HomeMy WebLinkAboutColleyville Economic Development Corporation (CEDC)-Agenda Packets-8/22/2006
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City of Colleyville
Agenda
Colleyville Economic Development
Corporation Board
100 Main Street
Colleyville, Texas 76034
(817) 503-1000
www.colleyville.com
Tuesday, August 22, 2006
6:30 PM
City Council Chambers
1. CALL TO ORDER
2. CONSENT: READING AND PUBLIC HEARING - Resolution R-06-87
2a Approval of the minutes of the Colleyville Economic Development
Corporation Board of Directors' meeting held December 13, 2005
2b Approval of the Annual Review of the Corporation's Investment Policy
3. RESOLUTIONS:
READING AND PUBLIC HEARING
3a
R-06-88
3b
R-06-89
3c
R-06-90
4. REPORTS:
Appointing a Colleyville Economic Development Corporation (CEDC)
President and Vice President
Adopting the Economic Development Capital Improvement Program
(EDCIP) for 2007-2011
Adopting the Fiscal Year 2007 Budget
4a Annual Activity Report
4b Annual Investment Report
5. RESOLUTION:
READING AND PUBLIC HEARING
Discussion and consideration of a Resolution ratifying Corporate Board action
for the meeting of August 22, 2006 - Resolution R-06-91
6. ADJOURNMENT
City of Colleyville
Printed on 8/18/2006
Page 1
Colleyville Economic Development
Corporation Board
Agenda
August 22,2006
I hereby certify the above agenda was posted on the bulletin boards at City Hall by 5:00 p.m.
on Friday, August 18, 2006.
~
Cynthia Singleton, TRMC,
City Secretary
City of Colleyville
Page 2
Printed on 8/18/2006
RESOLUTION R-06-87
A RESOLUTION APPROVING BOARD ACTION
UNDER CONSENT ITEMS AT THE COLLEYVILLE ECONOMIC DEVELOPMENT
CORPORATION MEETING OF AUGUST 22, 2006
WHEREAS, Board has taken action on certain items on the agenda under Consent
Items.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE
COLLEYVILLE ECONOMIC DEVELOPMENT CORPORATION:
Sec. 1.
THAT the agenda decisions approved by the Economic Development
Corporation Board of Directors action under Consent Items as follows are
hereby adopted:
a.
THAT the minutes of the Colleyville Economic Development Corporation
Board of Directors meeting held December 13, 2005, are hereby approved.
b.
THAT the Annual Review of the Corporation's Investment Policy, is hereby
approved.
AND IT IS SO RESOLVED.
APPROVED AND ADOPTED, this August 22, 2006.
COLLEYVILLE ECONOMIC
DEVELOPMENT CORPORATION
Jon Ayers
President
ATTEST:
Cynthia Singleton
Secretary
MINUTES OF THE
COLLEYVILLE ECONOMIC DEVELOPMENT
CORPORATION BOARD OF DIRECTORS MEETING
DECEMBER 13, 2005
The meeting of the Colleyville Economic Development Corporation Board of Directors
was called to order by President Jon Ayers on December 13, 2005, at 5:01 p.m.
ROLL CALL:
Directors John Gray, Rich Hendler, David Kelly and James Spriggs
were present. President Jon Ayers, General Manager Bill Lindley,
Assistant City Manager Paul Frederiksen, Finance Manager Terry
Leake, Parks and Recreation Director Monica Walsh, Economic
Development Manager Scott Welmaker and Secretary Cynthia
Singleton were also present.
Director Tom Hart arrived at 5:22 p.m.
Director John Terhoeve was absent.
CONSENT:
2. CONSIDERATION OF CONSENT RESOLUTION R-05-85 - CONSENT ITEMS:
a. Approval of minutes of the Colleyville Economic Development Corporation
Board of Directors meeting held August 23, 2005
President Ayers opened the public hearing and read Resolution R-05-85 in its entirety.
There was no one present wishing to speak concerning this item and President Ayers
closed the public hearing.
Director Kelly moved to approve Resolution R-05-85.
Director Hendler seconded the motion.
Ayes: Directors Gray, Hendler, Kelly, Spriggs and President Ayers
Nays: None
President Ayers declared the motion carried.
CEDC MINUTES
DECEMBER 13, 2005
3. UPDATE OF CURRENT WORK ACTIVITIES
Economic Development Manager Scott Welmaker provided an overview of the
Economic Development Marketing Plan and answered questions of the Council.
General Manager Bill Lindley spoke regarding a proposed plan for the City's web site to
provide links to City businesses.
Discussion ensued regarding forms and the effectiveness of various marketing tools.
Parks and Recreation Director Monica Walsh presented an outline of park projects,
which are funded by the Colleyville Economic Development Corporation fund. The
projects include ADA updates at the Nature Center, McPherson Park project, Phase I,
City Park road extension, Pleasant Run practice fields, Senior Center development, City
wide irrigation monitoring system and trail construction.
Discussion ensued regarding the development and funding of the Senior Center.
It was determined that the next Colleyville Economic Development Corporation Board
meeting would be held March 21,2006, with a time to be determined.
4. READING AND PUBLIC HEARING - RESOLUTION R-05-86 - Discussion and
consideration of a Resolution ratifying Corporate Board action for the meeting of
December 13, 2005
This resolution was not needed.
ADJOURNMENT:
5. ADJOURNMENT
There being no further business before the Board, President Ayers declared the
meeting adjourned at 5:37 p.m.
APPROVED THIS
AYES
DAY OF
NAYS AND
2006, BY A VOTE OF
ABSTENTIONS.
Minutes taken and prepared by:
Cynthia Singleton
Secretary
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City of Colleyville
Agenda Briefing
100 Main Street
Colleyville, Texas 76034
(817) 503-1000
www.colleyville.com
File Number:
File Type: Resolution
Status: Consent Resolution
Version: 1 Agenda Date: 08/22/2006 Controlling Body: Colleyville
Economic
Development
Corporation Board
Requester: Finance Department Agenda No.: 2b Final Action:
File Name: Approval of the Annual Review of the Corporation's Investment Policy
Attachments: Colleyville Economic Development Corporation Investment Policy.pdf
History of Legislative File
Version: Date:
Acting Body:
Action Text:
1 08/22/2006 Colleyville Economic
Development
Corporation Board
Title
Approval of the Annual Review of the Corporation's Investment Policy
Explanation
A section in the Public Funds Investment Act requires that an entity's governing body review
the investment strategy of the entity annually. The Corporation's investment strategy is
contained in the section entitled, "Investment Strategy" and is presented for the Board's
review. Additionally, there are no changes proposed to the existing policy.
Financial Impact
It has been determined that there is no financial impact.
Recommendation
Approval
City of Colleyville
Page 1
Printed on 8/18/2006
COLLEYVILLE ECONOMIC DEVELOPMENT CORPORATION INVESTMENT POLICY
Policy
It is the policy of the Colleyville Economic Development Corporation (the Corporation) to
invest public funds in a manner which will provide the highest investment return with the
maximum security while meeting the daily cash flow demands of the entity and conforming
to all State of Texas statutes and City ordinances.
Scope
This investment policy applies to all financial assets of the Corporation including:
General Fund
Debt Service Fund
Capital Projects Fund
and any new fund created by the governing body, unless specifically exempted by the
governing body.
Objectives
The primary objectives, in priority order, of the Corporation's investment activities shall be:
Safety: Safety of principal is the foremost objective of the Corporation in managing its
portfolio. Investments of the Corporation shall be undertaken in a manner that seeks to
ensure the preservation of capital in the overall portfolio. To attain this objective the
Corporation will diversify its investments by investing funds among a variety of securities
offering independent returns and financial institutions.
Liquidity: The Corporation will also maintain sufficient liquidity to provide adequate and
timely working funds.
Return on Investments: The investment portfolio shall be designed with the objective of
obtaining a rate of return throughout budgetary and economic cycles, commensurate with
the investment risk constraints and cash flow needs. The Corporation investment strategy
is passive and the portfolio shall be designed with the objective of regularly exceeding the
weighted average return on thirteen-week Treasury bills. This is considered a benchmark
for riskless investment transactions, and therefore, is a minimum standard for the portfolio's
rate of return. For bond funds that fall under the arbitrage provisions of the Tax Reform Act
of 1986, the Corporation will attempt to earn allowable bond yield with market conditions
permitting.
Delegation of Authority
The Corporation designates the Investment Officers to be the Corporation Manager with
overall responsibilities to see that investment objectives are accomplished and the Finance
Manager with the specific day-to-day performance of managing the funds of the
Corporation.
