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Home My WebLink AboutCity Council-Agenda Packets-3/6/2007 City of Colleyville Agenda City Council 100 Main Street Colleyville, Texas 76034 (817) 503-1 000 www.colleyville.com Tuesday, March 6, 2007 CITY COUNCIL CHAMBERS PRE COUNCIL MEETING EXECUTIVE SESSION 5:30 P.M. EXECUTIVE CONFERENCE ROOM THIRD FLOOR PC-1 Presentation and Discussion of City Council Budget Calendar PC-2 Presentation of Economic Development Quarterly Update PC-3 Presentation of the Street Capital Improvement Plan Committee work plan and web site PC-4 Discussion of the March 6, 2007, City Council regular agenda items 1. EXECUTIVE SESSION - In accordance with Texas Government Code Chapter 551, Subchapter D Sec. 551.071 - Legal - Consultation with Attorney on Legal Issues Raised by Public Hearing or Action Items on the Agenda Sec. 551.071 - Legal - Discussion of litigation - Raman Chandler v. City of Colleyville Sec. 551.072 - Property - Deliberate the purchase, lease, exchange or value of real property Sec. 551.087 - Economic Development - Discuss and deliberate commercial and financial information received from business prospects the City seeks to have locate, stay or expand within the City RESUME REGULAR MEETING 7:30 P.M. COUNCIL CHAMBERS City of Colleyville Page 1 Printed on 3/1/2007 City Council Agenda March 6, 2007 INVOCATION: David Jung, Crown of Life Lutheran Church PLEDGE OF ALLEGIANCE: City Attorney Matthew Boyle 2. EXECUTIVE SESSION: CONSIDER AND TAKE ANY ACTION(S) NECESSARY RELATIVE TO ITEMS DISCUSSED IN EXECUTIVE SESSION - Resolution R-07-2816 3. CORRESPONDENCE, REPORTS OF MEETINGS ATTENDED BY THE COUNCIL AND CITY OFFICIALS AND ANNOUNCEMENTS, PROCLAMATIONS OR PRESENTATIONS 4. CONSENT: READING AND PUBLIC HEARING - Resolution R-07 -2817 4a Approval of the minutes of the regular City Council meeting of February 20,2007 4b Approval of a Final Plat of Copperglen Addition on 5.6 acres located at 3798 - 3804 Glade Road, Case P-07-008 4c Approval of a construction contract with Viking Construction, Inc., for the Micro Resurfacing of various streets within the Woodland Hills West Subdivision, in the amount of $92,844.96, and authorize the City Manager to execute the contract 4d Approval of a construction contract with JLB Contracting, L.P., for the Resurfacing of Bettinger Drive, in the amount of $128,540.51, and authorize the City Manager to execute the contract 5. ORDINANCE(S): SECOND READING AND PUBLIC HEARING 5a 0-07-1609 Approval of a Zoning Change from AG-Agricultural to PUDC-Planned Unit Development Commercial on 2.1 acres out of the A. J. Caldwell Survey and the J. L. Byas Survey located at 6110 Colleyville Boulevard, Case Z -07 -001 5b 0-07-1610 Authorizing the issuance of $4,575,000 Series 2007 General Obligation Bonds City of Colleyville Page 2 Printed on 3/1/2007 City Council Agenda March 6, 2007 6. ORDINANCE(S): FIRST READING AND PUBLIC HEARING 6a 0-07-1611 Approval of a Zoning Change from AG-Agricultural to R20-Single Family Residential on 6.4 acres out of the George W. Teeter Survey located at 1301 Glade Road, Case Z-07-005 6b 0-07-1612 Approval of a Zoning Change from AG-Agricultural to R20-Single Family Residential on .65 acres out of the S.C.H. Witten Survey located at 5504 Montclair Drive, Case Z-07 -006 6c 0-07-1613 Approval to an Amendment to Chapters 9 and 14 of the Land Development Code regarding emergency access gate maintenance, Case G-07 -007 7. CITIZEN COMMENTS/PRESENTATIONS REGARDING ITEMS NOT ON THE AGENDA 8. REPORTS: Colleyville Center Advisory Committee Minutes - November 13, 2006 Library Board Minutes - January 8, 2007 Planning and Zoning Commission Minutes - February 12, 2007 9. ACTION/RESOLUTION: DISCUSSION AND CONSIDERATION OF A RESOLUTION RATIFYING COUNCIL AGENDA ACTION FOR THE MEETING OF MARCH 6, 2007 - Reading and Public Hearing - Resolution R-07-2818 10. ADJOURNMENT: I hereby certify the above agenda was posted on the bulletin boards at City Hall on Friday, March 2, 2007, by 5: p.. .~ c:l1leton, ~RMC' CM 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 817.503.1133, and reasonable accommodations will be made to assist you. City of Colleyville Page 3 Printed on 3/1/2007 lil\' of rr@n....'.e "".,9, . -,~:;-;;-,. City of Colleyville Agenda Briefing 100 Main Street Colleyville, Texas 76034 (817) 503-1000 www.colleyville.com Version: Requester: Budget and Administrative Services file Name: Presentation and Discussion of City Council Budget Calendar file Type: Pre Council Agenda Date: 03/06/2007 Agenda No.: PC-1 Status: Pre Council Controlling Body: City Council final Action: file Number: Attachments: FY2008 City Council Budget Calendar.pdf History of Legislative File Version: Date: Acting Body: Action Text: 03/06/2007 City Council Title Presentation and Discussion of City Council Budget Calendar Explanation The proposed FY2008 Budget Calendar dates are attached for review and discussion. The scheduled City Council worksessions allow staff to receive budget direction for the 2008 fiscal year. City of Colleyville Page 1 Printed on 2/27/2007 Tuesday, March 6 (5:30 pm) Tuesday, March 13 (9:00 am - 2 p.m.) Tuesday, April 17 (5:30 pm) Thursday, June 14 (6:00 pm) Friday, June 15 (Noon) Wednesday, July 25 Monday, July 30 (5:00 pm) Thursday, August 2 (6:00 pm) Friday, August 3 (Noon) Tuesday, August 21 (7:30 pm) Tuesday,August28 (6:30 pm) Tuesday, August 28 (7:00 pm) Tuesday, September 4 (7:30 pm) Tuesday, September 18 (7:30 pm) Updated: 2/27/2007 CITY OF COLLEYVILLE FY 2008 BUDGET CALENDAR City Council discusses and reviews FY2008 Budget Schedule Presentation of the FY 2008 Budget Schedule at the City Council Candidate Orientation (Executive Conference Room - City Hall) FY 2007 Mid-Year Budget Update. Receive City Council Direction in Preparing the FY 2008 Budget at Pre Council (Executive Conference Room - City Hall) FY 2008 City Council Planning and Budget Worksession (Executive Conference Room - City Hall) City receives Certified Tax Roll City Manager's Proposed FY2008 Budget Distributed to City Council City Council Budget Worksession (Executive Conference Room - City Hall) City Council Consideration of a Vote of Intent to Adjust the Tax Rate - as needed (City Council Chamber - City Hall) Consider Approval of the FY2008 CEDC Budget (City Council Chamber - City Hall) City Council Consideration of a Vote of Intent to Adjust the Tax Rate - as needed (City Council Chamber - City Hall) First Reading and Public Hearing for the FY 2008 Budget (City Council Chamber - City Hall) Second Reading, Public Hearing and Consider Adoption of the FY 2008 Budget (City Council Chamber - City Hall) ~e J~".,.. City of Colleyville Agenda Briefing 100 Main Street Colleyville, Texas 76034 (817) 503-1000 www.colleyville.com file Number: Version: 1 Requester: file Name: Economic Development Department Presentation of Economic Development Quarterly Update file Type: Pre Council Agenda Date: 03/06/2007 Agenda No.: PC-2 Status: Pre Council Controlling Body: City Council final Action: Attachments: Economic Development Update 03-06-07.pdf History of Legislative File Version: Date: Acting Body: Action Text: 1 03/06/2007 City Council Title Presentation of Economic Development Quarterly Update Explanation This item provides an opportunity for the Economic Development Manager to present an update of Economic Development Initiatives. City of Colleyville Page 1 Printed on 2/28/2007 ce."~" · -.~.-.".--""~." "::::::"-.'IQ -. .,~,.,~;;/',. .. . ~ .-~/ MEMORANDUM Office of Economic Development TO: FROM: DATE: SUBJECT: City Council Scott Welmaker, Economic Development Manager March 6, 2007 Update - Economic Development activities New activities since the December 5, 2006 report include: · Contracted with N3 Development for the sale of a .414 acre parcel at Church Street for $100,000; · Redesigned the dining guide for quarterly distribution through city water bill beginning in April; . Promoted www.experiencecollevville.comin two print publications; . Met with listing brokers assigned to find tenants for the Albertsons on SH26 ; · Developed and distributed RFP for a detailed study of the SH26 and Glade corridor; . Negotiating shared access with four property owners on SH26; . Hosting DBU Colleyville Breakfast Seminar Series; . Worked with Community Development Director toward completion of the first phase of the SH26 study, expected mid-March. This phase will address compliance, conformance, parking, landscaping and setbacks; . Initiated several meetings to develop co-marketing teams at Colleyville Town Center, the Village at Colleyville and Village Park at Colleyville shopping centers; · As a part of the 2007 Work Plan, we are hosting two concerts with the Northeast Orchestra at Colleyville Center on March 30 and May 18; . Spoke to a business leads group meeting January 8; Spoke to Leadership Colleyville group January 11; Spoke to Century 21 Lake Country staff meeting January 16; · Met with several tenants of the Vineyards Antique Mall to plan strategy and potential for developing a Colleyville design district; · Reserved display space for the 2007 North Texas Commercial Association of Realtors (NTCAR) Expo in Dallas in August; . Reserved display space for the 2007 International Council of Shopping Centers Texas Dealmaking Conference in San Antonio in October; . McAlisters Deli has opened. Red Brick Pizza, Costa Vida Fresh Mex and Sushi Nikko will open soon. Reported December 5,2006: . Successfully closed on the land exchange and dedication of the Linton property at Church Street and Colleyville Blvd.; . Conceived, designed and developed www.experiencecollevville.com; . Met with current owners of the Kroger shopping center to discuss plans for the center; . Met with potential purchaser of the Kroger center to discuss opportunities for redevelopment; . Worked with Mona Gandy to promote a Fort Worth Star Te/egram "Shop Colleyville" pull out supplement to run December 8. The project exceeded Star Telegram expectations with 22 Colleyville businesses participating; . Hosted second series of the DBU Colleyville Business Breakfast Seminar Series; . Exhibited at the North Texas Commercial Association of Realtors (NTCAR) Real Estate Expo in Dallas September 14; . Exhibited at the International Council of Shopping