09-15-2021 (WEDC) Agenda Packet Wylie Economic Development Corporation
Board Regular Meeting g
September 15, 2021 —8:30 AM
Council Conference Room-300 Country Club Road,Building#100,
Wylie, Texas 75098
CALL TO ORDER
INVOCATION& PLEDGE OF ALLEGIANCE
COMMENTS ON NON-AGENDA ITEMS
Any member of the public may address Board regarding an item that is not listed on the Agenda. Members of the public must
fill out a form prior to the meeting in order to speak.Board requests that comments be limited to three minutes for an individual,
six minutes for a group.In addition,Board is not allowed to converse, deliberate or take action on any matter presented during
citizen participation.
CONSENT AGENDA
All matters listed under the Consent Agenda are considered to be routine by the Board and will be enacted by one motion.
There will not be separate discussion of these items.If discussion is desired, that item will be removed from the Consent Agenda
and will be considered separately.
A. Consider and act upon approval of the August 2021 WEDC Treasurer's Report.
B. Consider and act upon approval of Minutes from the August 18, 2021 Regular Meeting of the WEDC
Board of Directors.
REGULAR AGENDA
1. Consider and act upon Resolution 2021-02(R)between the WEDC and Government Capital Corporation.
DISCUSSION ITEMS
DS 1. Staff report: WEDC Property Update, Downtown Parking, WEDC Office/Insurance Claim, Engineering
Report,Upcoming Events,WEDC Work Session and Board Tour, and WEDC Activities/Programs.
EXECUTIVE SESSION
Sec. 551.072. DELIBERATION REGARDING REAL PROPERTY; CLOSED MEETING.
A governmental body may conduct a closed meeting to deliberate the purchase, exchange, lease, or value of real
property if deliberation in an open meeting would have a detrimental effect on its negotiating position.
ES 1. Consider the sale or acquisition of properties located at FM 544/Cooper, Jackson/Oak, State Hwy
78/Brown, State Hwy 78/Ballard,Ballard/Brown, State Hwy 78/Alanis,Regency/Steel, and
Brown/Eubanks.
Fake 11
Sec. 551.074. PERSONNEL MATTERS; CLOSED MEETING.
(a) This chapter does not require a governmental body to conduct an open meeting:
(1)to deliberate the appointment, employment, evaluation,reassignment, duties,discipline, or dismissal of a public
officer or employee; or
(2) to hear a complaint or charge against an officer or employee.
(b) Subsection(a)does not apply if the officer or employee who is the subject of the deliberation or hearing requests
a public hearing.
ES2. Evaluation of WEDC Staff.
Sec. 551.087. DELIBERATION REGARDING ECONOMIC DEVELOPMENT NEGOTIATIONS;
CLOSED MEETING.
This chapter does not require a governmental body to conduct an open meeting:
(1) to discuss or deliberate regarding commercial or financial information that the governmental body has received
from a business prospect that the governmental body seeks to have locate, stay, or expand in or near the territory of
the governmental body and with which the governmental body is conducting economic development negotiations;
or
(2) to deliberate the offer of a financial or other incentive to a business prospect described by Subdivision (1).
ES3. Deliberation regarding commercial or financial information that the WEDC has received from a business
prospect and to discuss the offer of incentives for Projects: 2017-10a,2018-3a,2020-1 lb, 2021-4a, 2021-4b,
2021-4c, 2021-6a, 2021-8a, 2021-9a, and 2021-9b.
RECONVENE INTO OPEN SESSION
Take any action as a result from Executive Session.
FUTURE AGENDA ITEMS
ADJOURNMENT
CERTIFICATION
I certify that this Notice of Meeting was posted on September 10, 2021 at 5:00 p.m. on the outside bulletin board at
Wylie City Hall, 300 Country Club Road, Building 100, Wylie, Texas, a place convenient and readily accessible to
the public at all times.
Stephanie Storm, City Secretary Date Notice Removed
The Wylie Municipal Complex is wheelchair accessible. Sign interpretation or other special assistance for disabled
attendees must be requested 48 hours in advance by contacting the City Secretary's Office at 972.516.6020.Hearing
impaired devices are available from the City Secretary prior to each meeting.
If during the course of the meeting covered by this notice, the Board should determine that a closed or executive
meeting or session of the 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 Board at the date, hour and place given in this
notice as the Board may conveniently meet in such closed or executive meeting or session or consult with the
Page 12
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 sanctions and purposes:
Texas Government Code Section:
§ 551.071 —Private consultation with an attorney for the City.
§ 551.072—Discussing purchase, exchange, lease or value of real property.
§ 551.073 —Discussing prospective gift or donation to the City.
§ 551.074—Discussing personnel or to hear complaints against personnel.
§ 551.076—Discussing deployment of security personnel or devices or security audit.
§ 551.087—Discussing certain economic development matters.
Page 13
Minutes
Wylie Economic Development Corporation
Board of Directors Meeting
August 18, 2021 — 8:30 A.M.
300 Country Club Road, Building#100
Wylie, TX 75098
CALL TO ORDER
Announce the presence of a Quorum
President Demond Dawkins called the regular meeting to order at 8:44 a.m.Board Members present were Melisa
Whitehead and Blake Brininstool. Board Member Gino Mulliqi joined the meeting just after 8:44 a.m. and was
present for observation purposes only via teleconference.
Ex-Officio Members Mayor Matthew Porter and City Manager Chris Holsted were present.
WEDC staff present included Executive Director Jason Greiner, BRE Director Angel Wygant, and Senior
Assistant Rachael Henries.
INVOCATION & PLEDGE OF ALLEGIANCE
President Dawkins gave the invocation and led the Pledge of Allegiance.
COMMENTS ON NON-AGENDA ITEMS
With no citizen participation, President Dawkins moved to Regular Agenda.
CONSENT AGENDA
All matters listed under the Consent Agenda are considered to be routine by the WEDC Board of Directors and
will be enacted by one motion. There will not be a separate discussion of these items. If discussion is desired,
that item will be removed from the Consent Agenda and will be considered separately.
A. Consider and act upon approval of Minutes from the July 21, 2021 Regular Meeting and
August 4, 2021 Special Called Meeting of the WEDC Board of Directors.
B. Consider and act upon approval of the July 2021 WEDC Treasurer's Report.
Board Action
A motion was made by Melisa Whitehead, seconded by Blake Brininstool, to approve the Consent
Agenda as presented.A vote was taken, and the motion passed 3-0.
REGULAR AGENDA
1. Consider and act upon Resolution 2021-01(R) between the WEDC and Government Capital
Corporation.
Staff Comments
Staff provided an overview of the process that took place to evaluate options to refinance current
debt and borrow additional funds for the acquisition of key properties. Following direction at the
8-4-21 Board Meeting, Staff has requested a 240-month term with 5-yr call restrictions on an.
$8MM loan. Staff noted that the loan rate has decreased since the prior meeting, with a final rate
of 3.48%.Approving Resolution 2021-01(R)initiates moving forward in this process and will begin
credit review, securing the compliance package, and generation of loan documents.
WEDC—Minutes
August 18, 2021
Page 2 of 3
Board Action
A motion was made by Blake Brininstool,seconded by Melisa Whitehead,to approve Resolution 2021-
01(R) between the WEDC and Government Capital Corporation. A vote was taken, and the motion
passed 3-0.
2. Consider and act upon a Performance Agreement between the WEDC and DW Wylie,LLC.
Mayor Porter stepped out at 8:44 a.m. prior to consideration of Item 2 and filed a conflict of interest
form with Staff.
Staff Comments
Staff noted that this Item relates to the renovation at 499 S Hwy 78 for Chipotle and was taken to
Council for their review on July 27, 2021. DW Wylie, LLC requested assistance with the
reimbursement of hard and soft costs of construction. Staff noted that a $13,000 gas line would
need to be installed plus additional fees and the Agreement outlines a maximum qualified
infrastructure reimbursement of$15,000. The Economic Impact Analysis (ElA) indicates that the
project will generate an estimated $853,429 in overall tax revenue for the City of Wylie over the
next 10 years. For every $1 that the WEDC invests, this business is investing $56.89 in our
community.
Board Action
A motion was made by Melisa Whitehead, seconded by Blake Brininstool, to approve a
Performance Agreement between the WEDC and DW Wylie, LLC, providing for a maximum
infrastructure reimbursement incentive of$15,000 and further authorizing the WEDC Executive
Director to execute said Agreement. A vote was taken, and the motion passed 3-0.
Mayor Porter returned to the meeting at 8:51 a.m. following the vote on Item 2.
DISCUSSION ITEMS
DS1. Staff report: WEDC Property Update, Downtown Parking, WEDC Office/Insurance Claim,
WEDC Work Session/Board Retreat, Upcoming Events, and WEDC Activities/Programs.
Staff noted that sales tax revenues were up 5.93%for the month of July and 20.20%for August. WEDC
office furniture for replacement has been ordered. Staff highlighted upcoming events and opportunities
to include the upcoming WEDC Board Retreat and TEDC Sales Tax Training in September.
EXECUTIVE SESSION
The Board agreed to allow Board Member Gino Mulliqi to remain connected via teleconference for observation
purposes only during Executive Session.
Recessed into Closed Session at 8:52 a.m.in compliance with Section 551.001,et. seq.Texas Government Code,
to wit:
Sec. 551.072. DELIBERATION REGARDING REAL PROPERTY; CLOSED MEETING.
ES1. Consider the sale or acquisition of properties located at FM 544/Cooper, Jackson/Oak,
Regency/Steel,State Hwy 78/Alanis, and State Hwy 78/Brown.
WEDC—Minutes
August 18, 2021
Page 3 of 3
Sec. 551.087. DELIBERATION REGARDING ECONOMIC DEVELOPMENT NEGOTIATIONS;
CLOSED MEETING.
ES2. Deliberation regarding commercial or financial information that the WEDC has received from a
business prospect and to discuss the offer of incentives for Projects: 2017-10a,2020-lib,2021-4a,
2021-4b,2021-4c,2021-4d,2021-5a,2021-6a,2021-6c,and 2021-8a.
RECONVENE INTO OPEN SESSION
Take any action as a result from Executive Session.
President Demond Dawkins reconvened into Open Session at 9:27 a.m. and took no action.
FUTURE AGENDA ITEMS
There were no Items requested for inclusion on future agendas.
ADJOURNMENT
With no further business,President Dawkins adjourned the WEDC Board meeting at 9:27 a.m.
Demond Dawkins,President
ATTEST:
Jason Greiner,Executive Director
Wylie Economic Development
Board
AGENDA REPORT
Meeting Date: September 15, 2021 Item Number:
Department: WEDC (Staff Use Only)
Prepared By: Jason Greiner Account Code:
Date Prepared: 9/7/21 Exhibits: 4
Subject
Consider and act upon approval of the August 2021 WEDC Treasurer's Report.
Recommendation
Motion to approve the August 2021 WEDC Treasurer's Report.
Discussion
Presented for the Board's review and approval is the August 2021 Treasurer's Report detailing the month and
year-to-date financial transactions and perfounance against budget. In this report you will find the Revenue
and Expense Report, Statement of Net Position, Balance Sheet, and Sales Tax Report.
REVENUES:
Sales Tax Revenue earned in June, allocated in August,was $390,790.76, an increase of 20.20% over the same
period in 2020.
EXPENSES:
Incentives
$60,000 North Dallas Wylie Land Investors- Incentive 1 of 4
Page 1 of 1
°iDEvhL August Rev/Exp Report
Account Summary
For Fiscal: 2020-2021 Period Ending: 08/31/2021
Variance
Original Current Period Fiscal Favorable Percent
Total Budget Total Budget Activity Activity (Unfavorable) Remaining
Fund:111-WYLIE ECONOMIC DEVEL CORP
Revenue
111-4000-40210 SALES TAX 2,968,437.00 2,968,437.00 390,790.76 2,829,594.13 -138,842.87 4.68
111-400C)-46110 ALLOCATED INTEREST EARNINGS 6,000.00 6,000.00 115.29 1,017.65 -4,982.35 83.04
111-4000-48110 RENTAL INCOME 153,240.00 153,240.00 18,170.00 124,085.00 -29,155.00 19.03
111-4000-48410 MISCELLANEOUS INCOME 0.00 0.00 1,435.00 1,435.00 1,435.00 0.00
111 4000-4840 GAIN/(LOSS)SALE OF CAP ASSETS 164,500.00 164,500.00 0.00 -31,208.00 -195,708.00 118.97
111-4000-4960C) INSURANCE RECOVERIES 0.00 54,545.27 0.00 40,614.11 -13,931.16 25.54
Revenue Total: 3,292,177.00 3,346,722.27 410,511.05 2,965,537.89 -381,184.38 11.39%
Expense
111-5611-51110 SALARIES 240,920.00 240,920.00 19,248.51 218,112.56 22,807.44 9.47
111-5611-51130 OVERTIME 0.00 0.00 94.50 1,810.38 -1,810.38 0.00
1.1-561.1-51.1.40 LONGEVITY PAY 784.00 784.00 0.00 588.00 196.00 25.00
111-5611-51 10 TMRS 37,464.00 37,464.00 2,909.10 33,602.14 3,861.86 10.31
111-5 6 1 1-5 1410 HOSPITAL&LIFE INSURANCE 36,369.00 36,369.00 5,222.84 33,321.52 3,047.48 8.38
111-5611-51.420 LONG-TERM DISABILITY 1,373.00 1,373.00 80.40 951.00 422.00 30.74
111-56111.440 FICA 14,986.00 14,986.00 1,074.64 12,725.46 2,260.54 15.08
111-5611-51.450 MEDICARE 3,505.00 3,505.00 251.32 2,976.13 528.87 15.09
11.1-5611-51.470 WORKERS COMP PREMIUM 305.00 305.00 0.00 246.78 58.22 19.09
111-5611-51.430 UNEMPLOYMENT COMP(TWC) 810.00 810.00 0.00 756.00 54.00 6.67
111-5611-52010 OFFICE SUPPLIES 5,000.00 5,000.00 270.35 4,808.61 191.39 3.83
11.1-561.1-52040 POSTAGE&FREIGHT 300.00 300.00 0.00 30.55 269.45 89.82
111-5611-52810 FOOD SUPPLIES 6,100.00 6,100.00 222.39 1,096.27 5,003.73 82.03
111-5611-54.610 FURNITURE&FIXTURES 0.00 0.00 23,638.00 23,638.00 -23,638.00 0.00
111-5611-54810 COMPUTER HARD/SOFTWARE 5,500.00 5,500.00 0.00 5,530.15 -30.15 -0.55
111-5611-54910 BUILDINGS 0.00 54,545.27 0.00 0.00 54,545.27 100.00
111-5611-56030 INCENTIVES 1,130,310.00 1,130,310.00 60,000.00 673,109.77 457,200.23 40.45
111-5611-56040 SPECIAL SERVICES 90,145.00 112,678.00 3,720.74 81,371.35 31,306.65 27.78
111-5611-56080 ADVERTISING 114,100.00 114,100.00 1,324.27 36,915.83 77,184.17 67.65
111-5611-56090 COMMUNITY DEVELOPMENT 44,550.00 44,550.00 138.27 14,922.69 29,627.31 66.50
111-5611-561.10 COMMUNICATIONS 5,936.00 5,936.00 353.93 3,266.30 2,669.70 44.97
111-561.1-561.30 RENTAL 27,000.00 27,000.00 2,250.00 24,916.50 2,083.50 7.72
111-5611-56210 TRAVEL&TRAINING 62,600.00 62,600.00 1,451.19 12,025.72 50,574.28 80.79%
111-561.1-562 0 DUES&SUBSCRIPTIONS 30,018.00 30,018.00 3,588.24 28,716.55 1,301.45 4.34
111-5611-56310 INSURANCE 2,803.00 4,770.00 0.00 4,769.50 0.50 0.01
111-5611-56510 AUDIT&LEGAL SERVICES 33,000.00 33,000.00 552.00 11,625.00 21,375.00 64.77
111-5611-5655(C) ENGINEERING/ARCHITECTURAL 87,500.00 87,500.00 28.75 43,383.39 44,116.61 50.42
111-5611-56610 UTILITIES-ELECTRIC 2,400.00 2,400.00 190.56 1,722.66 677.34 28.22
111-5 611-5 7410 PRINCIPAL PAYMENT 199,863.00 342,015.00 20,355.96 317,560.45 24,454.55 7.15
111-5611-57415 INTEREST EXPENSE 342,015.00 199,863.00 17,110.04 189,100.97 10,762.03 5.38
111-5611-58110 LAND-PURCHASE PRICE 0.00 408,540.00 0.00 407,332.20 1,207.80 0.30
111-561.1-5821C) STREETS&ALLEYS 1,005,000.00 1,558,680.00 0.00 189,180.00 1,369,500.00 87.86
111-5611-58330 FURNITURE&FIXTURES 2,500.00 2,500.00 0.00 797.00 1,703.00 68.12
111-5611-58995 CONTRA CAPITAL OUTLAY 0.00 0.00 0.00 -407,332.20 407,332.20 0.00
Expense Total: 3,533,156.00 4,574,421.27 164,076.00 1,973,577.23 2,600,844.04 56.86%
Fund:111-WYLIE ECONOMIC DEVEL CORP Surplus(Deficit): -240,979.00 -1,227,699.00 246,435.05 991,960.66 2,219,659.66 180.80%
Report Surplus(Deficit): -240,979.00 -1,227,699.00 246,435.05 991,960.66 2,219,659.66 180.80%
9/1072021 2:18 `.a7 P81 f ago 1 i0 3
Budget Report For Fiscal:2020-2021 Period Ending:08/31/2021
Group Summary
Variance
Original Current Period Fiscal Favorable Percent
Account Typ... Total Budget Total Budget Activity Activity (Unfavorable) Remaining
Fund:111-WYLIE ECONOMIC DEVEL CORP
Revenue 3,292,177.00 3,346,722.27 410,511.05 2,965,537.89 -381,184.38 11.39%
Expense 3,533,156.00 4,574,421.27 164,076.00 1,973,577.23 2,600,844.04 56.86%
Fund:111-WYLIE ECONOMIC DEVEL CORP Surplus(Deficit): -240,979.00 -1,227,699.00 246,435.05 991,960.66 2,219,659.66 180.80%
Report Surplus(Deficit): -240,979.00 -1,227,699.00 246,435.05 991,960.66 2,219,659.66 180.80%
9/10/2021 7:18:57 PM Page 7 of 3
Budget Report For Fiscal:2020-2021 Period Ending:08/31/2021
Fund Summary
Variance
Original Current Period Fiscal Favorable
Fund Total Budget Total Budget Activity Activity (Unfavorable)
111-WYLIE ECONOMIC DEVEL COR -240,979.00 -1,227,699.00 246,435.05 991,960.66 2,219,659.66
Report Surplus(Deficit): -240,979.00 -1,227,699.00 246,435.05 991,960.66 2,219,659.66
9/10/2021 7:18:57 PM Page 3 of 3