Ethics and Conflict of Interest
All investment Officers and employees involved in the investment process shall refrain from
personal business activity that could conflict with proper execution of the investment
program, or that could impair their ability to make impartial investment decisions.
Employees shall disclose to the Colleyville Economic Development Corporation and Texas
Ethics Commission a statement under the following conditions:
A. If they have a personal business relationship with a business organization offering
to engage in an investment transaction with the entity. Under the Public Funds
Investment Act, a personal business relationship is defined as:
1. The investment officer owns 10 percent or more of the voting stock or shares
of the business organization or owns $5,000 or more of the fair market value
of the business organization:
2. Funds received by the investment officer from the business organization
exceed 10 percent of the investment officer's gross income for the previous
year; or
3. The investment officer has acquired from the business organization during
the previous year, investments with a book value of $2,500 or more for the
personal account of the investment officer.
B. If they are related within the second degree by affinity or consanguinity, as
determined by Chapter 573 V.A.T.C.S. to an individual seeking to sell an investment
to the Corporation.
Prudence
Investments shall be made with judgement and care - under circumstances then prevailing
- which persons of prudence, discretion, and intelligence exercise in the management of
their own affairs, not for speculation, but for investment, considering the probable safety of
their capital as well as the probable income to be derived.
The standard of prudence to be used by investment officials shall be the "prudent person",
which means the officer may not be an expert but is obligated to act responsibly and shall
be applied in the context of managing an overall portfolio. Investment officers acting in
accordance with written procedures and exercising due diligence shall be relieved of
personal responsibility for an individual security's credit risk or market price changes,
provided deviations from expectations are reported in a timely fashion and appropriate
action is taken to control adverse developments.
Investment officers shall notify the Corporation in writing of any conflicts of interest, as
defined by the Public Funds Investment Act, no later than the next regularly scheduled
Board meeting.
It is the policy of the Corporation that the Investment Officers perform their duties in
accordance with the policies and procedures set forth in this policy. The Investment
Officers of the Corporation (General Manager and Finance Manager and the Assistant to
the Finance Director of the City of Colleyville) shall be personally indemnified in the event
of investment loss provided the Investment Policy is followed.
Internal Controls
The Finance Manager shall establish a system of written internal controls which shall be
reviewed annually by the independent auditor. The controls shall be designed to prevent
the loss of public funds due to fraud, error, misrepresentation, unanticipated market
changes or imprudent actions.
Permissible Instruments
The following is a list of permissible instruments as authorized by the 70th Texas
Legislature in the Public Funds Investment Act (TEX. REV. CIV. STAT. ANN. ACT 842A-2)
and amended by the 71st Legislature:
1. Obligations of the United States or its agencies or instrumentalities;
2. Direct obligations of the State of Texas or its agencies;
3. Other obligations, the principal of and interest on which are unconditionally
guaranteed or insured by the State of Texas orthe United States or its agencies or
instrumentalities;
4. Obligations of states, agencies, counties, cities, and other political subdivisions of
any state having been rated as to investment quality by nationally recognized
investment rating firm and having received a rating of not less than "A" or its
equivalent;
5. Certificates of deposit issued by state and national banks and domiciled in the state
that are:
a. Guaranteed or insured by the Federal Deposit Insurance Corporation,
FSLlC or its successors; or
b. Secured by obligations that are described by subdivisions (1) through (4)
of this subsection, which are intended to include all direct federal agency
or instrumentality issued mortgage backed securities, and which have a
market value of not less than the principal amount of the certificates or in
any other manner and amount provided by law for deposits of the
investing entities;
6. Invest in a local government investment pool as authorized by the Interlocal
Cooperation Act (TEX. REV. CIV. STAT. ANN. ACT. 4413 (32c), as amended, and
the Public Funds Investment Act (TEX. REV. CIV. STAT. ACT. 842a-2), as
amended. The investment pool must comply with the requirements of the Public
Funds Investment Act, as amended, as follows:
a. The investment pool maintains a stable asset value as defined in the
Public Funds Investment Act;
b. The investment pool maintains a AAA rating by one of the nationally
recognized rating agencies;
c. The investment pool's maximum average dollar weighted maturity does
not exceed 90 days; and
d. The investment pool's continued compliance with the remaining
provisions of the Public Funds Investment Act.
e. The eligible investments of the pool are as follows: obligations of the
United States or its agencies and instrumentalities, other obligations, the
principal of and interest on which are unconditionally guaranteed or
insured by the United States, fully collateralized repurchase agreements
with a defined termination date secured by obligations of the United
States or its agencies and instrumentalities, other obligations, the
principal of and interest on which are unconditionally guaranteed or
insured by the United States, and SEC registered money market funds
authorized by the Public Funds Investment Act and rated in the highest
category by at least one nationally recognized rating agency, reverse
repurchase agreements with a term of no longer than 90 days.
f. Include in its investment policy and/or operating procedures the following
information: a description of eligible investment securities and
unacceptable investments, a written statement on investment policy and
objectives, a description of interest calculations, distribution, and
treatment of gains and losses, security safeguarding, valuation
collateralization and auditing, and a fee schedule.
7. Direct repurchase agreements with primary security dealers or financial institutions
doing business in the State of Texas having a defined termination date, and
secured by U.S. Government or federal agency securities, provided that the
ownership of collateral for the repurchase agreement is transferred to the
Corporation, and deposited with a safekeeping agentforthe duration of the contract
and a signed master repurchase agreement has been executed with the
counterparty.
8. SEC-registered no-load money market mutual funds with a dollar weighted average
portfolio of 90 days or less whose assets consist exclusively of United States
Government Securities whose investment objectives include seeking to maintain a
stable net asset value of $1.00 per share. Investment in mutual funds shall be
limited to a maximum of ten percent (10%) of the Corporation's available funds.
Unacceptable Investment Instruments
The following securities, although authorized by the Public Funds Investment Act, are not
eligible investments for the Corporation:
1. Collateralized mortgage obligations
2. Commercial paper
3. Banker's acceptances
4. Reverse repurchase agreements (Local Government Investment Pools which
the Corporation participates in may engage in reverse repurchase
agreements if the term is 90 days or less)
5. No-load mutual funds other than SEC-registered no-load money market
mutual funds with a dollar weighted average portfolio of 90 days or less
whose assets consist exclusively of United States Government Securities
whose investment objectives include seeking to maintain a stable net asset
value of $1.00 per share.
6. Guaranteed investment contracts
7. Share certificates of qualifying credit unions
Investment Strategy
The investment strategy by type of fund is as follows:
(1) Operating Funds
The investment strategy for operating fund(s) is to assure that anticipated cash flows are
matched with adequate investment liquidity. A secondary objective is to create a portfolio,
which will experience minimum volatility during economic cycles. These funds shall not
have an investment with a stated maturity greater than eighteen (18) months.
(2) Debt Service Funds
The investment strategy for debt service fund(s) is the assurance of investment liquidity to
cover the debt service obligations on the required payment date. Investments purchased
shall not have a stated final maturity date which exceeds the corresponding debt service
payment date.
(3) Reserve Funds
The investment strategy for reserve fund(s) is the assurance of investment liquidity
adequate to cover the debt service obligations not funded by debt service funds on the
required payment date. Investment of reserve funds are controlled by their ordinance,
resolution or indenture, and Federal and State law. Bond documents must be examined
for each issue, for potential differences with this policy concerning investment instruments,
maximum maturity or average life restrictions, call dates or sinking fund redemptions, and
applicable arbitrage yields and rebate liability. Provisions contained in the bond documents
will supersede provisions of this policy.
Reserve funds will be invested using a more conservative approach than the current
standard investment strategy when arbitrage rebate rules require refunding excess
earnings. All excess earnings received will be segregated to allow a proper determination
of interest income to be used in the arbitrage calculation.
Maturity limitations for single issue reserve funds shall not exceed the sooner of five (5)
years, the call provisions of the bond ordinance, or the final maturity of the bond issue.
A. Diversification
The Corporation will attempt to limit the risk of loss through diversification of its portfolio
and to achieve the aforementioned investment strategies by diversification of instruments.
