HomeMy WebLinkAboutCity Council Resolutions (R-05-2588)-09/06/2005
RESOLUTION R-05-2588
A RESOLUTION APPROVING THE ECONOMIC DEVELOPMENT CAPITAL
IMPROVEMENT PLAN FOR FY 2006 - 2010 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.
Sec. 2.
THAT the City Manager is hereby authorized to execute all contracts and
documents for which funding is appropriated for the projects.
AND IT IS SO RESOLVED.
PASSED BY A VOTE OF S AYES, --LL NAYS AND -.t2. ABSTENTIONS ON THIS
THE ~~ DAYOF~~.?ut~2005.
~:~~~
CITY OF COLLEYVILLE
Cynthia Singleton, TRMC
City Secretary
Lb~~
David Kelly
Mayor
COllEYVlllE ECONOMIC DEVELOPMENT COPRORATION
ECONOMIC DEVELOPMENT CAPITAL IMPROVEMENT PROGRAM FY 2006 - FY 2010
Exhibit A
PROJECTED
FISCAL YEAR 2005 2006 2007 2008 2009 2010
BEGINNING FUND BALANCE $949.709 $1,230,394 $710.209 $669,533 $627,086 $501.1'
R~~y~~;::::!:::::::::::::::::::ii:iiiii::::::::i:i:i::Ui:i:::i::':i:::::::::i:i::!
PROJECTED 1/2 CENT SAlES TAX REVENUE $944,932 $963,831 $1,002,384 $1,042,479 $1,084,178 $1,127,545
INTEREST INCOME $15,435 $36,912 $21,306 $20.086 $18,813 $15,056
2005 BOND SAlE PROCEEDS $0 $2,000.000 $0 $0 $0 $0
USE OF AVAIlABLE CASH $0 $777,357 $299,223 $302,453 $382,482 $247,204
TOTAL REVENUES $960,367 $3,778.099 $1.322,912 $1,365.018 $1,485,473 $1,389,806
w~Np'jij~ijU:::m::m::i::::::::i::!m::!::U::::!:::!m:i:U::i:::::m:
OPERATING:
ADMINISTRATIVE $5,000 $5,000 $5,000 $5,000 $5,000 $5.000
2005 DEBT SERVICE & 1.4 TIMES COVERAGE $0 $900,099 $904,913 $910,018 $900,473 $904,806
1997 DEBT SERVICE & 1.4 TIMES COVERAGE $665,606 $0 $0 $0 $0 $0
2000 DEBT SERVICE & 1.4 TIMES COVERAGE $179,549 $0 $0 $0 $0 $0
MARKETING $0 $80.000 $80.000 $80,000 $80,000 $80.000
CAPITAl:
ADA IMPROVEMENTS
NATURE CENTER PARK $0 $95.000 $0 $0 $0 $0
SPARGER PARK $0 $0 $125,000 $0 $0 $0
COLlEYVlllE CENTER CHAIR REPLACEMENT $36,000 $0 $0 $0 $0 $0
MC PHERSON PARK
Phase I $0 $238.000 $0 $0 $0 $0
Phase I (Bond Sale Proceeeds) $0 $400.000 $0 $0 $0
Phase II $0 $0 $0 $0 $500,000 ~,
CITY PARK ROAD EXTENSION $0 $130,000 $0 $0 $0 $0
PLEASANT RUN PRACTICE FIELD PARKING LOT $0 $50,000 $0 $0 $0 $0
PARK LAND PURCHASE (Bond Sale Proceeds) $0 $400,000 $0 $0 $0 $0
SENIOR CENTER
FACILITY (Bond Sale Proceeds) $0 $1.200.000 $0 $0 $0 $0
FF&E AND RENOVATIONS $35.000 $150,000 $0 $0 $0 $0
OPEN AREA DEVELOPMENT $0 $0 $108,000 $0 $0 $300,000
CITYWIDE IRRIGATION MONITORING SYSTEM $0 $30,000 $0 $0 $0 $0
CITYWIDE TRAIL SYSTEM
GRANT MATCH $0 $0 $0 $300,000 $0 $0
TRAIL CONSTRUCTION $0 $100,000 $100,000 $70.000 $0 $100,000
TOTAl EXPENDITURES $921,155 $3.778,099 $1.322,913 $1,365.018 $1,485,473 $1.389,806
EXCESS REVENUES OVER EXPENDITURES $39.213 $0 $0 $0 $0 $0
ADD BACK .4 TIMES BOND COVERAGE RATIO $241.473 $257.171 $258,547 $260,005 $257.278 $258,516
ENDING FUND BAlANCE $1,230.394 $710.209 $669,533 $627.086 $501.883 $513.195
ASSUMPTIONS: FY 2006: 1/2 OF CITY SAlES TAX BUDGET PROJECTION I FY 2007 - 2010: 4% GROWTH DUE TO COLLEYVllLE BLVD. CONSTRUCTION