Wylie Economic Development Corporation
Statement of Net Position
As of August 31, 2021
Assets
Cash and cash equivalents $ 2,880,922.81
Receivables $ 60,000.00 Note 1
Inventories $ 12,435,269.70
Prepaid Items $ -
Total Assets $ 15,376,192.51
Deferred Outflows of Resources
Pensions $ 95,608.55
Total deferred outflows of resources $ 95,608.55
Liabilities
Accounts Payable and other current liabilities $ 44,656.51
Unearned Revenue $ 1,200.00 Note 2
Non current liabilities:
Due within one year $ 77,886.83 Note 3
Due in more than one year $ 5,090,479.60
Total Liabilities $ 5,214,222.94
Deferred Inflows of Resources
Pensions $ (47,711.41)
Total deferred inflows of resources $ (47,711.41)
Net Position
Net investment in capital assets $ -
Unrestricted $ 10,305,289.53
Total Net Position $ 10,305,289.53
Note 1: Includes incentives in the form of forgivable loans for$60,000(LUV-ROS)
Note 2: Deposits from rental property
Note 3: Liabilities due within one year includes compensated absences of$20,727
ECON A1CAugust Balance Sheet
Account Summary
As Of 08/31/2021
Account Name Balance
Fund:111-WYLIE ECONOMIC DEVEL CORP
Assets
111-:1000-1.0110 CLAIM ON CASH AND CASH EQUIV. 2,868,922.81
111-1000-1.011 CASH-ECON DEVELOPMENT 0.00
11.1-1000-1.011.5 CASH-WEDC-INWOOD 0.00
11.1-1000--1.0130 CASH-ECO DEV PAYROLL 0.00
1t.1-1000-1.01.35 ESCROW 10,000.00
11.1-1.00040150 CASH-RESTRICTED 0.00
111-1.000-1.0180 DEPOSITS 2,000.00
11.1-1.000-1.0193 OTHER-MISC CLEARING 0.00
11.1-100040312 GOVERNMENT NOTES 0.00
11.1-100040321 CERTIFICATES OF DEPOSIT 0.00
11.1-1.000-1.0341 TEXP OO L 0.00
11.1-1.000-10343 LOGIC 0.00
11.1-1.000-10431 INTEREST RECEIVABLE 0.00
11.1-1.000-11511 ACCTS REC-MISC 0.00
11.1-1000-1.1517 ACCTS REC-SALES TAX 0.00
11.1-1000-12810 LEASE PAYMENTS RECEIVABLE 0.00
11.14000-1.2925 LOAN REC-CARLISLE 0.00
11.1-1000-12930 LOAN REC-DC ASSOCIATES 0.00
11.1-1000-1.294C1 LOAN REC-HOFFMAN BLAST 0.00
11.1-1000-12950 LOAN PROCEEDS RECEIVABLE 0.00
11.1-1.000-1.2975 LOAN REC-MULTI MACHINING 0.00
11.1-1.000- 2980 LOAN REC-MOULDING 0.00
11.1-1000-12985 LOAN REC-ALTHUSER 0.00
11.1-1000-12995 LOAN REC-YELROW 0.00
11.1-1.000-12996 LOAN RECEIVABLE 0.00
11.1400Q:1299/ ACCTS REC-JTM TECH 0.00
1111-1000-1.2998 ACCTS REC-FORGIVEABLE LOANS 60,000.00
1111--1.0O0-14112 INVENTORY-MATERIAL/SUPPLY 0.00
1111--1.000-1.4116 INVENTORY-LAND&BUILDINGS 12,435,269.70
11.14000-1411/ INVENTORY-404 S HWY 78 0.00
1.11--1.000-1.411 INVENTORY-BAYCO/SANDEN BLVD 0.00
11.1-1000-14310 PREPAID EXPENSES-MISC 0.00
111--1.000-1.4410 DEFERRED OUTFLOWS 438,367.00
Total Assets: 15,814,559.51 15,814,559.51
Liability
11:1-1000-20132 EMP CARE FLITE 0.00
111.-2000-20110 FEDERAL INCOME TAX PAYABLE 0.00
11.1-2000-20111 MEDICARE PAYABLE 0.00
11.1-2000-20112 CHILD SUPPORT PAYABLE 0.00
111-2000 20113 CREDIT UNION PAYABLE 0.00
11.1-2000-1011.4 IRS LEVY PAYABLE 0.00
11.1-2000-10115 NATIONWIDE DEFERRED COMP 0.00
111-2000-1011E HEALTH INSUR PAY-EMPLOYEE 1,790.88
11.1-20C10_-1U117 TMRS PAYABLE 2,102.96
11.1-2000-20118 ROTH IRA PAYABLE 0.00
11.1-2000-2011.9 WORKERS COMP PAYABLE 0.00
11.1-2000-10120 FICA PAYABLE 0.00
11.1-2000-20121 TEC PAYABLE 0.00
11.1-2000-10122 STUDENT LOAN LEVY PAYABLE 0.00
11.1-2000-20123 ALIMONY PAYABLE 0.00
11.1-2000-10124 BANKRUPTCY PAYABLE 0.00
11.1-2000-20125 VALIC DEFERRED COMP 0.00
9/10/2021 2o]2320 PM Page 1 of 3
Balance Sheet As Of 08/31/2021
Account Name Balance
111-2000-20126 ICMA PAYABLE 0.00
111-2000-20127 EMP.LEGAL SERVICES PAYABLE 0.00
111-2000 20130 FLEXIBLE SPENDING ACCOUNT 8,437.30
111-2000-20131 EDWARD JONES DEFERRED COMP 0.00
111-2000-20132 EMP CARE FLITE 12.00
111-2000-20151 ACCRUED WAGES PAYABLE 0.00
111-2000-2018C) ADDIT EMPLOYEE INSUR PAY 48.00
111-2000-20199 MISC PAYROLL PAYABLE 0.00
111-2000 20201 AP PENDING 0.00
111-2000-20210 ACCOUNTS PAYABLE 32,265.37
111-20C)0 20530 PROPERTY TAXES PAYABLE 0.00
111-20C)0 20540 NOTES PAYABLE 438,367.00
111-2000 20810 DUE TO GENERAL FUND 0.00
111-2000 22270 DEFERRED INFLOW 0.00
111-2000 22275 DEF INFLOW-LEASE PRINCIPAL 0.00
111-2000 22280 DEFERRED INFLOW-LEASE INT 0.00
131-2000 22915 RENTAL DEPOSITS 1,200.00
Total Liability: 484,223.51
Equity
111-3000-34110 FUND BALANCE-RESERVED 0.00
111-3000-34590 FUND BALANCE-UNRESERV/UNDESIG 14 338 375.34
Total Beginning Equity: 14,338,375.34
Total Revenue 2,965,537.89
Total Expense 1,973,577.23
Revenues Over/Under Expenses 991,960.66
Total Equity and Current Surplus(Deficit): 15,330,336.00
Total Liabilities,Equity and Current Surplus(Deficit): 15,814,559.51
9/1 0/2021 2:12:20 PM Pago 2 of 3
Balance Sheet As Of 08/31/2021
Account Name Balance
Fund:922-GEN LONG TERM DEBT(WEDC)
Assets
922-1000-10312 GOVERNMENT NOTES 0.00
922-1000-1.8110 LOAN-WEDC 0.00
922-100048120 LOAN-BIRMINGHAM 0.00
922-1000-18210 AMOUNT TO BE PROVIDED 0.00
922-1000-1.8220 BIRMINGHAM LOAN 0.00
922-1000-19050 DEF OUTFLOW TMRS CONTRIBUTIONS 37,997.29
9224000-19051 DEF OUTFLOW SDBF CONTRIBUTIONS 1,800.00
9 22-1000-190 75 DEF OUTFLOW-INVESTMENT EXP 0.48
922-1000-1.91.00 DEF OUTFLOW-ACT EXP/ASSUMP 55,810.78
922-1000-1.91.25 (GAIN)/LOSS ON ASSUMPTION CHGS -46,839.41
922-1000-19126 DEF INFLOW SDBF CONTRIBUTIONS -872.00
Total Assets: 47,897.14 47,897.14
Liability
922-2000-20126 ICMA PAYABLE 0.00
922-2 000-20310 COMPENSATED ABSENCES PAYABLE 0.00
922-2000-20311 COMP ABSENCES PAYABLE-CURRENT 20,727.84
922-2000-21410 ACCRUED INTEREST PAYABLE 8,803.17
922-2000-28205 WEDC LOANS/CURRENT 48,355.82
922-2000-28210 WEDC LOANS 0.00
922-2000-282.20 BIRMINGHAM LOAN 0.00
922-2000-28230 INWOOD LOAN 0.00
922-2000-28232 ANB LOAN/EDGE 0.00
922-2000;282_33 ANB LOAN/PEDDICORD WHITE 0.00
922-2000-28234 ANB LOAN/RANDACK HUGHES 0.00
922-2000-282.35 ANB LOAN 0.00
922-2000-28236 ANB CONSTRUCTION LOAN 0.00
922-20000228237 ANB LOAN/WOODBRIDGE PARKWAY 0.00
922-2000-28238 ANB LOAN/BUCHANAN 0.00
922-20000228239 ANB LOAN/JONES:HOBART PAYOFF 0.00
9 2 2-2 000-2 8241) HUGHES LOAN 0.00
922-20000-28242 ANB LOAN/HWY 78:5TH ST REDEV 4,067,890.31
922-2000-28245 ANB LOAN/DALLAS WHIRLPOOL 640,776.23
922-20000-28247 JARRARD LOAN 174,168.89
922-2000-28250 CITY OF WYLIE LOAN 0.00
922-2000-28260 PRIME KUTS LOAN 0.00
922-2000-28270 BOWLAND/ANDERSON LOAN 0.00
922-2000-28280 CAPITAL ONE CAZAD LOAN 0.00
922-2000-28290 HOBART/COMMERCE LOAN 0.00
922-20000-291 0 NET PENSION LIABILITY 199,184.17
922-2000-29151 SDBF LIABILITY 8,460.00
Total Liability: 5,168,366.43
Equity
9 2 2-3000-34 590 FUND BALANCE-UNRESERV/UNDESIG -5,317,765.74
922-3000-35900 UNRESTRICTED NET POSITION -120,264.00
Total Beginning Equity: -5,438,029.74
Total Revenue 0.00
Total Expense -317,560.45
Revenues Over/Under Expenses 317,560.45
Total Equity and Current Surplus(Deficit): -5,120,469.29
Total Liabilities,Equity and Current Surplus(Deficit): 47,897.14
9/10/2021 2:12:20 PM fate 3 of 3
Wylie Economic Development Corporation
SALES TAX REPORT
August 31, 2021
BUDGETED YEAR
DIFF % DIFF
MONTH FY 2018 FY 2019 FY 2020 FY 2021 20 vs. 21 20 vs. 21
DECEMBER $ 184,848.59 $ 214,867.15 $ 226,663.94 $ 235,381.33 $ 8,717.39 3.85%
JANUARY $ 191,895.71 $ 223,749.61 $ 218,520.22 $ 262,263.52 $ 43,743.30 20.02%
FEBRUARY $ 275,667.83 $ 307,366.66 $ 362,129.18 $ 456,571.35 $ 94,442.17 26.08%
MARCH $ 182,852.50 $ 208,222.32 $ 228,091.34 $ 257,187.91 $ 29,096.57 12.76%
APRIL $ 163,484.89 $ 182,499.53 $ 203,895.57 $ 221,881.55 $ 17,985.98 8.82%
MAY $ 203,707.17 $ 274,299.18 $ 289,224.35 $ 400,371.70 $ 111,147.35 38.43%
JUNE $ 199,412.29 $ 234,173.88 $ 239,340.35 $ 290,586.92 $ 51,246.57 21.41%
JULY $ 213,976.64 $ 215,107.94 $ 296,954.00 $ 314,559.10 $ 17,605.10 5.93%
AUGUST $ 249,589.63 $ 283,602.93 $ 325,104.34 $ 390,790.76 $ 65,686.42 20.20%
SEPTEMBER $ 213,425.79 $ 243,048.40 $ 259,257.89
OCTOBER $ 210,701.71 $ 224,875.38 $ 249,357.02
NOVEMBER $ 273,196.62 $ 308,324.41 $ 384,953.89
Sub-Total $ 2,562,759.35 $ 2,920,137.37 $ 3,283,492.09 $ 2,829,594.13 $ 439,670.84 17.50%
Total $ 2,562,759.35 $ 2,920,137.37 $ 3,283,492.09 $ 2,829,594.13 $ 439,670.84 17.50%
WEDC Sales Tax Analysis
$500,000
$450,000
$400,000
$350,000
$300,000
$250,000
2020
$200,000
■2021
$150,000
$100,000
$50,000
$0
5e
"""Sales Tax collections typically take 2 months to be reflected as Revenue. SIsTx receipts are then accrued back 2 months.
Example:August SlsTx Revenue is actually June SlsTx and is therefore the 9th allocation in FY21.
Wylie Economic Development
Board
AGENDA REPORT
Meeting Date: September 15, 2021 Item Number: 1
Department: WEDC (Staff Use Only)
Prepared By: Jason Greiner Account Code:
Date Prepared: 9/7/21 Exhibits: 1
Subject
Consider and act upon Resolution 2021-02(R)between the WEDC and Government Capital Corporation.
Recommendation
Motion to approve Resolution 2021-02(R)between the WEDC and Government Capital Corporation.
Discussion
On 8/18/2021, the Board approved Resolution 2021-01(R) which retained Government Capital Corporation
as Lender for financing options for the WEDC. The attached exhibit contains the Loan Agreement, Series
2021 Note, Sales Tax Remittance Agreement, and Resolution Documents that will authorize the borrowing of
the funds to refinance current debt and acquire additional key properties.
Tentative Timeline for Funding:
• 8/18/21 WEDC-Engaging Professionals Resolution
• 8/19- 9/10/21 Credit Review, Secure Compliance Package, Loan Document Generation
• 9/15/21 WEDC-Action Item-Pass Authorizing Resolution (Authorizing the Borrowing)
• 9/28/21 City Council Action Item- Pass Sales Tax Remittance Resolution(Ratifying WEDC action)
• 10/5/21 Target Funding Date (wire transfer funds per Funding Memorandum)
As noted above, approval of Resolution 2021-02(R) authorizes the borrowing of funds for the loan in the
principal amount of$8,108,000.
Page 1 of 1
CLOSING DOCUMENTS INDEX
$8,108,000.00 SERIES 2021 NOTE (TAXABLE)
GOVERNMENT CAPITAL CORPORATION
("Lender")
and
WYLIE ECONOMIC DEVELOPMENT CORPORATION
("Corporation")
Dated as of October 5, 2021.
Document
No. Document Description
1 Loan Agreement between Lender and Corporation
Exhibit A—Form of Note
2 Series 2021 Note executed by Corporation and payable to Lender
Schedule I—Payment Schedule
3 Sales Tax Remittance Agreement executed by the Corporation and the City of Wylie,
Texas (the "City")
4 General Certificate of Corporation
5 Resolution of Corporation
6 General Certificate of the City
Exhibit A—Resolution/Order Calling Election, Notice of Election and
Resolution/Order Canvassing Election Returns
7 Resolution of the City
Exhibit A - Sales Tax Remittance Agreement
8 Opinion of Counsel
9 Articles of Incorporation of Corporation
1-6NZ815702-Wylie EDC -Index of Documents(v.2)
Document
No. Document Description
10 Certificate of Good Standing for the Corporation from Texas Comptroller
11 Certificate of Fact for the Corporation from Texas Secretary of State
1-6NZ815702-Wylie EDC -Index of Documents(v.2)
LOAN AGREEMENT
between
GOVERNMENT CAPITAL CORPORATION
and
WYLIE ECONOMIC DEVELOPMENT CORPORATION
$8,108,000.00
Dated as of October 5, 2021
2-6NZ816602-Wylie EDC-Loan Agreement(v.2)(002)
LOAN AGREEMENT
This LOAN AGREEMENT (as amended, restated, supplemented and/or otherwise
modified, this "Agreement"), dated as of October 5, 2021, is between GOVERNMENT
CAPITAL CORPORATION (the "Lender"), and the WYLIE ECONOMIC
DEVELOPMENT CORPORATION (the "Corporation"), a nonprofit economic development
corporation duly established and created pursuant to Chapters 501, 502 and 504, Local
Government Code, as amended (formerly Section 4A of the Development Corporation Act of
1979, Article 5190.6, Texas Revised Civil Statutes Annotated, as amended), (collectively, the
"Act"), created by or on behalf of the City of Wylie, Texas (the "City").
WTTNESSETW:
WHEREAS, the City has established, levied, is maintaining and collecting on behalf of
the Corporation the Economic Development Sales and Use Tax pursuant to the Act;
WHEREAS, the Corporation has asked the Lender to make a loan to the Corporation for
the purpose of (i) financing the purchase of certain real property in the City and completing
infrastructure improvements thereto as part of a master-planned redevelopment as permitted
under the Act; (ii) refinancing prior outstanding debt and (iii) paying costs of issuing the loan,
such loan to be secured by and payable from the proceeds of the Economic Development Sales
and Use Tax;
WHEREAS, purchasing the property and refinancing existing obligations is important to
the economic growth and development of the City and will benefit the City's residents by aiding
the City's efforts to encourage economic growth and development, stimulate commerce, promote
or develop new or expanded business enterprises, enhance the health, safety, and welfare of the
City's residents and promote long-term debt service savings;
WHEREAS, the Lender is willing to make such loan to the Corporation, on the terms
and conditions hereinafter set forth;
NOW, THEREFORE, in consideration of the premises and other good and valuable
consideration and the mutual benefits, covenants and agreements herein expressed, the Lender
and the Corporation agree as follows:
ARTICLE I
DEFINITIONS AND RULES OF CONSTRUCTION
Section 1.1 Definitions The capitalized terms used in this Agreement shall have the
following respective meanings unless the context otherwise requires:
Act -has the meaning ascribed to such term in the first paragraph hereof.
Additional Parity Debt - means: additional debt or other obligations to be issued or
incurred by the Corporation including, without limitation, the issuance or incurrence of any
bonds, notes, or other obligations payable from and secured in whole or in part by liens on the
2-6NZ816602-Wylie EDC-Loan Agreement(v.2)(002)
LOAN AGREEMENT(SERIES 2021)
Pledged Revenues that are in parity with the lien on the Pledged Revenues securing the payment
of the Existing Indebtedness and the Series 2021 Note.
Additional Subordinate Debt - means: Additional debt or other obligations to be issued or
incurred by the Corporation including, without limitation, the issuance or incurrence of any
bonds, notes, or other obligations payable from and secured in whole or in part by liens on the
Pledged Revenues that are junior or subordinate to the lien on the Pledged Revenues securing the
payment of the Series 2021 Note.
Agreement - has the meaning ascribed to such term in the first paragraph hereof.
Bond Counsel—Naman Howell Smith& Lee, PLLC.
Business Day - Any day, other than a Saturday, Sunday, or legal holiday, on which the
offices of the Lender are not required or authorized by law or executive order to be closed.
City- has the meaning ascribed to such term in the first paragraph hereof.
Closing Date- The date that the Series 2021 Note is delivered to the Lender.
Code - The Internal Revenue Code of 1986, as amended, and all applicable regulations
and any official rulings and determinations under the above.
Corporation- has the meaning ascribed to such term in the first paragraph hereof.
Costs of Issuance - The costs and expenses incurred by the Corporation with respect to
the authorization, execution and delivery of the Loan Documents and all documentation related
thereto.
Debt Service Fund- shall have the meaning ascribed to such term in Section 4.4 hereof.
Debt Service Requirement - The amount necessary to pay the principal of and interest
due and owing on the Series 2021 Note during each respective fiscal year of the Corporation.
Economic Development Sales and Use Tax - The r'A of 1% sales and use tax authorized to
be levied by the City on behalf of the Corporation for the promotion of economic development
pursuant to the Act and elections duly held.
Event of Default - Unless waived in writing by the Lender, the occurrence of any of the
following:
(a) the failure of the Corporation to make any of the Series 2021 Note Payments
when due;
(b) the failure of the Corporation to comply with any other covenant, condition, or
agreement under this Agreement, and the continuation of such failure for a period of thirty (30)
days after the date that the Corporation acquired actual knowledge or written notice of such
failure, which knowledge may take the form of notice specifying such failure given to the
Corporation by the Lender;
2-6NZ816602-Wylie EDC-Loan Agreement(v.2)(002) 2 LOAN AGREEMENT(SERIES 2021)
(c) bankruptcy, insolvency, appointment of a receiver for, or the failure to discharge a
judgment against, the Corporation;
(d) the violation of any representation or warranty made by the Corporation under
Section 5.2 hereof; or
(e) the failure of the Corporation to perform any of its obligations under or comply
with any provisions of this Agreement not described in (a) or (b) above or any other agreement
with the Lender to which it may be a party or by which it is bound.
