12-19-2008 (WEDC) Minutes Minutes
Wylie Eco omic Development Corporation
Board of Directors Meeting
Friday, December 19, 2008 — 6:30 A.M.
Inwood ational a — Conference oom
200 South i way 78 —Wylie, Texas
CALL TO ORDER
Announce the presence of a Quorum
President Fuller called the meeting to order at 6:33 a.m. Board Members present were: John
Yeager, Mitch Herzog, Chris Seely, and Todd Wintters.
WEDC staff present was Executive Director Sam Satterwhite and Administrative Assistant
Gerry Harris.
Ex-Officio Board Meirrrrbers Mindy Mansorrrr and Mayor Eric Hogue were present. Also attending
was Interim Finance Director Lelissa •eard.
CITIZEN PARTICIPATION
There being no citizen participation, President Fr tier proceeded to Action items.
ACTIOL ITEMS
ITEM O. 1 — Cor.rsider and Act Upon Approval of the November 21, 2008 Minutes of tLHe
WEDC HI oard of L irectors Meeting.
MOTION: A motion was made by Mitch Herzog and seconded by John Yeager to
approve the November 21, 2008 H mutes of the WEDC Board of Directors
Meeting. The WEDC Board voted 4 — FOR and 0 — AGA ST in favor of
the motion with 1 — Abstention by Board Member Wintters,
ITEM NO. 2 — Consider and Act Upor Approval of the November, 2008 WEDC
Treasurer's Report.
Interim Finance Director Melissa Beard was on hand to present a review of WEDC financials
an general goverir iental accounting practices. After the preser lation there were o further
qr estions about t re Treasurer's Report.
MOTION: A motion was ade by Chris Seely and seconded by John Yeager to
approve the October, 2008 WEDC Treasurer's Reporr r. The WEDC Board
voted 4 — FOR ad 0 — AGAIL ST in favor of the motion with I
Abstention by Board Member Wintters,
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December 19, 2008
Page 2 of 4
ITEM NO. 3 — Consider and Act H pon Issues Surrounding a Development Agreement
Between the WEDC and Wylie 78 Part,'ers, L.P., a Texas Limited Partnership.
Staff reviewed a request dated 10-14-08 from, the Cirrus Group (Wylie 78 Partners) for the
release of all escrowed nds associated with the Development A cement between the WEDC
and Wylie 78 Partners. Per the Agreement, Wylie 78 was to (a) construct a medical office
facility of no less than 20,000 square feet, (b) provide evidence supporting construction cost of
no less than $1,300,000, (c) submit to the Collin County Central Appraisal Dist ct a minimum
appraised value of$1,700,000, and (d) submit to the WEDC an executed lease between Wylie 78
ad Baylor Healthcare with a rinirum 10 year term, The Development Agreement has a three
year term frorrt the date of the CO which staff indicated would expire on 12-20-08. Further, staff
indicated that Cirrus had satisfied all ten s within the Agreement.
Staff explained that the WEDC held $50,000 in escrow to ensure Wylie 78 Part ,ers/Cirrus ret
all the performance 1H reasures outlined in the •evelopmer t Agreement. I eing that there was no
Event of Default, staff recomme ded that the Board of Directors authorize staff to release
escrowed funds associated with the Development Agreement between the WEDC and Wylie 78
Partners, a Texas Limited Partnership.
MOTION: A motion was made by Mitch Herzog and seconded by Chris Seely to a
release the escrowed funds associated with the Development Agreement
between the WEDC and Wylie 78 Partners. The WEDC oard voted 5 —
FOR and 0— AGA ST in favor of the motion.
ITEM O. 4 — Consider and Act Upon issues Surrounding the 2009 WEDC Annual
Report.
Staff requested that the Board table Item No. 4 until January 16, 2009.
MOTION: A motion was made by John Yeager and seconded by Mitch Herzog to table
discussion of the WEDC Annual Report until the January 16, 2009 WEDC
meeting. The WEDC Board voted 5 — FOR and 0 — AGAINST in favor of
the motion.
ITEM NO. Consi 'er and Act H po Issues Surrounding a, Amen"ment to an Ad
Valorem Tax Abatement and Sales Tax Reimbursement Agreement by and Between the
WEDC and Greenway Investment Company.
Alt rough there was no draft to the Agreeme, t, staff provided the Board with an opportunity to
review the original Agreeme t and contemplate how any changes impact the City of
Wylie/WE I C position.
