HomeMy WebLinkAboutColleyville Economic Development Corporation (CEDC)-Agenda Packets-8/11/2015City of Colleyville Page 1
City of Colleyville
Agenda
Colleyville Economic
Development Corporation
Board Worksession
City Hall
100 Main Street
Colleyville, Texas 76034
817. 503.1000
www.colleyville.com
Tuesday, August 11, 2015
8:00 p.m.
Executive Conference Room
Third Floor City Hall
1. CALL TO ORDER
2. PRESENTATION AND DISCUSSION
2a Discussion of the FY 2016 2020 Economic Development Capital
Improvement Program (EDCIP) priorities
3. ADJOURNMENT
I hereby certify this agenda was posted on City Hall bulletin boards Friday, August 7,
2015 by 5:00 p.m.
Amy Shelley, TRMC
City Secretary
Any matter on this agenda may, at the discretion of the governing body, be opened
for public comment and discussion.
If you plan to attend this public meeting and have a disability that requires special
accommodations, please advise the City Secretary at least 48 hours in advance at
817.503.1130, and reasonable accommodations will be made to assist you.
City of Colleyville Page 1
City of Colleyville
Colleyville Economic
Development Corporation
Board
Worksession Briefing
City Hall
100 Main Street
Colleyville, Texas 76034
www.colleyville.com
Agenda Number 2a Agenda Date 08/11/2015 Number
Type Presentation and Discussion
Department City Manager
Title
Discussion of the FY 2016 - 2020 Economic Development Capital Improvement Program
(EDCIP) priorities
Strategy Map Connection
Explanation
The Colleyville Economic Development Corporation Bylaws require the Board to develop
a combined Economic Development Capital Improvement Program (EDCIP) annually,
which sets forth long and short-term goals. This program "shall be one that addresses
the development needs of the City within the financial constraints available to the
Corporation.” The "EDCIP shall identify the projects to be undertaken by the
Corporation and include proposed methods and the expected cost of the
implementation.” After the EDCIP is developed, it must be approved by the City
Council.
This item will provide the Board the opportunity to review and discuss the proposed
projects for FY 2016 through 2020 from the attached EDCIP (Exhibit A). The proposed
changes from the attached adopted FY 2015 - FY 2019 EDCIP (Exhibit B) are as follows:
Revenues:
The projected sales tax for FY 2016 replicates the FY 2016 City sales tax budget
projection. For FY 2017 and FY 2018, no growth is projected due to the potential impact
of Colleyville Boulevard (SH 26) construction on the City's primary business corridor.
There is a one percent growth increase projected for FY 2019 and FY 2020. There is a
slight change from year to year in interest income, due to the annual changes in
investable cash from beginning fund balance in the two different EDCIP plans. There is
the use of available cash from the .4 times bond coverage ratio in all years of the plan,
with the ending target fund balance in 2020 at a level slightly above $1,100,000.
Expenditures:
FY 2016:
The debt service payment has decreased from $910,584 to $845,354 as a result of a
refunding done in a prior year. Lower debt payments are also reflected in the following
CEDC Board Agenda Briefing 2a
City of Colleyville Page 2
years. The special events budgets have been combined into a single budget, to allow
for savings from one event to be used for another event. The economic development
promotional category has increased from $21,000 to $35,000 to allow for expanded
marketing efforts. Funding for the Colleyville Center site master plan has been
continued in FY 2016, as this work will require additional funding and has not yet been
completed. The plan will provide for both land and space utilization of the seven acres
that includes the Colleyville Center building and surrounding grounds on Riverwalk
Drive. Several equipment purchases for the Colleyville Center are included, for
replacement of the dishwasher, a new fridge merchandiser, and Dyson hand dryers in
the restrooms. There is an additional $5,428 for one-time equipment and an ongoing
$3,700 for increased internet bandwidth, to better serve clients at the Colleyville
Center. Another addition in FY 2016 is funding for a project that will upgrade the audio
visual components at the Colleyville Center. Most of the technology infrastructure is
original to the building and is in need of replacement. This project also moves
technology components currently located on the stage into a secured room. A portion of
the project funding from FY 2015 ($60,000) for improvements at the L.D. Lockett Park
Cotton Belt Trailhead has been rolled forward, as well as the $100,000 for repairs to
the Senior Center. An additional $100,000 has been included in FY 2016 for an update
to the Parks Master Plan.
FY 2017:
Funding for the construction of a trail on Pleasant Run Road from the Cotton Belt
railroad crossing to John McCain Road ($300,000) has been moved forward from FY
2019 to FY 2017, to align with the street project. Funding for future projects has
increased from $875,000 to $1,000,000.
FY 2018:
The future projects allocation increased from $500,000 to $600,000.
FY 2019:
The future projects funding allocation increased from $400,000 to $600,000. Funding
for the construction of a trail on Pleasant Run Road from the Cotton Belt railroad
crossing to John McCain Road ($300,000) was removed from FY 2019 and moved to FY
2017. Funding in the amount of $150,000 has been included for future trail
construction.
FY 2020:
Funding in the amount of $150,000 has been included for future trail construction and
$600,000 is included for future projects.