Existing Parity Indebtedness - means any note, bond or other debt obligations of the
Corporation outstanding as of the Closing Date and payable from and secured in whole or in part
by liens on the Pledged Revenues that are in parity with the lien on the Pledged Revenues
securing the payment of the Series 2021 Note.
Interest Payment Date - The date interest payments are due on the Loan, as set forth in
the Series 2021 Note.
Lender- Government Capital Corporation, together with its successors and assigns.
Loan- The loan from the Lender to the Corporation made pursuant to this Agreement.
Loan Documents - Collectively, this Agreement, the Series 2021 Note, the Sales Tax
Remittance Agreement, and the Resolution.
Maximum Interest Rate - The maximum rate of interest allowed under Chapter 1204,
Government Code, as amended, but not to exceed the "applicable interest rate ceiling" as
determined under Chapter 303 of the Texas Finance Code from time to time in effect.
Series 2021 Note - The promissory note of even date herewith (such promissory note, as
the same may be renewed, extended, amended or otherwise modified from time to time)
delivered pursuant to this Agreement in substantially the form attached hereto as Exhibit A, and
any promissory note executed and delivered by the Corporation in replacement thereof or in
substitution therefor.
Series 2021 Note Payments - The payments required by Section 2.3 to be made by the
Corporation in payment of the principal of and interest on the Series 2021 Note.
Series 2016 Note — The Corporation's promissory note dated November 22, 2016 in the
original principal amount of $2,000,000 (as the same may have been renewed, extended,
amended or otherwise modified from time to time) and payable to American National Bank of
Texas.
Series 2018 Note - The Corporation's promissory note dated December 12, 2018 in the
original principal amount of $4,500,000 (as the same may have been renewed, extended,
amended or otherwise modified from time to time) and payable to American National Bank of
Texas.
2-6NZ816602-Wylie EDC-Loan Agreement(v.2)(002) 3 LOAN AGREEMENT(SERIES 2021)
Pledged Revenues - 100% of the funds collected by the City from the levy of the
Economic Development Sales and Use Tax, without deduction, offset or credit for any
administrative charges or expenses incurred by the City or the Corporation in connection with
the levy and collection of the Economic Development Sales and Use Tax, other than any
amounts due and owing to the Comptroller of Public Accounts of the State for collection costs
and other charges.
Principal Amount - $8,108,000.00.
Property: That real property located at 802 W. Kirby Street, Wylie, Texas 75098.
Refunded Obligations—collectively, the Series 2016 Note and the Series 2018 Note.
Resolution - The resolution of the Board of Directors of the Corporation authorizing the
execution and delivery of this Agreement and the Series 2021 Note and the pledge of the Pledged
Revenues to the payment of the principal of and interest on the Series 2021 Note, and any
amendments or supplements thereto.
Revenue Fund- shall have the meaning ascribed to such term in Section 4.4 hereof.
Sales Tax Remittance Agreement - The Sales Tax Remittance Agreement dated as of
even date herewith by and between the Corporation and the City, as same may be amended,
restated, supplemented and/or otherwise modified.
Series 2021 Note - The promissory note of even date herewith (such promissory note, as
the same may be renewed, extended, amended or otherwise modified from time to time)
delivered pursuant to this Agreement in substantially the form attached hereto as Exhibit A, and
any promissory note executed and delivered by the Corporation in replacement thereof or in
substitution therefor.
Series 2021 Note Payments - The payments required by Section 2.3 to be made by the
Corporation in payment of the principal of and interest on the Series 2021 Note.
Series 2016 Note — The Corporation's promissory note dated November 22, 2016 in the
original principal amount of $2,000,000 (as the same may have been renewed, extended,
amended or otherwise modified from time to time) and payable to American National Bank of
Texas.
Series 2018 Note - The Corporation's promissory note dated December 12, 2018 in the
original principal amount of $4,500,000 (as the same may have been renewed, extended,
amended or otherwise modified from time to time) and payable to American National Bank of
Texas.
State - The State of Texas.
Surplus Fund- shall have the meaning ascribed to such term in Section 4.4 hereof.
2-6NZ816602-Wylie EDC-Loan Agreement(v.2)(002) 4 LOAN AGREEMENT(SERIES 2021)
Section 1.2 Interpretative Matters Whenever the context requires:
(i) references in this Agreement of the singular number shall include
the plural and vice versa; and
(ii) words denoting gender shall be construed to include the masculine,
feminine, and neuter.
(b) The table of contents and the titles given to any article or section of this
Agreement are for convenience of reference only and are not intended to modify the meaning of
the article or section.
ARTICLE II
THE LOAN; REPAYMENT OF THE LOAN
Section 2.1 Financing the Loan Subject to the terms and conditions set forth in this
Agreement, including without limitation the conditions set forth in Section 2.2, and for and in
consideration of the payment by the Corporation of its obligations under this Agreement and the
Series 2021 Note and the covenants and agreements herein contained, the Lender will, on the
Closing Date, advance to and for the sole use and benefit of the Corporation an amount equal to
the Principal Amount for the exclusive purpose of financing the costs of the Property, certain
infrastructure improvements to the Property, refunding the Refunded Obligations and the paying
Costs of Issuance.
Section 2.2 Conditions to Closing The obligation of the Lender to make the advance
pursuant to Section 2.1 hereof shall be subject to the following conditions:
(a) The representations of the Corporation herein shall be true, complete and correct
in all material respects on the date hereof and on and as of the Closing Date as if made on the
Closing Date;
(b) On the Closing Date, the Loan Documents shall be in full force and effect,
assuming due authorization and execution by the other parties thereto, and shall not have been
amended or supplemented except as may have been agreed to in writing by the Lender;
(c) At or prior to the Closing Date, the Lender shall have received each of the
following documents:
(i) This Agreement executed by an authorized officer of the Corporation;
(ii) The Series 2021 Note executed by an authorized officer of the
Corporation;
(iii) A certificate, dated the Closing Date, executed by an authorized officer of
the Corporation, to the effect that (A) the representations and warranties of the
Corporation contained in this Agreement are true and correct on the date hereof and on
and as of the Closing Date as if made on the Closing Date; (B) the Resolution and this
Agreement are in full force and effect and have not been amended or supplemented
2-6NZ816602-Wylie EDC-Loan Agreement(v.2)(002) 5 LOAN AGREEMENT(SERIES 2021)
except as may have been approved in writing by the Lender; (C) the Corporation is not in
default with respect to any of its outstanding obligations; and (D) no litigation is pending
or, to the best of their knowledge, threatened in any court to restrain or enjoin the
execution and delivery of this Agreement or the Series 2021 Note, the refunding of the
Refunded Obligations, or the levy and collection of the Economic Development Sales
and Use Tax or the pledge thereof, or contesting or affecting the adoption and validity of
the Resolution or the authorization, execution and delivery of the Loan Documents, or
contesting the powers of the Board of Directors of the Corporation;
(iv) Certified copies of resolutions of the City and the Corporation authorizing
execution, delivery and performance of all of the Loan Documents and authorizing the
borrowing hereunder, along with such certificates of existence, certificates of good
standing and other certificates or documents as the Lender may reasonably require to
evidence the Corporation's authority;
(v) True copies of all organizational documents of the Corporation, including
all amendments, restatements or supplements thereto;
(vi) An opinion of counsel to the Corporation which shall specifically provide
that (1) the Corporation is a validly existing non-profit corporation created by the City of
Wylie pursuant to Chapter 504 of the Act and (2) the Corporation is duly authorized and
empowered to execute, deliver and perform the Loan Documents.
Section 2.3 Repayment Terms The Corporation agrees to execute and deliver the
Series 2021 Note to the Lender upon the advance of the Principal Amount by the Lender to the
Corporation pursuant to Section 2.1.
(b) The Series 2021 Note shall be dated the Closing Date, shall be in an aggregate
principal amount equal to the Principal Amount and shall be payable in installments on the dates
and in the amounts specified in the Series 2021 Note.
(c) Interest shall accrue and be paid on the outstanding Principal Amount as specified
in the Series 2021 Note.
Section 2.4 Series 2021 Note Payments All Series 2021 Note Payments shall be
made on the applicable payment date in immediately available funds and shall be paid to the
Lender at the address provided to the Corporation pursuant to Section 8.2.
Section 2.5 Series 2021 Note Payments Due on Business Days If the regularly
scheduled due date for a Series 2021 Note Payment is not a Business Day, the due date for such
payment shall be the next succeeding Business Day, and payment made on such succeeding
Business Day shall have the same force and effect as if made on the regularly scheduled due
date.
Section 2.6 Prepayment of Series 2021 Note (a) Voluntary Prepayment. The
Corporation may at its option prepay the principal amount of the Series 2021 Note outstanding
2-6NZ816602-Wylie EDC-Loan Agreement(v.2)(002) 6 LOAN AGREEMENT(SERIES 2021)
hereunder, in whole but not in part, on any payment date on or after November 5, 2026. The
prepayment price shall be an amount equal to the Early Redemption Value set forth in the Series
2021 Note.
Section 2.7 Limited Obligation The obligations of the Corporation hereunder are
special limited obligations thereof and neither the Series 2021 Note nor any instrument related to
this Agreement may give a holder a right to demand payment from any source other than the
Economic Development Sales and Use Tax imposed by Chapter 504 of the Act and pledged
hereunder.
Section 2.8 Segregation of Economic Development Sales and Use Tax The
Corporation shall or shall cause the City to maintain a separate fund into which shall be
deposited the Economic Development Sales and Use Tax and the Corporation shall or shall cause
the City to segregate such taxes collected from the general fund of the City.
ARTICLE III
ADDITIONAL DEBT
Section 3.1 Additional Parity Debt.
(a) For so long as the Corporation is obligated hereunder and under the Series 2021
Note, the Corporation shall have the right to issue Additional Parity Debt when issued in
compliance with the law and terms and conditions hereinafter appearing, the lien or pledge
securing such Additional Indebtedness shall occupy a position of parity and equal dignity with
the lien or pledge securing the Notes, so long as prior to doing the same:
(i) the Corporation furnishes to the Lender a signed statement, supported by
its audit or other financial presentation acceptable to the Lender, that the Corporation's
net revenues for the previous 24 months, prior to incurring such additional debt, are at
least 1.15 times the annual debt service payments due on (i) the Series 2021 Note, (ii) any
other then outstanding Existing Parity Indebtedness of the Corporation, and (iii) the
proposed new debt yet to be incurred. Such statement shall be furnished to the Lender at
least 14 days prior to the time any additional debt is incurred;
(ii) Net revenues shall mean the gross revenues of the Purchaser, less its
operating expenses, as determined by GAAP. Depreciation or amortization costs shall
not be counted as operating expenses.
Section 3.2 Additional Subordinate Debt
(a) The Corporation may issue or incur Additional Subordinate Debt without
restriction.
2-6NZ816602-Wylie EDC-Loan Agreement(v.2)(002) 7 LOAN AGREEMENT(SERIES 2021)
ARTICLE IV
SPECIAL AGREEMENTS
Section 4.1 Obligations of Corporation Unconditional The obligation of the
Corporation to make the payments required by Section 2.3 shall be absolute and unconditional.
The Corporation shall pay all such amounts without abatement, diminution or deduction
(whether for taxes or otherwise) regardless of any cause or circumstances whatsoever including,
without limitation, any defense, set-off, recoupment or counterclaim that the Corporation may
have or assert against the Lender or any other person.
(b) Until such time as the Series 2021 Note is fully paid the Corporation:
(i) will not suspend or discontinue, or permit the suspension or
discontinuance of, any Series 2021 Note Payment;
(ii) will perform and observe all of its other agreements contained in this
Agreement; and
(iii) except by full payment and retirement of the Series 2021 Note will not
teuninate this Agreement for any cause.
Section 4.2 Agreement as Security Agreement An executed copy of this Agreement
shall constitute a security agreement pursuant to applicable law, with the Lender as the secured
party. The lien, pledge, and security interest of the Lender created in this Agreement shall
become effective immediately upon the Closing Date, and the same shall be continuously
effective for so long as the Series 2021 Note is outstanding.
(b) A fully executed copy of this Agreement and the proceedings authorizing it shall
be filed as a security agreement among the permanent records of the Corporation. Such records
shall be open for inspection to any member of the general public and to any person proposing to
do or doing business with, or asserting claims against, the Corporation, at all times during regular
business hours.
(c) The provisions of this section are prescribed pursuant to the Bond Procedures Act
of 1981 (Chapter 1204, Government Code), as amended, and other applicable laws of the State.
If any other applicable law, in the opinion of counsel to the Corporation or in the opinion,
reasonably exercised, of counsel to the Lender, requires any filing or other action additional to
the filing pursuant to this section in order to preserve the priority of the lien, pledge, and security
interest of the Lender created by this Agreement, the Corporation shall diligently make such
filing or take such other action to the extent required by law to accomplish such result.
Section 4.3 Pledge and Source of Payment The Corporation hereby covenants that
all Pledged Revenues shall be deposited and paid into the Special Funds established in
Section 4.4 hereof, and shall be applied in the manner set out herein, to provide for the payment
of principal and interest on the Series 2021 Note and, to the extent permitted, any Existing Parity
Indebtedness and Additional Debt and all expenses of paying the same. The obligations of the
Corporation under the Series 2021 Note and any Existing Parity Indebtedness and Additional
2-6NZ816602-Wylie EDC-Loan Agreement(v.2)(002) 8 LOAN AGREEMENT(SERIES 2021)
Debt shall be special limited obligations of the Corporation payable solely from, and secured by
a first lien on, the Pledged Revenues, and collected and received by the Corporation, which
Pledged Revenues shall, in the manner herein provided, be set aside and pledged to the payment
of the Series 2021 Note and any Existing Parity Indebtedness and Additional Debt in the Debt
Service Fund, and any excess Economic Development Sales and Use Tax revenues shall be set
aside in the Surplus Fund as hereinafter provided. The Lender and any owner of any Existing
Parity Indebtedness and Additional Debt shall never have the right to demand payment out of
any funds raised or to be raised by ad valorem taxation. The Lender and any owner of any
Existing Parity Indebtedness and Additional Debt shall never have the right to demand payment
from sales tax revenues in excess of those collected from the Economic Development Sales and
Use Tax.
Section 4.4 Special Funds. The following special funds are hereby created, and such
funds shall be maintained and accounted for as hereinafter provided, so long as the Series 2021
Note and any Additional Debt remain outstanding:
(a) Economic Development Sales and Use Revenue Fund(the "Revenue Fund");
(b) Economic Development Sales and Use Series 2021 Note Debt Service Fund (the
"Debt Service Fund"); and
(c) Economic Development Sales and Use Fund(the "Surplus Fund").
The Revenue Fund, the Debt Service Fund and the Surplus Fund shall be maintained and
accounted for as separate accounts on the books of the Corporation. All of the funds named
above shall be used solely as provided herein so long as the Series 2021 Note and any Additional
Debt remain outstanding. Notwithstanding the foregoing and the provisions of Sections 4.5, 4.6
and 4.7 hereof, the Corporation may utilize existing accounts and maintain appropriate internal
records regarding the Revenue Fund, the Debt Service Fund and the Surplus Fund.
Section 4.5 Flow of Funds All Pledged Revenues shall be deposited as collected into
the Revenue Fund. Money from time to time on deposit to the credit of the Revenue Fund shall
be applied as follows in the following order and priority:
(a) First, to make all deposits into the Debt Service Fund required by this Agreement
to pay principal of and interest on the Series 2021 Note and as required by any resolution
authorizing the issuance of any Existing Parity Indebtedness and Additional Debt;
(b) Second, to make the transfers required by any condition authorizing the issuance
or incurrence of subordinate lien obligations (subject to the prior requirements of any resolution
authorizing the issuance of any Existing Parity Indebtedness and Additional Debt); and
(c) Third, to make all deposits into the Surplus Fund as required by this Agreement,
said funds to be used by the Corporation for any lawful purpose.
2-6NZ816602-Wylie EDC-Loan Agreement(v.2)(002) 9 LOAN AGREEMENT(SERIES 2021)
Whenever the total amounts on deposit to the credit of the Debt Service Fund shall be equal to
the amount set forth in Section 4.6 hereof, no further payments need be made into the Debt
Service Fund.
Section 4.6 Debt Service Fund On or before the last Business Day of each month,
beginning on the last Business Day of the month in which the Closing Date occurs, there shall be
deposited into the Debt Service Fund from the Revenue Fund such amounts as are necessary to
accumulate the pro-rata monthly amount required to pay the initial Debt Service Requirements
on the Series 2021 Note. Once such amount has been deposited, on or before the last Business
Day of each month, there shall be transferred into the Debt Service Fund from the Revenue Fund
such pro-rata monthly amounts as will be sufficient to accumulate the amount required to pay the
Debt Service Requirement scheduled to become due on the Series 2021 Note during the
Corporation's current fiscal year.
If in any month the Corporation shall fail to make the full transfer to the Debt Service
Fund required by this Agreement, amount equivalent to such deficiency shall be transferred to
the Debt Service Fund from the first available and unallocated money in the Revenue Fund in the
following month or months, and such transfers shall be in addition to the other amounts required
to be transferred to the Debt Service Fund.
Money deposited to the credit of the Debt Service Fund required by this Agreement shall
be used solely for the purpose of paying principal and interest on the Series 2021 Note and any
Additional Debt plus any costs related thereto.
Section 4.7 Surplus Fund After making any transfers required into the Debt Service
Fund or any other funds created in any resolution authorizing the issuance of any Existing Parity
Indebtedness and Additional Debt or any subordinate lien obligations, any money remaining in
the Revenue Fund shall be considered surplus, and may be deposited into the Surplus Fund and,
notwithstanding the pledge of the Pledged Revenues hereunder, may be used by the Corporation
for any lawful purpose so long as there is no Event of Default hereunder.
Section 4.8 Investment of Funds; Transfer of Investment Income Money in the
Revenue Fund and the Debt Service Fund may, at the option of the Corporation, be invested in
time deposits or certificates of deposit of commercial banks secured in the manner required by
law for public funds and insured by the Federal Deposit Insurance Corporation to the maximum
extent permitted by law, or be invested in direct obligations of, or obligations fully guaranteed
by, the United States of America, or in any other investments authorized by the laws of the State;
provided that all such deposits or investments shall be made in such manner that the money
required to be expended from any fund will be available at the proper time or times. Any
obligation in which money is so invested shall be kept and held in the official depository bank of
the Corporation at which the fund is maintained from which the investment was made. All such
investments shall be promptly sold when necessary to prevent any default in connection with the
Series 2021 Note or any Additional Debt.
All interest and income derived from such deposits and investments shall be transferred
or credited as received to the Revenue Fund, and shall constitute Pledged Revenues.
2-6NZ816602-Wylie EDC-Loan Agreement(v.2)(002) I0 LOAN AGREEMENT(SERIES 2021)
Section 4.9 Security for Uninvested Funds All uninvested money on deposit in, or
credited to, the Revenue Fund and the Debt Service Fund shall be secured by the pledge of
security as provided by the laws of the State.
Section 4.10 Financial Statements and Reports For so long as any amounts remain
outstanding under the Series 2021 Note, the Corporation will promptly furnish to the Lender
from time to time upon request such information regarding the business and affairs and financial
condition of the Corporation as the Lender may reasonably request, and furnish to the Lender
promptly after available and in any event within one hundred eighty (180) days of each fiscal
year end, current audited financial statements, on a consolidated basis, of the Corporation, or if
not separately prepared, then of the City, including (i) a balance sheet, (ii) statement of revenues,
expenses and changes in fund balances, (iii) statements of cash flow, (iv) operating fund budget
analysis, and(iv) appropriate Series 2021 Notes and attachments to the financial statements.
