4A Wichita Falls Economic Development Minutes - 07/20/2010MINUTES OF THE
WICHITA FALLS ECONOMIC DEVELOPMENT CORPORATION
July 20, 2010
Present:
Gary Shores, President § Members
Lanham Lyne §
Gary McLendon §
Dave Lilley §
Kevin Hugman, Assistant City Manager § City Staff
Kinley Hegglund, Sr. Assistant City Attorney §
Ramona Coln, Recording Secretary §
Tim Chase, President
Kevin Pearson, Vice President
Ron Duncan
Jim Rutz
Terry Evett
Tom Sirois
Joanne Osmolik
1. CALL TO ORDER
§ Chamber of Commerce & Industry
§ MagicAire Acquisition Co., LLC
§ Latex, International
President Gary Shores called the meeting to order at 8:30 a.m.
2. MAGICAIRE RETENTION PROJECT
Tim Chase gave a briefing on the origins of this project and introduced Mr. Ron Duncan,
MagicAire plant manager to present the project to the Board. Several months ago, Carrier (the
parent company of MagicAire) wanted to divest itself of the MagicAire brand. MA Acquisition
Co., LLC was formed for the purchase of United Electric (locally known as MagicAire). United
Electric opened its doors in Wichita Falls in 1932, and began manufacturing MagicAire brand air
conditioners in 1945. It employs over 100 people, has a payroll of $5 Million, and spends in
excess of $1 Million with local suppliers.
Mr. Duncan requested the 4A Board approve the funding incentive detailed in the performance
agreement. Gary Shores called for a motion to approve the agreement. Lanham Lyne so moved,
seconded by Dave Lilley. The motion carried.
3. ADJOURN
The meeting was adjourned at 8:45 a.m.
GARY 9HORES, PRESIDENT