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Hollywood Park EDC approves administrative services payment, reviews finances and plans outreach
Summary
The Hollywood Park Economic Development Corporation approved reimbursement to the town for administrative support, accepted financial statements for the period ending Dec. 31, 2024, and discussed sales‑tax reporting, business outreach and training scheduling. No additional funding approvals were made beyond the administrative services agreement.
The Hollywood Park Economic Development Corporation voted to adopt an administrative services agreement to reimburse the town for city secretary, treasurer and facility usage costs and approved year‑end financial statements at its regular meeting on Feb. 1.
In a roll call at the start of the meeting the board confirmed a quorum. The corporation reviewed the financial statements for the three months ended Dec. 31, 2024; staff reported total cash of $741,000 and a net worth of $776,000, sales tax receipts of $16,563 and interest income of $2,611 for December. The balance in a Texas CLASS investment account was cited as $642,000 at 4.34% yield; a Plains sweep account held $88,598 and was earning 2.85%.
Votes at a glance: The board approved the minutes from the Jan. 9, 2025 meeting, accepted the financial statements through Dec. 31, 2024, and voted to adopt the administrative services agreement (the board recorded an aye vote for each motion; no named roll‑call tallies were recorded in the transcript). The administrative services agreement covers reimbursement to the town in the amount of $10,000 for city administrative support; the mayor said council had already approved the item and the EDC’s vote finalized the agreement.
Why it matters: The administrative services payment formalizes the EDC’s reimbursement of city administrative costs for secretarial and treasurer support and facility use. The financial review updates the board on reserves, short‑term yields and revenue streams that inform future incentive or project funding decisions.
Other business and follow up: Board members discussed outreach and communications plans. Staff reported that the local publication Sparks accepts free editorial submissions if the EDC provides copy by a deadline; the business/outreach committee will draft an introductory piece about the EDC. Jeanette reported that social media credentials have been obtained and will be shared with the strategy and operations committee. The EDC agreed to schedule a two‑hour training workshop; members asked staff to collect calendar availability for possible Thursday or Tuesday options and to solicit availability by email.
Sales tax list and certificates of occupancy: Fred (staff) supplied an extract from the Texas Comptroller’s database listing entities that report sales tax for Hollywood Park. Board members asked staff to reconcile that list against town business licenses and to have the business outreach committee contact three recent certificate‑of‑occupancy recipients (A Vision A&B Vision, Mind Work, and KSBS Investments) about ribbon‑cutting and welcome outreach.
Ending: The board passed the administrative services agreement and accepted financial statements; the meeting closed with staff directed to coordinate outreach, complete a reconciliation of the sales‑tax list with licensing records and schedule follow‑up dates for the EDC training workshop.