Maximum
Diversification by Instrument
Percent
of Portfolio
U.S. Treasury Obligations (Bills, Notes and Bonds),
U.S. Government Agency Securities,
and Instrumentalities of Government
Sponsored Corporations
100%
75%
Certificates of Deposit (CD's)
Commercial Bank's
75%
Local Government Investment Pool
75%
Tri-Party Repurchase Agreement
SEC registered, no-load mutual fund
75%
10%
Investment Procedures
The Corporation shall enter the following agreements (if applicable): safekeeping, PSA
repurchase agreements, wire transfer agreements, banking services contracts, and
collateral/depository agreements. These contracts shall include the explicit delegation of
authority to persons responsible for the transactions involving these agreements. No
person except those designated in the contract may engage in any investment
transactions.
On all funds invested in instruments as listed in "Permissible Investments" numbers one
through five, oral bids shall be requested from at least two broker/dealers or national
banks. The Corporation will accept the bid that provides the highest rate of return within
the maturity required and within the parameters of this policy. Records will be kept of the
bids offered, bids accepted, and a brief explanation of the decision that was made
regarding the investment.
Qualified Institutions
As the Corporations investments are managed by the investment officers of the City of
Colleyville, the Corporation shall utilize the broker/dealers selected by the City of
Colleyville. All firms shall answer the Broker/Dealer questionnaire (Appendix A) and submit
their most recent audited financial statements to the City for evaluation of credit
worthiness. All personnel in the firms who will be trading or quoting securities to the
Corporation must maintain a current NASD license and be registered to deal securities in
the State of Texas. An investment certification form (Appendix B) on the firm's letterhead
signed by a principal of the firm must be on file with the Corporation.
Safekeeping
All marketable securities purchased by the Corporation shall be held in third party
safekeeping by an institution designated as primary agent. All securities will be delivered
to the third party institution by seller. Personnel in the third party institution will verify the
correct security was delivered by the seller ("delivery vs payment"). The third party
institution shall issue a safekeeping receipt to the Corporation listing the specific
instrument, rate/yield, maturity, CUSIP, and other pertinent information. Collateral on
deposit type securities which exceed the FDIC coverage shall be held in a third party
safekeeping institution. In the event a third party safekeeping institution is used, a
collateral agreement shall be executed between the Corporation, depository which pledged
the collateral, and the third party custodian of the collateral. The Corporation will retain
possession of all original safekeeping receipts and the receipts will state the security is
pledged to the Corporation. Either the Corporation Manager or the Finance Manager must
approve release of collateral in writing prior to its removal from the safekeeping account.
Collateral Securities for Certificates of Deposit and Demand Accounts
The Corporation will accept as collateral for its Certificates of Deposit and demand
accounts the following securities:
A. FDIC coverage
B. U.S. Treasury bills, notes and bonds
C. United States Agency and instrumentalities bills or notes
D. GNMA mortgage backed fully modified pass through securities
E. Texas state, city county or school bonds with a remaining maturity of seven years
or less and a rating of "A" or better by Moody's, Fitch ICBA, and Standard and
Poor's.
F. Surety Bond
Collateral shall be "marked to market" monthly by the Finance Manager. The following
percentages constitute the minimum market value for collateral instruments that are
pledged for the Corporation's Certificates of Deposit and demand deposits.
Form of Collateral Pledged Collateral
Ratio
1. U.S. Treasury bills, notes, and bonds
a. maturing within 1 year
b. maturing in 1-5 years
c. maturing in more than 5 years
102%
105%
110%
2. Actively traded U.S. Government Agency securities
a. maturing in less than 1 year
b. maturing in 1-5 years
c. maturing in more than 5 years
103%
107%
115%
3. GNMA mortgage pass through securities
115%
4. Entities in the State of Texas bonds
General Obligation Bonds
a. maturing in less than 1 year
b. maturing in 1-5 years
c. maturing in more than 5 years
102%
105%
107%
Revenue Bonds
a. maturing in less than 1 year
105%
b. maturing in 1-5 years
c. maturing in more than 5 years
110%
115%
Collateral shall be audited annually be the Corporation's independent auditor and may be
audited by the Corporation at anytime during normal business hours of the safekeeping
bank.
Arbitrage
The Tax Reform Act of 1986 places limitations on the Corporation's yield from investing
certain tax-exempt bond proceeds, debt service funds and reserve funds. The rebate
provisions require that the Corporation compute earnings on investments from certain
issues of bonds on a periodic basis to determine if rebate is required.
To determine the Corporation's arbitrage position, the Corporation is required to calculate
the actual yield earned on the investment of the funds and compare it to the yield that
would have been earned if the funds had been invested at a rate equal to the yield on the
applicable bonds sold by the Corporation. The rebate provisions state that periodically (not
less than once every five years and not later than sixty days after maturity of the bonds),
the Corporation is required to pay the United States Treasury a rebate of any excess
earnings. These restrictions require extreme precision in the monitoring and record
keeping of investments, particularly in computing yields to ensure compliance. Failure to
comply can dictate that the bonds become taxable, retroactively from the date of issuance.
The investment strategy for bond funds which fall under the arbitrage provisions of the Tax
Reform Act of 1986, is that the Corporation will attempt to earn maximum allowable bond
yield with market conditions permitting.
Reporting Requirements
Included as a part of the City of Colleyville's quarterly investment report, Finance Manager
shall issue a written report concerning the Corporation's investment transactions for the
preceding quarter and describing in detail the investment position ofthe Corporation as of
the end of the quarter indicating the market values of all investments held during the
quarter. The report shall list for each investment held during the quarter: the purchase
price of the investment, the par value of the investment, the market value ofthe investment
at the beginning of the quarter, market value of the investment at the end of the quarter,
the market change from the beginning until the end of the quarter, and fully accrued
interest for the period. This report shall be in compliance with provisions of the Public
Funds Investment Act, as amended. The report shall be signed by the General Manager
and Finance Manager.
Training Requirements
Both the Finance Manager and Assistant to the Finance Manager shall complete ten hours
of training every two years as required by the Public Funds Investment Act. This training
may be obtained from the following sources: North Central Texas Council of Governments,
Government Treasurer's Organization of Texas, Government Finance Officers of Texas, or
Texas Municipal League. The training must include education in investment controls,
security risks, strategy risks, market risks, and any other topics as required by the Public
Funds Investment Act.
Appendix A
COLLEYVILLE ECONOMIC DEVELOPMENT CORPORATION BROKER/DEALER
CERTIFICATION QUESTIONNAIRE
1. Name of Firm
2. Address
3. Telephone - National
Local
4. Primary Representative I Branch Manager
5. Is your firm a primary dealer in U.S. Government securities?
If so, how long?
6. Identify all personnel who will be trading or quoting securities to our City's employees.
7. Identify which personnel have read the City of Colleyville's investment policy.
8. Please indicate the current licenses of your representative(s) and attach a copy of their
registration.
Representative Name(s)
License(s)
9. Have any of your public sector clients ever reported to your firm, its officers or
employees, orally or in writing, that they sustained a loss (in a single year) exceeding 10
percent of original purchase price on any individual security purchased through the firm?
10. Has your firm consistently complied with Federal Reserve Bank's capital adequacy
guidelines?
As of this date, does your firm comply with the guidelines?
11. By what factor does your firm presently exceed the capital adequacy guidelines.
12. Please attach a sample of any confirmations or transactions reports that the City will
receive after a transaction has occurred.
13. Does your firm participate in the S.I.P.C. insurance program? If not, what is the
comparable alternative?
14. What percentage of your transactions failed last month? Last year?
15. Describe the precautions taken by your firm to protect the interests of the public when
dealing with governmental agencies as investors.
16. Please attach a copy of your firm's most recent audited financial statements.
(Condensed statements are acceptable)
Appendix B
(To be completed on your firm's letterhead)
Texas Public Funds Investment Act
Certification by Business Organization
This certification is executed on behalf ofthe City of Colleyville, Texas (lithe Investor"), and
(name of firm) (lithe Business Organization") pursuant to the Public Funds Investment Act,
Chapter 2256, Texas Government Code, (the Act) in connection with investment
transactions conducted between the Investor and the Business Organization.
The undersigned Qualified Representative ofthe Business Organization hereby certifies on
behalf of the Business Organization that:
1. The undersigned is a Qualified Representative of the Business Organization offering
to enter an investment transaction with the Investor (Note: as such terms are used
in the Public Funds Investment Act, chapter 2256, Texas Government Code) and
2. The Qualified Representative of the Business Organization has received and
reviewed the Investment Policy furnished by the Investor and
3. The Qualified Representative of the Business Organization has implemented
reasonable procedures and controls in an effort to preclude investment transactions
conducted between the Business Organization and the Investor that are not
authorized by the Investor's investment policy, except to the extent that this
authorization is dependent on an analysis of the makeup of the Investor's entire
portfolio or requires an interpretation of subjective investment standards.