Centers (ICSC) Texas Deal Making Conference in San Antonio Oct 10-12; . Attended the International Economic Development Council (IEDC) Annual Conference Sept 15-20; . Held several meetings, property tours and development partnership meetings with retail developer who responded to the ad in Shopping Centers Today to explore opportunities in Colleyville; . Attended ICSC Mixed Use Development Conference Nov 16-17; . Met with manager of Colleyville Blvd. Albertsons on ways the City can support the store; . Met with Metro Cinema owner and Town Center developer to discuss marketing efforts; . Represented Colleyville at monthly Village merchant and marketing meetings; . Met with Arizona developer to explore opportunities for a multi-use facility in Colleyville; · Conceived "Success on the Boulevard" initiative with Chamber staff to initiate cross-marketing with Colleyville merchants and to develop tenants associations in centers where none currently exists; o Met with a group of Town Center store managers to develop a tenant association; o Walked Town Center to meet all managers and introduce the concept of a tenant association; · Toured Henry S. Miller IV and Greta Hisel, brokers with HSM Urban Partners, around Colleyville; . Hosted meetings to explore the possibility of reviving a fine art center project; o Scheduled two Northeast Orchestra concerts to be held at Colleyville Center in March and May 2007; . Co-sponsored Metro Cinema grand opening Oct 13-15; . Attended TML Oct 25-26 in Austin; . Met with the Benini Foundation to explore the possibility of exhibiting sculpture in public spaces; . Met with the owner of the Thompson Terrace shopping center to discuss the possibility of shared access with Terrace Salon and Spa; . Held second Colleyville Culture Fest Nov. 17-18 at the Colleyville Library; . Met with property owner of Blue Candle Computer and Donut Shop to discuss redevelopment opportunities. coe~:~=-'~.',~~::' '. j .. ".e , ' .,~:~.-;.: City of Colleyville Agenda Briefing 100 Main Street Colleyville, Texas 76034 (817) 503-1 000 www.colleyville.com file Number: file Type: Pre Council Status: Pre Council Controlling Body: City Council Version: Agenda Date: 03/06/2007 Agenda No.: PC-3 final Action: Requester: Engineering Department file Name: Presentation of the Street Capital Improvement Plan Committee work plan and web site Attachments: Street Capital Improvement Plan Committee Draft Work Plan . Street Capital Improvement Colleyville.com History of Legislative File Version: Date: Acting Body: Action Text: 1 03/06/2007 City Council Title Presentation of the Street Capital Improvement Plan Committee work plan and web site Explanation A Street Capital Improvement Plan Committee was formed in Spring 2006, and was composed of fourteen members appointed by the City Council. In December 2006, the Committee presented a report to Council for consideration and discussion. Subsequently, staff has prepared an initial work plan that involves the CIP Committee and citizens. Staff will present the draft work plan and web site flow chart for Council discussion and consideration. City of Colleyville Page 1 Printed on 2/28/2007 STREET CAPITAL IMPROVEMENT PLAN COMMITTEE DRAFT WORK PLAN Date March 6, 2007 March 20, 2007 April 6, 2007 April 2007 June 5, 2007 June 19, 2007 Summer 2007 September 2007 October 2007 Fall 2007 Winter 2008 Activitv Pre Council presentation by staff of proposed timeline of events and web site Pre Council walkthrough of CIP web site Pre Council Workshop with CIP Committee to evaluate recommended projects, alternative financing and citizen input Launch base web site Pre Council discussion on CIP project selection Pre Council discussion on CIP project selection (if needed) Council review of educational programs related to CIP . Collateral materials . Informational meetings (HOAs, civic groups, etc.) Citizen survey to evaluate public comments of CIP and possible bond election Pre Council discussion of the results of the citizen survey Public meeting(s) to receive input regarding proposed CIP Adopt Capital Improvement Plan Street Capital Improvement Colleyvi Ile.com I ntrod uction DRAFT CIP Committee History Committee Members CIP Committee Report Community Outreach t Citizen Survey L Results Public Meetings ~ Public Meeting 8/22/06 - Recommedations/Comments/Outside Comments L Public Meeting 10/23/06 - Public Comments Street Conditions Ratings L Rating Descriptions L Street Condition Ratings Report Budget Overview L CIP Fund Options t= Sources Uses Funding Descriptions/Appropriations Current Construction Projects Project Name(s) L Description Map Before/After Photos (if available) Esimated Project Costs Project Schedulerrimeline Funding Source (Added to each project when funding is identified) Project Name(s) l Description Map Before/After Photos (if available) Esimated Project Costs Project Schedulerrimeline Funding Source (as identified) - Street Rehabilitation Projects Project Name l Description Map Photo Estimated Project Costs Project Schedule Funding source (as identified) DRAFT Project Name l Description Map Photo Estimated Project Costs Project Schedule Funding source (as identified) Recommended Projects Tara Planatation Street Reconstruction or Rehabilitation Description Map Photo Estimated Project Costs Project Schedule Funding Source Saddlebrook Street Reconstruction or Rehabilition Description Map Photo Estimated Project Costs Project Schedule Funding Source Street Reconstruction Chappelwood Drive Description Map Photo Estimated Project Costs Project Schedule Funding Source Chappelwood Court Description Map Photo Estimated Project Costs Project Schedule Funding Source Brentwood Drive l Description Map Photo Estimated Project Costs Project Schedule Funding Source Additional Projects r Bransford Road (from Glade Road to Shelton) Description Map Photo _ Estimated Project Costs Project Schedule Funding Source -Cheek Sparger (Brown Trail to Highway 26) Description Map Photo Estimated Project Costs Project Schedule Funding Source -Shelton (Bransford to Pleasant Run) Description Map Photo Estimated Project Costs Project Schedule Funding Source Jackson (Shenandoah to Cheek Sparger) Description Map Photo Estimated Project Costs Project Schedule Funding Source Streep CIP Funding - Program Summary DRAFT City of Colleyville Agenda Briefing 100 Main Street Colleyville, Texas 76034 (817) 503-1000 www.colleyville.com file Number: Version: file Type: Pre Council Agenda Date: 03/06/2007 Agenda No.: PC-4 Status: Pre Council Requester: Office of the City Secretary file Name: Discussion of the March 6, 2007, City Council regular agenda items Controlling Body: City Council final Action: Attachments: History of Legislative File Version: Date: Acting Body: Action Text: 03/06/2007 City Council Title Discussion of the March 6,2007, City Council regular agenda items City of Colleyville Page 1 Printed on 2/28/2007 i~.;;::\~( City of Colleyville Agenda Briefing 100 Main Street Colleyville, Texas 76034 (817) 503-1000 www.colleyville.com file Number: file Type: Executive Session Status: Executive Session Version: Agenda Date: 03/06/2007 Controlling Body: City Council Requester: Office of the City Agenda No.: 1 final Action: Secretary file Name: Executive Session - Legal Consultation - March 6, 2007 Attachments: History of Legislative File Version: Date: Acting Body: Action Text: 03/06/2007 City Council Title Sec. 551.071 - Legal - Consultation with Attorney on Legal Issues Raised by Public Hearing or Action Items on the Agenda Sec. 551.071 - Legal - Discussion of litigation - Raman Chandler v. City of Colleyville Sec. 551.072 - Property - Deliberate the purchase, lease, exchange or value of real property Sec. 551.087 - Economic Development - Discuss and deliberate commercial and financial information received from business prospects the City seeks to have locate, stay or expand within the City City of Colleyville Page 1 Printed on 2/23/2007 RESOLUTION R-07-2816 A RESOLUTION APPROVING COUNCIL ACTION REGARDING EXECUTIVE SESSION ITEMS AT THE REGULAR CITY COUNCIL MEETING OF MARCH 6, 2007 WHEREAS, following discussion in Executive Session, and in full accordance with the requirements of the Open Meetings Act, the City Council determines that the following action is in the best interests of the health, safety and welfare of the public. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF COLLEYVILLE, TEXAS: Sec. 1. THAT the following actions of the City Council are hereby adopted and approved: a. THAT AND IT IS SO RESOLVED. APPROVED BY A VOTE OF AYES, ON THIS THE DAY OF NAYS AND 2007. ABSTENTIONS ATTEST: CITY OF COLLEYVILLE Cynthia Singleton, TRMC, CMC City Secretary David Kelly Mayor City of Colleyville Agenda Briefing 100 Main Street Colleyville, Texas 76034 (817) 503-1000 www.colleyville.com File Number: File Type: Presentation or Proclamation Status: Presentations or Proclamations Version: Agenda Date: 03/06/2007 Agenda No.: 3 Controlling Body: City Council Final Action: Requester: Office of the City Secretary File Name: Presentation or Proclamation - March 6, 2007 History of Legislative file Version: Date: Acting Body: Action Text: 03/06/2007 City Council City of Colleyville Page 1 Printed on 3/2/2007 RESOLUTION R-07 -2817 A RESOLUTION APPROVING COUNCIL ACTION UNDER CONSENT ITEMS AT THE REGULAR COUNCIL MEETING OF MARCH 6, 2007 WHEREAS, Council has taken action on certain items on the agenda under Consent Items. