HomeMy WebLinkAboutColleyville Economic Development Corporation (CEDC) Resolutions (R-14-131)-08/26/2014 RESOLUTION R-14-131
A RESOLUTION ADOPTING THE ECONOMIC DEVELOPMENT CAPITAL
IMPROVEMENT PROGRAM (EDCIP) FOR FISCAL YEARS 2015-2019
WHEREAS, the bylaws of the Colleyville Economic Development Corporation
require that an Economic Development Capital Improvement
Program (EDCIP) 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
WHEREAS, the EDCIP shall identify the projects to be undertaken by the
Corporation and include proposed methods and the expected
cost of the implementation.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF
THE COLLEYVILLE ECONOMIC DEVELOPMENT CORPORATION:
Sec. 1. THAT the Economic Development Capital Improvement Program
of the Colleyville Economic Development Corporation (Exhibit A)
is hereby adopted.
Sec. 2. THAT once approved, the EDCIP will be forwarded to the City
Council for their subsequent approval.
Sec. 3. THAT this Resolution shall become -effective on the date of
passage.
AND IT IS SO RESOLVED.
APPROVED BY A VOTE OF 3 AYES, O NAYS, AND O ABSTENTIONS ON THIS
_26711 DAY OF AUGUST 2014.
ATTEST: COLLEYVILLE ECONOMIC
DEVELOPMENT CORPORATION
I b
I ea/Ute t(lre-&-vs
Amy S -Hey, TR Carol Wollin
Secretary President
COLLEYVILLE ECONOMIC DEVELOPMENT CORPORATION EXHIBIT A
ECONOMIC DEVELOPMENT CAPITAL IMPROVEMENT PROGRAM FY 2015-FY 2019
FISCAL YEAR 2014 2015 2016 2017 201.8 2019
BEGINNING FUND BALANCE $2,268,996 $2,412,373 1,737,735
$ $1,233,872 $864,845 $886,440
REVENUES:
PROJECTED 1/2 CENT SALES TAX REVENUE $1,437,500 $1,600,000 $1,616,000 $1,632,160 $1,648,482 $1,664,966
INTEREST INCOME $4,027 $4,825
$3,475 $2,468 $1,730 $1,773
USE OF AVAILABLE CASH $114,475 $932,791 $764,030 $628,921 $235,821 $280,080
TOTAL REVENUES $1,556,002 $2,537,616 $2,383,505
$2,263,549 $1,886,032 $1,946,819
EXPENDITURES:
OPERATING:
ADMINISTRATIVE $2,000 $2,000 $2,000 $2,000
$2,000 $2,000
2005 DEBT SERVICE&1.4 TIMES COVERAGE $902,482 $903,536 $910,584
$909,629 $900,956 $905,422
WATER/WASTEWATER-MC PHERSON PARK $270 $18,000 $18,540
$19,096 $19,669 $20,259
PERSONNEL-SENIOR CENTER $64,975 $67,106 $69,119
$71,192 $73,328 $75,528
PERSONNEL-LIBRARY $76,448 $79,030 $80,610 $82,222 $83,867 $85,544
OPERATIONS-LIBRARY $4,421 $4,553 $4,690 $4,831 $4,976 $5,125
PROMOTIONAL:
OLD TYME BBQ EVENT $15,000 $15,000 $15,000
$15,000 $15,000 $15,000
HOLLY COLLEY HOLIDAY/FALL EVENT $36,000 $36,000 $36,000 $36,000 $36,000 $36,000
RED,WHITE&SOUSA EVENT $36,000 $36,000. $36,000 $36,000 $36,000 $36,000
ECONOMIC DEVELOPMENT PROMOTIONAL $57,153 $21,000 $21,420 $21,848
$22,285 $22,731
PT MARKETING COORDINATOR $0 $38,392 $39,544 $40,730 $41,952 $43,211
CAPITAL:
INTERFUND LOAN-COLLEYVILLE CENTER RENOVATIONS $165,332 $0 $0 $0 $0 $0
($661,325 REPAID OVER 4 YEARS)
CITY PARK-LANDSCAPE AND AMENITIES-$114,000 CARRY FORWARD FROM FY14 $61,000 $258,000 $0 $0 $0 $0
COLLEYVILLE CENTER-REPLACEMENT ORIGINAL STAGE CURTAIN $25,000 $0 $0 $0 $0 $0
COLLEYVILLE CENTER-REFINISH STAGE $4,000 $0 $0 $0 $0 $0
COLLEYVILLE CENTER-REPAIRS TO ORIGINAL SLOPED METAL ROOF $48,000 $0 $0 $0 $0 $0
COLLEWILLE CENTER-REPLACEMENT OF CATERING OVEN $0 $7,000 $0 $0 $0 $0
COLLEWILLE CENTER-SITE MASTER PLAN-CARRY FORWARD $0 $25,000 $0 $0 $0 $0
CITYWIDE TRAIL SYSTEM-
COTTON BELT II SPUR @ WEBB HOUSE CONSTRUCTION-CARRY FORWARD $0 $50,000 $0 $0 $0 $0
PLEASANT RUN TRAIL ROW ACQUISITION(BOGART TO MISSION)-CARRY FORWARD $32,922 $0 $0 $0 $0 $0
PLEASANT RUN TRAIL CONSTRUCTION(BOGART TO MISSION)-CARRY FORWARD $0 $277,000 $0 $0 $0 $0
IMPROVEMENTS AT COTTON BELT-LD LOCKETT PARK TRAILHEAD-CARRY FORWARD $0 $100,000 $0 $0 $0 $0
FUTURE TRAIL CONSTRUCTION $0 $0 $150,000 $150,000 $150,000 $0
PLEASANT RUN TRAIL CONSTRUCTION(COTTON BELT TO JOHN MCMCAIN) $0 $0 $0 $0 $0 $300,000
SENIOR CENTER
RENOVATION-DESIGN $25,000 $0 $0 $0 $0 $0
REPAIRS-CARRY FORWARD $0 $100,000 $0 $0 $0 $0
FUTURE PROJECTS $0 $500,000 $1,000,000 $875,000 $500,000 $400,000
TOTAL EXPENDITURES $1,556,003 $2,537,616 $2,383,506 $2,263,549 $1,886,033 $1,946,820
EXCESS REVENUES OVER EXPENDITURES $0 $0 $0 $0 $0 $0
ADD BACK.4 TIMES BOND COVERAGE RATIO $257,852 $258,152 $260,167 $259,894 $257,416 $258,692
ENDING FUND BALANCE $2,412,373 $1,737,735 $1,233,872 $864,845 $886,440 $865,052
ASSUMPTIONS:FY 2015:1/2 OF CITY SALES TAX BUDGET PROJECTION/ FY 2016-2019:1%GROWTH