Qualified Representative of the Business Organization
Sianature
Name
Title
Date
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City of Colleyville
Agenda Briefing
100 Main Street
Colleyville, Texas 76034
(817) 503-1000
www.colleyville.com
File Number: R-06-88
Version:
File Type: Resolution
Agenda Date: 08/22/2006
Status: Resolution
File Number: R-06-88
Requester: Office of the City
Secretary
File Name: Appointing a Colleyville Economic Development Corporation (CEDC) President and Vice
President
Agenda No.: 3a
Controlling Body: Colleyville
Economic
Development
Corporation Board
Final Action:
Attachments: Excerpt of the CEDC Bylaws . Resolution R-05-80 . Resolution R-06-88
History of Legislative File
Version: Date:
Acting Body:
Action Text:
08/22/2006 Colleyville Economic
Development
Corporation Board
Title
Appointing a Colleyville Economic Development Corporation (CEDC) President and Vice
President
Explanation
On August 23, 2005, Director Jon Ayers was elected President and Director John Terhoeve
was elected Vice President of the Colleyville Economic Development Corporation.
As per the CEDC Bylaws, Article III, Officers, the President and Vice President shall be
elected by the Board and shall serve a term of one (1) year. The President and Vice
President shall continue to serve until their successors are appointed as provided in Article
II, Section I.
This item provides for the Board of Directors to elect a President and Vice President of the
CEDC to serve a one-year term.
Financial Impact
It has been determined that there is no financial impact.
Recommendation
Approval
City of Colleyville
Page 1
Printed on 8/18/2006
C. The Secretary of the Corporation shall act as Secretary of all meetings of the
Corporation, but in the absence of the Secretary, the presiding officer may
appoint any person to act as Secretary of the meeting. The Secretary shall
keep minutes of the transactions of the Board and committee meetings and
shall cause such official minutes to be recorded in books kept for that
purpose in the principal office of the Corporation.
SECTION 6. COMMITTEES OF THE BOARD
An official committee of the Board shall consist of two (2) or more directors. It is
provided, however, that all final official actions of the Corporation may be exercised
only by the Board. Each committee so designated shall keep regular minutes ofthe
transactions of its meetings and shall cause such minutes to be recorded in books
kept for that purpose in the principal office of the Corporation.
SECTION 7. COMPENSATION OF DIRECTORS
The directors, including the President and Vice President, shall not receive any
salary or compensation for their services. However, directors may be reimbursed
for their actual expenses incurred in the performance of their duties hereunder,
including but not limited to the cost of travel, lodging and incidental expenses
reasonably related to the corporate duties of the Board. Travel expenses incurred
by directors for both regular and special meetings are not eligible for
reimbursement.
ARTICLE III.
OFFICERS
SECTION 1. TITLES AND TERM OF OFFICE
The President and Vice President shall be elected by the Board and shall serve a
term of one (1) year. The President and Vice President shall continue to serve until
their successors are appointed as provided in Article II, Section 1.
SECTION 2. POWERS AND DUTIES OF THE PRESIDENT
The President shall be the chief executive officer of the Corporation, and shall
preside at all meetings of the Board, and absent any different designation by a
majority of the Board, shall sign and execute all contracts, conveyances, franchises,
bonds, deeds, assignments, mortgages, and notes in the name of the Corporation.
In addition the President shall:
-4-
RESOLUTION R-QS-80
A RESOLUTION APPOINTING A COLLEYVILLE ECONOMIC DEVELOPMENT
CORPORATION PRESIDENT AND VICE PRESIDENT
WHEREAS, in accordance with Article III, Officers, the President and Vice
President shall be elected by the Board and shall serve a term of one
(1) year.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF
THE COLLEYVILLE ECONOMIC DEVELOPMENT CORPORATION:
Sec. 1.
THAT Director Jon Ayers shall be appointed to serve as President
of the Colleyville Economic Development Corporation.
Sec. 2.
THAT Director John Terhoeve shall be appointed to serve as Vice
President of the Colleyville Economic Development Corporation.
AND IT IS SO RESOLVED.
PASSED AND ADOPTED, THIS AUGUST 23, 2005.
COLLEYVILLE ECONOMIC
DEVELOPMENT CORPORATION
4~
L-- Jon Aye~
President
~~~~~
Cynthia Singleton
Secretary
RESOLUTION R-06-88
A RESOLUTION APPOINTING A COLLEYVILLE ECONOMIC DEVELOPMENT
CORPORATION PRESIDENT AND VICE PRESIDENT
WHEREAS, the Bylaws of the Colleyville Economic Development Corporation
require the President and the Vice President shall be elected by the
Board and shall serve a term of one year; and
WHEREAS, the President and Vice President shall continue to serve until their
successors are appointed as provided in Article II, Section 1.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF
THE COLLEYVILLE ECONOMIC DEVELOPMENT CORPORATION:
Sec. 1.
THAT Director shall be appointed to serve
as President of the Colleyville Economic Development Corporation.
Sec. 2.
THAT Director shall be appointed to serve
as Vice President of the Colleyville Economic Development
Corporation.
AND IT IS SO RESOLVED.
APPROVED AND ADOPTED, THIS AUGUST 22, 2006.
COLLEYVILLE ECONOMIC
DEVELOPMENT CORPORATION
Jon Ayers
President
ATTEST:
Cynthia Singleton
Secretary
1~~;~.,.
City of Colleyville
Agenda Briefing
100 Main Street
Colleyville, Texas 76034
(817) 503-1000
www.colleyville.com
File Number: R-06-89
Version: 1
File Type: Resolution
Agenda Date: 08/22/2006
Status: Resolution
File Number: R-06-89
Requester: Office of the City
Manager
File Name: Adopting the Economic Development Capital Improvement Program (EDCIP) for 2007-2011
Agenda No.: 3b
Controlling Body: Colleyville
Economic
Development
Corporation Board
Final Action:
Attachments: Memorandum dated August 16, 2006 - Economic Development Capital Improvement Program
(EDCIP) for FY 2007-2011 . Exhibit 1 - Economic Development Capital Improvement Program
FY 2006- FY 2010 . Exhibit 2 - Economic Development Capital Improvement Program FY
2007-2011 . Resolution R-06-89
History of Legislative File
Version: Date:
Acting Body:
Action Text:
08/22/2006 Colleyville Economic
Development
Corporation Board
1 09/05/2006 City Council
Title
Adopting the Economic Development Capital Improvement Program (EDCIP) for 2007-2011
Explanation
The CEDC 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.
Staff will provide an overview of current and future park projects, including master plans and
cost estimates and review the priorities established and recommended by the Parks and
Recreation Advisory Board at their July 10, 2006 meeting (see attached report). For the
Board's information, the current EDCIP for FY 2006-FY 2010 is included as Exhibit "1". For
the FY 2007-FY 2011 EDCIP, Exhibit "2" shows revenue and expenditure changes being
proposed. In FY 2007, funding is being allocated for the following projects:
. ADA Improvements - Nature Center Park........................$ 5,000
. ADA Improvements - Sparger Park..................................$125,000
. City Park Field Maintenance Improvements.....................$ 11,500
City of Colleyville
Page 1
Printed on 8/18/2006
Agenda Briefing Continued (R-06-89)
. City Park Kidsville Renovations ..........................................$ 10,000
. Citywide Playground Safety Signs ......................................$ 6,000
. Citywide Picnic Table Replacement....................................$ 6,000
. McPherson Park Phase I .................................................. ..$441,327
. City Park Road Extension ...................................................$ 20,000
. Pleasant Run - Moving Lights .............................................$ 35,000
. Senior Center Open Area Development..............................$168,000
. Citywide Irrigation Monitoring System .................................$135,000
. Citywide Trail Construction............................................... ..$100,000
. Marketing........................................ ........ ...........................$ 80,000
Financial Impact
The revenue estimate is one-half of the sales tax revenue estimated in the City's proposed
FY 2007 budget. FY 2008-2011 includes a 4% increase due to growth resulting from
Colleyville Boulevard construction.
Recommendation
Approval
City of Colleyville
Page 2
Printed on 8/18/2006
MEMORANDUM
TO: Bill Lindley, City Manager
FROM:
Monica Sue Walsh, Director of Parks and Recreation
/J4/~ ~
/!!~e(;V
DATE: August 16, 2006
SUBJECT: Economic Development Capital Improvement Program (EDCIP) for FY 2007-
2011
Among the primary responsibilities of the Colleyville Economic Development Corporation
(CEDC) Board of Directors is the adoption of a five-year plan and an annual budget. The
five-year plan was last updated in August 2005 and is attached for your reference.