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF COLLEYVILLE, TEXAS: Sec. 1. THAT the agenda decisions approved by Council action under Consent Items as follows are hereby adopted: a. Approval of the minutes of the regular City Council meeting of February 20,2007 b. Approval of a Final Plat of Copperglen Addition on 5.6 acres located at 3798 - 3804 Glade Road, Case P-07-008 c. Approval of a construction contract with Viking Construction, Inc., for the Micro Resurfacing of various streets within the Woodland Hills West Subdivision, in the amount of $92,844.96, and authorize the City Manager to execute the contract d. Approval of a construction contract with JLB Contracting, L.P., for the Resurfacing of Bettinger Drive, in the amount of $128,540.51, and authorize the City Manager to execute the contract AND IT IS SO RESOLVED. APPROVED BY A VOTE OF ON THIS THE DAY OF AYES, NAYS AND 2007. ABSTENTIONS ATTEST: CITY OF COLLEYVILLE Cynthia Singleton, TRMC, CMC City Secretary David Kelly Mayor .1~\::;';<' City of Colleyville City Council Minutes - Draft City Council 100 Main Street Colleyville, Texas 76034 (817) 503-1 000 www.colleyville.com CITY COUNCIL CHAMBERS Tuesday, february 20, 2007 PC-1 PC-2 The Pre Council meeting of the Colleyville City Council was called to order by Mayor David Kelly on February 20,2007, at 5:36 p.m. Mayor Kelly wished everyone Happy Mardi Gras in celebration of Fat Tuesday. ROLL CALL: Councilpersons George Boll, Rich Hendler, Tom Hart and Mike Taylor were present. Mayor David Kelly, City Manager Bill Lindley, Assistant City Manager Dal Anderson, Finance Director Terry Leake, Police Chief Tommy Ingram, Fire Chief Mike Johnston, Public Works Director Steve Chutchian, City Engineer Chad Bartee, Community Development Director Barry LeBaron, Acting Community Development Director Chris Fuller, Economic Development Manager Scott Welmaker, Budget and Administrative Services Manager Stephen Seidel, Management Assistant Matt McCombs, Communications Manager Mona Gandy, Library Director Mary Rodne, Audio Visual Technician Les Earwood, City Attorney Michael Kallas and City Secretary Cynthia Singleton were also present. Mayor Pro Tem Jon Ayers arrived at 5:38 p.m. Councilman Tony Licata was absent. Discussion of the State Highway 26 and Glade Road Corridor Study Economic Development Director Scott Welmaker provided an overview of the SH26 and Glade Road Corridor Study relative to retail development and answered questions of the Council. Discussion ensued regarding the study schedule, scope of services, study area, the vision for the area and future development trends. Library Strategic Plan Update Library Director Mary Rodne provided an update for the Library Strategic Plan, outlined the service priorities for the Colleyville Public Library and answered questions of the Council. City of Colleyville Page 1 Printed on 2/28/2007 City Council City Council Minutes - Draft february 20, 2007 PC-3 Presentation of the Monthly Financial Report - January 2007 Finance Director Terry Leake presented the January 2007 Financial Report. PC-4 Presentation of the Quarterly Investment Report Finance Director Terry Leake presented the Quarterly Investment Report and answered questions of the Council. PC-5 Presentation of Quarterly Budget Update Budget and Administrative Services Manager Stephen Seidel presented the Quarterly Budget Update. Discussion ensued regarding the strong financial position of the City. Councilman Taylor commended Council and staff for management of the City finances. PC-6 2007 Work Plan Update City Manager Bill Lindley stated that an update of the 2007 Work Plan has been provided for Council's review. Police Chief Tommy Ingram provided information regarding the development and implementation of the Child Abduction Response Team (CART) program by twelve North Texas cities and answered questions of the Council. Mayor Kelly commended Police Chief Ingram for establishing the CART program in the City. PC-7 Discussion of the February 20,2007, City Council regular agenda items There was no discussion of the regular agenda items. There being no further business, Mayor David Kelly declared the Pre Council meeting adjourned at 6:37 p.m. City of Colleyville Page 2 Printed on 2/28/2007 City Council City Council Minutes - Draft february 20, 2007 The regular meeting of the Colleyville City Council was called to order by Mayor David Kelly at 6:39 p.m. ROLL CALL: Councilpersons George Boll, Rich Hendler, Tom Hart, Mike Taylor and Mayor Pro Tem Jon Ayers were present. Mayor David Kelly, City Manager Bill Lindley, Assistant City Manager Dal Anderson, Finance Director Terry Leake, Police Chief Tommy Ingram, Fire Chief Mike Johnston, Public Works Director Steve Chutchian, City Engineer Chad Bartee, Community Development Director Barry LeBaron, Acting Community Development Director Chris Fuller, Economic Development Manager Scott Welmaker, Communications Manager Mona Gandy, Library Director Mary Rodne, Parks and Recreation Director Monica Walsh, Audio Visual Technician Les Earwood, City Attorney Michael Kallas and City Secretary Cynthia Singleton were also present. Councilman Tony Licata arrived at 8:00 p.m. 1. EXECUTIVE SESSION - In accordance with Texas Government Code Chapter 551, Subchapter D Sec. 551.071 - Legal - Consultation with Attorney on Legal Issues Raised by Public Hearing or Action Items on the Agenda Sec. 551.071 - Legal - Discussion of litigation - Raman Chandler v. City of Colleyville Sec. 551.072 - Property - Deliberate the purchase, lease, exchange or value of real property Sec. 551.087 - Economic Development - Discuss and deliberate commercial and financial information received from business prospects the City seeks to have locate, stay or expand within the City Mayor Kelly explained that the Executive Session had been called in accordance with the Texas Government Code Chapter 551, Subchapter D, Section 551.071, Legal, Section 551.072, Property, and Section 551.087, Economic Development. He further explained that there would be no decisions made or action taken during this time. The meeting was recessed at 6:40 p.m. and reconvened at 7:37 p.m. INVOCATION: Theresa Khirallah, Good Shepherd Catholic Community PLEDGE OF ALLEGIANCE: City Attorney Michael Kallas City of Colleyville Page 3 Printed on 2/28/2007 City Council City Council Minutes - Draft february 20, 2007 2. EXECUTIVE SESSION: CONSIDER AND TAKE ANY ACTION(S) NECESSARY RELATIVE TO ITEMS DISCUSSED IN EXECUTIVE SESSION - Resolution R-07-2812 This resolution was not needed. 3. CORRESPONDENCE, REPORTS OF MEETINGS ATTENDED BY THE COUNCIL AND CITY OFFICIALS AND ANNOUNCEMENTS, PROCLAMATIONS OR PRESENTATIONS Councilman Taylor attended a TML Conference and expressed appreciation to the citizens for the privilege to attend and learn of legislative issues that may affect cities. He further stated that Colleyville has a strong financial position, commended Terry Leake for the management of the City's finances and staff for the advances in technology related to the electronic City Council agenda packet. Councilman Hendler stated that the Mardi Gras beads are compliments of Mayor Kelly who attended Mardi Gras activities over the weekend. Mayor Kelly introduced Ginny Tigue, President of the Colleyville Public Library Foundation and Foundation members Ret Stansberger and Pat Jones who presented a check in the amount of $23,000 to the Colleyville Public Library. Ms. Tigue stated the funds include a Robert J. and Helen H. Glaser Family Foundation donation of $10,000 for the Summer Reading Program, Alcon Foundation donation of $3,500 for children's programs and Skip and Nancy Bowen donation of $6,000 for shelving. Ms. Tigue further stated that an additional $20,000 will be added to the fund for completion of the second floor of the library, which brings the fund total to $120,000. Ms. Tigue reported that the Library Foundation has donated $169,900 to the Colleyville Public Library, and does not include the $23,000 donation. Library Director Mary Rodne expressed appreciation to the Colleyville Library Foundation for providing the financial support for many of the library programs and materials. Mayor Kelly expressed appreciation to the Foundation for their continued support of the Colleyville Public Library. Mayor Kelly presented a Proclamation to Andrea Renegar, Deputy Emergency Management Coordinator in recognition of Severe Weather Awareness Week. Ms. Renegar announced that information regarding safety during severe weather may be located on the City's web site. City of Colleyville Page 4 Printed on 2/28/2007 City Council City Council Minutes - Draft february 20, 2007 4. CONSENT: READING AND PUBLIC HEARING - Resolution R-07-2813 4a Approval of the minutes of the regular City Council meeting of February 6,2007 4b Approval of a Final Plat of the Lavaca Parc Addition on 5.1 acres located in the 1000 block of Lavaca Trail, Case P-07-007 4c Approval of a Final Plat of the Preston Oaks Addition on 16.8 acres located in the 800 and 900 blocks of Lavaca Trail, Case P-07-006 Mayor Kelly read Resolution R-07-2813 in its entirety. Mayor Kelly opened the public hearing. There was no one present wishing to speak concerning this item and Mayor Kelly closed the public hearing. Myor Pro Tem Ayers moved to approve Resolution R-07-2813. CouncilmanTaylor seconded the motion. The motion carried by the following vote: Aye: 6 - David Kelly, George Boll, Rich Hendler, Jon Ayers, Tom Hart, Mike Taylor Absent: 1 - Tony Licata 5. ORDINANCE(S): SECOND READING AND PUBLIC HEARING 5a. 0-07-1608 Approval of an Amendment to Section 3.26D of the Land Development Code regarding the front security gate requirements, Case G-07-001 Mayor Kelly read the caption of Ordinance 0-07-1608. Mayor Kelly opened the public hearing. There was no one present wishing to speak concerning this item and Mayor Kelly closed the public hearing. CouncilmanTaylor moved to approve Ordinance 0-07-1608. Councilman Hart seconded the motion. City of Colleyville Page 5 Printed on 2/28/2007 City Council City Council Minutes - Draft february 20, 2007 The motion carried by the following vote: Aye: 6 - David Kelly, George Boll, Rich Hendler, Jon Ayers, Tom Hart, Mike Taylor Absent: 1 - Tony Licata 6. ORDINANCE(S): FIRST READING AND PUBLIC HEARING 6a 0-07-1609 Approval of a Zoning Change from AG-Agricultural to PUDC-Planned Unit Development Commercial on 2.1 acres out of the A. J. Caldwell Survey and the J. L. Byas Survey located at 6110 Colleyville Boulevard, Case Z-07-001 Mayor Kelly read the caption of Ordinance 0-07-1609. Acting Community Development Director Chris Fuller provided an overview of the request for a zoning change and the Planning and Zoning Commission recommendations. Mayor Kelly opened the public hearing. Mr. John Fegan, 1303 Bellafonte Lane, applicant, spoke regarding the concerns of the neighbors related to the height of the building; landscaping; fencing; egress and ingress; history of the bank, and answered questions of the Council. There was no one present wishing to speak concerning this item and Mayor Kelly closed the public hearing. 