Meeting Agenda Regular Meeting of the Oak Point Economic Development Corporation Oak Point City Hall 100 Naylor Road Oak Point, Texas 75068 OAK POINT Tuesday, February 11, 2025 - 6:00 P.M ECONOMICI DEVELOPMENT CORPORATION 1. Call to order, roll call, and announce a quorum is present. (President) In the event a quorum is not present, the Corporation may meet as a committee, but no action will be taken. 2. Pledge of Allegiance and Pledge to the Texas Flag (President) 3. Public Input (President) This agenda item provides an opportunity, for citizens to address the Economic Development Corporation on any matter that is not posted on the agenda, as well ass specific agenda items. The EDC will hear comments on: specific agenda items that are listed as public hearings prior to the EDC addressing those items. The EDC is not permitted to take action or engage in any discussion on presentations or inquiries concerning an item not listed on the agenda. However, in accordance with Section 551.042 ofthe Government Code, ar representative of Citys staffo ort the EDCI may, respond withe either a statement ofs specificj factual information. relating to the inquiry or a recitation ofe existing policy in response to the inquiry. 4. Consider and act upon the appointment of a Secretary of the Economic Development Corporation and Municipal Development District. (Chair) 5. Consider and act upon the minutes from the January 14, 2025, meeting of the Oak Point Economic Development Corporation. (Chair) 6. Review and discuss the financial report of the Oak Point Economic Development Corporation. (City Staff) CLOSED SESSION 7. Recess into Closed Session in compliance with Section 551.001 et. Seq. Texas Government Code, to wit: a. Section 551.087 (economic development) to deliberate potential commercial opportunities and incentives. 8. ICSC update and discussion on additional content for EDC booth for future shows. (Hankins) 9. Discuss future agenda items for the next regular meeting of the Economic Development Corporation. (President) 10. Adjourn. (President) The Economic Development Corporation of the City of Oak Point, Texas, reserves the right to meet in a Closed. Session on any item listed on this Agenda should the need arise, pursuant to authorization by Texas Government Code, Sections 551.071 (consultation with attorney), 551.072 (deliberations about real property), 551.073 (deliberations about gifts and donations), 551.074 (personnel matters), 551.076 deliberations about security devices), 551.087 (economic development), 418.1 183 (homeland security). This facility is wheelchair accessible and accessible parking spaces are available. Requests for accommodations ori interpretive services must be made 48 hours prior to the meeting. Please contact City Hall at (972) 294-2312 or FAX (972). 294-1619 forf further information. CERTIFICATION: Ido hereby/certify that this Notice of public meeting was posted on the outside bulletin board at the Oak Point City Hall, a plaçe convénient and readily accessible to the general public at all times, and said Notice was posted by 5:00 p.m. on the 7th dayof Febryary, 2025. jennjfer Hehry, EDC: Secretary OF This notice was removed at a.m./p.m. oni the day of February 2025. a D & I : Meeting Minutes Regular Meeting of the Oak Point Economic Development Corporation Oak Point City Hall 100 Naylor Road Oak Point, Texas 75068 OAK