Sedosi points to the tail end of today’s Chronicle story on Metro’s SWAT/SORT:
In other business, the Metro board extended President and CEO Frank Wilson’s four-year contract until 2010. Wilson turned down an offer to increase his $254,000 annual salary, Smalley said. However, the board changed his severance benefits to include two years of base pay, the same as his predecessors, and to receive the same level of benefits as vested employees. Wilson took over Metro in May 2004.
The board also authorized Wilson to negotiate agreements “for the acquisition and development of properties,” which Metro would not identify. The board also authorized him to “explore joint development opportunities” for three Metro properties, identified only as part of the Mission Bend Park & Ride lot, the Kashmere Transit Center and a property on South Main.
Metro said in March that it wanted to collaborate in “transit-oriented development,” which typically means a mixed residential and commercial property near a rail stop. One site the agency has said it wants to develop is atop its Texas Medical Center Transit Center.
Don’t forget the Houston Business Journal‘s excellent two-part story on Metro’s ability to use eminent domain around rail stops, and remember that Metro has been ramping up its real estate development department.
It appears that Metro is branching out, and really, who can blame them? Since no one wants to ride the buses or the light rail, Metro has to make money somehow.
Oh, and speaking of needing to make money, what do you think of Frank Wilson’s extended contract details? Metro’s board must be happy with Wilson’s leadership.
