HomeMy WebLinkAboutCity Council Resolutions (R-03-2225)-09/16/2003
RESOLUTION R-03-2225
A RESOLUTION APPROVING THE COLLEYVILLE ECONOMIC DEVELOPMENT
CORPORATION CAPITAL IMPROVEMENT PLAN
WHEREAS, the by-laws 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 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 "A") is hereby
approved.
AND SO IT IS RESOLVED.
PASSED BY A VOTE OF 5
ABSTENTIONS ON THIS /~ ~
AYES 0 NAYS AND
DAYOF~~ 2003.
o
Cynthia Singleton, TRMC
City Secretary
~~~
COLLEYVILLE ECONOMIC DEVELOPMENT COPRORATION
ECONOMIC DEVELOPMENT CAPITAL IMPROVEMENT PROGRAM FY 2004 - FY 2008
EXHIBIT A
FISCAL YEAR
PROJECTED
2003
2004
2005
2006
2007
2008
BEGINNING FUND BALANCE
$961,253
$596,567
$563,934
$385,311
$305,728
$285,475
PROJECTED 112 CENT SALES TAX REVENUE $717,286 $785,000 $816,400 $849,056 $883.018 $918,339
INTEREST INCOME $53,838 $8,948 $8,459 $5,780 $4,586 $4,282
USE OF FUND BALANCE $605.932 $272.793 $0 $0 $0 $0
REMAINING FY 97 BOND PROCEEDS' $300,000 $0 $0 $0 $0 $0
TOTAL REVENUES $1,677,056 $1,066,741 $824,859 $854,836 $887,604 $922,621
OPERATING:
ADMINISTRATIVE $6,800 $6,800 $6,800 $8.800 $6.800 $6.800
1997 DEBT SERVICE & 1.4 TIMES COVERAGE $668,093 $666,044 $665,606 $666,306 $666,306 $666,306
2000 DEBT SERVICE & 1.4 TIMES COVERAGE $176,267 $174,517 $179,549 $177,360 $175,174 $179,767
CAPITAL:
BRANSFORD PARK RESTORATION $207,893 $0 $0 $0 $0 $0
LIBRARY STARTUP' $500,000 $0 $0 $0 $0 $0
MC PHERSON LAND PARK PLAN $0 $125.000 $0 $0 $0 $0
PARK LAND PURCHASE $0 $0 $0 $325,000 $300,000 $300,000
PLEASANT RUN PARK $19,993 $0 $0 $0 $0 $0
SCHOOUSOCCER FIELD PARK LAND NOTE $98.010 $94,380 $0 $0 $0 $0
TRAILS GRANT MATCH $0 $0 $393,000 $0 $0 $0
TOTAL EXPENDITURES $1.677,056 $1,066,741 $1,244,955 $1,175,467 $1,148,280 $1,152,873
EXCESS REVENUES OVER EXPENDITURES $0 $0 ($420,096) ($320,631 ) ($260.676) ($230.252)
ADD BACK .4 TIMES BOND COVERAGE RATIO $241,246 $240,160 $241,473 $241,048 $240,423 $241,735
ENDING FUND BALANCE
$596,567
$563,934
$385.311
$305,728
$285,475
$296,958
ASSUMPTIONS: 4% ANNUAL SALES TAX INCREASE (FOR FY 2005 - 2008 GROWTH WILL BE MONITORED DUE TO COLLEYVILLE BLVD.CONSTRUCTION)
. THE REMAINING 1997 BOND PROCEEDS ($300,000) ARE ALLOCATED TO
LIBRARY START-UP ($300,000 - FY 2003)