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, June 10, 2025 6:00 P.M ECONOMIC DEVELOPMENT CORPORATION 1. Call to order, roll call, and announce a quorum is present. (Vice 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 (Vice President) 3. Public Input (Vice 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 as specific agenda items. The EDC will hear comments ons 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, a representative of City staffort the EDCI may respond with either a statement of specific factual information relating to the inquiry or a recitation of existing policy in response to the inquiry. 4. Consider and act upon the minutes from the May 13, 2025, meeting of the Oak Point Economic Development Corporation. (Vice President) 5. Review and discuss the financial report of the Oak Point Economic Development Corporation. (City Staff) 6. Monthly Staff Report. (City Staff) 7. Consider and act upon moving the July gth EDC/MDD joint meeting date to a special meeting date later in the month of July. (Vice President) 8. Consider and act upon the Catalyst Change Order No 1 that cancels months 33 through 36 but adds a credit of $11,400 fori illustrative concept plans. (Vice President) 9. Discuss the EDC and MDD FY 25/26 Budget. (City Staff) 10. Discuss future agenda items for the next regular meeting of the Economic Development Corporation. (Vice President) 11. Adjourn. (Vice President) The Economic Development Corporation of the City of Oak Point, Texas, reserves the right to meet in a Closed Session ond any item listed ont 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), 418.183 (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; forj furtheri information. CERTIFIÇATION: do hereby certify thàt this/Notice of public meeting was posted on the outside bulletin board at the Oak Point City Hall, a place convenient and réadily accessible to the general public at all times, and said Notice was posted by 12:00 p.m. on the 6th day of. June 2025. Jennifer Henry, ÈDC Sécretàvy This notice was removed at a.m./p.m. ont the day_ 2025. Jennifer Henry, EDC Secretary 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, May 13, 2025 - 6:00 P.M ECONOMIC 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 Absent Debbie Peterman Director Present Chris Risher Director Present Greg Weiler Director Present James Hankins Director Present City staff present: Lyle Dresher Interim City Manager Jennifer Henry EDC Secretary Council Members Present: 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 Public Input 4. Consider and act upon the minutes from the April 8, 2025, meeting of the Oak Point Economic Development Corporation. Director Risher made a motion to approve the minutes from the April 8, 2025, meeting of the Oak Point Economic Development Corporation; motion seconded by Director. Peterman. Motion Passed 6-0 5. Review and discuss the financial report of the Oak Point Economic Development Corporation. The EDC Board reviewed the April Financial Report; no questions were asked. 6. Monthly Staff Report. EDC Secretary Henry gave the staff report. An update on monthly permits, electrical at the Monument sign, totals paid to Halff & Catalyst were discussed. Henry also stated the TG Posh Pours had submitted plans; they are in the review stage with revisions. 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. President Armstong recessed into closed session at 6:18pm. President Armstong reconvened into regular session at 7:12pm. 8. Discuss the EDC and MDD FY 25/26 Budget. President Armstrong led the discussion on the FY 25/26 Budget. Armstrong explained that in years past the budget stayed consistent with most line items. Armstrong suggested the EDC Members look over the current budget and be prépaid at the. June EDC meeting with any additions or changes to the existing budget that they would like to consider for the upcoming 25/26 year. 9. Board Review of Halff and Catalyst Agreements. Directors looked overthe Halff and Catalyst agreements and payments made to date to each. Director Hankins requested a review of deliverables from Catalyst SO that an assessment of completed and billed tasks could be conducted. EDC Secretary will contact Catalyst and request the information and then forward to the EDC for review. 