Section 4.11 Notice of Contingent Liabilities Within five (5) days after the
Corporation knows or has reason to know of the occurrence thereof, the Corporation shall give
the Lender written notice of any actual or potential contingent liability in excess of$50,000.00.
Section 4.12 Inspection Rights At any reasonable time and from time to time, the
Corporation will permit representatives of the Lender to examine, copy, and make extracts from
its books and records, to visit and inspect its properties, and to discuss its business, operations,
and financial condition with its officers, employees, and independent certified public
accountants.
Section 4.13 Keeping Books and Records The Corporation will maintain proper
books of record and account in which full, true, and correct entries in conformity with generally
accepted accounting principles shall be made of all dealings and transactions in relation to its
business and activities.
ARTICLE V
REPRESENTATIONS AND WARRANTIES
Section 5.1 Representations and Warranties of Lender The Lender represents and
warrants to the Corporation the following:
(a) The Lender has all necessary power and authority to enter into and perform this
Agreement.
(b) The Lender has taken all actions required to authorize and execute this Agreement
and to perform its obligations hereunder and the execution, delivery and performance by the
Lender of and compliance with the provisions of this Agreement will not conflict with any
existing law, regulation, rule, decree or order or any agreement or other instrument by which the
Lender is bound.
Section 5.2 Representations by the Corporation The Corporation represents,
warrants and covenants to the Lender as follows:
2-6NZ816602-Wylie EDC-Loan Agreement(v.2)(002) 11 LOAN AGREEMENT(SERIES 2021)
(a) The Corporation is a nonprofit industrial development corporation, within the
meaning of Chapter 504 (formerly Section 4A) of the Act, has all of the rights, powers,
privileges, authority and functions given by the general laws of the State to nonprofit
corporations incorporated under the Texas Non-Profit Corporation Act, as amended, except as
otherwise provided in Section 501.054(a) of the Act (formerly Section 23(a) of the Act), and is
authorized by the Act to execute and to enter into this Agreement and to undertake the
transactions contemplated herein and to carry out its obligations hereunder.
(b) The Corporation is duly organized, validly existing, and in good standing under
the laws of the State. The Corporation has all requisite power, authority and legal right to
execute and deliver the Loan Documents and all other instruments and documents to be executed
and delivered by the Corporation pursuant thereto, to perform and observe the provisions thereof
and to carry out the transactions contemplated by the Loan Documents. All corporate action on
the part of the Corporation which is required for the execution, delivery, performance and
observance by the Corporation of the Loan Documents has been duly authorized and effectively
taken, and such execution, delivery, performance and observation by the Corporation do not
contravene applicable law or any contractual restriction binding on or affecting the Corporation.
(c) The Corporation has duly approved the borrowing of funds from the Lender and
has received the approval of the City therefor; no other authorization or approval or other action
by, and no notice to or filing with any governmental authority or regulatory body is required as a
condition to the performance by the Corporation of its obligations under any of the Loan
Documents.
(d) This Agreement and the Series 2021 Note are legally valid and binding
obligations of the Corporation enforceable against the Corporation in accordance with their
respective terms.
(e) There is no default of the Corporation in the payment of the principal of or
interest on any of its indebtedness for borrowed money or under any instrument or instruments or
agreements under and subject to which any indebtedness for borrowed money has been incurred
which does or could affect the validity and enforceability of the Loan Documents or the ability of
the Corporation to perform its obligations thereunder, and no event has occurred and is
continuing under the provisions of any such instrument or agreement which constitutes or, with
the lapse of time or the giving of notice, or both, would constitute such a default.
(f) There is no pending or, to the knowledge of the undersigned officers of the
Corporation, threatened action or proceeding before any court, governmental agency or
department or arbitrator (i) to restrain or enjoin the execution or delivery of this Agreement and
the Series 2021 Note or the collection of any Pledged Revenues to pay the Series 2021 Note, (ii)
in any way contesting or affecting the authority for the execution and delivery or the validity of
the Loan Documents, or (iii) in any way contesting the levy of the Economic Development Sales
and Use Tax or the existence of the Corporation or the title or powers of the officers of the
Corporation.
(g) In connection with the authorization, execution and delivery of this Agreement
and the Series 2021 Note, the Corporation has complied with all provisions of the laws of the
State, including the Act.
2-6NZ816602-Wylie EDC-Loan Agreement(v.2)(002) 12 LOAN AGREEMENT(SERIES 2021)
(h) The execution and delivery of the documents contemplated hereunder do not
violate any provision of any instrument or agreement to which the Corporation is a party or by
which it is bound.
(i) The Corporation has, by proper corporate action, duly authorized the execution
and delivery of this Agreement.
(j) The Corporation is not in default under or in violation of the Constitution or any
of the laws of the State relevant to the issuance of the Series 2021 Note or the consummation of
the transactions contemplated hereby or in connection with such issuance, and has duly
authorized the issuance of the Series 2021 Note and the execution and delivery of this
Agreement. The Corporation agrees that it will do or cause to be done in a timely manner all
things necessary to preserve and keep in full force and effect its existence, and to carry out the
team of this Agreement and the Indenture.
(k) The Corporation's books and records properly reflect the financial condition of
the Corporation and, to the best of the Corporation's knowledge, there has been no material
adverse change in the business, condition (financial or otherwise), operations, prospects or
properties of the Corporation since the effective date of the Corporation's most recent financial
statements.
ARTICLE VI
REMEDIES SECTION
Section 6.1 Remedies Available So long as any Event of Default has occurred and is
continuing, the Lender may take any action at law or in equity to collect all amounts then due
under this Agreement and the enforcing of compliance with any other obligation of the
Corporation under this Agreement.
(b) In addition to the remedies provided in subsection (a) of this Section, the Lender
shall, to the extent pelinitted by law, be entitled to recover the costs and expenses, including
attorney's fees and court costs, incurred by the Lender in the proceedings authorized under
subsection (a) of this Section.
(c) Notwithstanding any other provision of this Agreement, the acceleration of the
Series 2021 Note Payments is not available as a remedy under this Agreement.
Section 6.2 Application of Money Collected Any money collected as a result of the
taking of remedial action pursuant to this Article VI, including money collected as a result of
foreclosing the liens of this Agreement, shall be applied to cure the Event of Default with respect
to which such remedial action was taken.
Section 6.3 Restoration of Rights If any action taken as a result of an Event of
Default is discontinued or abandoned for any reason, or is determined adversely to the interests
of the Lender, or if an Event of Default is cured, all parties shall be deemed to be restored to their
respective positions and rights under the Loan Documents as if such Event of Default had not
occurred.
2-6NZ816602-Wylie EDC-Loan Agreement(v.2)(002) 13 LOAN AGREEMENT(SERIES 2021)
Section 6.4 Non-Exclusive Remedies No remedy conferred upon or reserved to the
Lender by this Agreement is intended to be exclusive of any other available remedy, and each
such remedy shall be in addition to any other remedy given under this Agreement or the other
Loan Documents or now or hereafter existing at law or in equity.
Section 6.5 Delays No delay or omission to exercise any right or power accruing
upon any Event of Default shall impair any such right or power or be construed to be a waiver
thereof, and all such rights and powers may be exercised as often as may be deemed expedient.
Section 6.6 Limitation on Waivers If an Event of Default is waived, such waiver
shall be limited to the particular Event of Default so waived and shall not be deemed a waiver of
any other Event of Default; provided, that no waiver of an Event of Default shall be effective
unless such waiver is made in writing.
ARTICLE VII
DISCHARGE BY PAYMENT
When the Series 2021 Note has been paid in full or when the Corporation has made
payment to the Lender of the whole amount due or to become due under the Series 2021 Note
(including all interest that has accrued thereon or that may accrue to the date of maturity or
prepayment, as applicable), and all other amounts payable by the Corporation under this
Agreement have been paid, the liens of this Agreement shall be discharged and released, and the
Lender, upon receipt of a written request by the Corporation and the payment by the Corporation
of the reasonable expenses with respect thereto, shall discharge and release the lien of this
Agreement and execute and deliver to the Corporation such releases or other instruments as shall
be requisite to release the lien hereof.
ARTICLE VIII
MISCELLANEOUS
Section 8.1 Term of Agreement This Agreement shall become effective upon the
Closing Date and shall continue in full force and effect until all obligations of the Corporation
under this Agreement and the Series 2021 Note have been fully paid.
Section 8.2 Notices (a) All notices, certificates, or other communications required by
or made pursuant to this Series 2021 Note Agreement shall be in writing and given by certified
or registered United States Mail, return receipt requested, addressed as follows:
(i) if to the Lender:
Government Capital Corporation
345 Miron Drive
Southlake, TX 76092
(ii) if to the Corporation:
2-6NZ816602-Wylie EDC-Loan Agreement(v.2)(002) 14 LOAN AGREEMENT(SERIES 2021)
Wylie Economic Development Corporation
250 South Highway 78
Wylie, Texas 75098
Attention: Demond Dawkins, Board President
(b) The Corporation and the Lender may designate any further or different addresses
to which subsequent notices shall be sent; provided, that, any of such parties shall designate only
one address for such party to receive such notices.
(c) Except as otherwise provided by this Agreement, any communication delivered
by mail in compliance with this section is deemed to have been given as of the date of deposit in
the mail.
(d) A provision of this Agreement that provides for a specific method of giving notice
or otherwise conflicts with this section supersedes this section to the extent of the conflict.
Section 8.3 Binding Effect, Assignment (a) This Agreement shall (i) be binding
upon the Corporation, its successors and assigns, and (ii) inure to the benefit of and be
enforceable by the Lender and its successors, transferees and assigns; provided that the
Corporation may not assign all or any part of this Agreement without the prior written consent of
the Lender. The Lender may assign, transfer or grant participations in all or any portion of this
Agreement, the Series 2021 Note, or any of its rights or security hereunder, including without
limitation, the instruments securing the Corporation's obligations under this Agreement;
provided that any such assignment, transfer or grant shall be made only to a financial institution
whose primary business is the lending of money.
Section 8.4 Expenses, Fees, Etc The Corporation hereby agrees to pay on demand all
reasonable costs and expenses of the Lender in connection with the preparation, negotiation,
execution, and delivery of the Loan Documents and any and all amendments, modifications,
renewals, extensions, and supplements thereof and thereto, including, without limitation, the fees
and expenses of legal counsel for the Lender and other professionals.
Section 8.5 Severability If any part of this Agreement is ruled invalid or
unenforceable by a court of competent jurisdiction, the invalidity or unenforceability thereof
shall not affect the remainder of this Agreement.
Section 8.6 Counterparts This Agreement may be executed in several counterparts,
each of which shall be an original and all of which shall constitute but one and the same
document.
Section 8.7 Applicable Law This Agreement shall be governed in all respects,
whether as to validity, construction, performance, or otherwise, by the laws of the State and, if
applicable, federal law.
Section 8.8 Jurisdiction All actions or proceedings with respect to, and the
performance of, the Series 2021 Note and this Agreement shall be, or shall be instituted in the
courts of the State of Texas, in Collin County, Texas, and by execution and delivery of this
Agreement, the Corporation and the Lender irrevocably and unconditionally submit to the
jurisdiction of such courts and unconditionally waive (i) any objection each may now or
2-6NZ816602-Wylie EDC-Loan Agreement(v.2)(002) 15 LOAN AGREEMENT(SERIES 2021)
hereafter have to the laying of venue in any such courts, and (ii) any claim that any action or
proceeding brought in any such courts has been brought in an inconvenient forum.
Section 8.9 Notice of Final Agreement THIS WRITTEN AGREEMENT AND
ANY OTHER DOCUMENTS EXECUTED IN CONNECTION HEREWITH
REPRESENT THE FINAL AGREEMENT BETWEEN THE PARTIES AND MAY NOT
BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR
SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO
UNWRITTEN AGREEMENTS BETWEEN THE PARTIES.
2-6NZ816602-Wylie FDC-Loan Agreement(v 2)(002) 16 LOAN AGREEMENT(SERIES 202 1)
IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
executed and attested by their respective duly authorized officers as of the date first above
written.
GOVERNMENT CAPITAL CORPORATION
By:
Name:
Title:
2-6NZ816602-Wylie EDC-Loan Agreement(v.2)(002) 17 LOAN AGREEMENT(SERIES 2021
WYLIE ECONOMIC
DEVELOPMENT CORPORATION
By:
Demond Dawkins, President
ATTEST:
By:
Gino Mulliqi, Secretary
2-6NZ816602-Wylie EDC-Loan Agreement(v.2)(002) 18 LOAN AGREEMENT(SERIES 2021
EXHIBIT A
THIS NOTE MAY NOT BE NEGOTIATED IN THE NAME OF BEARER
AND IS NOT A REGISTERED OBLIGATION
$8,108,000.00 October 5, 2021
WYLIE ECONOMIC DEVELOPMENT CORPORATION
SERIES 2021 NOTE
WYLIE ECONOMIC DEVELOPMENT CORPORATION (the "Corporation") for
value received, hereby promises to pay to the order of GOVERNMENT CAPITAL
CORPORATION, its successor or assigns, at its offices located at 345 Miron Drive, Southlake,
Texas 76092 the principal sum of EIGHT MILLION ONE HUNDRED EIGHT THOUSAND
AND 00/100 DOLLARS ($8,108,000.00).
All capitalized terms which are used but not defined in this Series 2021 Note shall have
the same meanings as in the Loan Agreement dated as of even date herewith, between the
Corporation and the Lender (such Loan Agreement, together with all amendments, restatements,
supplements and/or other modifications thereto,being the "Loan Agreement").
Subject to Section 2.3(d) of the Loan Agreement, the Corporation agrees to pay principal
and accrued interest on all amounts hereof so advanced and remaining from time to time unpaid
hereon monthly beginning on November 5, 2021 and continuing monthly thereafter until
maturity in such amounts as reflected on Schedule I attached hereto.
Interest shall accrue at a per annum rate of 3.48%.
Past due principal and interest shall bear interest at a rate per annum which is fifteen
percent (15.0%).
All payments of interest shall be computed annually based on a 360 day year and the
actual number of days elapsed.
Principal of and interest on this Series 2021 Note shall be payable from and secured by a
pledge of the Corporation's Economic Development Sales and Use Tax.
This Series 2021 Note is authorized under that certain Loan Agreement and is subject to,
and is executed in accordance with, all of the terms, conditions and provisions thereof. A fully
executed copy of the Loan Agreement is on file in the permanent records of the Corporation and
is open for inspection to any member of the general public and to any person proposing to do
business with, or asserting claims against, the Corporation, at all times during regular business
hours.
2-6NZ816602-Wylie EDC-Loan Agreement(v.2)(002)
1
The principal of and interest on this Series 2021 Note are payable from the Economic
Development Sales And Use Tax imposed by Chapter 504 of the Local Government Code
(formerly Section 4A of the Development Corporation Act of 1979, Article 5190.6, Texas
Revised Civil Statutes Annotated, as amended), as described in and subject to the limitations
contained in the Loan Agreement.
Except as otherwise provided in the Loan Agreement, the Corporation waives all
demands for payment, presentations for payment, protests, notices of protests, and all other
demands and notices, to the extent permitted by law.
All agreements between the Corporation and holder hereof, whether now existing or
hereafter arising and whether written or oral, are hereby limited so that in no contingency,
whether by reason of demand, prepayment, or otherwise, shall the interest contracted for,
charged, received, paid or agreed to be paid to the holder hereof, exceed the maximum
permissible by applicable law. If, from any circumstances whatsoever, interest would otherwise
be payable to the holder hereof in excess of the Maximum Interest Rate, then the interest payable
to the holder hereof shall be reduced to the maximum amount permitted under applicable law;
and if from any circumstances the holder hereof shall ever receive anything of value deemed
interest by applicable law in excess of the Maximum Interest Rate, an amount equal to any
excessive interest shall be applied to the reduction of the principal hereof and not to the payment
of interest, or if such excessive interest exceeds the unpaid balance of principal hereof, such
excess shall be refunded to the Corporation. All interest paid or agreed to be paid to the holder
hereof shall, to the extent permitted by applicable law, be amortized, prorated, allocated and
spread throughout the full period of the subject loan until payment in full of the principal so that
the interest hereon for such full period shall not exceed the maximum amount permitted by
applicable law. This paragraph shall control all agreements between the Corporation and the
holder hereof.
THIS SERIES 2021 NOTE AND THE LOAN AGREEMENT REPRESENT THE
FINAL AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED
BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL
AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS
BETWEEN THE PARTIES.
NEITHER THE STATE OF TEXAS, THE CITY OF WYLIE, TEXAS (THE "CITY"),
NOR ANY POLITICAL SUBDIVISION OR AGENCY THEREOF SHALL BE OBLIGATED
TO PAY THE PRINCIPAL OF OR INTEREST ON THIS SERIES 2021 NOTE, EXCEPT TO
THE EXTENT THAT THE CORPORATION IS OBLIGATED TO MAKE THE PAYMENT
OF THE PRINCIPAL OF AND INTEREST ON THIS SERIES 2021 NOTE. NEITHER THE
FULL FAITH AND CREDIT NOR THE TAXING POWER OF THE STATE OF TEXAS, THE
CITY, OR ANY POLITICAL SUBDIVISION OR AGENCY THEREOF IS PLEDGED TO
THE PAYMENT OF THE PRINCIPAL OF OR INTEREST ON THIS SERIES 2021 NOTE,
EXCEPT TO THE EXTENT THE CORPORATION HAS PLEDGED THE ECONOMIC
DEVELOPMENT SALES AND USE TAX DESCRIBED ABOVE TO MAKE THE SERIES
2021 NOTE PAYMENTS.
2-6NZ816602-Wylie EDC-Loan Agreement(v.2)(002)
2
The Corporation may, in its discretion, prepay all or any portion of the outstanding
principal amount of this Series 2021 Note pursuant to Section 2.6 of the Loan Agreement.
If a date for the payment of the principal of or interest on the Series 2021 Note is a
Saturday, Sunday, legal holiday, or a day on which the Lender is authorized by law or executive
order to close, then the date for such payment shall be the next succeeding day which is not a
Saturday, Sunday, legal holiday, or day on which such banking institution is authorized to close;
and payment on such date shall have the same force and effect as if made on the original date
payment was due.
This Series 2021 Note shall be governed in all respects by the laws of the State of Texas
and of the United States of America.
2-6NZ816602-Wylie EDC-Loan Agreement(v.2)(002)
3
IN WITNESS WHEREOF, this Series 2021 Note has been duly executed effective as of
the date first written above.