6b 0-07-1610 Authorizing the issuance of $4,575,000 Series 2007 General Obligation Bonds Mayor Kelly read the caption of Ordinance 0-07-1610. Finance Director Terry Leake reported that on February 5, 2005, the voters approved the issuance of $4,575,000 in General Obligation bonds for the fire station facilities and outdoor warning sirens and Council directed staff to proceed with the bond sale in early 2007. She further stated that the bonds will be sold March 6, 2007 and the results of the sale will be presented to Council for approval at the March 6, 2007 City Council meeting. Mayor Kelly opened the public hearing. City of CoJleyville Page 6 Printed on 2/28/2007 City Council City Council Minutes - Draft february 20, 2007 There was no one present wishing to speak concerning this item and Mayor Kelly closed the public hearing. 7. RESOLUTION(S): READING AND PUBLIC HEARING 7a R-07-2814 Approval of Preliminary Plat for Lots 1-12, Block 1 of the Highland Park Addition on 6.6-acres located at 5800 Pool Road, Case P-07-003 Mayor Kelly read Resolution R-07-2814 in its entirety. Acting Community Development Director Chris Fuller provided an overview of the Preliminary Plat and stated that the Planning and Zoning Commission recommended approval of the Plat and denial of the gated portion. Staff is in support of the waivers and the gating of the subdivision. Mayor Kelly opened the public hearing. Mr. Bob Gammon, 5800 Pool Road, applicant, was present to answer questions of the Council. There was no one present wishing to speak and Mayor Kelly closed public hearing. Discussion ensued regarding the number of gated subdivisions with fewer than 25 lots, responsibility for street maintenance and escrow requirement and police and fire service in a gated subdivision. Mayor Pro Tem Ayers moved to approve Resolution R-07-2814, with the waiver for Lots 4 and 7 to be 115 feet in depth and the additonal waiver to reduce the front or rear setback lines five feet and to be a gated community. Councilman Boll seconded the motion. The motion carried by the following vote: Aye: 6 - David Kelly, George Boll, Tony Licata, Jon Ayers, Tom Hart, Mike Taylor Nay: 1 - Rich Hendler 8. CITIZEN COMMENTS/PRESENTATIONS REGARDING ITEMS NOT ON THE AGENDA Mr. Jim Fletcher, 1108 Nueces Court, spoke regarding the construction of the new fire station, the preservation of post oak trees and the enforcement of the tree ordinance. City of Colleyville Page 7 Printed on 2/28/2007 City Council City Council Minutes - Draft february 20, 2007 9. REPORTS: Zoning Board of Adjustment Minutes - December 12, 2006 Parks and Recreation Advisory Board Minutes - January 8, 2007 Planning and Zoning Commission Minutes - January 22, 2007 There was no action taken on this item. Councilman Hart invited citizens to enjoy the new playground equipment at Sparger Park. 10. ACTION/RESOLUTION: DISCUSSION AND CONSIDERATION OF A RESOLUTION RATIFYING COUNCIL AGENDA ACTION FOR THE MEETING OF FEBRUARY 20, 2006 - Reading and Public Hearing - Resolution R-07 -2815 This resolution was not needed. 11. ADJOURNMENT: There being no further business before the City Council, Councilman Taylor moved to adjourn. Councilman Hart seconded motion. Mayor Kelly declared the meeting adjourned at 8:23 p.m. APPROVED BY A VOTE OF ABSTENTIONS ON THIS THE AYES, DAY OF NAYS AND 2007. Minutes taken and prepared by: Cynthia Singleton, TRMC, CMC City Secretary City of Colleyville Page 8 Printed on 2/28/2007 c& 're,,,.l':' City of Colleyville Agenda Briefing 100 Main Street Colleyville, Texas 76034 (817) 503-1000 www.colleyville.com file Number: Version: 1 file Type: Resolution Status: Consent Agenda Controlling Body: City Council Requester: Community Development Department file Name: Approval of a Final Plat of Copperglen Addition on 5.6 acres located at 3798 - 3804 Glade Road, Case P-07-008 Agenda Date: 03/06/2007 Agenda No.: 4b Final Action: Attachments: Location and Zoning Map . Final Plat of Copperglen Addition History of Legislative File Version: Date: Acting Body: Action Text: 1 02/12/2007 Planning and Zoning Commission 1 03/06/2007 City Council Title Approval of a Final Plat of Copperglen Addition on 5.6 acres located at 3798 - 3804 Glade Road, Case P-07-008 Explanation Reading and Public Hearing 3798 Glade Management, LLC, is the owner and developer of 5.6 acres, located at 3798 to 3804 Glade Road. The developer has submitted a final plat, which will subdivide the property into 22 lots for the construction of single family residential detached dwelling units and 5 open space lots. City Council approved the preliminary plat on December 19, 2006. The following is an analysis of the issues associated with this final plat. Zoning. The proposed plat area is zoned PUDR-Planned Unit Development Residential. The PUDR zoning was approved by the City Council on October 17, 2006, with the approval of Ordinance 0-06-1595, which contains several development standards. The final plat has been reviewed per the regulations of the Land Development Code and the standards contained in the PUDR ordinance for this development. The minimum lot size required in this PUDR is 5,924 square feet. All of the lots satisfy this requirement. The PUDR regulations require a minimum 20% of the development be reserved for open space for use by the residents of the development. The proposed plat contains numerous open space lots that total 20% of the development. Sidewalks and Trails. The 2005 Colleyville Pathways Plan requires a 10-foot wide trail City of Colleyville Page 1 Printed on 3/1/2007 Agenda Briefing Continued along the north side of Glade Road. The developer is not required to construct the trail since it is being constructed in conjunction with the roadway improvements for the Glade Road widening project. Pursuant to the approved ordinance, sidewalks will only be required along the northern side of the internal street and will be installed by the individual home builders. Drainage. The developer has submitted a drainage study of the site, which has been reviewed and accepted by the Colleyville Engineering Department. According to the drainage study, the development will provide on-site detention. The developer has provided information showing that 24% of the open space is proposed for detention. This is less than the maximum 25% of open space that may be utilized for detention per the PUDR regulations. Gated/Private Street Development. Pursuant to the approved ordinance, the development will be a gated/private street subdivision with the primary entrance to the development located on the east side of the development along Glade Road. The developer has submitted the necessary Homeowner's Association (HOA) documents for review by the City, in accordance with Chapter 10 of the Land Development Code. The HOA documents indicate that the streets and drainage systems within the development ar~ privately owned and maintained by the HOA and that the City has no obligation to maintain the private streets and drainage systems. A note has been provided on the plat stating the HOA is responsible for maintenance of the private road. Access. The development will have primary access on the east side of the development from Glade Road. A secondary, exit-only access, located further to the west from the main entrance, will be provided for residents. All gates will be fitted with a Fire Department approved two-way Opticom system. Perimeter Street Improvement Fees. With Glade Road under construction, perimeter street improvement fees are not required for this development. However, roadway impact fees will be assessed and collected. Roadway Impact Fees. The development will pay roadway impact fees for each dwelling unit constructed at time of building permit. These fees are used to fund roadway improvements for the major collector roadway system as shown on the Master Thoroughfare Plan. At the present time, the roadway impact fee is $1,962 per residential unit. The proposed development contains 22 residential lots subject to this fee. Parkland Dedication Fees. The development will pay parkland dedication fees in the amount of $1,802 per residential lot for those 22 lots where new homes are proposed. Parkland dedication fees are due at the time of final plat approval. The fee must be paid before the plat is recorded with the County Clerk's Office. Perimeter Fencing. As directed during previous City Council discussion, the developer will provide a drawing of the perimeter fence exhibit that is proposed along the frontage of Glade Road. Planning and Zoning Commission Recommendation. The Planning and Zoning. City of Colleyville Page 2 Printed on 3/1/2007 Agenda Briefing Continued Commission recommended approval of the final plat at the February 12, 2007 meeting by a vote of 5-0. Summary. The developer has addressed all Development Review Committee comments. . The proposed development satisfies the platting standards contained in the Land Development Code and the special requirements of PUDR Ordinance 0-06-1595. Financial Impact It has been determined that there is no financial impact. Recommendation Approval City of Colleyville Page 3 Printed on 3/1/2007 Location and Zoning Map z 0 ~ ~ I I dl I' r ,( lid I e:: , - ~~~~~~ I 'I I' f ~ 'II, I il'l~ I E-o ~ !I!!I ~il. filii !,IfI:f,!J ~ J II' 1:;~1 :s '<C t~"'c:i8~ I 1:'11 '. I II:II! If. 