10. Review and discuss the Comprehensive Plan Update EDC Chapter. President Armstrong gave directors a recap of the task regarding the update of the EDC chapter for the Comprehensive Plan Update. Comp Plan Chair McBeth had requested input from the EDC for any updates and revisions to the 2019 Comprehensive Plan EDC Chapter. President Armstrong had made some recommendations on the current edition. Armstrong asked that the Directors to review the changes and recommendations she had made and to add to or make notes to be discussed at the June EDC Meeting. 11. Review and discuss letter of support for the PARC TxDOT Sidewalk Grant. President Armstrong explained that the EDC was asked by PARC Chair Risher to assist in a letter of support for the TXDOT Sidewalk Grant. A letter was crafted, and a draft given to EDC Directors to review and discuss. Directors agreed with the content of the letter. Armstrong signed the support letter and was given to PARC Chair Risher. 12. Update on LaRustica Loan Agreement. EDC Secretary Henry had given Directors a copy of the LaRustica agreement and repayment schedule. Also included was a repayment history. Per the agreement, repayment was to be completed by mid 2026. As of April 30th, LaRustica was near the end of the repayment schedule. IfSales tax continued to trend the same as months past, LaRustica would complete the agreement early, August of 2025. Henry will included updated payments to the EDC Staff Report. 13. Discuss future agenda items for the next regular meeting of the Economic Development Corporation. Discuss the Comprehensive Plan Update EDC Chapter Water Tower Branding Catalyst Change Order-Action Discuss Process to Extend Late Night Liquor License Review Catalyst Deliverables Discuss and Finalize EDD/MDD FY25/26 Budget President Armstrong Adjourned the meeting at 7:42 p.m. David Wootton, Vice President ATTEST: Jennifer Henry - OAK POINT 6 country place EDC Monthly Financial Report Period ending May 31, 2025 Donna Boner Finance/HR Director OAK POINT ECONOMICI DEVELOPMENT CORPORATION To: Economic Development Corporation (EDC) Board of Directors From: Donna Boner, Finance/HR Director Re: Oak Point EDC Meeting = Tuesday, June 10, 2025 Date: June 3, 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 67% of 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 May 31, 2025 is $140,942.39. On the cash basis, the EDC sales tax revenue received is $186,823.28 from October 31, 2024 through May 31, 2025, which represents an increase of $13,406.12 or 7.7% from October 2023 through May 31, 2024. EDC Fund Balance As of May 31, 2025 the balance of the EDC Fund is $1,520,827.50. 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 City of Oak Point, TX Account Summary For Fiscal: 2025 Period Ending: 05/31/2025 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 20,686.92 140,942.39 134,357.61 51.20% 50-56-560300 Interest Income EDC 80,000.00 80,000.00 5,808.96 46,216.28 33,783.72 57.77% SubObject: 560 EDC Fund Revenue Total: 355,300.00 355,300.00 26,495.88 187,158.67 168,141.33 52.68% Revenue Total: 355,300.00 355,300.00 26,495.88 187,158.67 168,141.33 52.68% Expense Department: 850 EDC Economic Development Corp SubObject: 880 EDCI Fund - Expenses 50-850-880100 Consultants 77,900.00 77,900.00 4,330.00 41,588.86 36,311.14 53.39% 50-850-880200 Trade Shows, Membership & Profess 8,905.00 8,905.00 0.00 15,606.88 -6,701.88 175.26% 50-850-880300 Advertising 30,500.00 30,500.00 6,789.00 23,190.68 7,309.32 76.04% 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 1,633.85 1,366.15 54.46% 50-850-880700 Training 3,000.00 3,000.00 355.00 355.00 2,645.00 0.118333 50-850-880800 Transfer to GF-Staff Support 44,000.00 44,000.00 3,666.67 29,333.36 14,666.64 66.67% 50-850-880900 Auditor 3,685.00 3,685.00 3,685.00 3,685.00 0.00 1 SubObject: 880 EDC Fund - Expenses Total: 238,990.00 238,990.00 18,825.67 182,677.63 56,312.37 76.44% Department: 850 EDC Economic Development Corp Total: 238,990.00 238,990.00 18,825.67 182,677.63 56,312.37 76.44% Expense Total: 238,990.00 238,990.00 18,825.67 182,677.63 56,312.37 76.44% Fund: 50 Economic Development Fund Surplus (Deficit): 116,310.00 116,310.00 7,670.21 4,481.04 111,828.96 3.85% Report Surplus (Deficit): 116,310.00 116,310.00 7,670.21 4,481.04 111,828.96 3.85% ***59% of the 2024-2025 budget year has transpired*** Balance Sheet City of Oak Point, TX Account Summary As Of 05/31/2025 OAK POINT Account Name Balance Fund: 50 Economic Development Fund Assets 50-100099 Claim on Cash -51,085.91 50-112310 Texpool EDC 1,593,803.92 50-125050 Receivable from GF