WYLIE ECONOMIC DEVELOPMENT
CORPORATION
By: xxxxxxxxxxxxxxxxxxxxxxxxxxxx
Demond Dawkins, President
ATTEST:
By: xxxxxxxxxxxxxxxxxxxxxxxxx
Gino Mulliqi, Secretary
2-6NZ816602-Wylie EDC-Loan Agreement(v.2)(002)
4
Schedule I—Payment Schedule
EARLY REDEMPTION
PMT PMT DATE TOTAL INTEREST PRINCIPAL VALUE
NO. MO. DAY YR PAYMENT PAID PAID after pmt on this line
1 11/5/2021 $46,939.85 $23,513.20 $23,426.65 N/A
2 12/5/2021 $46,939.85 $23,445.26 $23,494.59 N/A
3 1/5/2022 $46,939.85 $23,377.13 $23,562.72 N/A
4 2/5/2022 $46,939.85 $23,308.80 $23,631.05 N/A
5 3/5/2022 $46,939.85 $23,240.27 $23,699.58 N/A
6 4/5/2022 $46,939.85 $23,171.54 $23,768.31 N/A
7 5/5/2022 $46,939.85 $23,102.61 $23,837.24 N/A
8 6/5/2022 $46,939.85 $23,033.48 $23,906.37 N/A
9 7/5/2022 $46,939.85 $22,964.15 $23,975.70 N/A
10 8/5/2022 $46,939.85 $22,894.62 $24,045.23 N/A
11 9/5/2022 $46,939.85 $22,824.89 $24,114.96 N/A
12 10/5/2022 $46,939.85 $22,754.96 $24,184.89 N/A
13 11/5/2022 $46,939.85 $22,684.82 $24,255.03 N/A
14 12/5/2022 $46,939.85 $22,614.48 $24,325.37 N/A
15 1/5/2023 $46,939.85 $22,543.94 $24,395.91 N/A
16 2/5/2023 $46,939.85 $22,473.19 $24,466.66 N/A
17 3/5/2023 $46,939.85 $22,402.24 $24,537.61 N/A
18 4/5/2023 $46,939.85 $22,331.08 $24,608.77 N/A
19 5/5/2023 $46,939.85 $22,259.71 $24,680.14 N/A
20 6/5/2023 $46,939.85 $22,188.14 $24,751.71 N/A
21 7/5/2023 $46,939.85 $22,116.36 $24,823.49 N/A
22 8/5/2023 $46,939.85 $22,044.37 $24,895.48 N/A
23 9/5/2023 $46,939.85 $21,972.18 $24,967.67 N/A
24 10/5/2023 $46,939.85 $21,899.77 $25,040.08 N/A
25 11/5/2023 $46,939.85 $21,827.15 $25,112.70 N/A
26 12/5/2023 $46,939.85 $21,754.33 $25,185.52 N/A
27 1/5/2024 $46,939.85 $21,681.29 $25,258.56 N/A
28 2/5/2024 $46,939.85 $21,608.04 $25,331.81 N/A
29 3/5/2024 $46,939.85 $21,534.58 $25,405.27 N/A
30 4/5/2024 $46,939.85 $21,460.90 $25,478.95 N/A
31 5/5/2024 $46,939.85 $21,387.01 $25,552.84 N/A
32 6/5/2024 $46,939.85 $21,312.91 $25,626.94 N/A
33 7/5/2024 $46,939.85 $21,238.59 $25,701.26 N/A
34 8/5/2024 $46,939.85 $21,164.06 $25,775.79 N/A
35 9/5/2024 $46,939.85 $21,089.31 $25,850.54 N/A
36 10/5/2024 $46,939.85 $21,014.34 $25,925.51 N/A
37 11/5/2024 $46,939.85 $20,939.16 $26,000.69 N/A
2-6NZ816602-Wylie EDC-Loan Agreement(v.2)(002)
A-1
38 12/5/2024 $46,939.85 $20,863.76 $26,076.09 N/A
39 1/5/2025 $46,939.85 $20,788.13 $26,151.72 N/A
40 2/5/2025 $46,939.85 $20,712.29 $26,227.56 N/A
41 3/5/2025 $46,939.85 $20,636.23 $26,303.62 N/A
42 4/5/2025 $46,939.85 $20,559.95 $26,379.90 N/A
43 5/5/2025 $46,939.85 $20,483.45 $26,456.40 N/A
44 6/5/2025 $46,939.85 $20,406.73 $26,533.12 N/A
45 7/5/2025 $46,939.85 $20,329.78 $26,610.07 N/A
46 8/5/2025 $46,939.85 $20,252.61 $26,687.24 N/A
47 9/5/2025 $46,939.85 $20,175.22 $26,764.63 N/A
48 10/5/2025 $46,939.85 $20,097.60 $26,842.25 N/A
49 11/5/2025 $46,939.85 $20,019.76 $26,920.09 N/A
50 12/5/2025 $46,939.85 $19,941.69 $26,998.16 N/A
51 1/5/2026 $46,939.85 $19,863.40 $27,076.45 N/A
52 2/5/2026 $46,939.85 $19,784.88 $27,154.97 N/A
53 3/5/2026 $46,939.85 $19,706.13 $27,233.72 N/A
54 4/5/2026 $46,939.85 $19,627.15 $27,312.70 N/A
55 5/5/2026 $46,939.85 $19,547.94 $27,391.91 N/A
56 6/5/2026 $46,939.85 $19,468.51 $27,471.34 N/A
57 7/5/2026 $46,939.85 $19,388.84 $27,551.01 N/A
58 8/5/2026 $46,939.85 $19,308.94 $27,630.91 N/A
59 9/5/2026 $46,939.85 $19,228.81 $27,711.04 N/A
60 10/5/2026 $46,939.85 $19,148.45 $27,791.40 N/A
61 11/5/2026 $46,939.85 $19,067.85 $27,872.00 $6,547,250.11.
62 12/5/2026 $46,939.85 $18,987.03 $27,952.82 $6,519,297.29
63 1/5/2027 $46,939.85 $18,905.96 $28,033.89 $6,491,263.40
64 2/5/2027 $46,939.85 $18,824.66 $28,115.19 $6,463,148.21
65 3/5/2027 $46,939.85 $18,743.13 $28,196.72 $6,434,951.49
66 4/5/2027 $46,939.85 $18,661.36 $28,278.49 $6,406,673.00
67 5/5/2027 $46,939.85 $18,579.35 $28,360.50 $6,378,312.50
68 6/5/2027 $46,939.85 $18,497.11 $28,442.74 $6,349,869.76
69 7/5/2027 $46,939.85 $18,414.62 $28,525.23 $6,321,344.53
70 8/5/2027 $46,939.85 $18,331.90 $28,607.95 $6,292,736.58
71 9/5/2027 $46,939.85 $18,248.94 $28,690.91 $6,264,045.67
72 10/5/2027 $46,939.85 $18,165.73 $28,774.12 $6,235,271.55
73 11/5/2027 $46,939.85 $18,082.29 $28,857.56 $6,206,413.99
74 12/5/2027 $46,939.85 $17,998.60 $28,941.25 $6,177,472.74
75 1/5/2028 $46,939.85 $17,914.67 $29,025.18 $6,148,447.56
76 2/5/2028 $46,939.85 $17,830.50 $29,109.35 $6,119,338.21
77 3/5/2028 $46,939.85 $17,746.08 $29,193.77 $6,090,144.44
78 4/5/2028 $46,939.85 $17,661.42 $29,278.43 $6,060,866.01
79 5/5/2028 $46,939.85 $17,576.51 $29,363.34 $6,031,502.67
80 6/5/2028 $46,939.85 $17,491.36 $29,448.49 $6,002,054.18
2-6NZ816602-Wylie EDC-Loan Agreement(v.2)(002)
A-2
81 7/5/2028 $46,939.85 $17,405.96 $29,533.89 $5,972,520.29
82 8/5/2028 $46,939.85 $17,320.31 $29,619.54 $5,942,900.75
83 9/5/2028 $46,939.85 $17,234.41 $29,705.44 $5,913,195.31
84 10/5/2028 $46,939.85 $17,148.27 $29,791.58 $5,883,403.73
85 11/5/2028 $46,939.85 $17,061.87 $29,877.98 $5,853,525.75
86 12/5/2028 $46,939.85 $16,975.22 $29,964.63 $5,823,561.12
87 1/5/2029 $46,939.85 $16,888.33 $30,051.52 $5,793,509.60
88 2/5/2029 $46,939.85 $16,801.18 $30,138.67 $5,763,370.93
89 3/5/2029 $46,939.85 $16,713.78 $30,226.07 $5,733,144.86
90 4/5/2029 $46,939.85 $16,626.12 $30,313.73 $5,702,831.13
91 5/5/2029 $46,939.85 $16,538.21 $30,401.64 $5,672,429.49
92 6/5/2029 $46,939.85 $16,450.05 $30,489.80 $5,641,939.69
93 7/5/2029 $46,939.85 $16,361.63 $30,578.22 $5,611,361.47
94 8/5/2029 $46,939.85 $16,272.95 $30,666.90 $5,580,694.57
95 9/5/2029 $46,939.85 $16,184.01 $30,755.84 $5,549,938.73
96 10/5/2029 $46,939.85 $16,094.82 $30,845.03 $5,519,093.70
97 11/5/2029 $46,939.85 $16,005.37 $30,934.48 $5,488,159.22
98 12/5/2029 $46,939.85 $15,915.66 $31,024.19 $5,457,135.03
99 1/5/2030 $46,939.85 $15,825.69 $31,114.16 $5,426,020.87
100 2/5/2030 $46,939.85 $15,735.46 $31,204.39 $5,394,816.48
101 3/5/2030 $46,939.85 $15,644.97 $31,294.88 $5,363,521.60
102 4/5/2030 $46,939.85 $15,554.21 $31,385.64 $5,332,135.96
103 5/5/2030 $46,939.85 $15,463.19 $31,476.66 $5,300,659.30
104 6/5/2030 $46,939.85 $15,371.91 $31,567.94 $5,269,091.36
105 7/5/2030 $46,939.85 $15,280.36 $31,659.49 $5,237,431.87
106 8/5/2030 $46,939.85 $15,188.55 $31,751.30 $5,205,680.57
107 9/5/2030 $46,939.85 $15,096.47 $31,843.38 $5,173,837.19
108 10/5/2030 $46,939.85 $15,004.13 $31,935.72 $5,141,901.47
109 11/5/2030 $46,939.85 $14,911.51 $32,028.34 $5,109,873.13
110 12/5/2030 $46,939.85 $14,818.63 $32,121.22 $5,077,751.91.
111 1/5/2031 $46,939.85 $14,725.48 $32,214.37 $5,045,537.54
112 2/5/2031 $46,939.85 $14,632.06 $32,307.79 $5,013,229.75
113 3/5/2031 $46,939.85 $14,538.37 $32,401.48 $4,980,828.27
114 4/5/2031 $46,939.85 $14,444.40 $32,495.45 $4,948,332.82
115 5/5/2031 $46,939.85 $14,350.17 $32,589.68 $4,915,743.14
116 6/5/2031 $46,939.85 $14,255.66 $32,684.19 $4,883,058.95
117 7/5/2031 $46,939.85 $14,160.87 $32,778.98 $4,850,279.97
118 8/5/2031 $46,939.85 $14,065.81 $32,874.04 $4,817,405.93
119 9/5/2031 $46,939.85 $13,970.48 $32,969.37 $4,784,436.56
120 10/5/2031 $46,939.85 $13,874.87 $33,064.98 $4,751,371.58
121 11/5/2031 $46,939.85 $13,778.98 $33,160.87 $4,718,210.71
122 12/5/2031 $46,939.85 $13,682.81 $33,257.04 $4,684,953.67
123 1/5/2032 $46,939.85 $13,586.37 $33,353.48 $4,651,600.19
2-6NZ816602-Wylie EDC-Loan Agreement(v.2)(002)
A-3
124 2/5/2032 $46,939.85 $13,489.64 $33,450.21 $4,618,149.98
125 3/5/2032 $46,939.85 $13,392.63 $33,547.22 $4,584,602.76
126 4/5/2032 $46,939.85 $13,295.35 $33,644.50 $4,550,958.26
127 5/5/2032 $46,939.85 $13,197.78 $33,742.07 $4,517,216.19
128 6/5/2032 $46,939.85 $13,099.93 $33,839.92 $4,483,376.27
129 7/5/2032 $46,939.85 $13,001.79 $33,938.06 $4,449,438.21
130 8/5/2032 $46,939.85 $12,903.37 $34,036.48 $4,415,401.73
131 9/5/2032 $46,939.85 $12,804.67 $34,135.18 $4,381,266.55
132 10/5/2032 $46,939.85 $12,705.67 $34,234.18 $4,347,032.37
133 11/5/2032 $46,939.85 $12,606.39 $34,333.46 $4,312,698.91
134 12/5/2032 $46,939.85 $12,506.83 $34,433.02 $4,278,265.89
135 1/5/2033 $46,939.85 $12,406.97 $34,532.88 $4,243,733.01.
136 2/5/2033 $46,939.85 $12,306.83 $34,633.02 $4,209,099.99
137 3/5/2033 $46,939.85 $12,206.39 $34,733.46 $4,174,366.53
138 4/5/2033 $46,939.85 $12,105.66 $34,834.19 $4,139,532.34
139 5/5/2033 $46,939.85 $12,004.64 $34,935.21 $4,104,597.13
140 6/5/2033 $46,939.85 $11,903.33 $35,036.52 $4,069,560.61
141 7/5/2033 $46,939.85 $11,801.73 $35,138.12 $4,034,422.49
142 8/5/2033 $46,939.85 $11,699.83 $35,240.02 $3,999,182.47
143 9/5/2033 $46,939.85 $11,597.63 $35,342.22 $3,963,840.25
144 10/5/2033 $46,939.85 $11,495.14 $35,444.71 $3,928,395.54
145 11/5/2033 $46,939.85 $11,392.35 $35,547.50 $3,892,848.04
146 12/5/2033 $46,939.85 $11,289.26 $35,650.59 $3,857,197.45
147 1/5/2034 $46,939.85 $11,185.87 $35,753.98 $3,821,443.47
148 2/5/2034 $46,939.85 $11,082.19 $35,857.66 $3,785,585.81
149 3/5/2034 $46,939.85 $10,978.20 $35,961.65 $3,749,624.16
150 4/5/2034 $46,939.85 $10,873.91 $36,065.94 $3,713,558.22
151 5/5/2034 $46,939.85 $10,769.32 $36,170.53 $3,677,387.69
152 6/5/2034 $46,939.85 $10,664.42 $36,275.43 $3,641,112.26
153 7/5/2034 $46,939.85 $10,559.23 $36,380.62 $3,604,731.64
154 8/5/2034 $46,939.85 $10,453.72 $36,486.13 $3,568,245.51
155 9/5/2034 $46,939.85 $10,347.91 $36,591.94 $3,531,653.57
156 10/5/2034 $46,939.85 $10,241.80 $36,698.05 $3,494,955.52
157 11/5/2034 $46,939.85 $10,135.37 $36,804.48 $3,458,151.04
158 12/5/2034 $46,939.85 $10,028.64 $36,911.21 $3,421,239.83
159 1/5/2035 $46,939.85 $9,921.60 $37,018.25 $3,384,221.58
160 2/5/2035 $46,939.85 $9,814.24 $37,125.61 $3,347,095.97
161 3/5/2035 $46,939.85 $9,706.58 $37,233.27 $3,309,862.70
162 4/5/2035 $46,939.85 $9,598.60 $37,341.25 $3,272,521.45
163 5/5/2035 $46,939.85 $9,490.31 $37,449.54 $3,235,071.91
164 6/5/2035 $46,939.85 $9,381.71 $37,558.14 $3,197,513.77
165 7/5/2035 $46,939.85 $9,272.79 $37,667.06 $3,159,846.71.
166 8/5/2035 $46,939.85 $9,163.56 $37,776.29 $3,122,070.42
2-6NZ816602-Wylie EDC-Loan Agreement(v.2)(002)
A-4
167 9/5/2035 $46,939.85 $9,054.00 $37,885.85 $3,084,184.57
168 10/5/2035 $46,939.85 $8,944.14 $37,995.71 $3,046,188.86
169 11/5/2035 $46,939.85 $8,833.95 $38,105.90 $3,008,082.96
170 12/5/2035 $46,939.85 $8,723.44 $38,216.41 $2,969,866.55
171 1/5/2036 $46,939.85 $8,612.61 $38,327.24 $2,931,539.31
172 2/5/2036 $46,939.85 $8,501.46 $38,438.39 $2,893,100.92
173 3/5/2036 $46,939.85 $8,389.99 $38,549.86 $2,854,551.06
174 4/5/2036 $46,939.85 $8,278.20 $38,661.65 $2,815,889.41.
175 5/5/2036 $46,939.85 $8,166.08 $38,773.77 $2,777,115.64
176 6/5/2036 $46,939.85 $8,053.64 $38,886.21 $2,738,229.43
177 7/5/2036 $46,939.85 $7,940.87 $38,998.98 $2,699,230.45
178 8/5/2036 $46,939.85 $7,827.77 $39,112.08 $2,660,118.37
179 9/5/2036 $46,939.85 $7,714.34 $39,225.51 $2,620,892.86
180 10/5/2036 $46,939.85 $7,600.59 $39,339.26 $2,581,553.60
181 11/5/2036 $46,939.85 $7,486.51 $39,453.34 $2,542,100.26
182 12/5/2036 $46,939.85 $7,372.09 $39,567.76 $2,502,532.50
183 1/5/2037 $46,939.85 $7,257.34 $39,682.51 $2,462,849.99
184 2/5/2037 $46,939.85 $7,142.26 $39,797.59 $2,423,052.40
185 3/5/2037 $46,939.85 $7,026.85 $39,913.00 $2,383,139.40
186 4/5/2037 $46,939.85 $6,911.10 $40,028.75 $2,343,110.65
187 5/5/2037 $46,939.85 $6,795.02 $40,144.83 $2,302,965.82
188 6/5/2037 $46,939.85 $6,678.60 $40,261.25 $2,262,704.57
189 7/5/2037 $46,939.85 $6,561.84 $40,378.01 $2,222,326.56
190 8/5/2037 $46,939.85 $6,444.75 $40,495.10 $2,181,831.46
191 9/5/2037 $46,939.85 $6,327.31 $40,612.54 $2,141,218.92
192 10/5/2037 $46,939.85 $6,209.53 $40,730.32 $2,100,488.60
193 11/5/2037 $46,939.85 $6,091.42 $40,848.43 $2,059,640.17
194 12/5/2037 $46,939.85 $5,972.96 $40,966.89 $2,018,673.28
195 1/5/2038 $46,939.85 $5,854.15 $41,085.70 $1,977,587.58
196 2/5/2038 $46,939.85 $5,735.00 $41,204.85 $1,936,382.73
197 3/5/2038 $46,939.85 $5,615.51 $41,324.34 $1,895,058.39
198 4/5/2038 $46,939.85 $5,495.67 $41,444.18 $1,853,61.4.21.
199 5/5/2038 $46,939.85 $5,375.48 $41,564.37 $1,812,049.84
200 6/5/2038 $46,939.85 $5,254.94 $41,684.91 $1,770,364.93
201 7/5/2038 $46,939.85 $5,134.06 $41,805.79 $1,728,559.14
202 8/5/2038 $46,939.85 $5,012.82 $41,927.03 $1,686,632.1.1.
203 9/5/2038 $46,939.85 $4,891.23 $42,048.62 $1,644,583.49
204 10/5/2038 $46,939.85 $4,769.29 $42,170.56 $1,602,412.93
205 11/5/2038 $46,939.85 $4,647.00 $42,292.85 $1,560,120.08
206 12/5/2038 $46,939.85 $4,524.35 $42,415.50 $1,517,704.58
207 1/5/2039 $46,939.85 $4,401.34 $42,538.51 $1,475,166.07
208 2/5/2039 $46,939.85 $4,277.98 $42,661.87 $1,432,504.20
209 3/5/2039 $46,939.85 $4,154.26 $42,785.59 $1,389,718.61
2-6NZ816602-Wylie EDC-Loan Agreement(v.2)(002)
A-5
210 4/5/2039 $46,939.85 $4,030.18 $42,909.67 $1,346,808.94
211 5/5/2039 $46,939.85 $3,905.75 $43,034.10 $1,303,774.84
212 6/5/2039 $46,939.85 $3,780.95 $43,158.90 $1,260,615.94
213 7/5/2039 $46,939.85 $3,655.79 $43,284.06 $1,217,331.88
214 8/5/2039 $46,939.85 $3,530.26 $43,409.59 $1,173,922.29
215 9/5/2039 $46,939.85 $3,404.37 $43,535.48 $1,130,386.81.
