331.19 2,331.19 $9,324.76 $2,331.19
Sub-Total $113,353.93 $28,338.48
Nov-18 Jan-18 6,690.47 3,345.23 3,345.23 $13,380.93 3,345.23
Dec-18 Feb-18 46,316.53 23,158.26 23,158.26 $92,633.05 $23,158.26
Jan-18 Mar-18 5,988.51 2,994.26 2,994.26 $11,977.02 $2,994.26
Sub-Total $117,991.00 $29,497.75
Feb-18 Apr-18 6,805.46 3,402.73 3,402.73 $13,610.91 3,402.73
Mar-18 May-18 41,994.46 20,997.23 20,997.23 $83,988.92 $20,997.23
CSD Woodbridge Centre-Sales Tax Reimbursement Report
Apr-18 Jun-18 6,947.44 3,473.72 3,473.72 $13,894.87 $3,473.72
Sub-Total $111,494.70 $27,873.68
May-18 Jul-18 7,458.58 3,729.29 3,729.29 $14,917.16 3,729.29
Jun-18 Aug-18 40,091.04 20,045.52 20,045.52 $80,182.08 $20,045.52
Jul-18 Sep-18 6,796.04 3,398.02 3,398.02 $13,592.07 $3,398.02
Sub-Total $108,691.31 $27,172.83
Aug-18 Oct-18 7,102.43 3,551.21 3,551.21 $14,204.85 3,551.21
Sep-18 Nov-18 49,320.18 24,660.09 24,660.09 $98,640.36 $24,660.09
Oct-18 Dec-18 7,127.12 3,563.56 3,563.56 $14,254.24 $3,563.56
Sub-Total $127,099.45 $31,774.86
Nov-19 Jan-19 7,328.98 3,664.49 3,664.49 $14,657.96 3,664.49
Dec-19 Feb-19 45,439.30 22,719.65 22,719.65 $90,878.60 $22,719.65
Jan-19 Mar-19 6,870.72 3,435.36 3,435.36 $13,741.44 $3,435.36
Sub-Total $119,278.00 $29,819.50
Feb-19 Apr-19 6,753.31 3,376.66 3,376.66 $13,506.62 3,376.66
Mar-19 May-19 39,606.81 19,803.41 19,803.41 $79,213.62 $19,803.41
Apr-19 Jun-19 8,303.33 4,151.66 4,151.66 $16,606.65 $4,151.66
Sub-Total $109,326.89 $27,331.72
May-19 Jul-19 9,157.91 4,578.95 4,578.95 $18,315.81 4,578.95
Jun-19 Aug-19 43,106.68 21,553.34 21,553.34 $86,213.36 $21,553.34
Jul-19 Sep-19 8,520.69 4,260.35 4,260.35 $17,041.38 $4,260.35
Sub-Total $121,570.55 $30,392.64
Aug-19 Oct-19 8,987.18 4,493.59 4,493.59 $17,974.35' 4,493.59
Sep-19 Nov-19 51,867.36 25,933.68 25,933.68 $103,734.71' $25,933.68
Oct-19 Dec-19 0.00 0.00 0.00 $0.00 $0.00
Sub-Total $121,709.06 $30,427.27
Total $2,238,926.23 $559,731.56
Note: Anticipated completion date for the$1 mm sales tax incentive obligation is 9/30/23.
