Economic Development Corporation Board Regular Meeting

Minutes Wylie Economic Development Corporation Board of Directors Meeting July 21, 2021— 8: 30 A.M. 300 Country Club Road, Building # 100 Wylie, TX 75098 CALL TO ORDER Announce the presence ofa Quorum President Demond Dawkins called the regular meeting to order at 8: 38 a. m. Board Members present were Gino Mulliqi and Tim Gilchrist. Ex- Officio Members Mayor Matthew Porter and City Manager Chris Hoisted were present. WEDC staff present included Executive Director Jason Greiner, BRE Director Angel Wygant, Senior Assistant Rachael Hermes, and Intern Will Kelly. 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 Consent Agenda. CONSENT AGENDA All matters listed under the Consent Agenda are considered to be routine by the WEDC Board ofDirectors and will be enacted by one motion. There will not be a separate discussion ofthese items. Ifdiscussion 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 June 16, 2021 Regular Meeting, June 21, 2021 Special Called Meeting, and July 8, 2021 Special Called Meeting of the WEDC Board of Directors. B. Consider and act upon approval of the June 2021 WEDC Treasurer' s Report. Board Action A motion was made by Tim Gilchrist, seconded by Gino Mulliqi, to approve the Consent Agenda as presented. A vote was taken, and the motion passed 3- 0. REGULAR AGENDA 1. Consider and act upon issues surrounding the Election of Officers for the WEDC Board of Directors for 2021- 2022. Board Action A motion was made by Gino Mulliqi, seconded by Tim Gilchrist, to table this Item until additional Board Members were present. A vote was taken, and the motion passed 3- 0. 2. Consider and act upon the establishment of a Regular Meeting Date and Time for the WEDC Board of Directors for 2021- 2022. J Board Action A motion was made by Gino Mulliqi, seconded by Tim Mulliqi, to table this Item until additional Board Members were present. A vote was taken, and the motion passed 3- 0. WEDC —Minutes July 21, 2021 Page 2 of 4 3. Consider and act upon a Purchase and Sale Agreement between the WEDC and Victory Group, LLC. Staff Comments Staff provided an overview of the Purchase and Sale Agreement, noting the information provided in the Agenda Report. Board Action A motion was made by Tim Gilchrist, seconded by Gino Mulliqi, to approve a Purchase and Sale Agreement between the WEDC and Victory Group, LLC for the sale of approximately . 29-acre of real property and further authorize the WEDC President to execute all documentation necessary to effectuate the transactions. A vote was taken, and the motion passed 3- 0. 4. Consider and act upon the approval of the FY 2021- 2022 WEDC Budget. Board Action A motion was made by Tim Gilchrist, seconded by Gino Mulliqi, to table this Item until after Executive Session. A vote was taken, and the motion passed 3- 0. DISCUSSION ITEMS DS1. Discuss issues surrounding Wylie EDC loans. Staff provided a summary of the continuing loan discussion involving the option to refinance current debt and borrow an additional $ 3 MM for the purchase of property. Staff discussed the impact of debt service on budget projections moving forward. Staff provided dates and deadlines that will impact the timing of the loan discussion and any subsequent action. Following direction at the previous Board Meeting, staff is in the process of obtaining additional information from local banks and Government Capital. Staff noted that a response is anticipated from a couple of local banks, with others opting out due to term lengths or servicing of personal loans only. Staff discussed various scenarios, with the options of $1. 