Historically, the CEDC Board has limited the use of funds to capital expenditures and a
small administrative charge. The plan for FY 2007-2011 strives to maintain this philosophy.
Many of the projects in the plan are related to the Parks and Recreation Department.
On July 10, 2006, the Parks and Recreation Advisory Board established their priorities for
CIP projects that were not totally funded. (See attached). In consideration of establishing
their priorities, the Parks and Recreation Advisory Board reviewed the citizen priorities
based on the Comprehensive Parks, Recreation and Open Space Master Plan. (See
attached). The proposed FY 2007-2011 EDCIP attempts to incorporate some of the Parks
and Recreation Advisory Board identified priorities:
1. Cotton belt Trail- Phase III
2. Park Land Purchase
3. Little Bear Creek Trail Extension
4. McPherson Park - Phase III
5. Pleasant Run Park - Phase II
6. Bransford Park - Phase II
7. Longwood Trail
8. McPherson Park - Phase IV
9. Parks Maintenance Facility
10. Uniform Park signage
11. New Tennis Courts
12. Recreation Center
Revenue
The sole source of revenue for the CEDC budget is a one-half cent sales tax. The revenue
projection in this plan includes the estimated amount to be received in FY 2006 and
increases the sales tax revenue to the amount in the proposed FY 2007 City of Colleyville
General Fund budget. These changes are proposed to accommodate the revised revenue
projection and to retain the fund balance at an acceptable level.
Projects
The proposed EDCIP plan proposes $441,327 in FY 2007 for Phase I of McPherson Park
which includes a walking trail, picnic and playground areas, entry road, fishing pond,
unstructured plan areas, recreation amenities and pavilion with a restroom. The total cost of
this project is approximately $1.9 million and has been funded from CEDC ($638,000),
Parkland Dedication ($855,000) and Voluntary Park Funds ($500,000).
The proposed EDCIP plan proposes $5,000 in FY 2007 for ADA improvements to the
Nature Center and $125,000 in FY2007 for Sparger Park.
Additionally, the proposed plan provides funding for the allocation of $100,000 in FY 2007,
$70,000 in FY 2008 and $600,000 in FY 2010 for trail construction. Also in FY 2007
$20,000 has been allocated for City Park road extension, $11,500 for City Park field
maintenance improvements, $10,000 for City Park Kidsville renovations, $6,000 for citywide
playground safety signs, $6,000 for citywide picnic table replacement, $135,000 for a
citywide irrigation monitoring system and $35,000 for Pleasant Run game field lights.
In addition to the parks and recreation related improvements proposed FY 2007-2011
EDCIP plan also provides for the allocation of $400,000 for marketing in FY 2007-2011, with
an annual allocation of $80,000.
The proposed EDCIP plan proposes $168,000 in FY 2007 and $300,000 in FY 2010 for
open area and trail development in conjunction with the new Senior Center facility.
The construction of the Cottonbelt Trail - Phase III from John McCain Road (north) to the
Grapevine city limits and the Little Bear Creek Trail Extension from the Nature Center to
Sparger Park are planned for future grant funding. The Cottonbelt Trail- Phase III is priority
1 of the Parks and Recreation Advisory Board and the Little Bear Creek Trail Extension is
priority 3.
The Cottonbelt Trail Phase I is complete. The Cottonbelt Trail Phase II in conjunction with
the City of Hurst is currently under design. Cottonbelt Trail Phase III will be the final phase
of the regional trail system located within the City of Colleyville. This phase of the project will
be constructed during the construction of the planned improvements for SH26. The design
of the trail will need to be completed prior to the construction of the highway, which is
scheduled for 2007.
The proposed EDCIP plan proposes $300,000 in FY 2010 for trail grant opportunities. The
Parks and Recreation Advisory Board ranked Cottonbelt Trail - Phase III as priority 1 and
Little Bear Creek Tail Extension as priority 3.
The proposed EDCIP plan proposes $500,000 in FY 2009 for McPherson Park - Phase II,
$350,000 in FY2011 for McPherson - Phase III and $245,000 in FY2011 for McPherson
Park - Phase IV. McPherson Park - Phase III is priority 4 and McPherson Park - Phase IV
is priority 8 of the rankings of the Parks and Recreation Advisory Board.
Conclusion
With limited funds and multiple projects, the recommended five-year plan does not provide
sufficient resources for every project identified as a priority of the Parks and Recreation
Advisory Board or the City Council. It does provide funds for McPherson Park - Phase I, II,
III and IV, ADA improvements to the Nature Center and Sparger Park, City Park road
extension, City Park field maintenance entry improvements, City Park Kidsville renovations,
citywide picnic table replacement, citywide playground safety signs, Pleasant Run game
field lights, citywide irrigation monitoring system, citywide trail system, Senior Center open
area development and leaves open the possibility of additional funds if the sales tax receipts
exceed projections.
Recommendation
Staff recommends that the CEDC Board approve the five-year plan as proposed.
Attachments: Parks and Recreation Advisory Board CIP Priorities
2006 Capital Improvements Projects - Citizen's Priorities
PARKS AND RECREATION ADVISORY BOARD CIP PRIORITIES
At the Parks and Recreation Board meeting on July 10, 2006, the Board prioritized the
following CIP projects:
PRIORITY LIST
One being the most important
Cottonbelt Trail - Phase III 1
Park Land Purchase 2
Little Bear Creek Trail Extension 3
McPherson Park - Phase III 4
Pleasant Run Park - Phase II 5
Bransford Park - Phase II 6
Longwood Trail 7
McPherson Park - Phase IV 8
Parks Maintenance Facilitv 9
Uniform Park Signaae 10
New Tennis Courts 11
Recreation Center 12
Priorities
Citizen Priorities based on Comprehensive Parks, Recreation and
Open Space Master Plan
1. Recreation Center
2. Park Land Purchase
3. Pleasant Run Park Phase II
4. Bransford Park Phase II
5. McPherson Park Phase III
6. Cottonbelt Phase III
7. Little Bear Creek Trail Extension
8. Longwood Trail
9. Tennis Courts
10. McPherson Park Phase IV
11. Park Maintenance Building
12. Uniform Park Signage
RESOLUTION R-06-89
A RESOLUTION ADOPTING THE ECONOMIC DEVELOPMENT CAPITAL
IMPROVEMENT PROGRAM (EDCIP) FOR 2007.2011
WHEREAS, the Bylaws of the Colleyville Economic Development Corporation require
that annually the Board develop a combined Economic Development
Capital Improvement Program; and
WHEREAS, the program will address the development needs of the City within the
financial constraints 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 COLLEYVILLE ECONOMIC
DEVELOPMENT CORPORATION:
Sec. 1.
THAT the Economic Development Capital Improvement Program (EDCIP)
is hereby attached as Exhibit "A" that lists those projects and programs
recommended for implementation for FY 2007-2011.
Sec. 2.
THAT once approved, the EDCIP will be forwarded to the City Council for
their subsequent approval.
AND IT IS SO RESOLVED.
APPROVED AND ADOPTED, THIS AUGUST 22, 2006.
COLLEYVILLE ECONOMIC
DEVELOPMENT CORPORATION
Jon Ayers
President
ATTEST:
Cynthia Singleton, TRMC
City Secretary
COLLEYVILLE ECONOMIC DEVELOPMENT COPRORATION
ECONOMIC DEVELOPMENT CAPITAL IMPROVEMENT PROGRAM FY 2007 - FY 2011
Exhibit A
PROJECTED
FISCAL YEAR 2006 2007 2008 2009 2010 2011
BEGINNING FUND BALANCE $1,270,587 $1,202.265 $770,596 $849,560 $854.867 $505.129
PROJECTED 1/2 CENT SALES TAX REVENUE $1,072,909 $1,105,096 $1,149,299 $1,195,271 $1,243,082 $1,292,805
INTEREST INCOME $38,118 $54,102 $34,677 $38,230 $38,469 $22.731
2005 BOND SALE PROCEEDS $1,796,673 $203,327 $0 $0 $0 $0
USE OF AVAILABLE CASH $325,494 $806,393 $302,453 $382,482 $608,255 $269,270
TOTAL REVENUES $3,233,193 $2,168,917 $1,486,429 $1,615,984 $1,889,806 $1,584,806
. . . . . . . . - . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . .-..... ..
$.x.p~N&'W9R~< ........ .
........ . .. . ..
- . . . . . . . . . .