The Agreement was approved i December 2007 in an effort to facilitate the re edition of the
Greenway springs tract which is currently enrolled in the Texas Commission on Environme, t
Quality (TCEQ) Volu tary Cleanup Program. The 15-acre site is adjacent to and south of the
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December 19, 2008
Page 3 of 4
Tractor supply on Westgate. The intent of the Agreement is to utilize abated taxes and sales
taxes generated within the Reinvestment zone to reimburse Gree way for remediation costs.
Greenway is currently negotiating for the sale of the Carlisle building. The developer intends to
demolish the Carlisle struct re and construct a build-to-suit facility. With a change in
ow ership, the new user will be the beneficiary of the tax abatement. Greenway's desire is to
amend the Au cement and divert those abated taxes to Greenway-Springs which is responsible
for the remediation. Greenway will also be requesting that the time frame for obtaining a Final
Certificate of Completion froH the TCEQ be delayed from the curcuu,ent date of 6-30-2009 to 6-30-
2010.
Staff had no recommendation for action.
ITEM NO. 6 — Staff 'pdate: Review Staff Activities Surrou dig Woodbridge Crossing,
Lease of Hadilitics Owned by WEDC on In Atstrial Court, Savage Precision Fabrication,
Leadership Wylie, WEDC Marketing/Website Waite ance, and Retail Activities within
Shafer Plaza.
Staff reminded t e oard that it may not disc ss an item which is not specifically identified on
the agenda. Only those item listed above can be discussed. Should any bard member wish an
item to be placed on the agenda at any time prior to a oard meeting, they should contact the
WEDC President or staff.
Woodbridge Crossing: Direct ievelopment is still in negotiations with a second anchor to
replace the previously withdrawn Kohl's project. The real estate committee for said user was
supposed to meet on December 12th. Committee consideration has now been delayed until
Jan ary 22, 2009. The regional vice president of real estate for the user still anticipates approval.
Industrial Court Lease Facilities: The Cazad, Prime Kuts, and one of the Hu. es building
remain vacant. The WEDC continues to advertise in the Wylie News and Piano Star Currier.
For lease signs are also fronting State Highway 78 and on the front of each. building.
Mr. Marty Anderson has removed all refrigeratio and freezer equipment within the building at
207 Industrial Co ii. Staff authorized Commonwealth Lad Title to release the $5,000 held in
escrow to ensure removal of all commercial refrigeration/freezer equipment.
Savage Precision Fabrication: Savage is remarkably on pace to occupy their new facility on
artinez within the first two weeks of January. Staff is currently processing payrne t for cost
sharing of the construction of the shared entrance.
Leadership Wylie: For the sixth consecutive year, the WEDC hosted a Leadership Wylie class.
in review, each year the WEDC hosts approximately 15 individuals who have volunteered to
participate in a year long pro,, . am which educates them on many different city, county, ant state
programs. It has always been the goal of the WEDC to educate these future leaders as to the
importance of econo ic development and WEDC programs.
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1 ecember 19, 2008
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WEDC Marketing/Website Maintenance: Updated marketing materials are currently being
produced along with finalize updates to the WEDC website. Staff will continue to pursue
completion of these two projects.
Shafer Plaza: Takes restaurant is still considering its options in the area. Shafer has indicated
there may be a delay to evaluate the economic conditions in the first quarter prior to identifying
their final site.
No action was requested by staff for this item.
EXECUTIVE SH SSION
The WEDC 'card of •irectors convened into Executive Session at 7:29 a.m.
I. Consider Issues Surrounding the Purchase of Real Property Generally Located ear the
Intersection of F. . 544 and Regency Drive as Auth rized in Section 551.072 (' eal
Property) of the Local Government Code, Vernon's Texas Code Annotated (Open
Meetings Act),
Il. Consider Issues Surrounding the Purchase of Real Property for Project 2019 as Authorized
in Section 551.072 (Real Property) of the Local Government Code, Vernon's Texas Code
Annotated(Open Meetings Act).
RECONVENE INTO OPEN MEETING
The WEDC Board of Directors reconvened into open session at 8:20 a.m. No action was taken
as a result of discussions held in Executive Session.
A II JO RNMEN
With no thither business, President Marvin Fuller adjourned the WEDC Board meeting at 8:20
a.m.
' / 4
Marvin Fuller, President
ATTEST:
,. .,
Samuel J.R. Sa erwhite
Executive Director