to EDC Fund 0.00 50-127000 Sales Tax Receivable EDC -21,890.51 Total Assets: 1,520,827.50 1,520,827.50 Liability 50-200000 Accounts Payable 0.00 50-200099 AP Pending Due to Pool 2,625.00 50-285600 Sales Tax Payable EDC 0.00 50-291095 Due to Other Funds -21,890.51 Total Liability: -19,265.51 Equity 50-360050 Fund Balance Prior Year Adjustments 69,212.10 50-390050 Fund Balance Reserved for EDC Fund 1,466,399.87 Total Beginning Equity: 1,535,611.97 Total Revenue 187,158.67 Total Expense 182,677.63 Revenues Over/Under Expenses 4,481.04 Total Equity and Current Surplus (Deficit): 1,540,093.01 Total Liabilities, Equity and Current Surplus (Deficit): 1,520,827.50 6/3/2025 3:55:49 PM Page 1 of 1 City of Oak Point EDCFund Sales Tax Current & Previous Year Comparison and Variance Analysis Variance Variance % Budget GLActuals Budget GLActuals Budget GLActuals Budget GLActuals Budget GLActuals Budget GLActuals Budget GLActuals 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 Currt to Prev 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 32,495.22 8,521.03 136% 8,521.03 136% 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 21,031.21 3,290.05 119% 3,290.05 119% 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 18,845.71 1,050.24 106% 1,050.24 106% 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 20,686.92 (1,623.87) 93% (1,623.87) 93% 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 104,993 118,493 118,493 164,618 164,618 213,952 213,952 242,705 242,705 262,613 262,613 268,364 268,364 186,823 (81,540) 111% (81,540) 111% 35,000.00 30,000.00 25,000.00 =GLA Actuals 2018-19 20,000.00 - GLA Actuals 2019-20 HGLA Actuals 2020-21 15,000.00 - GL Actuals 2021-22 - 10,000.00 Actuals 2022-23 - GLA 5,000.00 GLA Actuals 2023-24 E - =GLA 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: 05/01/2025 - 05/31/2025 OAK POINT Account Name Beginning Balance Total Activity Ending Balance Fund:! 50 Economic Development Fund 50-56-560100 General Sales Taxes EDC Fund -120,255.47 -20,686.92 -140,942.39 Post Date Packet Number Source Transaction Pmt Number Description Vendor Project Account Amount Running Balance 05/12/2025 GLPKT14085 JN14227 To record May 2025 sales tax -20,686.92 -140,942.39 50-56-560300 Interest Income EDC -40,407.32 -5,808.96 -46,216.28 Post Date Packet Number Source Transaction Pmt Number Description Vendor Project Account Amount Running Balance 05/31/2025 GLPKT14131 JN14349 To record May 2025 interest on Texpool -5,808.96 -46,216.28 50-850-880100 Consultants 37,258.86 4,330.00 41,588.86 Post Date Packet Number Source Transaction Pmt Number Description Vendor Project Account Amount Running Balance 05/02/2025 APPKI0003268 10140502 14511 10140502 VENO2225 Halff 1,220.00 38,478.86 05/30/2025 APPKT0003282 10142887 14603 10142887 VENO2225 Halff 2,710.00 41,188.86 05/31/2025 GLPKT14126 JN14328 To reclass Catalyst Invoice 4942 400.00 41,588.86 50-850-880300 Advertising 16,401.68 6,789.00 23,190.68 Post Date Packet Number Source Transaction Pmt Number Description Vendor Project Account Amount Running Balance 05/30/2025 APPKT0003282 2067 14602 2067 VENO2361 ELEVATED ELECTRICAL 4,289.00 20,690.68 05/31/2025 GLPKT14126 JN14326 To reclass annual fee for CivicPlus 2,500.00 23,190.68 50-850-880700 Training 0.00 355.00 355.00 Post Date Packet Number Source Transaction Pmt Number Description Vendor Project Account Amount Running Balance 05/16/2025 APPKT0003271 4942 14532 4942 VENO2110 Catalyst Commercial, Inc. 800.00 800.00 05/16/2025 APPKT0003271 Apri2025Admin 14564 5691990002231Admin VENO1436 Wells Fargo Remittance Center 355.00 1,155.00 05/31/2025 GLPKT14126 JN14328 To reclass Catalyst Invoice 4942 -800.00 355.00 50-850-880800 Transfer to GF-Staff Support 25,666.69 3,666.67 29,333.36 Post Date Packet Number Source Transaction Pmt Number Description Vendor Project Account Amount Running Balance 05/23/2025 GLPKT14110 JN14260 To record May 2025 staff services for E 3,666.67 29,333.36 50-850-880900 Auditor 0.00 3,685.00 3,685.00 Post Date Packet Number Source Transaction Pmt Number Description Vendor Project Account Amount Running Balance 05/16/2025 APPKT0003271 18936 14561 18936 VENO2333 Vail & Park, P.C. 3,685.00 3,685.00 Total Fund: 50 Economic Development Fund: Beginning Balance: -81,335.56 Total Activity: -7,670.21 Ending Balance: -89,005.77 Grand" Totals: Beginning Balance: -81,335.56 Total Activity: -7,670.21 Ending Balance: -89,005.77 6/3/2025 3:57:42 PM Page 1 of2