CEDC Board Agenda Briefing 2a
City of Colleyville Page 3
Attachments
1.EDCIP FY 2016 - 2020 Exhibit A
2.EDCIP FY 2015 - 2019 Exhibit B
COLLEYVILLE ECONOMIC DEVELOPMENT CORPORATION EXHIBIT A
ECONOMIC DEVELOPMENT CAPITAL IMPROVEMENT PROGRAM FY 2016 - FY 2020
Budget YE Projection Projection Projection Projection Projection Projection
FISCAL YEAR 2015 2015 2016 2017 2018 2019 2020
BEGINNING FUND BALANCE $2,412,373 $2,733,995 $2,733,324 $1,870,614 $1,171,658 $1,171,012 $1,172,216
REVENUES:
PROJECTED 1/2 CENT SALES TAX REVENUE $1,600,000 $1,720,000 $1,700,000 $1,700,000 $1,700,000 $1,717,000 $1,734,170
INTEREST INCOME $4,825 $4,825 $5,467 $3,741 $2,343 $2,342 $2,344
USE OF AVAILABLE CASH $932,791 $240,837 $1,104,240 $939,705 $238,528 $239,666 $233,147
TOTAL REVENUES $2,537,616 $1,965,662 $2,809,707 $2,643,446 $1,940,871 $1,959,008 $1,969,661
EXPENDITURES:
OPERATING:
ADMINISTRATIVE $2,000 $2,000 $2,000 $2,000 $2,000 $2,000 $2,000
2005 DEBT SERVICE & 1.4 TIMES COVERAGE $903,536 $840,582 $845,354 $842,621 $832,586 $843,046 $845,802
WATER / WASTEWATER- MC PHERSON PARK $18,000 $18,000 $18,540 $19,096 $19,669 $20,259 $20,867
PERSONNEL - SENIOR CENTER $67,106 $67,106 $70,536 $72,652 $74,832 $77,077 $79,389
PERSONNEL - LIBRARY $79,030 $79,030 $81,081 $83,513 $86,019 $88,599 $91,257
OPERATIONS - LIBRARY $4,553 $4,553 $4,689 $4,830 $4,975 $5,124 $5,278
OPERATIONS - COLLEYVILLE CENTER $0 $0 $3,700 $3,774 $3,849 $3,926 $4,005
PROMOTIONAL:
OLD TYME BBQ EVENT $15,000 $15,000 $0 $0 $0 $0 $0
TREE LIGHTING/HAUNTED TRAILS $36,000 $36,000 $0 $0 $0 $0 $0
RED, WHITE & SOUSA EVENT $36,000 $36,000 $0 $0 $0 $0 $0
SPECIAL EVENTS $0 $0 $87,000 $87,000 $87,000 $87,000 $87,000
ECONOMIC DEVELOPMENT PROMOTIONAL $21,000 $21,000 $35,000 $35,700 $36,414 $37,142 $37,885
PERSONNEL - COMMUNICATIONS $38,392 $38,392 $41,029 $42,260 $43,528 $44,834 $46,179
CAPITAL:
CITY PARK - LANDSCAPE AND AMENITIES- $114,000 CARRY FORWARD FROM FY14 $258,000 $258,000 $0 $0 $0 $0 $0
COLLEYVILLE CENTER -
REPLACEMENT OF CATERING OVEN $7,000 $7,000 $0 $0 $0 $0 $0
SITE MASTER PLAN- CARRY FORWARD $25,000 $25,000 $25,000 $0 $0 $0 $0
DYSON HAND DRYERS $0 $0 $3,000 $0 $0 $0 $0
REPLACEMENT DISHWASHER $0 $0 $6,350 $0 $0 $0 $0
FRIDGE MERCHANDISER $0 $0 $1,000 $0 $0 $0 $0
INCREASED INTERNET BANDWIDTH $0 $0 $5,428 $0 $0 $0 $0
AV UPGRADE $0 $0 $170,000 $0 $0 $0 $0
CITYWIDE TRAIL SYSTEM -
COTTON BELT II SPUR @ WEBB HOUSE CONSTRUCTION-CARRY FORWARD $50,000 $50,000 $0 $0 $0 $0 $0
PLEASANT RUN TRAIL CONSTRUCTION (BOGART TO MISSION)-CARRY FORWARD $277,000 $277,000 $0 $0 $0 $0 $0
IMPROVEMENTS AT COTTON BELT - LD LOCKETT PARK TRAILHEAD - CARRY FORWARD $100,000 $41,000 $60,000 $0 $0 $0 $0
FUTURE TRAIL CONSTRUCTION $0 $0 $150,000 $150,000 $150,000 $150,000 $150,000
PLEASANT RUN TRAIL CONSTRUCTION (COTTON BELT TO JOHN MCMCAIN)$0 $0 $0 $300,000 $0 $0 $0
PARKS MASTER PLAN UPDATE $0 $0 $100,000 $0 $0 $0 $0
SENIOR CENTER
REPAIRS- CARRY FORWARD $100,000 $0 $100,000 $0 $0 $0 $0
FUTURE PROJECTS $500,000 $150,000 $1,000,000 $1,000,000 $600,000 $600,000 $600,000
TOTAL EXPENDITURES $2,537,615 $1,965,662 $2,809,707 $2,643,446 $1,940,871 $1,959,008 $1,969,661
EXCESS REVENUES OVER EXPENDITURES $0 $0 $0 $0 $0 $0 $0
ADD BACK .4 TIMES BOND COVERAGE RATIO $258,152 $240,166 $241,530 $240,749 $237,882 $240,870 $241,658
ENDING FUND BALANCE $1,737,735 $2,733,324 $1,870,614 $1,171,658 $1,171,012 $1,172,216 $1,180,727
ASSUMPTIONS: FY 2016 1/2 of General Fund projection, FY 2017-2018: 0% GROWTH, FY 2019-2020: 1% GROWTH
COLLEYVILLE ECONOMIC DEVELOPMENT CORPORATION EXHIBIT B
ECONOMIC DEVELOPMENT CAPITAL IMPROVEMENT PROGRAM FY 2015 - FY 2019
FISCAL YEAR 2014 2015 2016 2017 2018 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
COLLEYVILLE CENTER - REPLACEMENT OF CATERING OVEN $0 $7,000 $0 $0 $0 $0
COLLEYVILLE 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