216 10/5/2039 $46,939.85 $3,278.12 $43,661.73 $1,086,725.08
217 11/5/2039 $46,939.85 $3,151.50 $43,788.35 $1,042,936.73
218 12/5/2039 $46,939.85 $3,024.52 $43,915.33 $999,021.40
219 1/5/2040 $46,939.85 $2,897.16 $44,042.69 $954,978.71
220 2/5/2040 $46,939.85 $2,769.44 $44,170.41 $910,808.30
221 3/5/2040 $46,939.85 $2,641.34 $44,298.51 $866,509.79
222 4/5/2040 $46,939.85 $2,512.88 $44,426.97 $822,082.82
223 5/5/2040 $46,939.85 $2,384.04 $44,555.81 $777,527.01
224 6/5/2040 $46,939.85 $2,254.83 $44,685.02 $732,841.99
225 7/5/2040 $46,939.85 $2,125.24 $44,814.61 $688,027.38
226 8/5/2040 $46,939.85 $1,995.28 $44,944.57 $643,082.81
227 9/5/2040 $46,939.85 $1,864.94 $45,074.91 $598,007.90
228 10/5/2040 $46,939.85 $1,734.22 $45,205.63 $552,802.27
229 11/5/2040 $46,939.85 $1,603.13 $45,336.72 $507,465.55
230 12/5/2040 $46,939.85 $1,471.65 $45,468.20 $461,997.35
231 1/5/2041 $46,939.85 $1,339.79 $45,600.06 $416,397.29
232 2/5/2041 $46,939.85 $1,207.55 $45,732.30 $370,664.99
233 3/5/2041 $46,939.85 $1,074.93 $45,864.92 $324,800.07
234 4/5/2041 $46,939.85 $941.92 $45,997.93 $278,802.14
235 5/5/2041 $46,939.85 $808.53 $46,131.32 $232,670.82
236 6/5/2041 $46,939.85 $674.75 $46,265.10 $186,405.72
237 7/5/2041 $46,939.85 $540.58 $46,399.27 $140,006.45
238 8/5/2041 $46,939.85 $406.02 $46,533.83 $93,472.62
239 9/5/2041 $46,939.85 $271.07 $46,668.78 $46,803.84
240 10/5/2041 $46,939.85 $136.01 $46,803.84 $0.00
Grand Totals $11,265,564.00 $3,157,564.00 $8,108,000.00
2-6NZ816602-Wylie EDC-Loan Agreement(v.2)(002)
A-6
THIS NOTE MAY NOT BE NEGOTIATED IN THE NAME OF BEARER
AND IS NOT A REGISTERED OBLIGATION
$8,108,000.00 October 5, 2021
WYLIE ECONOMIC DEVELOPMENT CORPORATION
SERIES 2021 NOTE
WYLIE ECONOMIC DEVELOPMENT CORPORATION (the "Corporation") for
value received, hereby promises to pay to the order of GOVERNMENT CAPITAL
CORPORATION, its successor or assigns, at its offices located at 345 Miron Drive, Southlake,
Texas 76092 the principal sum of EIGHT MILLION ONE HUNDRED EIGHT THOUSAND
AND 00/100 DOLLARS ($8,108,000.00).
All capitalized terms which are used but not defined in this Series 2021 Note shall have the
same meanings as in the Loan Agreement dated as of even date herewith,between the Corporation
and the Lender(such Loan Agreement, together with all amendments, restatements, supplements
and/or other modifications thereto, being the "Loan Agreement").
Subject to Section 2.3(d) of the Loan Agreement, the Corporation agrees to pay principal
and accrued interest on all amounts hereof so advanced and remaining from time to time unpaid
hereon monthly beginning on November 5, 2021 and continuing monthly thereafter until maturity
in such amounts as reflected on Schedule I attached hereto.
Interest shall accrue at a per annum rate of 3.48%.
Past due principal and interest shall bear interest at a rate per annum which is fifteen percent
(15.0%).
All payments of interest shall be computed annually based on a 360 day year and the actual
number of days elapsed.
Principal of and interest on this Series 2021 Note shall be payable from and secured by a
pledge of the Corporation's Economic Development Sales and Use Tax.
This Series 2021 Note is authorized under that certain Loan Agreement and is subject to,
and is executed in accordance with, all of the terms, conditions and provisions thereof. A fully
executed copy of the Loan Agreement is on file in the permanent records of the Corporation and
is open for inspection to any member of the general public and to any person proposing to do
business with, or asserting claims against, the Corporation, at all times during regular business
hours.
The principal of and interest on this Series 2021 Note are payable from the Economic
Development Sales And Use Tax imposed by Chapter 504 of the Local Government Code
(formerly Section 4A of the Development Corporation Act of 1979,Article 5190.6,Texas Revised
3-6NZ8151-Wylie EDC-Series 2021 Note
1
Civil Statutes Annotated, as amended), as described in and subject to the limitations contained in
the Loan Agreement.
Except as otherwise provided in the Loan Agreement, the Corporation waives all demands
for payment, presentations for payment, protests, notices of protests, and all other demands and
notices, to the extent permitted by law.
All agreements between the Corporation and holder hereof, whether now existing or
hereafter arising and whether written or oral, are hereby limited so that in no contingency,whether
by reason of demand,prepayment,or otherwise,shall the interest contracted for,charged,received,
paid or agreed to be paid to the holder hereof, exceed the maximum permissible by applicable law.
If, from any circumstances whatsoever, interest would otherwise be payable to the holder hereof
in excess of the Maximum Interest Rate, then the interest payable to the holder hereof shall be
reduced to the maximum amount permitted under applicable law; and if from any circumstances
the holder hereof shall ever receive anything of value deemed interest by applicable law in excess
of the Maximum Interest Rate, an amount equal to any excessive interest shall be applied to the
reduction of the principal hereof and not to the payment of interest, or if such excessive interest
exceeds the unpaid balance of principal hereof, such excess shall be refunded to the Corporation.
All interest paid or agreed to be paid to the holder hereof shall,to the extent permitted by applicable
law, be amortized, prorated, allocated and spread throughout the full period of the subject loan
until payment in full of the principal so that the interest hereon for such full period shall not exceed
the maximum amount permitted by applicable law. This paragraph shall control all agreements
between the Corporation and the holder hereof.
THIS SERIES 2021 NOTE AND THE LOAN AGREEMENT REPRESENT THE FINAL
AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED BY
EVIDENCE OF:PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS
OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE
PARTIES.
NEITHER THE STATE OF TEXAS, THE CITY OF WYLIE, TEXAS (THE "CITY"),
NOR ANY POLITICAL SUBDIVISION OR AGENCY THEREOF SHALL BE OBLIGATED
TO PAY THE PRINCIPAL OF OR INTEREST ON THIS SERIES 2021 NOTE, EXCEPT TO
THE EXTENT THAT THE CORPORATION IS OBLIGATED TO MAKE THE PAYMENT OF
THE PRINCIPAL OF AND INTEREST ON THIS SERIES 2021 NOTE. NEITHER THE FULL
FAITH AND CREDIT NOR THE TAXING POWER OF THE STATE OF TEXAS, THE CITY,
OR ANY POLITICAL SUBDIVISION OR AGENCY THEREOF IS PLEDGED TO THE
PAYMENT OF THE PRINCIPAL OF OR INTEREST ON THIS SERIES 2021 NOTE,EXCEPT
TO THE EXTENT THE CORPORATION HAS PLEDGED THE ECONOMIC
DEVELOPMENT SALES AND USE TAX DESCRIBED ABOVE TO MAKE THE SERIES
2021 NOTE PAYMENTS.
The Corporation may, in its discretion, prepay all or any portion of the outstanding
principal amount of this Series 2021 Note pursuant to Section 2.6 of the Loan Agreement.
If a date for the payment of the principal of or interest on the Series 2021 Note is a Saturday,
Sunday, legal holiday, or a day on which the Lender is authorized by law or executive order to
3-6NZ8151-Wylie EDC-Series 2021 Note
2
close, then the date for such payment shall be the next succeeding day which is not a Saturday,
Sunday,legal holiday,or day on which such banking institution is authorized to close;and payment
on such date shall have the same force and effect as if made on the original date payment was due.
This Series 2021 Note shall be governed in all respects by the laws of the State of Texas
and of the United States of America.
3-6NZ8151-Wylie EDC-Series 2021 Note
3
IN WITNESS WHEREOF, this Series 2021 Note has been duly executed effective as of
the date first written above.
WYLIE ECONOMIC DEVELOPMENT
CORPORATION
By:
Demond Dawkins, President
ATTEST:
By:
Gino Mulliqi, Secretary
3-6NZ8151-Wylie EDC-Series 2021 Note
4
Schedule I—Payment Schedule
EARLY REDEMPTION
PMT PMT DATE TOTAL INTEREST PRINCIPAL VALUE
NO. MO. DAY YR PAYMENT PAID PAID after pmt on this line
1 11/5/2021 $46,939.85 $23,513.20 $23,426.65 N/A
2 12/5/2021 $46,939.85 $23,445.26 $23,494.59 N/A
3 1/5/2022 $46,939.85 $23,377.13 $23,562.72 N/A
4 2/5/2022 $46,939.85 $23,308.80 $23,631.05 N/A
5 3/5/2022 $46,939.85 $23,240.27 $23,699.58 N/A
6 4/5/2022 $46,939.85 $23,171.54 $23,768.31 N/A
7 5/5/2022 $46,939.85 $23,102.61 $23,837.24 N/A
8 6/5/2022 $46,939.85 $23,033.48 $23,906.37 N/A
9 7/5/2022 $46,939.85 $22,964.15 $23,975.70 N/A
10 8/5/2022 $46,939.85 $22,894.62 $24,045.23 N/A
11 9/5/2022 $46,939.85 $22,824.89 $24,114.96 N/A
12 10/5/2022 $46,939.85 $22,754.96 $24,184.89 N/A
13 11/5/2022 $46,939.85 $22,684.82 $24,255.03 N/A
14 12/5/2022 $46,939.85 $22,614.48 $24,325.37 N/A
15 1/5/2023 $46,939.85 $22,543.94 $24,395.91 N/A
16 2/5/2023 $46,939.85 $22,473.19 $24,466.66 N/A
17 3/5/2023 $46,939.85 $22,402.24 $24,537.61 N/A
18 4/5/2023 $46,939.85 $22,331.08 $24,608.77 N/A
19 5/5/2023 $46,939.85 $22,259.71 $24,680.14 N/A
20 6/5/2023 $46,939.85 $22,188.14 $24,751.71 N/A
21 7/5/2023 $46,939.85 $22,116.36 $24,823.49 N/A
22 8/5/2023 $46,939.85 $22,044.37 $24,895.48 N/A
23 9/5/2023 $46,939.85 $21,972.18 $24,967.67 N/A
24 10/5/2023 $46,939.85 $21,899.77 $25,040.08 N/A
25 11/5/2023 $46,939.85 $21,827.15 $25,112.70 N/A
26 12/5/2023 $46,939.85 $21,754.33 $25,185.52 N/A
27 1/5/2024 $46,939.85 $21,681.29 $25,258.56 N/A
28 2/5/2024 $46,939.85 $21,608.04 $25,331.81 N/A
29 3/5/2024 $46,939.85 $21,534.58 $25,405.27 N/A
30 4/5/2024 $46,939.85 $21,460.90 $25,478.95 N/A
31 5/5/2024 $46,939.85 $21,387.01 $25,552.84 N/A
32 6/5/2024 $46,939.85 $21,312.91 $25,626.94 N/A
33 7/5/2024 $46,939.85 $21,238.59 $25,701.26 N/A
34 8/5/2024 $46,939.85 $21,164.06 $25,775.79 N/A
35 9/5/2024 $46,939.85 $21,089.31 $25,850.54 N/A
36 10/5/2024 $46,939.85 $21,014.34 $25,925.51 N/A
37 11/5/2024 $46,939.85 $20,939.16 $26,000.69 N/A
3-6NZ8151-Wylie EDC-Series 2021 Note
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38 12/5/2024 $46,939.85 $20,863.76 $26,076.09 N/A
39 1/5/2025 $46,939.85 $20,788.13 $26,151.72 N/A
40 2/5/2025 $46,939.85 $20,712.29 $26,227.56 N/A
41 3/5/2025 $46,939.85 $20,636.23 $26,303.62 N/A
42 4/5/2025 $46,939.85 $20,559.95 $26,379.90 N/A
43 5/5/2025 $46,939.85 $20,483.45 $26,456.40 N/A
44 6/5/2025 $46,939.85 $20,406.73 $26,533.12 N/A
45 7/5/2025 $46,939.85 $20,329.78 $26,610.07 N/A
46 8/5/2025 $46,939.85 $20,252.61 $26,687.24 N/A
47 9/5/2025 $46,939.85 $20,175.22 $26,764.63 N/A
48 10/5/2025 $46,939.85 $20,097.60 $26,842.25 N/A
49 11/5/2025 $46,939.85 $20,019.76 $26,920.09 N/A
50 12/5/2025 $46,939.85 $19,941.69 $26,998.16 N/A
51 1/5/2026 $46,939.85 $19,863.40 $27,076.45 N/A
52 2/5/2026 $46,939.85 $19,784.88 $27,154.97 N/A
53 3/5/2026 $46,939.85 $19,706.13 $27,233.72 N/A
54 4/5/2026 $46,939.85 $19,627.15 $27,312.70 N/A
55 5/5/2026 $46,939.85 $19,547.94 $27,391.91 N/A
56 6/5/2026 $46,939.85 $19,468.51 $27,471.34 N/A
57 7/5/2026 $46,939.85 $19,388.84 $27,551.01 N/A
58 8/5/2026 $46,939.85 $19,308.94 $27,630.91 N/A
59 9/5/2026 $46,939.85 $19,228.81 $27,711.04 N/A
60 10/5/2026 $46,939.85 $19,148.45 $27,791.40 N/A
61 11/5/2026 $46,939.85 $19,067.85 $27,872.00 $6,547,250.11
62 12/5/2026 $46,939.85 $18,987.03 $27,952.82 $6,519,297.29
63 1/5/2027 $46,939.85 $18,905.96 $28,033.89 $6,491,263.40
64 2/5/2027 $46,939.85 $18,824.66 $28,115.19 $6,463,148.21
65 3/5/2027 $46,939.85 $18,743.13 $28,196.72 $6,434,951.49
66 4/5/2027 $46,939.85 $18,661.36 $28,278.49 $6,406,673.00
67 5/5/2027 $46,939.85 $18,579.35 $28,360.50 $6,378,312.50
68 6/5/2027 $46,939.85 $18,497.11 $28,442.74 $6,349,869.76
69 7/5/2027 $46,939.85 $18,414.62 $28,525.23 $6,321,344.53
70 8/5/2027 $46,939.85 $18,331.90 $28,607.95 $6,292,736.58
71 9/5/2027 $46,939.85 $18,248.94 $28,690.91 $6,264,045.67
72 10/5/2027 $46,939.85 $18,165.73 $28,774.12 $6,235,271.55
73 11/5/2027 $46,939.85 $18,082.29 $28,857.56 $6,206,413.99
74 12/5/2027 $46,939.85 $17,998.60 $28,941.25 $6,177,472.74
75 1/5/2028 $46,939.85 $17,914.67 $29,025.18 $6,148,447.56
76 2/5/2028 $46,939.85 $17,830.50 $29,109.35 $6,119,338.21
77 3/5/2028 $46,939.85 $17,746.08 $29,193.77 $6,090,144.44
78 4/5/2028 $46,939.85 $17,661.42 $29,278.43 $6,060,866.01
79 5/5/2028 $46,939.85 $17,576.51 $29,363.34 $6,031,502.67
80 6/5/2028 $46,939.85 $17,491.36 $29,448.49 $6,002,054.18
3-6NZ8151-Wylie EDC-Series 2021 Note
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81 7/5/2028 $46,939.85 $17,405.96 $29,533.89 $5,972,520.29
82 8/5/2028 $46,939.85 $17,320.31 $29,619.54 $5,942,900.75
83 9/5/2028 $46,939.85 $17,234.41 $29,705.44 $5,913,195.31
84 10/5/2028 $46,939.85 $17,148.27 $29,791.58 $5,883,403.73
85 11/5/2028 $46,939.85 $17,061.87 $29,877.98 $5,853,525.75
86 12/5/2028 $46,939.85 $16,975.22 $29,964.63 $5,823,561.12
87 1/5/2029 $46,939.85 $16,888.33 $30,051.52 $5,793,509.60
88 2/5/2029 $46,939.85 $16,801.18 $30,138.67 $5,763,370.93
89 3/5/2029 $46,939.85 $16,713.78 $30,226.07 $5,733,144.86
90 4/5/2029 $46,939.85 $16,626.12 $30,313.73 $5,702,831.13
91 5/5/2029 $46,939.85 $16,538.21 $30,401.64 $5,672,429.49
92 6/5/2029 $46,939.85 $16,450.05 $30,489.80 $5,641,939.69
93 7/5/2029 $46,939.85 $16,361.63 $30,578.22 $5,611,361.47
94 8/5/2029 $46,939.85 $16,272.95 $30,666.90 $5,580,694.57
95 9/5/2029 $46,939.85 $16,184.01 $30,755.84 $5,549,938.73
96 10/5/2029 $46,939.85 $16,094.82 $30,845.03 $5,519,093.70
97 11/5/2029 $46,939.85 $16,005.37 $30,934.48 $5,488,159.22
98 12/5/2029 $46,939.85 $15,915.66 $31,024.19 $5,457,135.03
99 1/5/2030 $46,939.85 $15,825.69 $31,114.16 $5,426,020.87
100 2/5/2030 $46,939.85 $15,735.46 $31,204.39 $5,394,816.48
101 3/5/2030 $46,939.85 $15,644.97 $31,294.88 $5,363,521.60
102 4/5/2030 $46,939.85 $15,554.21 $31,385.64 $5,332,135.96
103 5/5/2030 $46,939.85 $15,463.19 $31,476.66 $5,300,659.30
104 6/5/2030 $46,939.85 $15,371.91 $31,567.94 $5,269,091.36
105 7/5/2030 $46,939.85 $15,280.36 $31,659.49 $5,237,431.87
106 8/5/2030 $46,939.85 $1.5,188.55 $31,751.30 $5,205,680.57
107 9/5/2030 $46,939.85 $15,096.47 $31,843.38 $5,173,837.19
108 10/5/2030 $46,939.85 $15,004.13 $31,935.72 $5,141,901.47
109 11/5/2030 $46,939.85 $14,911.51 $32,028.34 $5,109,873.13
110 12/5/2030 $46,939.85 $14,818.63 $32,121.22 $5,077,751.91
111 1/5/2031 $46,939.85 $14,725.48 $32,214.37 $5,045,537.54
112 2/5/2031 $46,939.85 $14,632.06 $32,307.79 $5,013,229.75
113 3/5/2031 $46,939.85 $14,538.37 $32,401.48 $4,980,828.27
114 4/5/2031 $46,939.85 $14,444.40 $32,495.45 $4,948,332.82
115 5/5/2031 $46,939.85 $14,350.17 $32,589.68 $4,915,743.14
116 6/5/2031 $46,939.85 $14,255.66 $32,684.19 $4,883,058.95
117 7/5/2031 $46,939.85 $14,160.87 $32,778.98 $4,850,279.97
118 8/5/2031 $46,939.85 $14,065.81 $32,874.04 $4,817,405.93
119 9/5/2031 $46,939.85 $13,970.48 $32,969.37 $4,784,436.56
120 10/5/2031 $46,939.85 $13,874.87 $33,064.98 $4,751,371.58
121 11/5/2031 $46,939.85 $13,778.98 $33,160.87 $4,718,210.71
122 12/5/2031 $46,939.85 $13,682.81 $33,257.04 $4,684,953.67
123 1/5/2032 $46,939.85 $13,586.37 $33,353.48 $4,651,600.19
3-6NZ8151-Wylie EDC-Series 2021 Note
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124 2/5/2032 $46,939.85 $13,489.64 $33,450.21 $4,618,149.98
125 3/5/2032 $46,939.85 $13,392.63 $33,547.22 $4,584,602.76
126 4/5/2032 $46,939.85 $13,295.35 $33,644.50 $4,550,958.26
127 5/5/2032 $46,939.85 $13,197.78 $33,742.07 $4,517,216.19
128 6/5/2032 $46,939.85 $13,099.93 $33,839.92 $4,483,376.27
129 7/5/2032 $46,939.85 $13,001.79 $33,938.06 $4,449,438.21
130 8/5/2032 $46,939.85 $12,903.37 $34,036.48 $4,415,401.73
131 9/5/2032 $46,939.85 $12,804.67 $34,135.18 $4,381,266.55
132 10/5/2032 $46,939.85 $12,705.67 $34,234.18 $4,347,032.37