5 MM or $ 1 MM plugged into the FY 21- 22 Debt Service Budget for budgeting purposes. The Board requested that staff provide a firm deadline in order to meet timeline requirements and to allow them to review all the options available to them. Staff advised that there would be a Special Called Meeting in the beginning of August to review this item. DS2. Discussion regarding a WEDC Board Tour, Retreat, or Work Session. Staff commented on Board Member interest in conducting a Board Tour or Work Session to discuss topics such as strategic planning, review of Bylaws, WEDC Handbooks, and WEDC- owned properties. Board Member Gilchrist discussed the overall goal of being aligned to the mission of the organization and identifying what can be done by the Board to become more effective. President Dawkins agreed that a Board Tour would be beneficial for the purposes of future planning and identification of the needs of the community. Mayor Porter commented that the format of posting a Board Tour with a following Work Session for discussion purposes would allow the community to review discussions. The Board directed Staff to provide August date options for the upcoming event. DS3. Staff report: WEDC Property Update, Downtown Parking, WEDC Office/Insurance Claim, Engineering Report, Retail Coach Update, Upcoming Events, New Board Member Handbook, and WEDC Activities/ Programs. WEDC —Minutes July 21, 2021 Page 3 of 4 Staff discussed Hillside Grill closing on the property formerly occupied by The Rock, noting that remodeling permits should be pulled in the near future. Closing of the WEDC purchase of 103 S. Ballard is expected to be fmalized within the week. Cary Albert will soon break ground on the last remaining pad at the Woodbridge Centre/ Kroger Center. The Retail Coach survey and Small Business survey are nearing completion. Mayor Porter inquired about sharing the Retail Coach information in the Board Packet with the Downtown Merchants Association, noting the increase of downtown traffic in the evening hours while some shops downtown are closed. President Dawkins discussed other cities adapting after being presented the information to increase sales and downtown activity. Staff discussed/ reviewed the Downtown Wylie Mobile Data Survey provided by The Retail Coach. Board Member Gilchrist discussed sharing the information with Downtown Merchants Association and the Chamber of Commerce. Board Member Mulliqi discussed the need for local businesses to better understand their customer base. Staff discussed WEDC website traffic information, highlighting increased traffic since promotion services with Great Scott Sites and Speak Loud Media were implemented in April 2021. Staff will continue to track analytics. Staff noted the Quarterly Housing Report, Inventory Subledger, and upcoming events on the Marketing Calendar. Staff discussed the TEDC Basic training opportunity in October. EXECUTIVE SESSION Recessed into Closed Session at 9: 55 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 and Cooper, Jackson and Oak, Regency and Steel, State Hwy 78 and Alanis, State Hwy 78 and Birmingham, State Hwy 78 and Brown. Sec. 551. 074. PERSONNEL MATTERS; CLOSED MEETING. ES2. Evaluation of WEDC Staff. Sec. 551. 087. DELIBERATION REGARDING ECONOMIC DEVELOPMENT NEGOTIATIONS; CLOSED MEETING. 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- 9b, 2020- 11b, 2021- 2b, 2021- 4a, 2021- 4b, 2021- 4c, 2021- 4d, 2021- 5a, 2021- 6a, 2021- 6b, and 2021- 6c. Mayor Porter stepped out of Executive Session at 10: 48 a. m. and returned to Executive Session at 10: 55 a.m. Mayor Porter completed a conflict of interest questionnaire. RECONVENE INTO OPEN SESSION Take any action as a result from Executive Session. President Demond Dawkins reconvened into Open Session at 11: 17 a. m. and moved back to Agenda Item 4. WEDC —Minutes July 21, 2021 Page 4 of 4 REGULAR AGENDA Tabled on 7- 21- 21 Remove from table and consider Board Action A motion was made by Tim Gilchrist, seconded by Gino Mulliqi, to remove this Item from table. A vote was taken, and the motion passed 3- 0. 4. Consider and act upon the approval of the FY 2021- 2022 WEDC Budget. Staff Comments Staff discussed the WEDC budget, noting that the same information was presented to City Council on July 13th. Items of note include a 2% merit increase for staff, the addition of an Admin Assist I position, and debt service with a " worst -case scenario" of $8MM for a 10- year term at a fixed rate of 4%. Board Action A motion was made by Gino Mulliqi, seconded by Tim Gilchrist, to approve the Wylie EDC budget for 2021- 2022. A vote was taken, and the motion passed 3- 0. 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 11: 20 a.m. 1/ Demond Dawkins, President utive Director