. . . . . . . . . . .
.-...... .
........ .
. - . . . . . . . . . .. .
OPERATING:
ADMINISTRATIVE $5,000 $5,000 $5,000 $5.000 $5.000 $5,000
2005 DEBT SERVICE & 1.4 TIMES COVERAGE $900.099 $904,913 $910,018 $900,473 $904,806 $904.806
1997 DEBT SERVICE & 1.4 TIMES COVERAGE $0 $0 $0 $0 $0 $0
2000 DEBT SERVICE & 1.4 TIMES COVERAGE $0 $0 $0 $0 $0 $0
MARKETING $80,000 $80,000 $80.000 $80.000 $80,000 $80.000
CAPITAL:
ADA IMPROVEMENTS
NATURE CENTER PARK $69,293 $5.000 $0 $0 $0 $0
SPARGER PARK $0 $125,000 $0 $0 $0 $0
CITY PARK
FIELD MAINTENANCE ENTRY IMPROVEMENTS $0 $11,500 $0 $0 $0 $0
KIDSVILLE RENOVATIONS $0 $10,000 $0 $0 $0 $0
CITYWIDE PLAYGROUND SAFETY SIGNS $0 $6,000 $0 $0 $0 $0
CITYWIDE PICNIC TABLE REPLACEMENT $0 $6,000 $0 $0 $0 $0
MC PHERSON PARK
Phase I $0 $238,000 $0 $0 $0 $0
Phase I (Bond Sale Proceeeds) $196,673 $203,327 $0 $0 $0 $0
Phase II $0 $0 $0 $500,000 $0 $0
Phase III $0 $0 $0 $0 $0 $350.000
Phase IV $0 $0 $0 $0 $0 $245,000
CITY PARK ROAD EXTENSION $63,121 $20,000 $0 $0 $0 $0
PLEASANT RUN PRACTICE FIELD PARKING LOT $39.006 $0 $0 $0 $0 $0
PLEASANT RUN TRAIL $0 $0 $0 $0 $500,000 $0
PLEASANT RUN - MOVING LIGHTS $0 $35,000 $0 $0 $0 $0
PARK LAND PURCHASE (Bond Sale Proceeds) $400,000 $0 $0 $0 $0 $0
SENIOR CENTER
FACILITY (Bond Sale Proceeds) $1,200.000 $0 $0 $0 $0 $0
FF&E AND RENOVATIONS $150,000 $0 $0 $0 $0 $0
OPEN AREA AND TRAIL DEVELOPMENT $0 $168,000 $0 $0 $300,000 $0
CITYWIDE IRRIGATION MONITORING SYSTEM $50,000 $135,000 $0 $0 $0 $0
CITYWIDE TRAIL SYSTEM
GRANT MATCH $0 $0 $300,000 $0 $0 $0
TRAIL CONSTRUCTION $80,000 $100,000 $70,000 $0 $100,000 $0
TOTAL EXPENDITURES $3.233,192 $2,052,740 $1,365,018 $1,485,473 $1,889,806 $1,584,806
EXCESS REVENUES OVER EXPENDITURES $0 $116,178 $121,411 $130,511 $0 $0
ADD BACK.4 TIMES BOND COVERAGE RATIO $257,171 $258,547 $260,005 $257.278 $258.516 $258,516
ENDING FUND BALANCE $1,202,265 $770,596 $849.560 $854,867 $505,129 $494,376
ASSUMPTIONS: FY 2007: 1/2 OF CITY SALES TAX BUDGET PROJECTION / FY 2008 - 2011: 4% GROWTH DUE TO COLLEYVILLE BL VD.CONSTRUCTION
COLLEYVILLE ECONOMIC DEVELOPMENT COPRORATION
ECONOMIC DEVELOPMENT CAPITAL IMPROVEMENT PROGRAM FY 2007 - FY 2011
FISCAL YEAR
BEGINNING FUND BAlANCE
....... .......
R$Y@i~@i(::: . .. .... ::........ ..
PROJECTED 1/2 CENT SALES TAX REVENUE
INTEREST INCOME
2005 BOND SAlE PROCEEDS
USE OF AVAIlABLE CASH
TOTAl REVENUES
f::x.A~N~rrlfft~Y; . .
........ .
........ .
... ...
OPERATING:
ADMINISTRATIVE
2005 DEBT SERVICE & 1.4 TIMES COVERAGE
1997 DEBT SERVICE & 1.4 TIMES COVERAGE
2000 DEBT SERVICE & 1.4 TIMES COVERAGE
MARKETING
CAPITAL:
ADA IMPROVEMENTS
NATURE CENTER PARK
SPARGER PARK
CITY PARK
FIELD MAINTENANCE ENTRY IMPROVEMENTS
KIDSVILLE RENOVATIONS
CITYWIDE PLAYGROUND SAFETY SIGNS
CITYWIDE PICNIC TABLE REPLACEMENT
MC PHERSON PARK
Phase I
Phase I (Bond Sale Proceeeds)
Phase II
Phase III
Phase IV
CITY PARK ROAD EXTENSION
PLEASANT RUN PRACTICE FIELD PARKING LOT
PLEASANT RUN TRAIL
PLEASANT RUN - MOVING LIGHTS
PARK LAND PURCHASE (Bond Sale Proceeds)
SENIOR CENTER
FACILITY (Bond Sale Proceeds)
FF&E AND RENOVATIONS
OPEN AREA AND TRAIL DEVELOPMENT
CITYWIDE IRRIGATION MONITORING SYSTEM
CITYWIDE TRAIL SYSTEM
GRANT MATCH
TRAIL CONSTRUCTION
TOTAL EXPENDITURES
EXCESS REVENUES OVER EXPENDITURES
ADD BACK.4 TIMES BOND COVERAGE RATIO
ENDING FUND BALANCE
PROJECTED
2006
$1.270,587
$1.072,909
$38.118
$1,796,673
$325,494
$3,233,193
$5,000
$900,099
$0
$0
$80,000
$69,293
$0
$0
$196,673
$0
$0
$0
$63,121
$39,006
$0
$0
$400,000
$1.200,000
$150,000
$0
$50.000
$0
$80,000
$3,233,192
$0
$257,171
$1,202.265
2007
$1.202,265
$1,105,096
$54.102
$203.327
$806,393
$2,168,917
$5,000
$904,913
$0
$0
$80,000
$5,000
$125,000
$0
$0
$0
$0
$11,500
$10,000
$6.000
$6.000
2008
$770,596
$1,149,299
$34,677
$0
$302,453
$1,486,429
$5.000
$910,018
$0
$0
$80,000
$300,000
$70.000
$1,365,018
$121,411
$260.005
$849,560
2009
$849,560
$1,195,271
$38.230
$0
$382,482
$1,615,984
$5,000
$900,473
$0
$0
$80,000
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$500,000
$0
$0
$0
$0
$0
$0
$0
2010
$854,867
$1,243,082
$38,469
$0
$608,255
$1,889,806
$5,000
$904,806
$0
$0
$80,000
$0
$0
$0
$0
$238.000
$203.327
$0
$0
$0
$20,000
$0
$0
$35,000
$0
$0
$0
$168.000
$135,000
$0
$100,000
$2,052,740
$116,178
$258.547
$770.596
$0
$0
$0
$0
$0
$0
$1,485,473
$130.511
$257,278
$854,867
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$500.000
$0
$0
$0
$0
$0
$0
$0
$0
$300,000
$0
$0
$100,000
$1,889,806
$0
$258,516
$505.129
ASSUMPTIONS: FY 2007: 1/2 OF CITY SAlES TAX BUDGET PROJECTION / FY 2008 - 2011: 4% GROWTH DUE TO COLLEYVILLE BLVD.CONSTRUCTION
Exhibit A
2011
$505.129
$1.292,805
$22,731
$0
$269.270
$1.584,806
$5,000
$904,806
$0
$0
$80,000
$0
$0
$0
$0
$0
$0
$0
$0
$0
$350,000
$245,000
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$1,584,806
$0
$258,516
$494,376
COLLEYVILLE ECONOMIC DEVELOPMENT COPRORATION
ECONOMIC DEVELOPMENT CAPITAL IMPROVEMENT PROGRAM FY 2007 - FY 2011
Exhibit A
PROJECTED
FISCAL YEAR 2006 2007 2008 2009 2010 2011
BEGINNING FUND BALANCE $1,270,587 $1,202,265 $770,596 $849,560 $854,867 $505,129
PROJECTED 1/2 CENT SALES TAX REVENUE $1.072.909 $1,105,096 $1,149,299 $1,195,271 $1,243.082 $1,292.805
INTEREST INCOME $38,118 $54,102 $34,677 $38.230 $38,469 $22,731
2005 BOND SALE PROCEEDS $1,796,673 $203,327 $0 $0 $0 $0
USE OF AVAILABLE CASH $325,494 $806.393 $302,453 $382.482 $608.255 $269.270
TOTAL REVENUES $3.233,193 $2,168.917 $1,486.429 $1.615,984 $1,889.806 $1,584,806
.............. . ......... .