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I II! .Ii i Iii! cee 'Ij"".I';' City of Colleyville Agenda Briefing 100 Main Street Colleyville, Texas 76034 (817) 503-1000 www.colleyville.com file Number: file Type: Resolution Status: Consent Agenda Version: Agenda Date: 03/06/2007 Agenda No.: 4c Controlling Body: City Council final Action: Requester: Public Works Department file Name: Approval of a construction contract with Viking Construction, Inc., for the Mirco Resurfacing of various streets within the Woodland Hills West Subdivision, in the amount of $92,844.96, and authorize the City Manager to execute the contract Attachments: History of Legislative File Version: Date: Acting Body: Action Text: 03/06/2007 City Council Title Approval of a construction contract with Viking Construction, Inc., for the Micro Resurfacing of various streets within the Woodland Hills West Subdivision, in the amount of $92,844.96, and authorize the City Manager to execute the contract Explanation Reading and Public Hearing The FY2007 Street Department Budget provides for the maintenance and rehabilitation of residential streets and throughfares throughout the community. Included in this year's annual program is the micro resurfacing of various streets in the Woodland Hills West Subdivision. The affected streets are Wilton Woods Court, Carisbrooke Court, Cumberland Court, Glen Dale Drive, Scarborough Lane Court, Oxford Court, Beckley Court, Scarborough Lane East and Martin Parkway from Eaton Circle South to Glen Dale Drive. This type of work extends the service life of the existing roadway pavement by several years and is most effective when ambient temperatures are 50 degrees and rising. Sealed bids were received on February 20, 2007, for the Micro Resurfacing of Woodland Hills West Subdivision. Viking Construction, Inc., was the only bid received, in the amount of $92,844.96, which includes a ten percent (10%) contingency. Viking Construction, Inc., is the only company in our region that does this type of resurfacing. Staff contacted references and reviewed qualifications submitted by Viking Construction, Inc., and recommends approval of their bid. Financial Impact It has been determined that funds are available in the Street Department Resurfacing Budget, Account 001-33-6319. City of Colleyville Page 1 Printed on 3/1/2007 Agenda Briefing Continued Recommendation Approval City of Col/eyville Page 2 Printed on 3/1/2007 cee "r;:,:;~ City of Colleyville Agenda Briefing 100 Main Street Colleyville, Texas 76034 (817) 503-1000 www.colleyville.com . file Number: Version: 1 file Type: Resolution Agenda Date: 03/06/2007 Agenda No.: 4d Status: Consent Agenda Controlling Body: City Council final Action: Requester: Public Works Department file Name: Approval of a construction contract with JLB Contracting, L.P., for the Resurfacing of Bettinger Drive, in the amount of $128,540.51, and authorize the City Manager to execute the contract Attachments: Bettinger Drive Street Resurfacing Bid Tab History of Legislative File Version: Date: Acting Body: Action Text: 1 03/06/2007 City Council Title Approval of a construction contract with JLB Contracting, L.P., for the Resurfacing of Bettinger Drive, in the amount of $128,540.51, and authorize the City Manager to execute the contract Explanation Reading and Public Hearing The FY2007 Street Department Budget provides for the maintenance and rehabilitation of residential streets and throughfares throughout the community. The 2007 Street Resurfacing Program includes the resurfacing of Bettinger Drive. These improvements include subgrade rehabilitation and a new asphalt surface overlay and will provide Bettinger Drive with many years of service life. Three (3) bids were received by the Public Works Department on February 20,2007, for the Resurfacing of Bettinger Drive. JLB Contracting, L.P., was the low bidder with a bid of $128,540.51, which includes a ten percent (10%) contingency. JLB Contracting L.P., has completed projects in Colleyville in the past, and are very responsive and works well with staff. Staff recommends approval of their bid. Financial Impact It has been determined that funds are available in the Street Department Resurfacing Budget, Accou nt 001-33-6319. Recommendation Approval City of Colleyville Page 1 Printed on 3/1/2007 RESURFACING OF BETTINGER DRIVE BID OPENING 20 February 2007 AT 2:00 P.M. Contract # 3307-002 Company Name Bid Amount 1. Reynolds Asphalt 2. Peachtree Construction 3. J.L.B. Contracting, L.P. $ 127,302.93 $ 130,288.05 $116,855.01 SPEAKER CARD Date I wish to address the City Council on the following subject: o-{) 7-/00;- ulllC~ , Agenda Item Number: IJ-o 7--/tOc; J Name: j3/l-L /1/ e;::F Address: ~ 54- City: (!)J L-I-fi YVII--L-~ --;J Telephone No ~f7S-- ( / I represent: yj.j; hd 11 ~ 1t ~Af fth. t1~ . I:J. ,~ .' · / , organizationfself I understand that I am limited to five minutes and on items that are not designated as Public Hearings, the City Council must "suspend the rules" in order to hear public comments or questions. Signed ~3Jt 7/ r This infor, Carol Luann Edwards 220 West Glade Road Colleyville, Texas 76034 Telephone: Home 817.498.0156 Metro Mobile 214.287.1342 Email: ledwards@valhi.net March 6, 2007 Colleyville City Council Colleyville, TX 76034 Dear Council Members: The Poderosa residents concerned about the PUDC (bank) development are a little inexperienced about the process and were not aware that since this is a PUDC it is possible to request certain very specific items. What they are really looking for is: 1. 8 foot brick or masonry wall between the new building site and their homes. 2. Limitation on height of building - either 1 story or an equivalent height in feet 3. No exit on Hardage I understand that #3 may not be possible due to TxDot involvement but I believe that the other two requests are quite reasonable and urge council to accommodate these citizens. Sincerely, Carol Luann Edwards ~~l!>.' Hf cee ,:;:,;;.. City of Colleyville Agenda Briefing 100 Main Street Colleyville, Texas 76034 (817) 503-1000 www.colleyville.com File Number: 0-07-1609 File Number: 0-07-1609 File Type: Ordinance Status: Second Reading Version: 1 Agenda Date: 03/06/2007 Agenda No.: Sa Controlling Body: City Council Final Action: Requester: Community Development Department File Name: Approval of a Zoning Change from AG-Agricultural to PUDC-Planned Unit Development Commercial on 2.1 acres out of the A. J. Caldwell Survey and the J. L. Byas Survey located at 6110 Colleyville Boulevard, Case Z-07-001 Attachments: Location and Zoning Map . List of Property Owners Notified . Exhibits . Citizen Correspondence. Ordinance 0-07-1609 History of Legislative File Version: Date: Acting Body: Action Text: 01/22/2007 Planning and Zoning Commission 02/20/2007 City Council 03/06/2007 City Council Title Approval of a Zoning Change from AG-Agricultural to PUDC-Planned Unit Development Commercial on 2.1 acres out of the A. J. Caldwell Survey and the J. L. Byas Survey located at 6110 Colleyville Boulevard, Case Z-07-001 Explanation Second Reading and Public Hearing No citizens spoke on this agenda item at the February 20, 2007 public hearing. Update 3-6-2007 Site Plan. The applicant has submitted a revised conceptual site plan. The original site plan proposed two buildings. The Phase I building consisted of 5,479 square feet and the Phase II building consisted of 11,902 square feet. The combined square footage of both buildings was 17,381 square feet. The revised site plan proposes two buildings with the Phase I building consisting of 4,095 square feet and the Phase II building consisting of 13,244 square feet. The combined square footage of both buildings is 17,339 square feet. Staff has no objections to the proposed site plan revisions. Exterior Building Elevations. The Planning and Zoning Commission recommendation contains a condition that the building be limited to a single story structure. The applicant has submitted a revised exterior building elevation exhibit for the proposed Phase I building City of Colleyville Page 1 Printed on 3/1/2007 Agenda Briefing Continued (0-07-1609) that is in compliance with this recommendation. The exterior building elevation exhibit has been included in the proposed zoning ordinance. The applicant has not submitted an exterior building elevation exhibit for the Phase II building. Staff has included language in the proposed ordinance that specifies that all buildings on this property shall be a maximum of one story in height. The agenda briefing has been updated to incorporate the revised information. First Reading and Public Hearing Request. Rezone from AG-Agricultural to PUDC-Planned Unit Development Commercial zoning designation. Proposed Uses. The applicant is requesting to rezone 2.0 acres of land located at 6110 Colleyville Boulevard, which is located at the northwest corner of Colleyville Boulevard and Hardage Lane. The applicant is seeking a zoning change in order to develop the property as an office and retail center. The applicant requests land uses currently permitted within the CN-Neighborhood Commercial zoning district. Statement of Planning Objectives. The developer has provided a written Statement of Planning Objectives, which has been used for drafting the proposed PUDC ordinance for the subject property. A copy of the Statement of Planning Objectives is attached to this agenda briefing. The Statement of Planning Objectives describes the nature of the proposed development, includes a development schedule, and a statement of development goals. Phasing. The applicant proposes to construct the 4,095 square foot building as the first phase of this development. The Phase I building will contain a bank with drive-thru facilities. . The anticipated construction completion date is the end of 2007. Phase II will include the 13,244 square foot building and is targeted for completion by the end of 2008. All fire lanes and hydrants must be installed and accepted prior to construction above the foundation. Site Plan. The developer has provided a conceptual site plan, which will be incorporated into the PUDC ordinance for the subject property. A copy of the proposed site plan is attached to this agenda briefing. The development will consist of two buildings. The Phase I building will be 4,095 square feet and will contain a bank with drive-thru facilities. The Phase II building will be 13,244 square feet and will be a mixture of office and retail uses. The Land Development Code calculates the parking ratio for banks as one (1) parking stall per 300 square feet of floor area. Based on this requirement, 14 spaces are required for the Phase I building. For retail uses, the parking ratio is one (1) parking stall per 200 square feet of floor area. The Phase II building will be 13,244 square feet, which, when calculated at the retail ratio, requires 66 parking stalls. The total required parking for the development is 80 parking stalls. The applicant is providing a total of 84 parking stalls. At the January 22, 2006 Planning and Zoning Commission public hearing, one citizen spoke in opposition to the location of the proposed driveway on Hardage Lane stating