Outstanding Performance Agreement Summary
Company Performance Obligations Expiration Incentive Comment/Notes
Cardinal Strategies
1. Receipt of documentation evidencing minimum
expenditures of$106,800 for qualified
infrastructure; obtain a CO no later than
12/31/20; current on ad valorem taxes due by
1/31 of the year after they are assessed. 12/31/20201 $32,000
2. Base Incentive: Receipt of documentation
evidencing continuous occupation of the facility;
maintain employment of at least 30 full time
employees through the 1 year anniversary of CO;
and current on ad valorem taxes due by 1/31 of
the year after they are assessed. 12/31/2021 $6,933
Additional Incentive: Company qualifies for a $500
reimbursement incentive for each employoee
created, staffed and maintained at the facility Up to
beyond the 30 required for Incentive 1. 12/31/2021 $18,000
3. Base Incentive: Receipt of documentation
evidencing continuous occupation of the facility;
maintain employment of at least 30 full time
employees through the 1 year anniversary of CO;
and current on ad valorem taxes due by 1/31 of
the year after they are assessed. 12/31/2022 $6,933
Additional Incentive: Company qualifies for a $500
reimbursement incentive for each employoee
created, staffed and maintained at the facility Up to
beyond the 30 required for Incentive 1. 12/31/2022 $18,000,
Outstanding Performance Agreement Summary
4. Base Incentive: Receipt of documentation
evidencing continuous occupation of the facility;
maintain employment of at least 30 full time
employees through the 1 year anniversary of CO;
and current on ad valorem taxes due by 1/31 of
the year after they are assessed. 12/31/2023 $6,933
Additional Incentive: Company qualifies for a $500
reimbursement incentive for each employoee
created, staffed and maintained at the facility Up to
beyond the 30 required for Incentive 1. 12/31/2023, $18,000
Carrie Elle Receipt of documentation of minimum project
cost of$15,000 for the purchase of new
equipment; current on ad valorem taxes. 1/31/2019 $2,500 Paid
Receipt of documentation evidencing ongoing
operations at 311 N. Ballard; current on ad
;valorem taxes. 1/31/2020 $2,500
Cross Development Purchase and take title to the property by
3/20/18. 3/20/2018 Complete
Commence construction of multifamily units by
8/1/18. 8/1/2018 Complete
Complete construction of retail space and at least
3,200 sf of restaurant space and obtain COC by
9/1/20. 10/31/2020
Provide documentation to WEDC evidencing:
Construction costs for Phase One of$32mm;
property south of Explorer Pipeline is accessible to
vehicular traffic; $250,000 in expenditure for
qualified infrastructure; 10/31/2020
Outstanding Performance Agreement Summary
Documentation to City confirming i) Completion
'of removal/remediation ii) Company expended an
amount greater than or equal to minimum
removal expenditure ($500,000). 10/31/2020. $250,000
CSD Woodbridge Phase I -Acquire property for 110,000 sf Kroger by
7/31/2016; CO by 3/31/2014 3/31/2014 $100,000 Paid
Phase II -CO for 120,600 sf retail space Sales tax
(completed) 3/31/2014 reimburse quarterly
Phase III -CO for 127,600 sf retail space Sales tax
(completed) 3/31/2017 reimburse quarterly
Sales tax
reimburse
ending earlier.
of $1.1 mm
paid or 10 Cumulative incentive not
years from to exceed $1.1 mm.
!Phase IV-CO for 134,600 sf retail space Start Date Reimbursement
(completed) 3/31/2019 (9/15/23). spreadsheet attached.
Dank Real Estate-2
la. Documentation of company's application for
'CO for a 10,140 sf expansion at 216 Windco Cir.;
permit fee receipt for not less than $15,600
(overage to be paid by WEDC), documentation for
construction costs of$1,500,000; current on ad
valorem taxes;verification of employment of 25
full time employees as of 10/25/17. 7/31/2019 $15,600 Paid
lb. CO for a 10,140 sf expansion at 216 Windco
Cir. 7/31/2019 $21,500 Paid
Outstanding Performance Agreement Summary
2. Minimum valuation of$2,100,000 for real and
personal property at 216 Windco Cir.; current on
ad valorem taxes; ongoing operations of Deanan
Popcorn at facility; employment verification of 29
full-time employees. 7/31/2020 $22,900
3. Minimum valuation of$2,100,000 for real and
personal property at 216 Windco Cir.; current on
ad valorem taxes; ongoing operations of Deanan
Popcorn at facility; employment verification of 33
full-time employees. 7/31/2021 23,000
DCU, Inc. 1. a. 1. Documentation supporting application to
City of Wylie for a CO for a 11,200 sq ft facility
located at 2774 Capital; 2. permit fee receipt from
City of Wylie for not less than $31,534; 3.
