THECITYOF RANDVIEW TEAS REGULAR TYPE A ECONOMIC DEVELOPMENT CORPORATION MINUTES The Type A Economic Development Corporation Board met on Monday, August 5, 1.1 ROLL CALL AND CALL TO ORDER BY BOARD PRESIDENT WOOD AT AUGUST 5, 2024 2024, at 4:00 p.m. at City Hall. 4:07 P.M. John Wood Kay Harrison William Brown Daphne Fletcher (Absent) Mary Sarver BOARD MEMBERS PRESENT: ADMINISTRATION PRESENT: Katherine Reading, City Manager Shannon Pruitt, City Secretary 2. Invocation was led by Board Member Sarver. 3. Pledge of Allegiance to the U.S.A. Flag and' Texas Pledge was led by Board President Wood. 4.1 Public Comments: No comments were made. 5. ACTION ITEMS: A. Consider approval of minutes from the Type A EDC Meeting held on April 18, 2024, as presented. Board Member Harrison made a motion to approve the minutes from the Type A EDC Meeting held on April, 18, 2024, as presented. Type Al EDC Meeting Minutes, August 5, 2024 Board. Member Sarver. seconded the motion. Motion carried- - all ayes. B. Receive, discuss, and take action on the Fiscal Year 2023-2024 Budget Amendment. Presented by Katherine Reading, City Manager Katherine Reading, City Manager, made ai request to present all the budget amendments in addition to the proposed items that will be listed on there for Mrs. Reading began going over the budget amendments forfiscal year 2023- The projected ending for sales tax is. $150,000 where originally it was about $180,000. We are at as shortfall ofabout $30,000 in the 4A fund. We had $500 in legal fees and $500 in training and travel, and then we had There was a sales tax agreement that was out that we were not aware ofwhen the budget wasj first created back in October. This is a Performance Agreement based on sales tax andi reaching a base level of818 million. Iti has been placed in the FY budget. Once they make it to baseline of 18 million amongstfive different companies that triggers ai reimbursement rate for them to be reimbursed. Topfive. sales tax producers that we have in the community. This DMACwater line was another big expenditure, $55,485. DMACwill be owing $50,000 back to the 4Afund, but for accounting. purposes we must reflect on everything that was, spent at the time. The real cost to the 4A board is $50,000, but we have to be reimbursedfor $5,000. This was done earlier this FY. the remaining voting items in one presentation. 2024. administration of$65,136. is a dual EDCA and. EDCB Agreement. We do notfeelcomfortable raising the sales tax. Incentive. Agreement, from previous EDC Agreement that is paying out, We have weekly discussions with our legal team. When we write or prepare $13,000. agreements, we can, pass that charge off to the applicant. Type A EDC Meeting Minutes, August 5, 2024 There was ai recommendation, for training, for the board to become more educated on what is going on with Economic Development. Board members can receive informationfrom the City Secretary about this. Upcoming FY we are looking at the standard administrationjfee. We execute what is called an MOU, Memorandum afUnderstanding Will be going over Capital outlay, you are, going to. see $100,000 and $50,000 for capital outlay. Allowing to use Type A moneyfor Type B projects, had to be passed by ordinance and the city council approved that. We can invest $100,000 to build astage in the park and. $50,000 to build bathrooms in the park. This is a Type Bp project, coming out ofthe fund balance. Bringingfund balancefrom $575,000 to $510,000. This will spur economic development. this as a separate item to the board. MOU, DMACwater lines used as an example. We hadi to. send out a bid. We paid for all the publications. We had to price. search. We interviewed. a few contractors. They came in at over $50,000. We had to get it down in order to get it under $50,000 because that was really our goal at that point. 15% assessment, for accounting services, posting meetings, meeting gatherings, gets assessed in thej fee. Our legalfee, we are only putting in. 55,000, which is Board. Member Sarver made ai motion to receive, discuss and take action on actually less than the 15%. Fiscal Year 2023-2024 Budget. Amendment. Board. Member. Harrison seconded the motion. Motion carried- all ayes. C.I Discuss and consider approval of the Memorandum ofUnderstanding (MOU) between EDC Type A and the City of Grandview for administrative services. Presented by Katherine Reading, City Manager. Board. Member. Harrison made a motion to approve Memorandum of Understanding (MOU) between. EDC Type A and the Cityo ofGrandviewfor administrative services. Motion carried- all ayes. Board. President Wood: seconded the motion. D. Discuss and consideru utilizing Economic Development Type A funds for the Economic Development Type B Project of building a stage in the Grandview City Park to exceed $100,0000 for Fiscal Year 2024-2025. (Will exceed $100,000 but not to exceed $150,000. We also have to list for 60 days.) Type AEDCN Meeting Minutes, August 5, 2024 Board. Member Sarver made a motion to approve utilization ofl Economic Development Type A funds for the Economic Development Type B Project of building a stage in the Grandview City. Park to exceeds $100,0000for Fiscal Year 2024-2025. Motion carried- - all ayes. Board. President. Harrison seconded the motion. E. Discuss and consider approval oft the proposed Budget for Fiscal Year 2024- (For the Budget. FY, accession for $100,000, cannot change in the budget, Board. Member. Brown made a motion to approve A proposed Budget) for Fiscal 2025. $100,000 and $50,000) Year 2024- 2025. Motion carried - all ayes. Board President Wood. seconded. the motion. 6. ADJOURN MEETING: Board. President Woodi made a motion to adjourn the meeting at 4:47 p.m. CITY GRAINDVIEW President or Board Member Ttss ATTEST: GRAND hamnn Rudt Shannon Pruitt, City Secretary TEXAS ) Type Al EDC Meeting Minutes, August 5, 2024