POINT Tuesday, January 14, 2025 - 6:00 P.M ECONOMICI DEVELOPMENT CORPORATION 1. Call to order, roll call, and announce a quorum is present. Deborah Armstrong President Present David Wootton Vice President Present Ethan Mabe Director Present Debbie Peterman Director Present Chris Risher Director Absent-Arrived at 6:12pm Greg Weiler Director Present James Hankins Director Present City staff present: Jennifer Henry City Clerk And with a quorum present the following items were addressed: 2. Pledge of Allegiance and Pledge to the Texas Flag President Armstrong led the Pledge of Allegiance and the Pledge to the Texas Flag. 3. Public Input No one came forward to speak. 4. Consider and act upon the minutes from the November 12, 2024 meeting of the Oak Point Economic Development Corporation and the December 16, 2024 joint meeting of the EDC, City Council, and P&Z. Director Weiler made a motion to approve the minutes from the November 12, 2024 meeting oft the Oak Point Economic Development Corporation and the December 16, 2024 joint meeting of the EDC, City Council, and P&Z; motion seconded by Director Hankins. Motion Passed 6-0 5. Review and discuss the financial report of the Oak Point Economic Development Corporation. Discussion amongst Directors was had. President Armstong requested information ofthe Clawback and recent budgeting trends. City staff Henry will gather information and forward to the President and Directors via email at a later date. 6. Tradeshow Booth Update Director Weiler shared the latest rendering of the LED booth display and expressed the challenges of conveying the vision and message to the graphic designer. After discussion the Directors agreed to continue to work with the graphic designer and make some additional changes. 7. ICSC Registration Update. President Armstrong confirmed that Vice President Wootton, Director Hankins, Director Mabe, and Director Weiler were all registered for the ICSC Red River January 29-31st. Discussion was had on what days each member would attend and materials to be taken. 8. Catalyst Commercial Monthly Update President Armstong relayed that Jason with Catalyst Commercial will be attending ICSC Red River. When speaking with Jason, President Armstong mentioned a possible in person ICSC update from Catalyst during the February EDC Meeting. Director Weiler noted that the December Memo "active" and "working" on projects only included "food" establishments and that he would like to see "other services" in the works for Oak Point. 8. Wayfinding Signage Update President Armstong gave an update on the Monument Sign. Stonework and Iron work completion is scheduled for January 27th. Inspection is scheduled for February 10th. CoServ is working on electricity to the area and bids for electrical work are being received. All old Wayfinding signs have been removed, and the new signs have been installed. 9. Discuss future agenda items for the next regular meeting of the Economic Development Corporation. Update on ICSC from Catalyst and Directors Content for EDC Booth for future events 10. Adjourn. President Armstrong Adjourned the meeting at 7:03 p.m. Deborah Armstrong, President ATTEST: Jennifer Henry OAK POINT 6 country place EDC Monthly Financial Report Period ending January 31, 2025 Donna Boner Finance/HR Director OAK POINT ECONOMIC DEVELOPMENT CORPORATION To: Economic Development corporation (EDC) Board of