............... . .. . . . . . . . . . . .. .
$@~NP.&@~H ....... ..
. . . . . . . . . . . . . . . .
... . ....... .........
..... . ...... ..........
... . .............. .
OPERATING:
ADMINISTRATIVE $5,000 $5,000 $5,000 $5,000 $5,000 $5,000
2005 DEBT SERVICE & 1.4 TIMES COVERAGE $900.099 $904,913 $910,018 $900.473 $904,806 $904,806
1997 DEBT SERVICE & 1.4 TIMES COVERAGE $0 $0 $0 $0 $0 $0
2000 DEBT SERVICE & 1.4 TIMES COVERAGE $0 $0 $0 $0 $0 $0
MARKETING $80,000 $80,000 $80,000 $80,000 $80,000 $80,000
CAP IT AL:
ADA IMPROVEMENTS
NATURE CENTER PARK $69.293 $5,000 $0 $0 $0 $0
SPARGER PARK $0 $125,000 $0 $0 $0 $0
CITY PARK
FIELD MAINTENANCE ENTRY IMPROVEMENTS $0 $11,500 $0 $0 $0 $0
KIDSVILLE RENOVATIONS $0 $10,000 $0 $0 $0 $0
CITYWIDE PLAYGROUND SAFETY SIGNS $0 $6,000 $0 $0 $0 $0
CITYWIDE PICNIC TABLE REPLACEMENT $0 $6,000 $0 $0 $0 $0
MC PHERSON PARK
Phase I $0 $238,000 $0 $0 $0 $0
Phase I (Bond Sale Proceeeds) $196,673 $203,327 $0 $0 $0 $0
Phase II $0 $0 $0 $500,000 $0 $0
Phase III $0 $0 $0 $0 $0 $350,000
Phase IV $0 $0 $0 $0 $0 $245,000
CITY PARK ROAD EXTENSION $63,121 $20,000 $0 $0 $0 $0
PLEASANT RUN PRACTICE FIELD PARKING LOT $39,006 $0 $0 $0 $0 $0
PLEASANT RUN TRAIL $0 $0 $0 $0 $500,000 $0
PLEASANT RUN - MOVING LIGHTS $0 $35,000 $0 $0 $0 $0
PARK LAND PURCHASE (Bond Sale Proceeds) $400,000 $0 $0 $0 $0 $0
SENIOR CENTER
FACILITY (Bond Sale Proceeds) $1,200,000 $0 $0 $0 $0 $0
FF&E AND RENOVATIONS $150,000 $0 $0 $0 $0 $0
OPEN AREA AND TRAIL DEVELOPMENT $0 $168,000 $0 $0 $300,000 $0
CITYWIDE IRRIGATION MONITORING SYSTEM $50,000 $135,000 $0 $0 $0 $0
CITYWIDE TRAIL SYSTEM
GRANT MATCH $0 $0 $300,000 $0 $0 $0
TRAIL CONSTRUCTION $80,000 $100,000 $70.000 $0 $100,000 $0
TOTAL EXPENDITURES $3,233,192 $2,052.740 $1,365,018 $1.485.473 $1,889,806 $1,584,806
EXCESS REVENUES OVER EXPENDITURES $0 $116,178 $121,411 $130.511 $0 $0
ADD BACK.4 TIMES BOND COVERAGE RATIO $257,171 $258.547 $260,005 $257,278 $258,516 $258,516
ENDING FUND BALANCE $1,202,265 $770.596 $849,560 $854.867 $505,129 $494,376
ASSUMPTIONS: FY 2007: 1/2 OF CITY SALES TAX BUDGET PROJECTION / FY 2008 - 2011: 4% GROWTH DUE TO COLLEYVILLE BLVD.CONSTRUCTION
~e
1'7~:;..
City of Colleyville
Agenda Briefing
100 Main Street
Colleyville, Texas 76034
(817) 503-1000
www.colleyville.com
File Number: R-06-90
Version: 1
File Type: Resolution
Agenda Date: 08/22/2006
Status: Resolution
Controlling Body: Colleyville
Economic
Development
Corporation Board
Final Action:
File Number: R-06-90
Requester: Finance Department Agenda No.: 3c
File Name: Adopting the Fiscal Year 2007 Budget
Attachments: FY 2007 Budget summary.pdf. Resolution-R-06-90.pdf
History of Legislative File
Version: Date:
Acting Body:
Action Text:
08/22/2006 Colleyville Economic
Development
Corporation Board
Title
Adopting the Fiscal Year 2007 Budget
Explanation
Per the Corporate by-laws, the Board of Directors must adopt an annual budget for the
Colleyville Economic Development Corporation. Attached is a proposed budget with
estimated revenues and expenditures for Fiscal Year 2007. The revenue estimate is 1/2 of
the sales tax revenue estimate in the City's proposed FY 2007 budget. Expenditures
include the following: ADA improvements at the Nature Center ($5,000 is a carry forward
from the FY 2006 budget for signage), ADA improvements at Sparger Park ($125,000), City
Park field maintenance entry improvements ($11,500), City Park Kidsville renovations
($10,000), citywide playground safety signs ($6,000), citywide picnic table replacement
($6,000), McPherson Park Phase I construction ($238,000 is a carry forward from the FY
2006 budget), City Park Road extension ($20,000 is a carry forward for the FY 2006 budget
for landscaping and fencing), moving lights to the Pleasant Run soccer complex ($35,000),
Senior Citizens' Center open space and trail development ($168,000), City-wide irrigation
monitoring system ($135,000), trail construction ($100,000), debt service on the 2005 sales
tax refunding bonds ($646,366), marketing ($80,000) and board, audit and insurance
expense ($5,000). The budget also utilizes $806,393 in available cash balance, with the
projected ending Fiscal Year 2006 Fund Balance being $1,202,265.
Financial Impact
Adoption of the budget will provide appropriations for the FY 2007 budget.
Recommendation
Approval
City of Colleyville
Page 1
Printed on 8/18/2006
COLLEYVILLE ECONOMIC DEVELOPMENT CORPORATION
FY 2007 BUDGET SUMMARY
FY 2006 FY 2007
ANTICIPATED PROPOSED
BEGINNING FUND BALANCE $ 1,270,587 $ 1,202,266
REVENUES:
SALES TAX REVENUES $ 1,072,909 $ 1,105,096
INTEREST INCOME $ 38,118 $ 54,102
USE OF AVAILABLE CASH $ 325,494 $ 806,393
TOTAL REVENUES $ 1,436,521 $ 1,965,591
LESS EXPENSES:
ADMINISTRATIVE EXPENSES $ 5,000 $ 5,000
MARKETING $ 80,000 $ 80,000
DEBT SERVICE $ 642,928 $ 646,366
CAPITAL PROJECTS:
ADA IMPROVEMENTS - NATURE CENTER $ 69,293 $ 5,000
ADA IMPROVEMENTS - SPARGER PARK $ $ 125,000
CITY PARK FIELD MAINTENANCE ENTRY IMPROVEMENTS $ $ 11,500
CITY PARK KIDSVILLE RENOVATIONS $ $ 10,000
CITYWIDE PLAYGROUND SAFETY SIGNS $ $ 6,000
CITYWIDE PICNIC TABLE REPLACEMENT $ $ 6,000
Me PHERSON PARK PHASE I CONSTRUCTION $ $ 238,000
CITY PARK ROAD EXTENSION $ 63,121 $ 20,000
PLEASANT RUN PRACTICE FIELD PARKING LOT $ 39,006 $
PLEASANT RUN - MOVING LIGHTS $ $ 35,000
SENIOR CENTER OPEN AREA AND TRAIL DEVELOPMENT $ $ 168,000
SENIOR CENTER FF&E RENOVATIONS $ 150,000 $
CITYWIDE IRRIGATION MONITORING SYSTEM $ 50,000 $ 135,000
TRAIL CONSTRUCTION $ 80,000 $ 100,000
TOTAL EXPENSES $ 1,179,348 $ 1,590,866
EXCESS REVENUES OVER EXPENSES $ 257,173 $ 374,725
NOTE: A COVERAGE RATIO OF 1.4 IS REQUIRED TO MEET THE SALES TAX
BOND COVENANTS. FOR FY 2007 REVENUES MUST EXCEED EXPENDITURES
BY AT LEAST $258,546.
