HomeMy WebLinkAboutColleyville Economic Development Corporation (CEDC) Resolutions (R-04-63)-08/24/2004
RESOLUTION R-04-63
A RESOLUTION ADOPTING THE COLLEYVILLE ECONOMIC DEVELOPMENT
CORPORATION CAPITAL IMPROVEMENT PLAN I
I
WHEREAS, the by-laws of the Colleyville Economic Development Corporation require I
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
!
WHEREAS, the Board of Directors has developed and approved an Economic I
Development Capital Improvement Plan. I
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE I
COLLEYVILLE ECONOMIC DEVELOPMENT CORPORATION: I
See 1. THAT the Economic Development Capital Improvement Plan of the
Colleyville Economic Development Corporation (Exhibit A) is hereby
adopted.
Sec. 2.
THAT this Resolution shall become effective on the date of passage.
AND IT IS SO RESOLVED.
PASSED AND ADOPTED, this August 24, 2004.
COLLEYVILLE ECONOMIC
DEVELOPMENT CORPORATION
1
/lJ;A
,Jon Ayers
~/ President
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ATTEST:
0~
Cynthia Singleton
Secretary
COLLEYVILLE ECONOMIC DEVELOPMENT COPRORATION
ECONOMIC DEVELOPMENT CAPITAL IMPROVEMENT PROGRAM FY 2005 - FY 2009
EXHIBIT A
FISCAL YEAR
PROJECTED
2004
2005
2006
2007
2008
2009
BEGINNING FUND BALANCE
$828,549
$947,548
$512,617
$405,440
$433,289
$495,947
PROJECTED 1/2 CENT SALES TAX REVENUE $809,000 $847,800 $890,190 $925,798 $962,830 $1,001,343
INTEREST INCOME $9,780 $18,951 $10,252 $8,109 $8,666 $9,919
USE OF FUND BALANCE $147,793 $677,376 $349,000 $216,000 $182,000 $138,000
TOTAL REVENUES $966,573 $1,544,127 $1,249,442 $1,149,906 $1,153,495 $1,149,262
OPERATING:
ADMINISTRATIVE $5,000 $5,000 $5,000 $5,000 $5,000 $5,000
1997 DEBT SERVICE & 1.4 TIMES COVERAGE $666,044 $665,606 $666,306 $666,306 $665,606 $664,049
2000 DEBT SERVICE & 1.4 TIMES COVERAGE $174,517 $179,549 $177,360 $175,174 $179,767 $177.142
CAPITAL:
COLLEYVILLE CENTER CHAIR REPLACEMENT $0 $50,000 $0 $0 $0 $0
MC PHERSON LAND PARK PLAN $0 $125,000 $150,000 $150,000 $150,000 $150,000
PARK LAND PURCHASE $0 $0 $150,000 $150,000 $150,000 $150,000
SCHOOUSOCCER FIELD PARK LAND NOTE $94,380 $0 $0 $0 $0 $0
SENIOR CENTER DESIGN/FURNISHINGS $0 $125,000 $100,000 $0 $0 $0
TRAILS GRANT MATCH $0 $393,000 $0 $0 $0 $0
TOTAL EXPENDITURES $939,941 $1,543,155 $1,248,667 $1,146,480 $1,150,373 $1,146,191
EXCESS REVENUES OVER EXPENDITURES $26,631 $972 $776 $3,427 $3,122 $3,070
ADD BACK.4 TIMES BOND COVERAGE RATIO $240,160 $241,473 $241,048 $240,423 $241,535 $240,340
ENDING FUND BALANCE
$947,548
$512,617
$405,440
$433,289
$495,947
$601,357
ASSUMPTIONS: FY 2006: 5% ANNUAL SALES TAX INCREASE / FY 2007 - 2009: 4% GROWTH DUE TO COLLEYVILLE BLVD.CONSTRUCTION