documentation supporting construction cost of
$700,000; 4. documentation supporting an
executed contract of not less than $39,885 to
lextend a gas line 725 feet to the easternmost
property line of lot located at 2774 Capital Street;
5. current on ad valorem taxes. Paid City of Wylie
8/1/2018 $31,534 ; $24,545.13
1.b. 1. Certificate of Occupancy, 11,200 Sq ft $51,324 --
building; 2. receipt of documentation supporting $19,311 paid
construction of a gas line at the easternmost to Company;
property line at a cost of not less than $39,885; $32,013 paid
3. letter from Atmos Energy asserting that to Company's
improvements installed to Atmos standards and Utility
available to other customers. 8/1/2018 Contractor Paid
Outstanding Performance Agreement Summary
2. Minimum valuation of$1,200,000 for real and
personal Property; current on ad valorem taxes,
continuous operations at 2774 Capital. Amended
'to$10,645 in Amendment No. 3. 9/1/2019 $10,645 Paid
3. Minimum valuation of$1,200,000 for real and
personal Property; current on ad valorem taxes,
continuous operations at 2774 Capital. Added to
this payment is the fee difference from Incentive 1
of 4 in the amount of$6,988.80. 8/1/2020 $19,488.80
Exco Extrusion Dies(Texas), Inc. IA. CO on 30,000 sf building 2/24/2016 $87,000 I Paid'.
B. On an annual basis maintain appraised value of
$7.55 mm, maintain Texas as principal place of
business, employ 20 full time employees 2/24/2017 $20,000 Paid
2/24/20181 $20,000 Paid
2/24/20191 $20,000 Paid
2/24/2020 $20,000
Seller financing on $350,000 note,forgiven Forgiveness#1-2-24-17
annually beginning 1-31-17 in equal amounts of Forgiveness#2 -2-24-18
$70,000 for 5 years. 2017-2021 $350,000 Forgiveness#3 -2-24-19
Rocking M Acquire title to property by March 1, 2019; obtain
'building permit by April 1, 2019; Certificate of
Occupancy by April 1, 2020; provide
'documentation evidencing$300,000 in
construction costs for facility; provide
documentation evidencing$89,500 in qualified
infrastructure costs. 4/1/2020 $89,500
SAF Holland A. Tax Incentive:
Outstanding Performance Agreement Summary
Maintain on property,taxable personal property
owned by company valued at or above 50%of BPP
$14,375,324(Tax Threshold). tax paid in
excess of Tax
1/31/2019 Threshold. Paid
Maintain on property, taxable personal property
owned by company valued at or above
$14,375,324(Tax Threshold). 1/31/2020
Maintain on property,taxable personal property
owned by company valued at or above
;,$14,375,324(Tax Threshold). 1/31/2021
B. Employee Incentive:
Employ up to 45 full-time employees over 133
(Employee Threshold). One time payment of
$1,000 per new employee added. First $1,000/emp
Amendment- BPP valuation requirement waived over Paid-Incentive Obligation
(first year only). 12/31/2017 Threshold Fully Satisfied
Employ up to 45 full-time employees over 133 $1,000/emp
(Employee Threshold). One time payment of over
$1,000 per new employee added. 12/31/2018 Threshold n/a
Employ up to 45 full-time employees over 133 $1,000/emp
((Employee Threshold). One time payment of over Not to exceed$45,000
$1,000 per new employee added. 12/31/2019 Threshold total incentive.
Outstanding Performance Agreement Summary
SCSD-Finnell `Obtain a building permit no later than 12/31/18;
Commence construction of building no later than
12/31/18; Obtain CO no later than 8/31/19;
Complete qualified infrastructure no later than
8/31/19; and provide written notice,
accompanied by one or more permanent COs on
the building only. Provide documentation that
company has leased no less than 66%of the space
within the building to restaurants no later than
1/31/20 and no less than 3,800 sf to Fish'N'Tails
Oyster Bar; Company has completed qualified
infrastructure no later than 8/31/19 with a
minimum cumulative cost of$175,000;
8/31/2019 and
1/31/20 $87,500
Provide documentation that restaurant space
identified in Incentive No. 1 has been continuously
occupied and operated as an on-going business for
no less than 12 months.