133 11/5/2032 $46,939.85 $12,606.39 $34,333.46 $4,312,698.91
134 12/5/2032 $46,939.85 $12,506.83 $34,433.02 $4,278,265.89
135 1/5/2033 $46,939.85 $12,406.97 $34,532.88 $4,243,733.01
136 2/5/2033 $46,939.85 $12,306.83 $34,633.02 $4,209,099.99
137 3/5/2033 $46,939.85 $12,206.39 $34,733.46 $4,174,366.53
138 4/5/2033 $46,939.85 $12,105.66 $34,834.19 $4,139,532.34
139 5/5/2033 $46,939.85 $12,004.64 $34,935.21 $4,104,597.13
140 6/5/2033 $46,939.85 $11,903.33 $35,036.52 $4,069,560.61
141 7/5/2033 $46,939.85 $11,801.73 $35,138.12 $4,034,422.49
142 8/5/2033 $46,939.85 $11,699.83 $35,240.02 $3,999,182.47
143 9/5/2033 $46,939.85 $11,597.63 $35,342.22 $3,963,840.25
144 10/5/2033 $46,939.85 $11,495.14 $35,444.71 $3,928,395.54
145 11/5/2033 $46,939.85 $1.1,392.35 $35,547.50 $3,892,848.04
146 12/5/2033 $46,939.85 $11,289.26 $35,650.59 $3,857,197.45
147 1/5/2034 $46,939.85 $11,185.87 $35,753.98 $3,821,443.47
148 2/5/2034 $46,939.85 $11,082.19 $35,857.66 $3,785,585.81
149 3/5/2034 $46,939.85 $10,978.20 $35,961.65 $3,749,624.16
150 4/5/2034 $46,939.85 $10,873.91 $36,065.94 $3,713,558.22
151 5/5/2034 $46,939.85 $10,769.32 $36,170.53 $3,677,387.69
152 6/5/2034 $46,939.85 $10,664.42 $36,275.43 $3,641,112.26
153 7/5/2034 $46,939.85 $10,559.23 $36,380.62 $3,604,731.64
154 8/5/2034 $46,939.85 $10,453.72 $36,486.13 $3,568,245.51
155 9/5/2034 $46,939.85 $10,347.91 $36,591.94 $3,531,653.57
156 10/5/2034 $46,939.85 $10,241.80 $36,698.05 $3,494,955.52
157 11/5/2034 $46,939.85 $10,135.37 $36,804.48 $3,458,151.04
158 12/5/2034 $46,939.85 $10,028.64 $36,911.21 $3,421,239.83
159 1/5/2035 $46,939.85 $9,921.60 $37,018.25 $3,384,221.58
160 2/5/2035 $46,939.85 $9,814.24 $37,125.61 $3,347,095.97
161 3/5/2035 $46,939.85 $9,706.58 $37,233.27 $3,309,862.70
162 4/5/2035 $46,939.85 $9,598.60 $37,341.25 $3,272,521.45
163 5/5/2035 $46,939.85 $9,490.31 $37,449.54 $3,235,071.91
164 6/5/2035 $46,939.85 $9,381.71 $37,558.14 $3,197,513.77
165 7/5/2035 $46,939.85 $9,272.79 $37,667.06 $3,159,846.71
166 8/5/2035 $46,939.85 $9,163.56 $37,776.29 $3,122,070.42
3-6NZ8151-Wylie EDC-Series 2021 Note
8
167 9/5/2035 $46,939.85 $9,054.00 $37,885.85 $3,084,184.57
168 10/5/2035 $46,939.85 $8,944.14 $37,995.71 $3,046,188.86
169 11/5/2035 $46,939.85 $8,833.95 $38,105.90 $3,008,082.96
170 12/5/2035 $46,939.85 $8,723.44 $38,216.41 $2,969,866.55
171 1/5/2036 $46,939.85 $8,612.61 $38,327.24 $2,931,539.31
172 2/5/2036 $46,939.85 $8,501.46 $38,438.39 $2,893,100.92
173 3/5/2036 $46,939.85 $8,389.99 $38,549.86 $2,854,551.06
174 4/5/2036 $46,939.85 $8,278.20 $38,661.65 $2,815,889.41
175 5/5/2036 $46,939.85 $8,166.08 $38,773.77 $2,777,115.64
176 6/5/2036 $46,939.85 $8,053.64 $38,886.21 $2,738,229.43
177 7/5/2036 $46,939.85 $7,940.87 $38,998.98 $2,699,230.45
178 8/5/2036 $46,939.85 $7,827.77 $39,112.08 $2,660,118.37
179 9/5/2036 $46,939.85 $7,714.34 $39,225.51 $2,620,892.86
180 10/5/2036 $46,939.85 $7,600.59 $39,339.26 $2,581,553.60
181 11/5/2036 $46,939.85 $7,486.51 $39,453.34 $2,542,100.26
182 12/5/2036 $46,939.85 $7,372.09 $39,567.76 $2,502,532.50
183 1/5/2037 $46,939.85 $7,257.34 $39,682.51 $2,462,849.99
184 2/5/2037 $46,939.85 $7,142.26 $39,797.59 $2,423,052.40
185 3/5/2037 $46,939.85 $7,026.85 $39,913.00 $2,383,139.40
186 4/5/2037 $46,939.85 $6,911.10 $40,028.75 $2,343,110.65
187 5/5/2037 $46,939.85 $6,795.02 $40,144.83 $2,302,965.82
188 6/5/2037 $46,939.85 $6,678.60 $40,261.25 $2,262,704.57
189 7/5/2037 $46,939.85 $6,561.84 $40,378.01 $2,222,326.56
190 8/5/2037 $46,939.85 $6,444.75 $40,495.10 $2,181,831.46
191 9/5/2037 $46,939.85 $6,327.31 $40,612.54 $2,141,218.92
192 10/5/2037 $46,939.85 $6,209.53 $40,730.32 $2,100,488.60
193 11/5/2037 $46,939.85 $6,091.42 $40,848.43 $2,059,640.17
194 12/5/2037 $46,939.85 $5,972.96 $40,966.89 $2,018,673.28
195 1/5/2038 $46,939.85 $5,854.15 $41,085.70 $1,977,587.58
196 2/5/2038 $46,939.85 $5,735.00 $41,204.85 $1,936,382.73
197 3/5/2038 $46,939.85 $5,615.51 $41,324.34 $1,895,058.39
198 4/5/2038 $46,939.85 $5,495.67 $41,444.18 $1,853,614.21
199 5/5/2038 $46,939.85 $5,375.48 $41,564.37 $1,812,049.84
200 6/5/2038 $46,939.85 $5,254.94 $41,684.91 $1,770,364.93
201 7/5/2038 $46,939.85 $5,134.06 $41,805.79 $1,728,559.14
202 8/5/2038 $46,939.85 $5,012.82 $41,927.03 $1,686,632.11
203 9/5/2038 $46,939.85 $4,891.23 $42,048.62 $1,644,583.49
204 10/5/2038 $46,939.85 $4,769.29 $42,170.56 $1,602,412.93
205 11/5/2038 $46,939.85 $4,647.00 $42,292.85 $1,560,120.08
206 12/5/2038 $46,939.85 $4,524.35 $42,415.50 $1,517,704.58
207 1/5/2039 $46,939.85 $4,401.34 $42,538.51 $1,475,166.07
208 2/5/2039 $46,939.85 $4,277.98 $42,661.87 $1,432,504.20
209 3/5/2039 $46,939.85 $4,154.26 $42,785.59 $1,389,718.61
3-6NZ8151-Wylie EDC-Series 2021 Note
9
210 4/5/2039 $46,939.85 $4,030.18 $42,909.67 $1,346,808.94
211 5/5/2039 $46,939.85 $3,905.75 $43,034.10 $1,303,774.84
212 6/5/2039 $46,939.85 $3,780.95 $43,158.90 $1,260,615.94
213 7/5/2039 $46,939.85 $3,655.79 $43,284.06 $1,217,331.88
214 8/5/2039 $46,939.85 $3,530.26 $43,409.59 $1,173,922.29
215 9/5/2039 $46,939.85 $3,404.37 $43,535.48 $1,130,386.81
216 10/5/2039 $46,939.85 $3,278.12 $43,661.73 $1,086,725.08
217 11/5/2039 $46,939.85 $3,151.50 $43,788.35 $1,042,936.73
218 12/5/2039 $46,939.85 $3,024.52 $43,915.33 $999,021.40
219 1/5/2040 $46,939.85 $2,897.16 $44,042.69 $954,978.71.
220 2/5/2040 $46,939.85 $2,769.44 $44,170.41 $910,808.30
221 3/5/2040 $46,939.85 $2,641.34 $44,298.51 $866,509.79
222 4/5/2040 $46,939.85 $2,512.88 $44,426.97 $822,082.82
223 5/5/2040 $46,939.85 $2,384.04 $44,555.81 $777,527.01.
224 6/5/2040 $46,939.85 $2,254.83 $44,685.02 $732,841.99
225 7/5/2040 $46,939.85 $2,125.24 $44,814.61 $688,027.38
226 8/5/2040 $46,939.85 $1,995.28 $44,944.57 $643,082.81
227 9/5/2040 $46,939.85 $1,864.94 $45,074.91 $598,007.90
228 10/5/2040 $46,939.85 $1,734.22 $45,205.63 $552,802.27
229 11/5/2040 $46,939.85 $1,603.13 $45,336.72 $507,465.55
230 12/5/2040 $46,939.85 $1,471.65 $45,468.20 $461,997.35
231 1/5/2041 $46,939.85 $1,339.79 $45,600.06 $416,397.29
232 2/5/2041 $46,939.85 $1,207.55 $45,732.30 $370,664.99
233 3/5/2041 $46,939.85 $1,074.93 $45,864.92 $324,800.07
234 4/5/2041 $46,939.85 $941.92 $45,997.93 $278,802.14
235 5/5/2041 $46,939.85 $808.53 $46,131.32 $232,670.82
236 6/5/2041 $46,939.85 $674.75 $46,265.10 $186,405.72
237 7/5/2041 $46,939.85 $540.58 $46,399.27 $140,006.45
238 8/5/2041 $46,939.85 $406.02 $46,533.83 $93,472.62
239 9/5/2041 $46,939.85 $271.07 $46,668.78 $46,803.84
240 10/5/2041 $46,939.85 $136.01 $46,803.84 $0.00
Grand Totals $11,265,564.00 $3,157,564.00 $8,108,000.00
3-6NZ8151-Wylie EDC-Series 2021 Note
10
SALES TAX REMITTANCE AGREEMENT
SERIES 2021 NOTE
This SALES TAX REMITTANCE AGREEMENT (as amended, restated,
supplemented and/or otherwise modified, this "Agreement") is made to be effective as of
October 5, 2021, by and between the CITY OF WYLIE, TEXAS, a duly incorporated and
existing home rule city operating and existing under the laws of the State of Texas (the "City")
and the WYLIE ECONOMIC DEVELOPMENT CORPORATION, a nonprofit development
corporation organized and existing under the laws of the State of Texas, including Chapters 501,
502 and 504, Local Government Code, as amended (formally Section 4A of the Development
Corporation Act of 1979, Article 5190.6, Texas Revised Civil Statutes Annotated, as amended)
(the "Corporation").
RECITALS
WHEREAS, the Corporation on behalf of the City is to refinance prior outstanding debt
(the "Prior Obligations") and finance the costs to purchase and make infrastructure
improvements to certain real property in the City located at 802 W. Kirby Street, Wylie, Texas
75098 (the "Property"); and
WHEREAS, such financing contemplates the issuance of the Corporation's promissory
note in a principal amount of$8,108,000.00 (the "Series 2021 Note"), and the proceeds are to be
used by the Corporation to purchase the Property, refund the prior obligations and pay the costs
of issuance of the Series 2021 Note.
AGREEMENT
1. Financing: For and in consideration of the City's covenants and agreements herein
contained and subject to the terms contained herein, the Corporation hereby agrees to enter into a
Loan Agreement dated of even date herewith (as same may be amended, restated, supplemented
and/or otherwise modified, the "Loan Agreement"), with Government Capital Corporation (the
"Lender"), and to execute the Series 2021 Note, and the Corporation hereby agrees and
covenants that all proceeds of the loan evidenced by the Note shall be used solely to pay the
costs of purchasing the Property, refinancing the Prior Obligations and to pay all costs related
thereto.
2. Receipt and Transfer of Proceeds of Sales Tax. The City agrees, in cooperation
with the Corporation, to take such actions as are required to cause the "Sales Tax" received from
the Comptroller of Public Accounts of the State of Texas for and on behalf of the Corporation to
be deposited immediately upon receipt by the City to the credit of the Corporation.
3. Modifications. This Agreement shall not be changed orally, and no executory
agreement shall be effective to waive, change, modify or discharge this Agreement in whole or in
part unless such executory agreement is in writing and is signed by the parties against whom
enforcement of any waiver, change, modification or discharge is sought and approved in writing
by the Lender.
4-6NZ8164-Wylie EDC - Sales Tax Remittance Agreement 1
SALES TAX REMITTANCE(2021 NOTE
4. Entire Agreement. This Agreement contains the entire agreement between the
parties pertaining to the subject matter hereof and fully supersedes all prior agreements and
understandings between the parties pertaining to such subject matter.
5. Counterparts. This Agreement may be executed in several counterparts, and all
such executed counterparts shall constitute the same agreement. It shall be necessary to account
for only one such counterpart in proving this Agreement.
6. Severability. If any provision of this Agreement is determined by a court of
competent jurisdiction to be invalid or unenforceable, the remainder of this Agreement shall
nonetheless remain in full force and effect.
7. Applicable Law. This Agreement shall in all respects be governed by, and construed
in accordance with, the substantive federal laws of the United States and the laws of the State of
Texas.
8. Captions. The section headings appearing in this Agreement are for convenience of
reference only and are not intended, to any extent and for any purpose, to limit or define the text
of any section or any subsection hereof.
9. Capitalized Terms. All capitalized terms not otherwise defined herein shall have
the meanings ascribed to such terms in the Loan Agreement.
[THE REMAINDER OF THIS PAGE INTENTIONALLY LEFT BANK]
4-6NZ8164-Wylie EDC - Sales Tax Remittance Agreement 2
SALES TAX REMITTANCE(2021 NOTE
IN WITNESS WHEREOF, the parties hereto have executed this Agreement to be
effective as of the date and year first above written.
WYLIE ECONOMIC DEVELOPMENT
CORPORATION
Demond Dawkins, President
ATTEST:
Gino Mulliqi, Secretary
4-6NZ8164-Wylie EDC - Sales Tax Remittance Agreement 3
SALES TAX REMITTANCE(2021 NOTE
CITY OF WYLIE, TEXAS
Matthew Porter, Mayor
ATTEST:
Stephanie Storm, City Secretary
4-6NZ8164-Wylie EDC - Sales Tax Remittance Agreement 4
SALES TAX REMITTANCE(2021 NOTE
CERTIFICATE FOR RESOLUTION
On October 5, 2021, we, the undersigned officers of Wylie Economic Development
Corporation(the "Corporation"), hereby certify as follows:
1. The Board of Directors of the Corporation convened in Regular Meeting on
September 15, 2021 at the designated meeting place, and the roll was called of the duly
constituted officers and members of said Board of Directors, to wit:
Demond Dawkins President
Melisa Whitehead Vice President
Gino Mulliqi Secretary
Tim Gilchrist Treasurer
Blake Brininstool Member
Matthew Porter Mayor, Ex-Officio Member
Chris Holsted City Manager, Ex-Officio Member
and all of said persons were present, except the following absentees: , thus
constituting a quorum. Whereupon, among other business, the following was transacted at said
Meeting: a written
RESOLUTION NO. 2021-02(R)
RESOLUTION OF THE BOARD OF DIRECTORS OF WYLIE
ECONOMIC DEVELOPMENT CORPORATION REGARDING A LOAN
IN THE PRINCIPAL AMOUNT OF $8,108,000.
was duly introduced for the consideration of said Board of Directors and read in full. It was then
duly moved and seconded that said Resolution be adopted; and, after due discussion, said motion
carrying with it the adoption of said Resolution,prevailed and carried by the following vote:
AYES: All members of the Board of Directors shown present above voted "Aye"
except as shown below.
NOES:
ABSTAIN:
2. That a true, full and correct copy of the aforesaid Resolution adopted at the
Meeting described in the above and foregoing paragraph is attached to and follows this
Certificate; that said Resolution has been duly recorded in said Board of Directors' minutes of
said Meeting; that the above and foregoing paragraph is a true, full and correct excerpt from said
Board of Directors' minutes of said Meeting pertaining to the adoption of said Resolution; that
the persons named in the above and foregoing paragraph are the duly chosen, qualified and
5-6NZ8 17202-Wylie EDC -Resolution of Corporation(v.2)
acting officers and members of said Board of Directors as indicated therein; that each of the
officers and members of said Board of Directors was duly and sufficiently notified officially and
personally, in advance, of the time, place and purpose of the aforesaid Meeting, and that said
Resolution would be introduced and considered for adoption at said Meeting, and each of said
officers and members consented, in advance, to the holding of said Meeting for such purpose,
and that said Meeting was open to the public and public notice of the time, place and purpose of
said Meeting was given, all as required by Chapter 551, Texas Government Code.
3. That the President of the Board of Directors of the Corporation has approved and
hereby approves the aforesaid Resolution; that the President and the Secretary of said
Corporation have duly signed said Resolution; and that the President and the Corporation
Secretary of said Corporation hereby declare that their signing of this Certificate shall constitute
the signing of the attached and following copy of said Resolution for all purposes.
5-6NZ817202-Wylie EDC -Resolution of Corporation(v.2) EDC RESOLUTION(SERIES 2021
Signed on the date first written above.
Gino Mulliqi Demond Dawkins
Secretary, Board of Directors President, Board of Directors
5-6NZ817202-Wylie EDC -Resolution of Corporation(v.2) EDC RESOLUTION(SERIES 2021
RESOLUTION NO. 2021-02(R)
RESOLUTION OF THE BOARD OF DIRECTORS OF THE WYLIE
ECONOMIC DEVELOPMENT CORPORATION REGARDING A LOAN
IN THE PRINCIPAL AMOUNT OF $8,108,000.00.
WHEREAS, The WYLIE ECONOMIC DEVELOPMENT CORPORATION
("Borrower") proposes to enter into a Loan Agreement dated as of October 5, 2021 (as
amended, restated, supplemented and/or otherwise modified, the "Loan Agreement"), with
Government Capital Corporation, as lender ("Lender") to enable the Corporation to (1) finance
the purchase of certain real property (the "Property") in the City of Wylie, Texas (the "City") for
economic develop purposes, and (2) pay costs of issuing the loan, and as security for the
payment of the principal of and interest thereon, the Borrower has agreed to pledge its Economic
Development Sales and Use Tax. All capitalized terms used herein, but not otherwise defined
herein, shall have the meaning ascribed to such term in the Loan Agreement.