RESOLUTION R-06-90
A RESOLUTION ADOPTING AN ANNUAL BUDGET FOR FISCAL YEAR 2007 FOR
THE COLLEYVILLE ECONOMIC DEVELOPMENT CORPORATION
WHEREAS, the by-laws of the Colleyville Economic Development Corporation require that
an annual budget be adopted by the Board of Directors; and
WHEREAS, the by-laws require that the budget includes projected revenues and
proposed expenditures.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE
COLLEYVILLE ECONOMIC DEVELOPMENT CORPORATION:
Sec.1. THAT the Fiscal Year 2007 budget amounts for the Colleyville Economic
Development Corporation are as follows:
Expenditures
$1,965,591
$1,590,866
Revenues
AND IT IS SO RESOLVED.
PASSED AND ADOPTED, this August 22, 2006.
COLLEYVILLE ECONOMIC
DEVELOPMENT CORPORATION
President
ATTEST:
Cynthia Singleton
Secretary
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City of Colleyville
Agenda Briefing
100 Main Street
Colleyville, Texas 76034
(817) 503-1000
www.colleyville.com
Version:
File Type: Report
Agenda Date: 08/22/2006
Requester: Finance Department
File Name: Annual Activity Report
Attachments: FY 2006 Annual Report.pdf. EDCIP Plan 2006-2010.pdf. Expenditure of Promotional funds
Memo dated August 18, 2006 . City of Colleyville Promotional Ads
Agenda No.: 4a
Status: Reports
Controlling Body: Colleyville
Economic
Development
Corporation Board
Final Action:
File Number:
History of Legislative File
Version: Date:
Acting Body:
Action Text:
1 08/22/2006 Colleyville Economic
Development
Corporation Board
Title
Annual Activity Report
Explanation
The Colleyville Economic Development Corporation bylaws require that the Board make an
annual report by February 1, 2007 to the City Council "reviewing the accomplishments of
the Corporation for the preceding year and the activities of the Corporation for the budget
year". Attached is annual report that will be submitted to the City Council at the September
5, 2006 meeting.
City of Colleyville
Page 1
Printed on 8/18/2006
ANNUAL REPORT OF THE COLLEYVILLE ECONOMIC DEVELOPMENT CORPORATION
ACTIONS OF THE CORPORATION
On August 23, 2005, the Board held its annual meeting and approved the FY 06 annual budget
for the Corporation with projected revenues of $1,788,100 and expenses of $1,520,928. The
Board also adopted the attached Economic Development Capital Improvement Plan (EDCIP)
for fiscal years 2006 through 2010. This plan provides funding for Nature Center and Sparger
Park improvements, City Park road extension, McPherson Park construction, Pleasant Run
practice lot paving, park irrigation monitoring system, trail construction, trails grant match,
Senior Center design/furnishings and Senior Center open area development.
On December 13, 2005, the Board held a special meeting and the primary topic was the
discussion of the proposed uses of the funds for economic development. Scott Wellmaker, the
City of Colleyville's Economic Development Director provided a five year plan for the
expenditure of the $80,000 annual funding. For the first year, $5,000 would be spent on the
web site redevelopment, $25,000 would be spent for economic development related
advertising, and $50,000 would be spent for cultural and musical events. During the next four
years, the funds would be split between economic development advertising ($30,000) and
cultural and musical events ($50,000).
ECONOMIC DEVELOPMENT CAPITAL IMPROVEMENT PROGRAM FY 2006 - FY 2010
PROJECTED
FISCAL YEAR 2005 2006 2007 2008 2009 2010
BEGINNING FUND BALANCE $949,709 $1,230,394 $710,209 $669,533 $627,086 $501,883
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
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
COLLEYVILLE 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 $0
Phase II $0 $0 $0 $0 $500,000 $0
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 $50,000 $0 $0 $0 $0
CITYWIDE TRAIL SYSTEM
GRANT MATCH $0 $0 $0 $300,000 $0 $0
TRAIL CONSTRUCTION $0 $80,000 $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 / FY 2007 - 2010: 4% GROWTH DUE TO COLLEYVILLE BLVD.CONSTRUCTION
MEMORANDUM
Office of Economic Development
TO:
FROM:
SUBJECT:
DATE:
Colleyville Economic Development Corporation (CEDC) Board
Scott Welmaker, Economic Development Manager
Expenditure of promotional funds in FY 2005
August 18,2006
For FY2005, the CEDC appropriated $80,000 to the Economic Development
Department to be used for promotional and cultural activities. The funds were
planned to be used as follows:
. $5,000 toward redesign of the City's website
. $25,000 for print advertisements
. $50,000 for cultural and musical events
o Tutu Jones Concert in the Village = $5,000
o Four spring/summer concerts @ $5,000 each
o Colleyville 50th Anniversary major act = $25,000
The actual expenditures are as follows ($79,891):
. Redesign of the City's website = $5,000
. Print Advertisements ($25,546):
o Dallas Business Journal- 7 advertisements =$14,475.30
o Shopping Centers Today - 4 advertisements = $11,071.50
. Print advertising design = $5,363
. Cultural and Musical Events ($43,982)
o Tutu Jones concert in the Village = $4,932
o Colleyville 50th anniversary = $25,000
o Colleyville Culture Fest = $4,050
o Grand opening for Metro Cinema IMAX = $10,000
. Balance = $109
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City of Colleyville
Agenda Briefing
100 Main Street
Colleyville, Texas 76034
(817) 503-1000
www.colleyville.com
Version: 1
File Type: Report
Agenda Date: 08/22/2006
Status: Reports
Controlling Body: Colleyville
Economic
Development
Corporation Board
Final Action:
File Number:
Requester: Finance Department Agenda No.: 4b
File Name: Annual Investment Report
Attachments:
History of Legislative File
Version: Date:
Acting Body:
Action Text:
08/22/2006 Colleyville Economic
Development
Corporation Board
Title
Annual Investment Report
Explanation
From the period of October 1, 2005 through July 31, 2006, the Colleyville Economic
Development Corporation had an average $1,461,105 (Operating and 2005 Bond Funds)
invested in the Local Government Investment Cooperative (LOGIC) Pool, and it earned
$54,599 during this period. Also, from the period of October 1, 2005 through December 31,
2005, the Corporation held a Treasury Note with a par value of $500,000, that earned
$4,687.50. Currently, the Corporation holds a Treasury note (par value $525,000)
purchased January 3, 2006 yielding 4.361 %. The Treasury bill will mature on February 28,
2007, and as of July 31, 2006, its market value was $519,867 verses a purchase price of
$519,175.
City of Cotleyville
Page 1
Printed on 8/18/2006
City of Colleyville
Agenda Briefing
100 Main Street
Colleyville, Texas 76034
(817) 503-1000
www.colleyville.com
File Number: File Type: Resolution
Version: Agenda Date:
Requester: Office of the City Agenda No.:
Secretary
File Name: CEDC Ending Resolution - August 22, 2006
Attachments: Resolution R-06-91
History of Legislative File
Status: Resolution
Controlling Body: Colleyville
Economic
Development
Corporation Board
Final Action:
Version: Date:
Action Text:
Acting Body:
08/22/2006 Colleyville Economic
Development
Corporation Board
City of Colleyville
Page 1
Printed on 8/18/2006
RESOLUTION R-06-91
A RESOLUTION RATIFYING CORPORATE BOARD ACTION UNDER BUSINESS
FOR THE MEETING OF THE BOARD OF DIRECTORS OF THE COLLLEYVILLE
ECONOMIC DEVELOPMENT CORPORATION AUGUST 22, 2006
WHEREAS, the Board of Directors has taken action on certain items on the agenda under
Business.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE
COLLEYVILLE ECONOMIC DEVELOPMENT CORPORATION:
Sec 1. THAT the agenda decisions approved by the Board of Directors of the
Colleyville Economic Development Corporation under Business this date and
not otherwise adopted by separate Resolution, as follows are hereby
adopted.
THAT
AND IT IS SO RESOLVED.
PASSED AND ADOPTED, this August 22, 2006.
COLLEYVILLE ECONOMIC
DEVELOPMENT CORPORATION
Jon Ayers
President
ATTEST:
Cynthia Singleton
Secretary