that it should City of Col/eyvil/e Page 2 Printed on 3/1/2007 Agenda Briefing Continued (0-07-1609) be moved closer to SH26 or be removed so as to not interfere with his residential driveway on Hardage Lane. With only one commercial driveway permitted onto SH26, a secondary driveway will be required onto Hardage Lane per Fire Department access standards. The location of the driveway along Hardage Lane is determined by several factors, including but not limited to the development site design, the location of the fire lane within the site, adherence to minimum distance standards from the Hardage Lane and SH26 intersection, the alignment of the commercial driveway opposite from this site and the ability of fire and emergency vehicles to maneuver into and out of the site. The Colleyville Land Development Code requires a minimum of 180 feet of distance between SH26 and the proposed commercial driveway on Hardage Lane. Moving the driveway closer to SH26, or its elimination from the development plan, may hinder emergency response access to the site based on the large turning areas required for emergency vehicles. Additionally, the Fire Marshal has provided a recommendation in support of the developer's proposed driveway location due to its alignment with a proposed commercial driveway cut on the south side of Hardage Lane. Lot Sizes. The PUDC zoning district standards require a minimum lot size of 7,000 square feet with no maximum lot size. The lot in the proposed PUDC request is 90,900 square feet. Open Space. The PUDC zoning district regulations require a minimum of 20% open space. This development proposes an open space area equal to 33% of the total development, exceeding the PUDC development requirement by 13%. The open space includes the 20-foot buffers along the east, west and south sides of the property, as well as the requisite landscaping required by the Land Development Code. Drainage. The applicant has designed the site to release stormwater run-off at a rate that is in compliance with the Land Development Code. A preliminary drainage analysis has been reviewed by the Engineering Department. Fences, Walls and Screening. The developer proposes to construct an eight (8) foot tall wood perimeter fence along the western and northern property lines. A 20-foot landscape buffer along the western property line, which is adjacent to a residential neighborhood (Pecan Park Estates), will contain a green belt of "live plant material of the evergreen variety" which is expected to grow to six (6) feet height in two (2) years, a minimum of three (3) feet in height at the time of installation and planted on six (6) foot centers per the Land Development Code. Sidewalks. The sidewalk along Colleyville Boulevard must be at least 5-feet wide. A 4-foot wide sidewalk is required along the frontage of Hardage Lane. The sidewalks must be installed when any new structures are built on the property. Master Plan. The Colleyville Master Plan designates the future use of this area for retail land uses. Surrounding Development Trends. The surrounding properties are develped as residential, office and commercial uses. The property to the west is developed as single family residential uses. The property to the north is developed as an office use. Th~. . City of Colleyville Page 3 Printed on 3/1/2007 Agenda Briefing Continued (0-07-1609) property to the east is developed for outdoor entertainment uses. The property to the south is currently vacant, however, a retail site plan is currently being reviewed by staff. Public Notification. Staff mailed notices to 20 adjacent property owners regarding this request. Staff does not have information regarding a Homewowner's Association contact for Pecan Park Estates. Notice was published in the Fort Worth Star-Telegram as required by state law and the Land Development Code. Staff has received three letters in opposition to this request. The total percentage of opposition is 4.2%. The letters have been included as an attachment to this agenda briefing. Planning and Zoning Commission Recommendation. The Planning and Zoning Commission recommended approval of the rezoning request at the January 22, 2007 meeting by a unanimous vote, subject to the following conditions, which have been incorporated into the proposed ordinance: 1. That the ordinance limit the building to a single story structure. 2. That the parking lot lighting be of a boxed-canned design. 3. That a bank be limited to Phase I of the development. Financial Impact It has been determined that there is no financial impact. Recommendation Approval City of Colleyville Page 4 Printed on 3/1/2007 R-20 R-20 AG 6109 13160 1)15 1...01 I...CiS / ,/ l'/' ,/ ~; Cf1/ ;1:;/ 0/ l / /( .I / I / l -.._-~ .,/ 7 Z-07 -001 Pedersen, Dale R Etux Becky J 6201 Ponderosa St colleyville, TX 76034 Davis, Mayli Etvir David Khan 3241 Horseshoe Dr Grapevine, TX 76051 Arana, Enrique J Etux Wanda 36 Arana cir Sausalito, cA 94965 Casteel, Gary Etux Donna K 6108 Ponderosa St colleyville, TX 76034 Reynolds, Myrel 6110 colleyville Blvd colleyville, TX 76034 Moore, Bobby Family Ltd Prtn 6113 colleyville Blvd colleyville, TX 76034 Griffith, Steve G Etux Chantal 6008 Ponderosa St colleyville, TX 76034 List of Property Owners Notified Pmt Partners Ix Ltd 1585 Kapiolani Blvd Ste 1218 Honolulu, HI 96814 Folkes, James J & Kimberly S 6200 Ponderosa St colleyville, TX 76034 Hill, Steven W Etux Rhonda 6105 Ponderosa St colleyville, TX 76034 Gossett, Lelton Etux Becky S 1400 Hardage Ln colleyville, TX 76034 Emler Swim School Inc 2201 Lavern St Arlington, TX 76013 Hedgcoth, Ernest Etux Phyllis 6012 Ponderosa St colleyville, TX 76034 Corley, J T Jr 6930 Arboreal Dr Dallas, TX 75231 Meier, Virgil L 6109 Ponderosa St colleyville, TX 76034 Burton, Eugene Etux Karen L 6112 Ponderosa St colleyville, TX 76034 Arana, Enrique J Etux Wanda 36 Arana cir Sausalito, cA 94965 Neff, William A Etux Carol S 6104 Ponderosa St colleyville, TX 76034 Condon, Jack L & Mary D 6100 Ponderosa St colleyville, TX 76034 Boat Club Plaza, Ltd 1001 Cross Timbers Rd Ste 2330 Flower Mound, TX 75028 EXHIBITS ill II~ I - I ti IIII! 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I ~~~ 111;1 ~ Ii .o~~ ~ ' .I~ ~ .~I.il l 0' ~I~ I~iil 'lll~ IIII n I 111"1\',111 1IIIIIIIil I 1'1'1' II.jllj l!lli l!lh , jl ! it ! -in 1:1l M, llJ 111 1IIIinldllh 'i"HUiltU r t 'io"'\'!l ~hllliPib hl\ lit. 'I ~J IIII II . . . Q . _ . . I ~f CITIZEN CORRESPONDENCE Jack Condon 6100 Ponderosa St. Colleyville, TX 76034 Phone 817-421-2459 January 28, 2007 Amy Shelly Planning & Zoning Assistant Community Development Department City of Colleyville 100 Main Street Colleyville, TX 76034 Subject: Zoning Change Concerns at 6110 Colleyville Blvd, Z-07-001 (AG to PUDC) Dear Amy, This letter is to confirm my opposition to two issues involved in the proposed Zoning Change documented under the Case No. Z-07-00l which involves building multi businesses at 6110 Colleyville Blvd, Colleyville, TX under a zoning change from AG to PUDC. During my attendance to the Planning and Zoning Commission meeting on January 22, 2007 the zoning change was approved, but the approval had various conditions or stipulations related to its approval. These conditions were initiated as a result of presentations made to the commission, the night of the meeting, by myself (resident at 6100 Ponderosa St) and Earnest Hedgcoth (resident at 6012 Ponderosa St). 1. The most concerning issue, as I made note of during my presentation, was the driveways being one on Colleyville Blvd and one on Hardage next to my personal residence driveway. I am requesting that both driveways exit onto Colleyville Blvd and NOT use the driveway on Hardage as indicated by the proposed plat. This is supported by a large number of commercial driveways that are extremely close together, that are already in existence on Colleyville Blvd. The attached aerial photos provide specific examples of conditions that appears to be a common practice on Colleyville Blvd. The addition of a commercial driveway on Hardage, as discussed at the meeting, is in opposition to many neighbors in our community due to the following reasons. a. Added traffic load that causes congestion and the potential for more traffic accidents. b. Unsafe conditions for the children playing in the neighborhood. c. Unsafe conditions for neighbors exiting out of their driveways. d. Added noise and distractions in the neighborhood. e. Undoubtedly there will be more traffic in the neighborhood as bank patrons will circle around on Ponderosa Street to get to a traffic light at Tinker and Colleyville Blvd. It should also be noted that I have had two separate conversations with Mr. Fegan (Project Developer) on Friday, Jan. 19, 2007 related to my concerns about eliminating the driveway on Hardage as a result of the personal impact it would create. On both occasions he advised me that it was his desire to also have both driveways be on Colleyville Blvd. Page 1 of2 2. Another important conditional agreement was to limit the structures to be one-story. Unfortunately, the elevation profile still appears to show a two story design, not one story as stated in the conditions. In summary I would ask that the Colleyville Planning Commission aggressively encourage the Texas DOT to approve the existence of both driveways being on Colleyville Blvd or to utilize a common entrance and exit driveway that would be divided by an island. Thank you for your consideration of these concerning issues. If you have any questions, feel free to contact me at the above number. Sincerely, Jack Condon attachments cc: David Kelly, Mayor. . . . . . . . . kellyd@ci.colleyville.tx.us Jon Ayers, Mayor Pro Tern. . . ayersj@ci.colleyville.tx.us Place 6, Mike Taylor. . . . . . . . taylorm@ci.colleyville.tx.us Place 5, Tom Hart. . . . . . . . . . hartt@ci.colleyville.tx.us Place 3, Rich Hendler. . . . . . . hendlerr@ci.colleyville.tx.us Place 2 Tony, Licata. . . . . . .. licatat@ci.colleyville.tx.us Place 1, George Boll. . . . . . ., bollg@ci.colleyville.tx.us Page 2 of2 t'<!