HomeMy WebLinkAboutCity Council Resolutions (R-04-2425)-09/07/2004
RESOLUTION R-04-2425
A RESOLUTION APPROVING THE ECONOMIC DEVELOPMENT CAPITAL
IMPROVEMENT PLAN FOR FY 2005 - 2009 FOR THE COLLEYVILLE ECONOMIC
DEVELOPMENT CORPORATION
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; and
WHEREAS, the Colleyville Economic Development Corporation Board of Directors and
the City Council has determined that the projects, hereby identified in Exhibit
"A", further the objectives of the purpose of the Colleyville Economic
Development Corporation, as established by the electorate of the City and
the provisions of state statute.
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 IT IS SO RESOLVED.
Passed by a vote of 1 ayes, / nays and ~ abstentions on this the ~);f day
of ~~ 2004.
A~~~
Cynthia Singleton, TRMC
City Secretary
EXHIBIT A
COLLEYVILLE ECONOMIC DEVELOPMENT COPRORATION
ECONOMIC DEVELOPMENT CAPITAL IMPROVEMENT PROGRAM FY 2005 - FY 2009
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 1 FY 2007 - 2009: 4% GROWTH DUE TO COLLEYVILLE BLVD.CONSTRUCTION