HomeMy WebLinkAboutCity Council Resolutions (R-98-1419)-10/06/1998
RESOLUTION R-98-1419
A RESOLUTION APPROVING THE COLLEYVILLE ECONOMIC DEVELOPMENT
CORPORATION CAPITAL IMPROVEMENT PLAN
WHEREAS, the Bylaws of the Colleyville Economic Development Corporation require
that an Econom ic Development Capital Improvement Plan be developed
setting forth long and short term goals that address the needs of the City
within the financial constraints of revenues available to the Corporation and
that the plan be approved by the City Council; and
WHEREAS, the Board of Directors has developed and approved an Economic
Development Capital Improvement Plan.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
COLLEYVILLE:
Sec 1.
That the Economic Development Capital Improvement Plan of the
Colleyville Economic Development Corporation (Exhibit 1) is hereby
approved.
AND SO IT IS RESOLVED.
Pass~p by a vote of ~ ayes,
WIfj) day of 0(1 If
o nays, and
,1998.
o
abstentions on this
ATTEST:
CITY OF COLLEYVILLE
J n Harris
City Secretary, TRMC, CMC
Sd1~
Richard Newton
Mayor
COLLEYVILLE ECONOMIC DEVELOPMENT COPRORATION EXHIBIT 1
ECONOMIC DEVELOPMENT CAPITAL IMPROVEMENT PROGRAM FY 1999 - FY 2003
FISCAL YEAR 1998 1999 2000 2001 2002 2003
BEGINNING FUND BALANCE $354,888 $567,900 $14,996 $90,276 $90,279 $112,729
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PROJECTED 1/2 CENT SALES TAX REVENUE $782,199 $836,428 $903,342 $975,609 $1,053,658 $1,137,950
INTEREST INCOME $220,000 $50,000 $30,000 $30,000 $30,000 $30,000
USE OF FUND BALANCE $0 $555,000 $0 $0 $0 $0
REMAINING FY 97 BOND PROCEEDS" $5,000 $80,000 $415,000 $0 $0 $0
TOTAL REVENUES $1,007,199 $1,521,428 $1,348,342 $1,005,609 $1,083,658 $1,167,950
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OPERATING:
ADMINISTRATIVE $7,400 $7,400 $7,400 $7,400 $7,400 $7,400
1997 DEBT SERVICE & 1.4 TIMES COVERAGE $503,096 $692,432 $685,661 $678,206 $676,808 $676,808
CAPITAL:
BRANSFORD PARK PLAN $870 $6,755 $0 $0 $0 $0
BRANSFORD PARK RESTORATION $0 $0 $75,000 $180,000 $0 $0
CITY ENTRANCE MARKERS $20,858 $179,142 $0 $0 $0 $0
CITY HALL PLAN $0 $0 $0 $50,000 $0 $0
CITY TRAILS PLAN $20,000 $0 $0 $0 $0 $0
CITY PARK SHADE STRUCTURES 0 45000 0 0 0 0
COMMUNITY CENTER STARTUP $200,000 $50,000 $0 $0 $0 $0
KIMZEY PARK PLAN $10,809 $0 $0 $0 $0 $0
KIMZEY PARK DEVELOPMENT $0 $250,000 $0 $0 $0 $0
LIBRARY STARTUP" $0 $0 $300,000 $0 $0 $0
MC PHERSON LAND PARK PLAN" $5,000 $30,000 $115,000 $0 $0 $0
PARK PARK LAND PURCHASE $0 $0 $0 $0 $287,000 $0
PARK MASTER PLAN UPDATE $0 $15,000 $0 $0 $0 $0
SCHOOUSOCCER FIELD PARK LAND" $0 $90,000 $90,000 $90,000 $90,000 $90,000
SPARGER - NATURE CENTER TRAIL $0 $0 $0 $0 $0 $393,000
RESTROOMS FOR EXISTING PARKS $26,154 $153,603 $0 $0 $0 $0
TOTAL EXPENDITURES $794,187 $1,519,332 $1,273,061 $1,005,606 $1,061,208 $1,167,208
EXCESS REVENUES OVER EXPENDITURES $213,012 $2,096 $75,281 $3 $22,450 $743
ENDING FUND BALANCE $567,900 $14,996 $90,276 $90,279 $112,729 $113,472
"THE REMAINING 1997 BOND PROCEEDS ($500,000) ARE ALLOCATED TO SCHOOUSOCCER FIELD PARK LAND ($50,000 - FY 1999),
LIBRARY START-UP ($300,000 - FY 2000), AND MC PHERSON PARK ($150,000. FY 1998, FY 1999, & FY 2000)