~"t City of Colleyville 1 00 M~ Street Colleyville, TX 76034 '/1/2112007 C; /C:"J() .. ....... - , '.:r-}-'n':ttttlu ~.. DISCLAIMER This data has been compiled for the City of Colleyville. Various official and C. f C "II unofficial sources were used to gather Ity 0 olleyv. e this infonnation. Every effort was made to ensure the accuracy of this data, t however, no guarantee is given or Y TO' implied as to the accuracy of said data. ... ..,~~. i " '.\1 '<1\ 0fA'J 4 'v" ' to" 4{ . t \" V 1/21/20079:59 PTv ii "~d' City of Calleyville 100 Miln Street Colleyville, TX 76034 1I21f2007 DISCLAIMER This data has been compiled far the City of Colleyville. Various efficial and C. C I .. unefflcial saurces were used to gather . I'ty of 01 eyvllle this information. Every effort was made to. ensure the accuracy of this data, however, no. guarantee is given ar implied as to. the accuracy of said data. ?--- li2112007 9:56 PM - "1 City of Colleyville 100 . Street Colle , TX 76034 1/21/2007 DISCLAIMER This data has been compiled for the City of Colleyville. Various offidal and C. f C 'I "11 unofficial sources were used to gather fty 0 ' 01 eYVle this information. Every effort was made to ensure the accuracy of this data, however, no guarantee is given or implied as to the accuracy of said data. - ......... ..::('(~~L . t;..,J: 'Z ,j 1!2l!2007 9:48 Pl\ /tf{?'1 ~" I OtP , l'Ej'f1P- ~ f1B I.., City of COl/eYVille 100 M@in Street Co/[eYVille, TX 76034 1/21/2007 DISCLAIMER This data has been compiled for the City of COl/eyville. Various official and City of COl/SYVille onomoial 'Ou"". We", OSed 10 _ thIS Information. Every effort Was made to ensure the accuracy Of this data, however, no guarantee is given Or Implied as to the accuracy of said data. ~ I ;,~ <,.1'. 1121/20079:42 PI ';' City of Colleyville 100 Majn Street Colleyv'lIIe, TX 76034 1/21/2007 '. -- ~-, ..~~ '~ ' ~~"L. i~ '~~" DISCLAIMER This data has been compiled for the City of Colleyville. Various official and C. f II "I unofficial sources were used to gather Ity 0 Co eYVI lethis information. Every effort was made to ensure the accuracy of this data, however, no guarantee is given or implied as to the accuracy of said data. y l/21i2007 9: 18 p~ ,n(J' ,,'('- t.v."'" ~4' I\~--C -- ----~--,-- ----'--0 nn_'_"_ r-"-,' --'-""." -.--.-'" N , , , ?-..l '. \" , t City of CoUeyville "":;;';' > 1 00 M~n Street "~j.'.',."M,'" ''t5l.,;~ ~....~.:'...l1L'T ., .". '. Colleyvdle, TX 76034 l, ~" . :j 1/21/2007 -~,- f~ ";<;,~-.... DISCLAIMER This data has been compiled for the City of Colleyville. Various official and C. f C i I unofficial sources were used to gather ' Ity 0 olleyv I e this information. Every effort was made to ensure the accuracy of this data, however, no guarantee is given or implied as to the accuracy of said data. ,,- .,J 1/21/20076:45 PM ';> 6 , ,t, ',f City of Colleyville . . ..... ....-.. . ...... ..... ... 100 Mfn Street ";;,"l1'WP~~! ..... Colleyville, TX 76034 t~~..'JI-.~_L.,..'j 1/21/2007 J" :-.;..~ ", DISCLAIMER This data has been compiled for the City of Colleyville. Various official and . . unofficial sources were used to gather City of COlleYVlllethis information. Every effort was made to ensure the accuracy of this data, however, no guarantee is given or implied as to the accuracy of said data. '-7 1/21/2007 6:56 p~ ",\, ,It \jV' POQ , y.: 1\'l." , 111' Ii. Iv V ,VJ li ,v iJ\' , ,,, '" City of ~olleyville . .......m> 100 Majn Street :.jl'''''''~~'' .. ........ Colleyville, TX 76034 > ~(~7'~m'." 1/21/2007 J ~ \ ,t.' DISCLAIMER This data has been compiled for the City of Colleyville. Various official and C. f II "II unofficial sources were used to gather Ity 0 Co eYVI e this information. Every effort was made to ensure the accuracy of this data, however, no guarantee is given or implied as to the accuracy of said data. tL Cf 1/21120079:16 Pr.. ,- (J \-'" 'oJ ,).~ ,",1~ iI l".{v y (<<< :;:, r ! 1 ,:~ '~t City of COl/eWille 100 M?in Street CO/ley\rilfe, TX 76034 1/2112007 DISCLAIMER This data has been cOmpilea for the City of ColteyVil/e. Various offiCial and City of COlleYvllle "noffldal '0""" ""'" US,," 10 ga/he, this Information. Every effort Was made to ensure the aCCuracy of this data, however, no guarantee is given Or implied as to the accuracy of said data. ~ ,l~ "' ,t~. 1/21/20076:41 Prv Z ~'~'~J "~ 9 fi ~ m ~ ,,(:: ~ ! ~ X t-- :21i :;; > ..$ C C i .::&. ~ i c: ~ CC ~ ~ co ~ ~ So... ~ (t ........ m I I J. "'6'" .a. V.I. ~ Amy Shelley . ._..,.............'.'._ "...._.__..~__.._.,___. _......".'._~.,".. ......~.~...~.'., ....."'...'N_ ...k..'..,.,........_......'..'....'. _. ,......... ......, .-.--. .,,-,.,....,......_..... ...-..,. From: Kimberly Pullen Sent: Monday, January 29,20079:06 AM To: Amy Shelley Subject: SPAM Concerns Amy Shelley: My name Is Kimberly Pullen and I live at 6013 Ponderosa Street on the comer of Ponderosa and Hardage. It has come to my attention that the city of Colleyville has approved the development of a Northstar Bank at the comer of Hardage and Highway 26. We have lived in this neighborhood for 14 years now and have always known some type of business would eventually end up there. As we would rather see a bank, as opposed to a McDonalds or the type, what is of concern is the entrance to the bank being located on the residential street of Hardage. Many households in this area have children that play at the comer of Ponderosa and Hardage and 1 am concerned that any extra traffic on this street would be unsafe for them. It's bad enough having the main flow of traffic come down Hardage for people going to/comIng from Colleyville elementary as they take their children to/from school. Having an entrance to this bank from Hardage would increase dramatically the amount of traffic waiting to turn left onto Highway 26, or even turning right. It is my understanding that there will be no traffic light, only a left hand tum lane. In the 14 years of living here I have seen the traffic on Hwy. 26 increase at a constant and steady rate to become the busiest street in this part of Northeast Tarrant, becoming almost Impossible at certaIn times to turn left at the Hwy. 26 crossing. We have been waiting for a left hand turn lane on Hwy. 26 for 14 years and am still at a loss as to how our roads cannot keep up with the traffic needs. I am opposed to having this bank put an entrance onto Hardage and will do what I need to do to try to ensure that this doesn't happen. Please feel free to contact me for any further comments or questions. Kindest regards, 1/29/2007 January 27, 2007 William and Carol Neff 6104 Ponderosa St. Colleyville, TX 76034 Ref: NorthStar Bank To Whom It May Concern, We live at 6104 Ponderosa Street in Colleyville which Is directly behind the future Northstar Bank. We are concerned about the building of NorthStar Bank at 6110 Colleyvllle Blvd. We attended the Planning and Zoning commission meeting on Jan. 22 and we are concerned about the second entrance/exit driveway onto our residential street, Hardage Street. Currently numerous business1bn CV Blvd/Hwy 26 already have multiple driveways onto Hwy 26. We do not need a business driveway onto our residential street, Hardage~ all entrance/exit driveways should be onto business Hwy 26 only. Concerns as a resident of Pecan Park estates:---uu-u * On a daily basis, it Is currently already difficult and dangerous turning onto and off Hardage and Hwy 26. * This added Bank traffic onto Hardage would create more traffic congestion, * It would create more auto trafffic down our entire neighborhood for Ponderosa and Hardage residences *Could create possible more car wrecks, * Safety problems for" our children * Problem for homeowners backing out of their driveways, * More noise, etc... * As the Bank customers learn the short cut through Ponderosa and Hardage, the traffic would increase. * More traffic in our neighborhood could possibly lower the value of our home. Please encourage TX-DOT to approve the second entrance/exit driveway to be also on HWY 26 or encourage Colleyville Fire Code to allow one wide divided center entrance/exit driveway onto HWY 26 only, not Hardage. 1/29/200' rl:1g~ .t. Vi . Thank YV d r 71jf-' Bill and Carol Neff 6104 Ponderosa St. Colleyville, TX 76034 817-488-6875 RECEIVED JAN 3 1 2007 . Per ............. 1 /29/200~ ORDINANCE 0-07-1609 AN ORDINANCE AMENDING THE ZONING ORDINANCE OF THE CITY OF COLLEYVILLE, TEXAS, BY AMENDING THE OFFICIAL ZONING MAP AND CHANGING THE ZONING OF APPROXIMATELY 2.0 ACRES OUT OF THE A.J. CALDWELL SURVEY, ABSTRACT 331 AND THE J.L. BYAS SURVEY, ABSTRACT 180, FROM THE AG-AGRICUL TURAL ZONING DISTRICT TO THE PUDC-PLANNED UNIT DEVELOPMENT-COMMERCIAL DISTRICT; PROVIDING A SAVINGS CLAUSE; PROVIDING FOR INJUNCTIVE RELIEF; PROVIDING A SEVERABILITY CLAUSE; PROVIDING A PENALTY OF FINE NOT TO EXCEED THE SUM OF TWO THOUSAND DOLLARS ($2,000.00) FOR EACH OFFENSE; AND PROVIDING AN EFFECTIVE DATE WHEREAS, the City of Colleyville has received an application for a rezoning under Case No. Z-07 -001; and WHEREAS, the City of Colleyville deems it necessary, for the purpose of promoting the', health, safety, morals, or general welfare of the City to enact a new zoning ordinance; and WHEREAS, the City Council has appointed a Planning and Zoning Commission to recommend the boundaries of the various original zoning districts and appropriate regulations be enforced therein and to recommend a new zoning ordinance; and WHEREAS, the Planning and Zoning Commission has divided the City into districts and has prepared regulations pertaining to such districts in accordance with a comprehensive plan and designed to lessen congestion in the streets; to secure safety from fire, panic, and other dangers; to promote health, general welfare; to provide adequate light and air; to prevent the overcrowding of land; to avoid undue concentration of population; to facilitate the adequate provision of transportation, water, sewerage, schools, parks, and other public requirements; and WHEREAS, the Planning and Zoning Commission, has given reasonable consideration, among other things, the character of the districts and their peculiar suitability for particular uses, with a view to conserving the value' of buildings and encouraging the most appropriate use of land throughout the City; and WHEREAS, the Planning and Zoning Commission of the City of Colleyville and the City of Colleyville City Council, in compliance with the Charter of the City of Colleyville, and State Law with reference to changes to zoning classifications