Directors From: Donna Boner, Finance/HR Director Re: Oak Point EDC Meeting = Tuesday, February 11, 2025 Date: February 5, 2025 Agenda Item: Review and discuss a financial report of the Oak Point Economic Development Corporation. Description of Agenda Item: The attached financial report is intended to provide the EDC with an overview of the EDC's current finances. Year-To-Date Budget Report The Year-To-Date Budget Report compares budgeted and actual year-to-date revenues and expenditures. In reviewing the year-to-date revenues and expenditures in the Report, the EDC should note that 33% oft the 2024-2025 budget year has transpired. Sales Tax Revenue Analysis The Sales Tax Revenue Analysis tracks the collection of sales tax revenue and compares current year sales tax collections with prior year collections. Annual sales tax collections are higher than projected. Sales Tax Revenue for the months of October 2024 and November 2024 are directly related to last fiscal year; therefore, these amounts are not part of the FY 2024-25 financials. For fiscal year 2024-25, the EDC sales tax revenue received through January 31, 2025 is $47,883.33. On the cash basis, the EDC sales tax revenue received is $93,764.22 from October 31, 2024 through September 30, 2025, which represents an increase of $2168.67 or 2.4% from October 2023 through September 30, 2024. EDC Fund Balance As of January 31, 2025 the balance of the EDC Fund is $1,463,677.80. Attached Documents: EDC Financial Report Board, Committee and/or Staff Recommendation: It is recommended that the EDC review and discuss the current financial report of the Oak Point Economic Development Corporation. Budget Report a City of Oak Point, TX Account Summary For Fiscal: 2025 Period Ending: 01/31/2025 OAK POINT Variance Original Current Period Fiscal Favorable Percent Total Budget Total Budget Activity Activity (Unfavorable) Used Fund:! 50 Economic Development Fund Revenue SubObject: 560 EDC Fund Revenue 50-56-560100 General Sales Taxes EDC Fund 275,300.00 275,300.00 25,067.88 47,883.33 227,416.67 17.39 % 50-56-560300 Interest Income EDC 80,000.00 80,000.00 5,726.93 23,954.50 -56,045.50 29.94 % SubObject: 560 EDC Fund - Revenue Total: 355,300.00 355,300.00 30,794.81 71,837.83 283,462.17 20.22% Revenue Total: 355,300.00 355,300.00 30,794.81 71,837.83 -283,462.17 20.22% Expense Department: 850 EDC Economic Development Corp SubObject: 880 EDC Fund - Expenses 50-850-880100 Consultants 77,900.00 77,900.00 300.00 12,440.00 65,460.00 15.97 % 50-850-880200 Trade! Shows, Membership & Profes 8,905.00 8,905.00 3,063.57 4,013.57 4,891.43 45.07 % 50-850-880300 Advertising 30,500.00 30,500.00 3,000.00 9,005.84 21,494.16 29.53 % 50-850-880450 Incentives 68,000.00 68,000.00 0.00 67,284.00 716.00 98.95 % 50-850-880500 Printing & Postage 3,000.00 3,000.00 0.00 0.00 3,000.00 0.00 % 50-850-880700 Training 3,000.00 3,000.00 0.00 0.00 3,000.00 0.00 % 50-850-880800 Transfer to GF-Staff Support 44,000.00 44,000.00 3,666.67 14,666.68 29,333.32 33.33 % 50-850-880900 Auditor 3,685.00 3,685.00 0.00 0.00 3,685.00 0.00 % SubObject: 880 EDC Fund Expenses Total: 238,990.00 238,990.00 10,030.24 107,410.09 131,579.91 44.94% Department: 850 - EDC Economic Development Corp Total: 238,990.00 238,990.00 10,030.24 107,410.09 131,579.91 44.94% Expense Total: 238,990.00 238,990.00 10,030.24 107,410.09 131,579.91 44.94% Fund: 50 Economic Development