4A Wichita Falls Economic Development Minutes - 12/09/2010MINUTES OF THE
WICHITA FALLS ECONOMIC DEVELOPMENT CORPORATION
December 9, 2010
PRESENT:
Gary Shores, President § Members
Dick Bundy, Vice President/Sec.- Treasurer §
Dave Lilley §
Lanham Lyne §
Gary McLendon §
Linda Ammons
Darron Leiker, City Manager
Kevin Hugman, Asst. City Manager
Miles Risley, City Attorney
Tim Chase, President
Kevin Pearson, Vice President
Ralph Rossdeutscher, President
1. CALL TO ORDER
§ Council Liaison
§ City Staff
§ Chamber of Commerce & Industry
§ Phoenix Holdings, LLC
Chairman Gary Shores called the meeting to order at 5:00 p.m.
2. REAL PROPERTY INTERESTS AT 8600 CENTRAL FREEWAY NORTH
Discussion ensued for the subordination of WFEDC liens on 8600 Central Freeway
North. to a $4.920 million dollar senior lien in favor of First Bank to secure a loan to be extended
by said bank to Phoenix Holdings, LLC.
Mr. Ralph Rossdeutscher, President of Phoenix Holdings, LLC, addressed the board. He
indicated Phoenix Holdings had recently undergone personnel changes and was now instituting
new processes to ensure that its suppliers would be paid in a timely manner. He also indicated
the company has even hired an employee whose primary job is communications with groups
such as his suppliers. The company is now in the process of ramping up production and filling
orders from several large retailers.
Miles Risley addressed the board and indicated that Phoenix Holdings, LLC, was
requesting the subordination of WFEDC loans of $5.5 million and $1 million to senior loans
from First Bank in the amount of $4.920 million. This would increase the amount of senior debt
secured by 8600 Central Freeway North from approximately $3.8 million to $4.920 million. Mr.
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Risley indicated that execution of agreements to subordinate this debt would be within the
discretion of the WFEDC President, but that the President wanted the opinion of the Board on
this issue.
Mr. Lyne moved to authorize the subordination of the WFEDC loans to First Bank's
debt. This motion was seconded by Mr. Bundy. The motion carried unanimously.
3. EXECUTIVE SESSION
President Shores adjourned the meeting into executive session at 5:32 p.m. pursuant to
TEXAS GOVERNMENT CODE § §551.071, 551.072, and 551.087. He announced the meeting back
into regular session at 5:53 p.m. He noted that the subjects posted in the Notice of Meeting were
deliberated, and no action was taken on these items in executive session.
4. ADJOURN
The meeting adjourned at 5:54 p.m.
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