WHEREAS, the proposed form of the Loan Agreement, the Series 2021 Note (as
defined in the Loan Agreement) and the Sales Tax Remittance Agreement (as defined in the
Loan Agreement)have been presented to this meeting.
NOW THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF
THE WYLIE ECONOMIC DEVELOPMENT CORPORATION AS FOLLOWS:
Section 1. The Board of Directors agrees to enter into the Loan Agreement, Series 2021
Note and the Sales Tax Remittance Agreement to finance the cost of the Property in the amount
of$8,108,000.00 at an interest rate agreed upon by the Lender and the Borrower on the date of
execution of the execution of the Series 2021 Note, the Loan Agreement and the Sales Tax
Remittance Agreement and, in order to secure the principal and interest on the Series 2021 Note,
to pledge its Economic Development Sales and Use Tax.
Section 2. That any one or more of the Authorized Officers of the Borrower listed in
Section 3 below be, and each of them hereby is, authorized to execute, acknowledge and deliver
in the name and on behalf of Borrower to the Lender the Loan Agreement, including all
attachments and exhibits thereto, the Series 2021 Note and the Sales Tax Remittance Agreement.
The Loan Agreement, Series 2021 Note and Sales Tax Remittance Agreement shall be in
substantially the form presented to this meeting with such changes as the signing officer shall
determine to be advisable. Further, said Authorized Officers are authorized to execute,
acknowledge and deliver in the name and on behalf of the Borrower any other agreement,
instrument, certificate, representation and document, and to take any other action as may be
advisable, convenient or necessary to enter into such Loan Agreement, Series 2021 Note and
Sales Tax Remittance Agreement; the execution thereof by any such Authorized Officer shall be
conclusive as to such determination.
5-6NZ817202-Wylie EDC -Resolution of Corporation(v.2) EDC RESOLUTION(SERIES 2021)
Section 3. That for the purpose of this resolution, the following persons, or the persons
holding the following positions, are "Authorized Officers" duly authorized to enter into the
transaction contemplated by this resolution in the name and on behalf of Borrower:
Name Title
Demond Dawkins President
Melisa Whitehead Vice-President
Tim Gilchrist Treasurer
Gino Mulliqi Secretary
Blake Brininstool Board Member
Section 4. That there is hereby authorized the execution and delivery by the Authorized
Officers or any one of them in the name of and on behalf of Borrower the Loan Agreement,
including all attachments and exhibits thereto, the Series 2021 Note and the Sales Tax
Remittance Agreement in substantially the foiiii presented to this meeting with such changes as
the signing officer shall determine advisable, and the execution thereof shall be conclusive as to
such determination.
Section 5. That this Resolution shall take effect immediately.
PASSED AND ADOPTED this 5th day of October, 2021.
WYLIE ECONOMIC DEVELOPMENT
CORPORATION
By:
Demond Dawkins, President
ATTEST:
By:
Gino Mulliqi, Secretary
5-6NZ817202-Wylie EDC -Resolution of Corporation(v.2) EDC RESOLUTION(SERIES 2021)
CERTIFICATE OF CITY SECRETARY
THE STATE OF TEXAS §
COUNTY OF COLLIN §
CITY OF WYLIE §
I, the undersigned, City Secretary of the City of Wylie, Texas DO HEREBY CERTIFY
as follows:
1. On September 28, 2021, a regular meeting of the City Council of the City of
Wylie, Texas, was held at a meeting place within the City; the duly constituted members of the
Council being as follows:
Matthew Porter Mayor
David R. Duke Councilman
Dave Strang Councilman
Jeff Forrester Mayor pro tem
Scott Williams Councilman
Timothy T. Wallis D.V.M. Councilman
Garrett Mize Councilman
and all of said persons were present at said meeting, except the following:
Among other business considered at said meeting, the attached resolution entitled:
RESOLUTION NO. 21-XX(R)
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF WYLIE,
TEXAS ("CITY"), APPROVING (I) THE RESOLUTION OF THE BOARD
OF DI.RECTORS OF THE WYLIE ECONOMIC DEVELOPMENT
CORPORATION ("CORPORATION") REGARDING A LOAN IN THE
AMOUNT OF $8,108,000.00; (II) A SALES TAX REMITTANCE
AGREEMENT BETWEEN THE CITY AND THE CORPORATION;
(III) RESOLVING OTHER MATTERS INCIDENT AND RELATED TO
THE LOAN; AND (IV) THE AUTHORITY OF THE MAYOR TO
EXECUTE, ON BEHALF OF THE CITY, A GENERAL CERTIFICATE
OF THE CITY AND THE SALES TAX REMITTANCE AGREEMENT.
was introduced and submitted to the City Council for passage and adoption. After presentation
and due consideration of the resolution, and upon a motion made and seconded, the resolution
was duly passed and adopted by the Council to be effective immediately by the following vote:
AYES: All members of the City Council shown present above voted "Aye", except as
noted below,
NOES:
ABSTAIN:
6-6NZ817002-Wylie EDC-Resolution of City(v.2) CITY RESOLUTION(SERIES 2020A)
CITY RESOLUTION(SERIES 2020A)
all as shown in the official Minutes of the City Council for the meeting held on the aforesaid
date.
2. The attached resolution is a true and correct copy of the original on file in the
official records of the City; the duly qualified and acting members of the City Council on the
date of the aforesaid meeting are those persons shown above and, according to the records of my
office, advance notice of the time, place and purpose of said meeting was given to each member
of the Council; and that said meeting, and deliberation of the aforesaid public business, was open
to the public and written notice of said meeting, including the subject of the above-entitled
resolution, was posted and given in advance thereof in compliance with the provisions of
V.T.C.A., Chapter 551, Government Code, as amended.
IN WITNESS WHEREOF, I have hereunto signed my name officially on the date first
written above.
Stephanie Storm, City Secretary
6-6NZ817002-Wylie EDC-Resolution of City(v.2)
RESOLUTION NO. 2021-XX(R)
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF WYLIE,
TEXAS ("CITY"), APPROVING (I) THE RESOLUTION OF THE BOARD
OF DIRECTORS OF THE WYLIE ECONOMIC DEVELOPMENT
CORPORATION ("CORPORATION") REGARDING A LOAN IN THE
AMOUNT OF $8,108,000.00; (II) A SALES TAX REMITTANCE
AGREEMENT BETWEEN THE CITY AND THE CORPORATION;
(III) RESOLVING OTHER MATTERS INCIDENT AND RELATED TO
THE LOAN; AND (IV) THE AUTHORITY OF THE MAYOR TO
EXECUTE, ON BEHALF OF THE CITY, A GENERAL CERTIFICATE
OF THE CITY AND THE SALES TAX REMITTANCE AGREEMENT.
WHEREAS, The Wylie Economic Development Corporation (the "Corporation") has
been duly created and organized pursuant to the provisions of Chapter 504, Local Government
Code, as amended (formerly Section 4A of the Development Corporation Act of 1979,
Article 5190.6, Texas Revised Civil Statutes Annotated, as amended) (the "Act") by the City of
Wylie, Texas (the"City"); and
WHEREAS, pursuant to the Act, the Corporation is empowered to borrow money for the
purpose of financing the cost of any "project"defined as such by the Act; and
WHEREAS, the Board of Directors of the Corporation has found and determined that (a)
purchasing real property located at 802 W. Kirby Street, Wylie, Texas 75098 (the "Property") to
be used to promote economic development in the City is authorized under the Act and loan
proceeds may be used for such financing pursuant to that certain Loan Agreement, dated as of
October 5, 2021, (as amended, restated, supplemented and/or otherwise modified, the "Loan
Agreement") in the original principal amount of $8,108,000.00 (the "Loan") between the
Corporation and Government Capital Corporation (the "Lender"); and
WHEREAS, the Corporation proposes to enter into a Sales Tax Remittance Agreement,
dated as of October 5, 2021, (as amended, restated, supplemented and/or otherwise modified, the
"Sales Tax Remittance Agreement") with the City; pursuant to, which among other things, the
Corporation will pledge its sales tax revenues to the Lender to secure repayment of the Loan;
WHEREAS, the Act requires the City Council of the City approve the resolution of the
Corporation providing for the execution and delivery of the Loan Agreement.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF WYLIE, TEXAS:
Section 1. The Resolution approving the Loan Agreement and authorizing the issuance
of the Series 2021 Note (as defined in the Loan Agreement) authorized by the Corporation (the
"Corporation Resolution") on September 15, 2021, and submitted to the City Council this day, is
hereby approved in all respects. The Series 2021 Note is being issued to finance the cost of the
Property and to pay the Costs of Issuance (as defined in the Loan Agreement).
6-6NZ817002-Wylie EDC-Resolution of City(v.2) CITY RESOLUTION(SERIES 2020A)
Section 2. The approvals herein given are in accordance with the Act, and the Series
2021 Note shall never be construed an indebtedness or pledge of the City, or the State of Texas
(the "State"), within the meaning of any constitutional or statutory provision, and the owner of
the Note shall never be paid in whole or in part out of any funds raised or to be raised by taxation
(other than sales tax proceeds as authorized pursuant to Chapter 504 of the Act) or any other
revenues of the Corporation, the City, or the State, except those revenues assigned and pledged
by the Loan Agreement and the Sales Tax Remittance Agreement.
Section 3. The City hereby agrees to promptly collect and remit to the Corporation the
Economic Development Sales and Use Tax (defined in the Loan Agreement) to provide for the
prompt payment of the Series 2021 Note, and to assist and cooperate with the Corporation in the
enforcement and collection of sales and use taxes imposed on behalf of the Corporation.
Section 4. The Sales Tax Remittance Agreement attached hereto as Exhibit A is
incorporated by reference as a part of this Resolution for all purposes, with respect to the
obligations of the City and Corporation during the time the Series 2021 Note is outstanding, is
hereby reapproved as to form and substance. Furthermore, the Mayor and the City Secretary and
the other officers of the City are hereby authorized,jointly and severally, to execute and deliver
such endorsements, instruments, certificates, documents, or papers necessary and advisable to
carry out the intent and purposes of this Resolution.
Section 5. It is officially found, determined, and declared that the meeting at which this
Resolution is adopted was open to the public and public notice of the time, place, and subject
matter of the public business to be considered at such meeting, including this Resolution, was
given, all as required by V.T.C.A. Government Code, Chapter 551, as amended.
Section 7. This Resolution shall be in force and effect from and after its passage on the
date shown below.
[REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK]
6-6NZ817002-Wylie EDC-Resolution of City(v.2) CITY RESOLUTION(SERIES 202])
PASSED AND ADOPTED, this 5th day of October, 2021.
CITY OF WYLIE,TEXAS
By:
Matthew Porter, Mayor
ATTEST:
By:
Stephanie Storm, City Secretary
6-6NZ817002-Wylie EDC-Resolution of City(v.2) CITY RESOLUTION(SERIES 202])
EXHIBIT A
Sales Tax Remittance Agreement
6-6NZ817002-Wylie EDC-Resolution of City(v.2) CITY RESOLUTION(SERIES 202])
GENERAL CERTIFICATE OF CORPORATION
SERIES 2021 NOTE
We, the undersigned duly authorized officers of the Board of Directors of the WYLIE
ECONOMIC DEVELOPMENT CORPORATION (the "Corporation") acting in our official
capacities as such, hereby certify with respect to the Loan Agreement dated as of October 5,
2021, (as amended, restated, supplemented and/or otherwise modified, the "Loan Agreement')
by and between Corporation and Government Capital Corporation authorizing the Corporation's
Series 2021 Note (as defined in the Loan Agreement), as follows:
1. That the Corporation is a nonprofit economic development corporation, validly
created by the City of Wylie, Texas (the "City") under Chapters 501, 502 and 504, Local
Government Code, as amended (formally Section 4A of the Development Corporation Act of
1979, Article 5190.6, Texas Revised Civil Statutes Annotated, as amended) (the "Act") and
existing under the Act, and the laws and the Constitution of the State of Texas and is a
governmental agency thereof. All capitalized terms used herein shall have the meanings set forth
for such terms in the Loan Agreement unless the context clearly indicates otherwise.
2. That as of the date of approval of the Loan Agreement by the Corporation, the
following named persons constitute the members of the Board of Directors of Corporation:
NAME TITLE
Demond Dawkins President
Melisa Whitehead Vice President
Gino Mulliqi Secretary
Tim Gilchrist Treasurer
Blake Brininstool Member
Matthew Porter Mayor, Ex-Officio Member
Chris Holsted City Manager, Ex-Officio Member
3. The proceeds of the Series 2021 Note will be used to purchase real property
located at 802 W Kirby Street, Wylie, Texas 75098 and to refinance prior outstanding debt of the
Corporation(the "Project").
4. The Board of Directors of the Corporation duly adopted by a majority vote a
resolution (the `Resolution") authorizing and approving the entering into the Loan Agreement,
at a duly called public meeting, at which a quorum was present and acting throughout; the
Resolution is in full force and effect and has not been altered, amended or repealed as of the date
hereof; that said meeting was duly called and open to the public in accordance with the laws of
the State of Texas. The Resolution was considered and approved by the City Council of the City
by resolution on September 28, 2021.
4. The following described instruments (collectively, the "Instruments"), as
executed and delivered or authorized by the Corporation, are in substantially the same form and
7-6NZ8161-Wylie EDC-General Certificate of Corporation
text as copies of such Instruments which were before and were approved or ratified by the Board
of Directors of the Corporation, and which the officers of the Corporation were authorized to
execute and deliver for and on behalf of the Corporation:
(a) the Loan Agreement;
(b) the Series 2021 Note in the principal amount of$8,108,000.00; and
(c) the Sales Tax Remittance Agreement.
5. To the best knowledge of the undersigned, on the date hereof, the Corporation is
not in default in the performance or observance of any of the covenants, conditions, agreements
or provisions of the Instruments.
6. The representations and warranties of the Corporation contained in the
Instruments are correct on and as of the date hereof as though made on and as of such date.
7. No litigation is pending or, to the best of Corporation's knowledge, threatened in
any court to restrain or enjoin the execution and delivery of the Loan Agreement or the Note, or
the levy and collection of the Economic Development Sales and Use Tax or the pledge thereof,
or contesting or affecting the adoption and validity of the Resolution or the authorization,
execution and delivery of the Instruments, or contesting the powers of the Board of Directors of
the Corporation.
7-6NZ8161-WYLIE EDC-GENERAL,CERTIFICATE OF CORPORATION EDC GENERAL CERTIFICATE(SERIES 2021.)
IN WITNESS WHEREOF, we have duly executed this certificate on the date first
written above.
WYLIE ECONOMIC DEVELOPMENT
CORPORATION
By:
Demond Dawkins, President
ATTEST:
By:
Gino Mulliqi, Secretary
7-6NZ8161-WYLIE EDC-GENERAL,CERTIFICATE OF CORPORATION EDC GENERAL CERTIFICATE(SERIES 2021.
GENERAL CERTIFICATE OF CITY
SERIES 2021 NOTE
We, the undersigned duly authorized officers of the CITY OF WYLIE, TEXAS ("City")
acting in our official capacities as such, hereby certify with respect to the Loan Agreement dated
as of October 5, 2021, (as same may be amended, restated, supplemented and/or otherwise
modified, the "Loan Agreement") by and between the WYLIE ECONOMIC DEVELOPMENT
CORPORATION ("Corporation") and GOVERNMENT CAPITAL CORPORATION
("Lender") authorizing a loan in the principal amount of$8,108,000.00, as follows:
1. All capitalized team used herein shall have the meaning set forth for such teim in the
Loan Agreement unless the context clearly indicates otherwise.
2. The City is a duly incorporated home rule city, operating and existing under the
Constitution and the laws of the State of Texas.
3. The City has duly authorized the creation of the Corporation under the Act.
4. Attached hereto as Exhibit "A" are true, correct, and full copies of the proceedings
pertaining to the levy of the Economic Development Sales and Use Tax and the election at which
the Economic Development Sales and Use Tax was approved by the voters of the City.
5. No Litigation is pending or, to the best of their knowledge, threatened against the City
with respect to the issuance by the Corporation of the Note, the Loan Agreement or the Sales Tax
Remittance Agreement, the creation of the Corporation or the title or authority of the governing
body or director of the Corporation.
[Remainder of Page Intentionally Left Blank]
8-6NZ8159-Wylie EDC-General Certificate of City CITY GENERAL CERTIFICATE(SERIES 2021)
IN WITNESS WHEREOF, we have duly executed this certificate on the date first
written above.
CITY OF WYLIE, TEXAS
By:
Matthew Porter, Mayor
ATTEST:
By:
Stephanie Storm, City Secretary
8-6NZ8159-Wylie EDC-General Certificate of City CITY GENERAL CERTIFICATE(SERIES 2021
EXHIBIT A
8-6NZ8159-Wylie GDC-General Certificate of City
Wylie Economic Development
Board
AGENDA REPORT
Meeting Date: September 15, 2021 Item Number: DS1
Department: WEDC (Staff Use Only)
Prepared By: Jason Greiner Account Code:
Date Prepared: 9/7/21 Exhibits: 1
Subject
Staff report: WEDC Property Update, Downtown Parking, WEDC Office/Insurance Claim, Engineering Report,
Upcoming Events, WEDC Work Session and Board Tour, and WEDC Activities/Programs.
Recommendation
No action is requested by staff for this item.
Discussion
Staff will lead a discussion regarding WEDC Property Updates, Downtown Parking, WEDC Office/Insurance Claim,
Engineering Report,Upcoming Events,WEDC Work Session and Board Tour, and WEDC Activities/Programs.
Page 1 of 1
•
2021 August Board Meeting—18 n
Day Time Meeting/Event
10 6:00 pm City Council
12-13 IEDC Economic Development Strategic Planning-ig
13-27 Virtual TEDC Sales Tax Training- rh
15-17 SEDC Annual Conference—Tampa, FL
18 8:30 am WEDC- Board Meeting
19 WSNCT-Virtual Career Fair
24 11:30 am Wylie Chamber of Commerce- Monthly Luncheon
24 6:00 pm City Council
2021 September Board Meeting—1Stn
Day Time Meeting/Event
2 Retail Live! South Central-Austin
3-17 TEDC Sales Tax Training—Virtual- mw,gm, jg
OS ._. Labor Clay
13 6-8:00 pm Comprehensive Plan Advisory Committee-Community Open House Meeting#1
14 6:00 pm City Council
15 8:30 am WEDC- Board Meeting
17-18 Wylie Championship Rodeo
28 6:00 pm City Council - MFG Day Proclamation
30 11:30 am Wylie Chamber of Commerce- Monthly Luncheon w/Candy Noble
2021 October-Industry Appreciation Month Board Meeting—20t''
Day Time Meeting/Event
1 Manufacturing Day
2-6 IAMC Fall 2021 Professional Forum-Kansas City, MO-jg
3-6 IEDC Annual Conference—Nashville
8 Tentative: WEDC Board Tour/Work Session
12 6:00 pm City Council &CPAC Workshop
13-15 TEDC Annual Conference-Ft. Worth-jg
20 8:30 am WEDC- Board Meeting
26 MFG Luncheon/Workforce Webinar
26 6:00 pm City Council
26-29 TEDC Fall Basic Economic Development Course- Ft. Worth
28-29 CSEF Conference-San Diego
Around the Corner...
• TDA Conference—November 3-5, Denton
• CDFA Virtual National Summit—November 1-5
• CPAC Meeting: Housing,Special Planning Areas, Land Use Categories- November 11
• ICSC- Here,We Go. 2021- December 5-7, Las Vegas Convention Center