Fund Surplus (Deficit): 116,310.00 116,310.00 20,764.57 35,572.26 -151,882.26 -30.58% Report Surplus (Deficit): 116,310.00 116,310.00 20,764.57 35,572.26 -151,882.26 -30.58% 2/5/2025 7:42:17 AM Page 1 of 2 Budget Report For Fiscal: 2025 Period Ending: 01/31/2025 Fund Summary Variance Original Current Period Fiscal Favorable Fund Total Budget Total Budget Activity Activity (Unfavorable) 50 Economic Development Fund 116,310.00 116,310.00 20,764.57 -35,572.26 -151,882.26 Report Surplus (Deficit): 116,310.00 116,310.00 20,764.57 -35,572.26 -151,882.26 2/5/2025 7:42:17 AM Page 2 of: 2 Balance Sheet à City of Oak Point, TX Account Summary As Of 01/31/2025 OAK POINT Account Name Balance Fund: 50 Economic Development Fund Assets 50-100099 Claim on Cash -80,973.82 50-112310 Texpool EDC 1,544,651.62 50-125050 Receivable from GF to EDCI Fund 0.00 50-127000 Sales Tax Receivable EDC 0.00 Total Assets: 1,463,677.80 1,463,677.80 Liability 50-200000 Accounts Payable 0.00 50-200099 AP Pending Due to Pool 5,625.00 50-285600 Sales Tax Payable EDC 0.00 50-291095 Due to Other Funds -21,890.51 Total Liability: -16,265.51 Equity 50-360050 Fund Balance Prior Year Adjustments 69,212.10 50-390050 Fund Balance Reserved for EDC Fund 1,446,303.47 Total Beginning Equity: 1,515,515.57 Total Revenue 71,837.83 Total Expense 107,410.09 Revenues Over/Under Expenses -35,572.26 Total Equity and Current Surplus (Deficit): 1,479,943.31 Total Liabilities, Equity and Current Surplus (Deficit): 1,463,677.80 2/5/2025 7:41:34 AM Page 1 of 1 City of Oak Point EDC Fund Sales Tax Current & Previous' Year Comparison and Variance Analysis Variance Variance % Budget GLA Actuals Budget GLA Actuals Budget GL Actuals Budget GLA Actuals Budget GL Actuals Budget GLA Actuals Budget GL/ Actuals Actual/Budg Actual/Budg Variance Variance % Fiscal 2018-19 2018-19 2019-20 2019-20 2020-21 2020-21 2021-22 2021-22 2022-23 2022-23 2023-24 2023-24 2024-25 2024-25 2024-25 2024-25 CurrtoPrev CurrtoPrev OCT 13,739.51 8,670.09 8,670.09 10,101.75 10,101.75 16,065.03 16,065.03 20,145.03 20,145.03 21,557.01 21,557.01 23,381.71 23,381.71 21,394.60 (1,987.11) 92% (1,987.11) 92% NOV 7,884.91 9,477.20 9,477.20 11,155.47 11,155.47 8,690.60 8,690.60 20,096.39 20,096.39 21,890.51 21,890.51 22,221.30 22,221.30 24,486.29 2,264.99 110% 2,264.99 110% DEC 6,509.55 9,312.86 9,312.86 11,452.81 11,452.81 16,814.47 16,814.47 18,113.41 18,113.41 20,040.35 20,040.35 23,763.32 23,763.32 22,815.45 (947.87) 96% (947.87) 96% JAN 9,085.67 10,693.00 10,693.00 10,638.67 10,638.67 20,481.86 20,481.86 22,452.97 22,452.97 22,826.86 22,826.86 22,229.22 22,229.22 25,067.88 2,838.66 113% 2,838.66 113% FEB 11,025.70 12,372.17 12,372.17 16,073.49 16,073.49 23,677.67 23,677.67 27,416.57 27,416.57 28,263.02 28,263.02 23,974.19 23,974.19 0.00 (23,974.19) 0% (23,974.19) 0% MAR 7,411.42 9,583.85 9,583.85 12,329.87 12,329.87 19,909.65 19,909.65 17,732.28 17,732.28 18,564.52 18,564.52 17,741.16 17,741.16 0.00 (17,741.16) 0% (17,741.16) 0% APR 7,165.49 8,831.87 8,831.87 10,972.97 10,972.97 14,913.61 14,913.61 16,916.64 16,916.64 18,343.64 18,343.64 17,795.47 17,795.47 0.00 (17,795.47) 0% (17,795.47) 0% MAY 8,901.65 10,159.55 10,159.55 13,742.12 13,742.12 19,280.73 19,280.73 20,520.66 20,520.66 21,877.23 21,877.23 22,310.79 22,310.79 0.00 (22,310.79) 0% (22,310.79) 0% JUN 7,845.50 9,591.14 9,591.14 16,273.48 16,273.48 18,297.16 18,297.16 17,604.06 