1/31/2021. $87,500
Outstanding Performance Agreement Summary
Taylor&Son LLC
1.a Acquire title to property, submit site plan and
elevations for a commercial office building that is
no less than 3,500 sf, approval of plans by the City
of Wylie Historical Review Commission (HRC);
building permit no later than February 1, 2020;
Certificate of Completion (CC)for 3,500 sf
commercial office building no later than February
1, 2021; documentation supporting construction
cost of no less than $400,000; documentation
supporting construction of qualified infrastructure
of at least$104,500 no later than CC; current on
ad valorem taxes by 1/31 of year after assessed. 2/1/2021 $52,250
1.b. Certificate of Occupancy(CO)for 1,750 sf no
later than February 1, 2022; current on ad valorem
taxes by 1/31 of the year after assessed. 2/1/2022 $52,250
Active Environmental Program Tracking
Kirby - Former CRI Project Total:` 117,880.67
Contract$121,150 910.00 11/30/17 Labor: Frank Clark, Michael Henn
t _
1 788.00 1 12/31/17 Labor: Frank Clark, Clay Snider
`Labor: Frank Clark, Michael Henn,Joshua Hopper, Samuel Lewis,
6,421.80 1/31/18 Trey Nelson, Clay Snider
Other Subcontractors: Laboratory,Supplies/Permits, Other
14,442.16 1/31/181 Subcontractors
11.16 1 1/31/18' 1Misc. Supplies
659.50 ! 1/31/18' 1Vehicle / Equipment
Labor: Frank Clark,Trudy Hasan,Joshua Hopper, Samuel Lewis, Clay
2,005.30 2/28/18 Snider
874.00 2/28/18i Laboratory
519.50 ! 3/31/18 Labor: Trey Nelson, Clay Snider
1,824.00 1 4/30/181 (Subsurface Investigation-Labor: Clay Snider
iAdd'I Subsurface Investigation- Labor: Frank Clark,Joshua Hooper,
3,815.75 4/30/18 Samuel Lewis,James Maxwell,Trey Nelson, Clay Snider
Subcontractors: Laboratory-$989; Drilling-$6,463;
12,385.33 4/30/18 Supplies/Permits/Regulatory Fees-$103.33; Other-4,830.
528.88 4/30/18 Vehicle / Equipment
Subsurface Investigation-Labor: Clay Snider, Samuel Lewis,Joshua
1,236.50 5/31/18 ;Harper, Frank Clark
264.50 5/31/18 ;Add'l Subsurface Investigation -Subcontractors: Laboratory
406.50 _ 7/31/18 MSD- Project Management- Labor: Frank Clark, Clay Snider
648.50 7/31/181 VCP Application- Labor: Clay Snider, Holly Stockton
429.00 7/31/181 DWS Labor: Trey Nelson, Clay Snider
636.00 7/31/18 MSD Application- Labor: Joshua Hooper
384.00 8/31/18 MSD- Project Management- Labor: Clay Snider
165.90 1 8/31/18 1VCP Application - Labor: Frank Clark
212.00 8/31/18 DWS Labor: Joshua Hooper
2,539.50 ! 8/31/18 'MSD Application - Labor: Joshua Hooper, Samuel Lewis, Clay Snider
MSD Application Sub-contractors: Laboratory,Aerials/Maps/ 1
2,052.91 8/31/18 Photos
Active Environmental Program Tracking
418.35 9/30/18 j MSD-Project Management- Labor: Clay Snider
749.60 9/30/18 1VCP Application- Labor: Frank Clark, Antonia Pachlczuk, Clay Snider
128.00 9/30/18 DWS Labor: Clay Snider
MSD Application- Labor: Joshua Hooper,Samuel Lewis,James
2,878.50 9/30/18 Maxwell,Trey Nelson,Clay Snider
58,967.14 Starting Pointl. 632.00 '__ 9/30/18 'APAR Labor: Trey Nelson
888.00 11/3/18 MSD-Project Management- Labor: Clay Snider
VCP Application - Labor: Clay Snider-$259; Overnight courier-
1,438.86 11/3/18 $29.86;TCEQ Application Fee-$1,150
189.50 11/3/181 MSD Application- Labor: Trey Nelson,Joshua Hooper
360.00 12/7/18 MSD Project Management
10.80 12/7/18! VCP Application &Agreement
2,351.90 12/7/18 Prepare MSD Application
804.00 2/22/191 Project Mgmt; Correspondence with TCEQ
1,725.66 2/22/19 Drinking Water Survey Report
4,553.05 2/22/19 Prepare MSD Application
79.80 4/11/19 Project Mgmt; Correspondence with TCEQ
3,165.10 4/11/191 Prepare MSD Application
�.. tie
142.20 4/11/19 Preapare APAR and Submite to TCEQ
1,345.50 ' 4/11/191 ;VCP Investigation
