4A Wichita Falls Economic Development Minutes - 12/19/2024 MINUTES OF THE
WICHITA FALLS ECONOMIC DEVELOPMENT CORPORATION
DECEMBER 19, 2024
PRESENT:
Leo Lane, President § WFEDC Members
David Toogood, Vice President §
Brent Hillery §
Reno Gustafson §
Craig Lewis §
Tim Short, Mayor § Mayor & Council
Mike Battaglino, Councilor, District 4 §
Tom Taylor, Councilor, District 5 §
James McKechnie, Interim City Manager § City Administration
Paul Menzies, Assistant City Manager §
Blake Jurecek, Assistant City Manager §
Kinley Hegglund, City Attorney §
Stephen Calvert, CFO & Finance Director §
Terry Floyd, Dir. of Development Services §
Chris Horgen, Public Information Officer §
Paige Lessor, Legal Asst/ Recording Secretary §
Austin Cobb, Councilor-At-Large-Elect
Ron Kitchens, CEO § Wichita Falls Chamber of Commerce
Moriah Williams, Partner
Vicki Pratt, Partner §
1. CALL TO ORDER.
Mr. Leo Lane called the meeting to order at 2:30 p.m.
2. CONSENT AGENDA.
a. Approval of Minutes (November 21, 2024)
b. Financial Report
Mr. Paul Menzies discussed the sales tax trends and financial status, noting an increase
in funds due to expired projects rolling back into the balance. He explained that he is still analyzing
what caused the increase. He explained that occasionally, a fluctuation will occur because of state
audit adjustments. He noted that the Corporation had a healthy fund balance, but the financial
report did not include the encumbered funds from the Engage Sheppard Project and the Retail
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Strategies Project that the City Council approved earlier in the week.
Mr. Craig Lewis moved to approve the consent agenda as presented. Seconded by Mr.
Reno Gustafson and with no further discussion or public comment, the motion carried 5-0.
3. DISCUSSION AND POSSIBLE ACTION RELATED TO THE PROPOSED INCENTIVE PACKAGE
FOR SEALED AIR.
Mrs. Moriah Williams presented an incentive package proposal for Sealed Air,which plans
to invest $33 million into two production lines in its Iowa Park plant, creating 25 new jobs and
retaining existing positions. The Company has one plant in Iowa Park and one in Wichita Falls,
currently employing approximately 700 people. The proposal includes a $3 million forgivable loan
to be paid in two installments ($1.5 million in year one and $1.5 million in year two) to be forgiven
over seven years, contingent on retaining all current full-time positions plus 25 new full-time
positions.
Mr. Lane and Mr. Toogood confirmed with Mrs. Williams and Mr. Justin Richey, Sealed
Air Plant Manager, that the 25 new employees would be additional to the existing workforce. Mr.
Richey noted that both plants have a total of 800 employees, 700 of which work at the Iowa Park
plant.
Mr. Lane then asked the Board if there were any other questions. No additional questions
or comments were made.
4. DISCUSSION AND POSSIBLE ACTION RELATED TO THE PROPOSED PURCHASE OF
MINERAL RIGHTS RELATED TO THE WICHITA FALLS BUSINESS PARK.
Mrs. Williams introduced this item, explaining that WFEDC does not own the mineral rights
to the 340-acre section of the business Park it is currently in contract to sell. To facilitate the
project closing, she proposed the WFEDC acquire the mineral rights for up to $1 million, to be
reimbursed by the purchaser at closing. The purchase would secure a majority ownership
(approximately 63%) of the mineral rights, allowing control over surface drilling. Mr. Lewis, Mr.
Hillery, and Mr. Kitchens clarified legal and leasing implications, and the board discussed and
acknowledged that the transfer of mineral rights would occur at the closing of the sale of the
property.
Mr. Lane confirmed with the Board that no one had any further questions.
5. EXECUTIVE SESSION.
Mr. Lane adjourned the meeting into executive session at 2:41 p.m. pursuant to Texas
Government Code §§§ 551.087, 551.071, and 551.074. He announced the meeting back into
regular session at 3:21 p.m. The subjects posted in the Notice of Meeting were deliberated, and
no votes or further actions were taken on the items in executive session.
6. MOTIONS.
SEALED AIR
Mr. Toogood made a motion to authorize a forgivable loan be paid to Sealed Air
Corporation located at 1301 W. Magnolia, Iowa Park, Wichita County, Texas, at a rate of
$1,500,000 in year one and $1,500,000 in year two and to give the Board President authorization
to execute any and all documents related to such agreement. The loan shall be forgiven over the
course of seven years, after proof of investment, at a rate of $857 per full-time position retained
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for a total of 500 employees, or$428,571 per year. Seconded by Mr. Hillery and with no comments
or discussion made by the public, the motion carried 5-0.
WICHITA FALLS BUSINESS PARK MINERAL RIGHTS
Mr. Lewis moved to authorize the purchase of 50% of the unowned mineral rights at the
Wichita Falls Business Park at an amount not to exceed $1,000,000 and to give the Board
President the authority to sign any and all documents associated with the purchase. Seconded
by Mr. Lewis and with no comments or discussion made by the public, the motion carried 5-0.
7. ADJOURNED.
Mr. Lane asked if the public had any questions or comments. Since there were none, he
adjourned the meeting at 3:24 p.m.
Leo Lane, President
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