17,604.06 20,089.33 20,089.33 20,960.31 20,960.31 0.00 (20,960.31) 0% (20,960.31) 0% JUL 6,981.49 8,068.34 8,068.34 17,417.62 17,417.62 16,988.02 16,988.02 19,593.81 19,593.81 22,566.57 22,566.57 22,887.29 22,887.29 0.00 (22,887.29) 0% (22,887.29) 0% AUG 9,831.27 10,509.97 10,509.97 17,836.70 17,836.70 20,700.13 20,700.13 21,734.48 21,734.48 23,376.68 23,376.68 25,097.02 25,097.02 0.00 (25,097.02) 0% (25,097.02) 0% SEP 8,611.05 11,222.84 11,222.84 16,623.27 16,623.27 18,132.81 18,132.81 20,378.53 20,378.53 23,216.97 23,216.97 26,001.86 26,001.86 0.00 (26,001.86) 0% (26,001.86) 0% TOTALS 104,993 118,493 118,493 164,618 164,618 213,952 213,952 242,705 242,705 262,613 262,613 268,364 268,364 93,764 (174,599) 111% (174,599) 111% 30,000.00 25,000.00 20,000.00 HGLA Actuals 2018-19 GLA Actuals 2019-20 15,000.00 GLA Actuals 2020-21 "GL Actuals 2021-22 10,000.00 #GL Actuals 2022-23 5,000.00 "GL Actuals 2023-24 GL Actuals 2024-25 0.00 OCT NOV DEC JAN FEB MAR APR MAY JUN JUL AUG SEP Detail Report City of Oak Point, TX Account Detail Date Range: 01/01/2025 - 01/31/2025 OAK POINT Account Name Beginning Balance Total Activity Ending Balance Fund: 50 - Economic Development Fund 50-56-560100 General Sales Taxes EDC Fund -22,815.45 -25,067.88 -47,883.33 Post Date Packet Number Source Transaction Pmt Number Description Vendor Project Account Amount Running Balance 01/07/2025 GLPKT13779 JN13315 To Record Jan Sales Tax -25,067.88 -47,883.33 50-56-560300 Interest Income EDC -18,227.57 -5,726.93 23,954.50 Post Date Packet Number Source Transaction Pmt Number Description Vendor Project Account Amount Running Balance 01/31/2025 GLPKT13825 JN13584 To record January 2025 interest on Texp -5,726.93 -23,954.50 50-850-880100 Consultants 12,140.00 300.00 12,440.00 Post Date Packet Number Source Transaction Pmt Number Description Vendor Project Account Amount Running Balance 01/17/2025 APPKI0003207 11305 14195 11305 VENO2077 Corbin Design 300.00 12,440.00 50-850-880200 Trade Shows, Membership & Protessional Fees 950.00 3,063.57 4,013.57 Post Date Packet Number Source Transaction Pmt Number Description Vendor Project Account Amount Running Balance 01/31/2025 APPKT0003211 27430 14244 27430 VENO1474 Texas Economic Development 600.00 1,550.00 01/31/2025 APPKT0003211 JAN2025ADMIN 14249 5691990032391ADMIN VENO1436 Wells Fargo Remittance Center 63.57 1,613.57 01/31/2025 APPKT0003211 JAN2025ADMIN 14249 5569199000322331ADMIN VEN01436 Wells Fargo Remittance Center 1,600.00 3,213.57 01/31/2025 APPKT0003211 JAN2025ADMIN 14249 5569199000322331ADMIN VEN01436 - Wells Fargo Remittance Center 800.00 4,013.57 50-850-880300 Advertising 6,005.84 3,000.00 9,005.84 Post Date Packet Number Source Transaction Pmt Number Description Vendor Project Account Amount Running Balance 01/17/2025 APPKT0003207 2120921107 14199 2120921107 VENO2037 GIS Planning, Inc. 3,000.00 9,005.84 50-850-880800 Transfer to GF-Staff Support 11,000.01 3,666.67 14,666.68 Post Date Packet Number Source Transaction Pmt Number Description Vendor Project Account Amount Running Balance 01/21/2025 GLPKT13778 JN13324 To record January 2025 EDC staff servic 3,666.67 14,666.68 Total Fund: 50 Economic Development Fund: Beginning Balance: -10,947.17 Total Activity: -20,764.57 Ending Balance: -31,711.74 Grand Totals: Beginning Balance: -10,947.17 Total Activity: -20,764.57 Ending Balance: -31,711.74 2/5/2025 7:42:41 AM Page 1 of2