705.60 5/9/19 Project Mgmt; Correspondence with TCEQ
388.50 j 5/9/19 ;Prepare MSD Application
798.50 5/9/19 `Prepare APAR and Submit to TCEQ
7,279.13 5/9/19 'VCP Investigation
1,850 05 7/9/19 Project Mgmt; Correspondence with TCEQ
705.00 7/9/19 `Prepare MSD Application
10,328 55 7/9/19 Prepare APAR and Submit to TCEQ
3,659.82 t 7/9/19 ;VCP Investigation
1,614.37 8/8/19 'Project Mgmt; Correspondence with TCEQ
1,486 00 s 8/8/19 Prepare APAR and Submit to TCEQ
276.50 8/8/19 `VCP Investigation
2,157.00 11/8/19 Project Mgmt; Correspondence with TCEQ
839.10 11/8/19 Prepare APAR and Submit to TCEQ
Active Environmental Program Tracking
1,238.25 11/8/191 VCP Investigation
2,149.22 I 11/8/19 Outdoor Air Sampling
2,157.00 12/13/191 !Project Mgmt; Correspondence with TCEQ
839.10 12/13/19i Prepare APAR and Submit to TCEQ
1,238.25 12/13/19, VCP Investigation
2,149.22 12/13/1911 Outdoor Air Sampling
117,880.67
Spent ' 'Contracted
Total W&M
Expenditures: $117,880.67 $123,100
Hotel Occupancy Tax Receipts
2014 2015 2016 2017 2018 2019
January $3,332.78 $3,910.22 $3,960.95 8,369.84 $8,848.69 $12,663.18
February 3,773.66 3,994.91 5,810.03 5,016.36 9,767.37 13,948.86
March 4,559.63 5,250.71 6,336.25 5,757.40 13,360.70 13,391.72
April 4,921.52 5,119.52 10,366.04 4,348.00 14,375.83 13,312.00
May 4,991.83 5,163.84 11,014.00 6,402.58 15,934.35 14,588.31
June 5,692.40 6,182.22 8,812.25 6,605.05 17,191.21 17,235.25
July 5,201.94 5,664.42 8,314.57 6,171.14 16,824.70 17,568.51
August 5,242.99 5,279.29 9,764.71 5,779.66 12,372.93 15,742.13
September 5,280.16 5,044.30 7,658.43 5,193.79 14,369.06 14,584.27
October 6,033.92 5,665.76 7,242.90 6,301.30 14,607.81
November 5,213.87 5,168.76 7,054.65 5,031.62 14,489.92
December 4,930.79 6,234.68 6,708.86 6,637.89 13,443.62
Total $59,175.49 $62,678.63 $93,043.64 $71,614.63 $165,586.19 $133,034.23
* 2 Hotels reporting beginning in December 2017.
Regional Housing Permits
Wylie Lavon
11 12 13 14 15 16 17 18 19 11 12 13 14 15 16 17 18 19
January 20 16 18 46 9 Ens 28 January 2 4 5
4 6 2 12 2 3
February 9113:11 14 20 4 36 54 ElFebruary 11 2 5 11 6 5 1 7 0
March 28 18 Ill 30 -�131 61 26 March 3 6 3 17 8 3 0 1 1
April 18 29 38 10 Ban 70 49 ® 1 12 24 7 11 1 1 17 0
April
May 18 20 E 26 68 101 45 48 40 1 May 1 0 9 17 4 4 11 7 0
June 19 u 9 ® 58 98 no June 9 2 5 12 5 1 7 15 0
1 11 0 2 3 1 14 12 1 July 20 191 18 29 36 34 60 63 56 July
August 16 20 19 19 30 ®m 50 Ell August 9 6 3 1 5 0 12 0 0
Sept rrtberE 8 EMI 18 46 Eli September 6 7 6 2 7 0 5 9 0
October 16 28 30 EN® 26 ',1111 45 ® October 4 2 1 9 5 0 0 7 2
November'!" c�C 14 18 20 �i 34 28 November 5 3 2 1 2 0 14 3 0
16Ell 65 38 39 18 16 ■ December 7 1 4 5 6 0 40 0
December 10 •
TOTAL 201 230 M 280 483 409 507 TOTAL 60 48 68 100 77 17 104 79 6
Murphy Sachse
11 12 13 14 15 16 17 18 19 11 12 13 14 15 16 17 18 19
January 4 Ef 26ummi 0 0 January 14 8 ' 13 18 14 16 4 15 6
�February E 4 um 4 ® 6 0 February 3 11 1 8 29 17 31 15 9 5
March 9 6 6 8 4 !XIII 0 Ell March 9 12 1 13 24 31 23 5 4
April 8 10 Dna 8 ® 0 Ell 1 April 8 4 13 17 12 24 15 2 1
May In14Eguniu 0 0 10 May 11 17 10 21 6 21 15 9 4
June 6 19 m 6 Min 0 0 4 1 June 8 17 14 16 38 25 14 3 1
July El 16 0m 4 MI II
8 ! 10 July 7 14 15 30 12 22 17 4 4
August iimi 16 u® 0 0 pi August 5 19 10 29 41 32 8 6 6
September.'" 10 10 ®N 6 0 0 E September 12 12 17 23 27 20 3 2 2
October MI 16 16 4 0 IIEll 0 0 Cli October 8 15 25 18 31 29 10 6 4
NovemberElElliniEl 6 0 II Ell J
November 6 9 12 27 26 12 6 6 3
December 8 limp 0 mum 1 December 7 10 11 39 12 11 2 3
TOTAL 70 comEnamEnuci TOTAL 98 148 149 280 260 274 132
70 40 1
Inspiration
5 12 10 6 17 13 14 4 13 8 5 11 118
10 19 11 9 7 13 40 8 14 13 18 2 164
17 10 12 26 29 18 30 161 17 20 14 19 18 229
