HomeMy WebLinkAboutCity Council Resolutions (R-97-1322)-09/16/1997
RESOLUTION R-97-1322
A RESOLUTION APPROVING THE COLLEYVILLE ECONOMIC DEVELOPMENT
CORPORATION CAPITAL IMPROVEMENT PLAN
WHEREAS, the Bylaws of the Colleyville Economic Development Corporation require
that an Economic 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 Econom ic
Development Capital Improvement Plan.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
I COLLEYVI LLE:
See 1. That the Economic Development Capital Improvement Plan of the
Colleyville Economic Development Corporation (Exhibit 1) is hereby
approved.
AND SO IT IS RESOLVED.
Passed by a vote of
1l.J;f!. day of
l) nays, and T)
,1997.
abstentions on this
ATTEST:
CITY OF COLLEYVILLE
J n Harris
ty Secretary, TAMC, CMC
~ 1l1~
ichar Newton
Mayor
, ,
COLLEYVILLE ECONOMIC DEVELOPMENT COPRORATION EXHIBIT 1
ECONOMIC DEVELOPMENT CAPITAL IMPROVEMENT PROGRAM FY 1998 - FY 2002
FISCAL YEAR 1997 1998 1999 2000 2001 2002
BEGINNING FUND BALANCE $0 $301,778 $35,667 $38,715 $42,428 $44,435
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PROJECTED 1/2 CENT SALES TAX REVENUE $430,844 $740,838 $777,880 $816,774 $857,613 $900,493
INTEREST INCOME $200,000 $150,000 $50,000 $30,000 $30,000 $30,000
USE OF FUND BALANCE $0 $275,000 $0 $0 $0 $0
REMAINING FY 97 BOND PROCEEDS * $0 $50,000 $300,000 $150,000 $0 $0
TOTAL REVENUES $630,844 $1,215,838 $1,127,880 $996,774 $887,613 $930,493
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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 $313,037 $503,096 $692,432 $685,661 $678,206 $676,808
CAPITAL:
BRANSFORD PARK PLAN * $375 $7,125 $0 $0 $0 $0
BRANSFORD PARK RESTORATION $0 $55,000 $50,000 $0 $150,000 $0
CITY ENTRANCE MARKERS $0 $200,000 $0 $0 $0 $0
CITY HALL PLAN $0 $0 $0 $0 $50,000 $0
CITY TRAILS PLAN $0 $20,000 $0 $0 $0 $0
COMMUNITY CENTER STARTUP $0 $200,000 $50,000 $0 $0 $0
KIMZEY PARK PLAN $2,829 $9,571 $0 $0 $0 $0
KIMZEY PARK DEVELOPMENT $0 $0 $50,000 $150,000 $0 $0
LIBRARY STARTUP * $0 $0 $150,000 $150,000 $0 $0
MC PHERSON LAND PARK PLAN * $0 $50,000 $100,000 $0 $0 $0
PARK DEVELOPMENT PLAN $0 $0 $0 $0 $0 $0
RESTROOMS FOR EXISTING PARKS $5,425 $154,757 $25,000 $0 $0 $0
TOTAL EXPENDITURES $329,066 $1,206,949 $1,124,832 $993,061 $885,606 $684,208
EXCESS REVENUES OVER EXPENDITURES $301,778 $8,889 $3,048 $3,713 $2,006 $246,286
ENDING FUND BALANCE $301,778 $35,667 $38,715 $42,428 $44,435 $290,720
* THE REMAINING 1997 BOND PROCEEDS ($500,000) ARE ALLOCATED TO BRANSFORD PARK ($50,00 - FY 1998),
LIBRARY START-UP ($300,000 FY 1999 & FY 2000), AND MC PHERSON PARK ($200,000 FY 1998 & FY 1999)