THECITYOF RANDVIEW EAS REGULAR TYPE A ECONOMIC DEVELOPMENT CORPORATION MINUTES AUGUST 5, 2024 The Type A Economic Development Corporation Board met on Monday, August 5, 2024, at 4:00 p.m. at City Hall. 1. ROLL CALL AND CALL TO ORDER BY BOARD PRESIDENT WOOD AT 4:07 P.M. BOARD MEMBERS PRESENT: John Wood Kay Harrison William Brown Daphne Fletcher (Absent) Mary Sarver 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. 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 A 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 a request to present all the budget amendments in addition to the proposed items that will be listed on there for the remaining voting items in one presentation. Mrs. Reading began going over the budget amendments for fiscal year 2023- 2024. The projected ending. for sales tax is $150,000 where originally it was about $180,000. We are at a shorffall of about $30,000 in the 4A fund. We had $500 in legal fees and $500 in training and travel, and then we had administration of $65,136. There was a sales tax agreement that was out that we were not aware ofwhen the budget was first created back in October. This is a Performance Agreement based on sales tax and reaching a base level of818 million. It has been placed in the FY budget. Once they make it to baseline of18 million amongst five different companies that triggers a reimbursement rate for them to be reimbursed. Topfive sales tax producers that we have in the community. This is a dual EDC. A and EDC. B Agreement. DMAC water line was another big expenditure, $55,485. DMAC will be owing $50,000 back to the 4A fund, butfor 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 reimbursed for $5,000. This was done earlier this FY. We do not feel comfortable raising the sales tax. Incentive Agreement from previous EDC Agreement that is paying out, $13,000. We have weekly discussions with our legal team. When we write or prepare agreements, we can pass that charge off to the applicant. Type A EDC Meeting Minutes, August 5, 2024 There was a 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 admimistrationfee. We execute what is called an MOU, Memorandum ofUnderstanding. Will be going over this as a separate item to the board. Capital outlay, you are going to see $100,000 and $50,000. for capital outlay. Allowing to use Type A money) for Type B projects, had to be passed by ordinance and the city council approved that. We can invest $100,000 to build a. stage in the park and $50, 000 to build bathrooms in the park. This is a Type B project, coming out ofthe fund balance. Bringing. fund balance from $575,000 to $510,000. This will spur economic development. MOU, DMAC water lines used as an example. We had to send out a bid. We paidfor 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 the fee. Our legal fee, we are only putting in 55,000, which is actually less than the 15%. Board Member Sarver made a motion to receive, discuss and take action on Fiscal Kear 2023-2024 Budget Amendment. Board Member Harrison seconded the motion. Motion carried - all ayes. C. Discuss and consider approval of the Memorandum ofUnderstanding (MOU) between EDC Type A and the City ofGrandview 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 City ofGrandview, for administrative services. Board. President Wood seconded the motion. Motion carried - all ayes. D. Discuss and consider utilizing Economic Development Type A funds for the Economic Development Type B Project oft 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 listfor 60 days.) Type A EDC Meeting Minutes, August 5, 2024 Board Member Sarver made a motion to approve utilization ofEconomic Development Type Afunds for the Economic Development Type B Project of building a stage in the Grandview City Park to exceed $100, 0000 for Fiscal Kear 2024-2025. Board. President. Harrison seconded the motion. Motion carried - all ayes. E. Discuss and consider approval of the proposed Budget for Fiscal Year 2024- 2025. (For the Budget FY, accession for $100,000, cannot change in the budget, $100,000 and $50,000) Board Member Brown made a motion to approve proposed Budget for Fiscal Year 2024- 2025. Board President Wood seconded the motion. Motion carried = all ayes. 6. ADJOURN MEETING: Board. President Wood made a motion to adjourn the meeting at 4:47 p.m. CITY OF GRANDVIEW Aphus blts President or Board Member ATTEST: K GRAND hamnn Rudl Shannon Pruitt, City Secretary TEXAS - Type A EDC Meeting Minutes, August 5, 2024 4