30 27 29 24 23 35 18 13 8 14 31 9 261
4 9 15 16 5 5 5 4 16 30 109
ylie Econo ic eve1 op ent Corporation
E 0 - A DU
TO: WEDC Board of Directors
FROM: Sam Satterwhite, Executive Director
SUBJECT: Future Agenda Items
DATE: December 11, 2019
Issue
Discussion of issues to be placed on future WEDC Board Meeting agenda (no substantial
consideration/discussion allowed).
Analysis
During this Discussion Item, Board Members will have the opportunity to propose that an issue
be placed on a future agenda for consideration.
The Board will note that no substantial consideration/discussion is allowed so that there will not
be a violation of the Open Meetings Act which requires discussion/action items be placed on
Agendas with specific language as to what will be discussed. For example, the above language
will allow a Board Member to present a request for a certain item to be placed on an agenda for
consideration, but not the ability for the same Board Member to argue the merits of the issue.
Conversely, another Board Member may not discuss the merits as to why they may not want that
particular item on a future agenda.
Recommendation
This Item is for discussion only and will provide direction to Staff No formal action is allowed.
ylie cono ic P eve op ent Corporation
iE ORANDU
TO: WEDC Board of Directors
FROM: Sam Satterwhite, Executive Director
SUBJECT: Election of'WEDC Officers
DATE: December 13, 2019
Issue
Consider and act upon issues surrounding the Election of WEDC Officers.
Analysis
In light of President Wintters residency change effective 12-31-19, the WEDC Board must elect
new officers pending the vacancy of the Presidents position.
Provided for the Board's review is Section V- Officers of the WEDC By-laws. Section V
provides for the selection of officers and the duties of the same.
As of November 20, 2019, the WEDC Board of Directors current officers were:
Todd Wintters President
John Yeager .. Vice President
Demond Dawkins .. Secretary
Gino Mulliqi Treasurer
Melisa Whitehead Board Member
Recommendation
Staff has no recommendation for this item.
Attachment
WEDC By-laws, Section V
Any request for services made to the administrative departments of the City shall be made
by the Board of its designee in writing to the City Manager. The City Manager may approve
such request for assistance from the Board when he finds such requested services are available
within the administrative departments of the City and that the Board has agreed to reimburse the
administrative department's budget for the costs of such services so provided.
SECTION V
OFFICERS
5.01 Officers of the Corporatio
The elected officers of the Corporation shall be a President, Vice President, Secretary,
and Treasurer. The Board may resolve to elect one or more Assistant Secretaries or one or more
Assistant Treasurers as it may consider desirable. Such officers shall have the authority and
perform the duties of the office as the Board may from time to time prescribe or as the Secretary
or Treasurer may from time to time delegate to his or her respective Assistant. Any two (2) or
more offices may be held by the same person,except the offices of President and Secretary.
2 Selection of Officers
The President and Vice President shall be elected by the Board and shall serve a term of
one (1) year. On the expiration of the term of office of the President and Vice President, the
Board shall select from among its Members individuals to hold such office. The term of office of
the President and Vice President shall always be for a period of one year;provided,however,that
the President and Vice President continue to serve until the election of their successors.
The Secretary and Treasurer shall be selected by the members of the Board and shall hold
office for a period of one(1)year; provided,however, that they shall continue to serve until the
election of their successors. Elections shall be held at the annual meeting of the Board.
Any officer meeting the qualifications of these Bylaws may be elected to succeed himself
or to assume any other office of the Corporation.
5 AB Vacancies
Vacancies in any office which occur by reason of death, resignation, disqualification,
removal, or otherwise, shall be filled by the Board of Directors for the unexpired portion of the
term of that office in the same manner as other officers are elected to office.
8
Amended
5/25/99
5,04 President
The President shall be the presiding officer of the Board with the following authority:
1. Shall preside over all meetings of the Board.
2. Shall have the right to vote on all matters coming before the Board.
3. Shall have the authority,upon notice to the members of the Board, to call
a special meeting of the Board when in his judgment such meeting is
required.
4. Shall have the authority to appoint standing committees to aid and assist
the Board in its business undertakings of other matters incidental to the
operation and functions of the Board.
5. Shall have the authority to appoint ad hoc committees which may address
issues of a temporary nature or concern or which have a temporary affect
on the business of the Board.
In addition to the above mentioned duties, the President shall situ with the Secretary of
the Board any deed, mortgage, bonds, contracts, or other instruments which the Board of
Directors has approved and unless the execution of said document has been expressly delegated
to some other officer or agent of the Corporation by appropriate Board resolution, by a specific
provision of these Bylaws, or by statute. In general, the President shall perform all duties
incident to the office,and such other duties as shall be prescribed from time to time by the Board
of Directors.
5.05 Vice President
In the absence of the President, or in the event of his or her inability to act, the Vice
President shall perform the duties of the President. When so acting,the Vice President shall have
all power of and be subject to all the same restrictions as upon the President. The Vice President
shall also perform other duties as from time to time may be assigned to him or her by the
President
5.06 Secretary
The Secretary shall keep or cause to be kept,at the registered office a record of the minutes of all
meetings of the Board and of any committees of the Board. The Secretary shall also file a copy
of said Minutes with the City and the same to be given, in accordance with the provisions of
these Bylaws, or as required by the Texas Open Meetings Act or the Texas Open Records Act or
other applicable law. The Secretary shall be custodian of the corporate records and seal of the
Corporation, and shall keep a register of the mailing address and street address, if different, of
each director.
9
Amended
5/25/99
The Treasurer shall be bonded for the faithful discharge of his/her duties with such surety
or sureties and in such sum as the Board of Directors shall determine by Board resolution,but in
no event shall the amount of such bond be less than an amount equal to the average of the sums
which the Treasurer has access to and the ability to convert during a twelve(12)month period of
time. The Treasurer shall have charge and custody of and be responsible for all funds and
securities of the Corporation. The Treasurer shall receive and give receipt for money due and
payable to the Corporation from any source whatsoever, and shall deposit all such moneys in the
name of the Corporation in such bank, trust corporation, and/or other depositories as shall be
specified in accordance with Article VII of these Bylaws. The treasurer shall,in general,perform
all the duties incident to that office, and such other duties as from time to time assigned to him
by the President of the Board.
5.08 Assistant Secretaries and Assistant Treasurers
The Assistant Secretaries and Assistant Treasurers,if any,shall in general,perform such
duties as may be assigned to them by the Secretary or the Treasurer,or by the President of the
Board of Directors.
509 r fLcguotnicyc1pmnt
The Corporation may employ a Director of Economic Development. The Director of
Economic Development shall serve as the Chief Executive Officer of the Corporation and shall
oversee all administrative functions of the Corporation. The Director shall develop policies and
procedures for the Corporation including financial, accounting, and purchasing policies and
procedures to be approved by the Board and City Council.
5.10 Other Employees
The Corporation may employ such full or part-time employees as needed to carry out the
programs of the Corporation.
5,11 Contracts for Services
The Corporation may, contract with any qualified and appropriate person, association,
corporation or governmental entity to perform and discharge designated tasks which will aid or
assist the Board in the performance of its duties. However, no such contract shall ever be
approved or entered into which seeks or attempts to divest the Board of Directors of its discretion
and policy-making functions in discharging the duties herein above set forth in this section.
10
Amended
5/25/99