under the Zoning Ordinance Regulations and Zoning Map, having given the requisite notices by publication and otherwise, and after holding due hearings and affording a full and fair hearing to all the Ordinance 0-07-1609 Page 2 of 4 property owners generally, and to the persons interested and situated in the affected area and in the vicinity thereof, the governing body of the City of Colleyville is of the opinion that said change in zoning should be made. NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF COLLEYVILLE, TEXAS: Sec. 1. Sec. 2. Sec. 3. Sec. 4. THAT all the foregoing premises and findings are found to be true and correct and are incorporated into the body of this ordinance as if copied in their entirety. THAT the Comprehensive Zoning Ordinance of the City of Colleyville, Texas, be, and the same is hereby amended by changing the zoning on a 2.0 acre parcel of land situated in the A.J. Caldwell Survey, Abstract 331 and the J.L. Byas Survey, Abstract 180, from the AG-Agricultural zoning district to the PUDC-Planned Unit Development-Commercial zoning district, as depicted on the attached Zoning and Location Map, labeled as Exhibit "A", and described by Metes and Bounds, labeled as Exhibit "B". THAT the Official Zoning Map of the City of Colleyville be amended to incorporate the zoning change approved herein. THAT the above described tract of land shall be subject to the following conditions: 1. GENERAL a. The purpose of this PUDC is for an office and retail center. b. This property is subject to all the regulations contained in the Colleyville Land Development Code, except where amended by this Ordinance. 2. CONCEPTUAL PLAN AND PLATTING a. The development shall be generally consistent with the Conceptual Site Plan, labeled as Exhibit "C", which shall not be considered the preliminary plat. b. The development shall be generally consistent with the Conceptual Site Plan, labeled as Exhibit "C"; however the lot layout may differ from that shown on Exhibit "C" to accommodate topographic, drainage or other conditions. c. The developer shall submit and receive approval from the City of Colleyville a Preliminary and Final Plat in accordance with the requirements of the Land Development Code prior to development of this PUDC. Sec. 5. Ordinance 0-07-1609 Page 3 of 4 3. PERMITTED USES a. Permitted uses within the Neighborhood Commercial-CN zoning district. 4. NONRESIDENTIAL LOT REQUIREMENTS AND SETBACKS a. Nonresidential lot requirements and building line setbacks established by the Conceptual Site Plan, labeled as Exhibit "C", shall control where such building line setback is different from the Land Development Code. . 5. OPEN SPACE a. This development shall provide a minimum of 20% common open space, as shown on Exhibit "C". All open space areas shall be landscaped and maintained by the Property Owner's Association. b. The amount of landscaping on the property shall be in accordance with Chapter 4 Landscaping and Buffering in the Land Development Code. 6. PHASING a. This project may be developed in phases, provided that the construction of the fire lane, fire hydrants, all storm drain facilities, all water and sewer facilities, complete landscaping of the Colleyville Boulevard and Hardage Lane frontages, and the perimeter fencing will be completed prior to the issuance of any Certificate of Occupancy for any building as a part of Phase I. 7. SIDEWALKS AND PATHWAYS a. The sidewalk along Colleyville Boulevard must be at least 5-feet wide. A 4-foot wide sidewalk is required along the frontage of Hardage Lane. The sidewalks must be installed when any new structures are built on the property. 8. PERIMETER FENCING a. An eight (8) foot tall wood fence shall be constructed on the west and north property lines. 9. OTHER a. The exterior building elevations shall be in accordance with the attached Exhibit "D." b. All buildings shall be a maximum of one story in height. c. The parking lot lighting shall be of a boxed-canned design. d. The buildings shall be limited to a single story structure. THAT the above described tract of land shall be used only in the manner and for the purposes provided by the Comprehensive Zoning Ordinance of the City of Colleyville as heretofore amended, and as amended herein. Sec. 6. Sec. 7. Sec. 8. Sec. 9. Ordinance 0-07-1609 Page 4 of 4 THAT any person, firm or corporation violating any of the provisions or terms of this ordinance shall be subject to the same penalty as provided for in the Comprehensive Zoning Ordinance of the City of Colleyville, and upon conviction shall be punishable by a fine not to exceed the sum of Two Thousand Dollars ($2,000.00) for each offense. THAT if any section, paragraph, subdivision, clause, phrase or provision of this ordinance shall be judged invalid or unconstitutional, the same shall not affect the validity of this ordinance as a whole or any portion thereof other than that portion so decided to be invalid or unconstitutional. THAT in addition to and accumulative of all other penalties, the City shall have the right to seek injunctive relief for any and all violations of this ordinance. THAT it has been found that there has been a change in conditions in the above described property, it is now necessary that it be given the above zoning classification in order to permit its proper development and in order to protect the public interest, comfort and general welfare, and requires that this ordinance shall take effect immediately from and after its passage. AND IT IS SO ORDERED. The first reading and public hearing being conducted on the 2007. day of The second reading and public hearing being conducted on the 2007. day of ATTEST: CITY OF COLLEYVILLE Cynthia Singleton, TRMC, CMC City Secretary David Kelly Mayor APPROVED AS TO FORM AND LEGALITY: Matthew C. G. Boyle City Attorney Exhibit A - Zoning and Location Map D NORTH R-20 AG 'i>109 !Hi 131; R-20 1.01 "00 Exhibit B - Metes and Bounds Description BEING A TRACT OF LAND lOCATED IN THE A.J. CALDWEll SURVEY. ABSTRACT NO. 331, AND THE J.L BYAS SURVEY, ABSTRACT NO. 180. CITY OF COLlEYVlLlE. TARRANT COUNTY. TEXAS. AN:DBEING MORE PARTICULARLY DESCRIBED AS FOLLOWS: BEGINNING AT A TXDOT MONUMENT FOUND IN THE PRESENT NORTHWEST RIGHT .()F.WA Y UNE OF COLLEYVtLLE BOULEVARD (STATE HIGHWAY 26). A VARIABLE WIDTH PUBLIC RIGHT..oF.WAY AS ESTABLISHED BY DEED TO THE STATE OF TEXAS, RECORDED IN INSTRUMENT NO. 0206189911. DEED RECORDS, TARRANT OOONTY. TEXAS, SAID POINT AlSO BEING liN THE SOUTH UNE OF STEMBRIDGE ADDmON, AN ADOfTION TO THE CITY OF COLLEYVItLE, TARRANT COUNTY, TEXAS, ACCORDING TO THE PLAT THEREOF REOORDED IN CABINET B. SUDE 2870. MAP RECORDS Of SAID COUNTY; THENCE SOUTH 30.03'11" \NEST, ALONG THE NORTHWEST LINE OF SAID COUEYVlLLE BOULEVARD (STATE HIGHWAY 26). A DISTANCE OF 190.53 FEET TO A 112" IRON ROD WITH vellOW PlASllC CAP STAMPED "R.P.LS. 5310" seT FOR CORNER; THENCE SOUTH 32"'18'37" 'WEST, ALONG SAID NORTHWEST UNE, A DISTANCE OF 145.28 feET TO A 112'" IRON ROD WITH YELLOW PlASTtC CAP STAMPED "R.P.LS. 5310" SET FOR CORNER AT THE BEGINNING OF THE TRANSITIONAL RIGHT'()F-WAY LINE OF THE NORTHWEST LINE Of SAID COLLEYV1LLE 8OULEVARD(STATE HIGHWAY 26) AND THE NORTHEAST RIGHT'()F-WAY UNE Of HARDAGE LANE. A60'WDE PUBUC RIGHT-oF-WAY; THENCE SOUTH 59"51'12" MST, A DISTANCE OF 30.32 FEET TOA TXDOT MONUMENT FOUND IN THE NORTHEAST LINE OF SAID HARDAGE LANE; THENCE NORTH se-41'23. YVEST. ALONG SAID NORTHEAST UNE, A DtSTANCE OF 255.18 FEET TO A 1/2" IRON ROO WITH YElLOW PlASTIC CAP STAMPED "RP.LS. 5310" SET AT THE SOUTH CORNER Of LOT 9, PECAN PARK ESTATES, AN ADDITION TO THE CITY OF COLLEYVtLlE. TARRANT COUNTY, TEXAS, ACCORDING TO THE PLAT THEREOF RECORDED IN VOLUME 388-120, PAGE 69, MAP RECORDS OF SAID COUNTY, FROM WHICH A 112" 'RONROD FOUND FOR REFERENCE BEARS SOUTH 76"06'41" 'MEST. A Of STANCE OF 0.60 FEET; THENCE NORTH 30"21'00" EAST, ALONG THE SOUTHEAST UHE OF SAID LOT 9. A DISTANCE OF 305.65 FEET TO A 112" IRON PIPE FOUND AT AN INTERIOR ELL CORNER Of LOT 7 OF SAID PECAN PARK ESTATES; THENce SOUTH 70"52'26" EAST, A DISTANCE Of 171 JP FEET TO A 518"' IRON ROD FOUND AT THE MOST SOUTHERN SOUTHEAST CORNER OF SAID LOT 7. SAID POINT ALSO BEING THE MOST SOUTHERN SOUTHVVEST CORNER OF lOT 1. BLOCK 1 OF SAlD STEMBRIDGE ADDITION; THENCE SOUTH 7r02'OO" EAST, PASSING AT A DISTANCE Of 105.89 FEET A 1/2"IRON ROD FOUND FOR REFERENCE AT THE SOUTH CORNER OF SAID lOT 1. AND CONTINUING FOR A TOTAL DISTANCE Of 108.84 FEET TO THE PLACE Of BEGINNING AND CONTAINING 2.087 ACRES Of LAND. :~~;::;~'~( j ltr;. ."~'~>l.. ,.HiM. \:'tlA"6 , I'"'.'I;.lltf!af'i";::NU.i,: l(.~ "i~r.lU'"" ~~~~T~~ -~! 1 =~~,^"..I""""'~ L&~"'~~"" . "' I I .,~ ~ .::' >~ :~j 1" (.J i ~i I n ~1 } I '. >>, , ":'I'..;n. Ht..?;, ~: ~I tr i> ". Exhibit C -Conceptual Site Plan -i-- I' -- I "'"j -- '\ - - . :: ~>,. 'Ct<..-:'1-....-, aou:. 1-1'~ '~ ~..~ _ ! !"':I4eIiI~~~'3'_~li -''t~~I~r~ .t'~ ~ lil . "d-~J _ "" ~ ~.' _ . ~ r;r \ . Fe..~ - ~>- -;t..", ...>~. 'J" \ ....,.~f..,.. t,.,. -_ <::.:'~ r- ~ J:~~\r ':M- "''! f_ - :: ': ,,, .,J''t I --- - ~l'~~'i"~~-"; "" "'l'~~ . r \ I ----- _"'...::~ ~ w ':;.';-- (....-J..~ .- ~ ~ '-...~~ ",:.' I "'>~"""I' "'l'~_, ,,!<~'. - ~ I ~"""'I~'1I4 ~.:t> " ....".{ ~r:--""" ,.......... i :.__ ~""".:.,-...~._. wr-..,',ul....-- ~'~_ ~.ActC',~~_~~ --_... *"-"..; _~:ii ---'-->--'I~-'l-------'--"\ I ~~ l. ~. .-1....\.1 ) ~:fi. . ,,1 t ~ ;;(~~ 'j~1 ~~ ~}; ') " .~ f" 1'1 ) Exhibit D -Exterior Building Elevations '~ \' ,t. ,.~ \ . .._--~"--~ ! . 06114 Lil1L,iLl LfIJ , !" ,,' "I' , 1 -,..' .; z:-.,!;-.... . ~.!:.,tt. ~,,-!'flooIIl';.1 I "',""" .,,, " j .....,.... , ~ ' - Ll=1-- :!, S!D:::j:LI:V,~TIOti kAU'. tot' ~ '-" !oT'X-C<"~ ~ ~ R.EAR. ELEvA"'-ION "'-.IILa. I....."""'" ",1fW"..t'~~ , 88 1-- ,S>, IQE_ :::LEV,~!Q.N ""...-IOU!,'I,"i"-; '..c" i~ ~ . . l j~l . l' , i"j irl .' _U J.. ,:',,-..r<.-(' -,,':;-";::>:'1<0 -:~.:.r.E ,,!-"C,q, r-RONT ELEVA TI ON ~.... - .=;.:;:;;=-.-:....-~-::-......;;.;."..=.-..,=:;;..;.= ~II......,.. 1" I. ~ , .~ ;.~ ~ ~. ~:<'....:; .r"rll: 'C o o CITY OF COLLEYVILLE, TEXAS $4,575,000 GENERAL OBLIGATION BONDS, SERIES 2007 TABLE OF CONTENTS TAB PREUWN.A:RY OFFIOAL STA1EMENT' ......................................................................... 1 GENERAL OBUGATION BOND RATING RESULTS AND REpORTS ............................ 2 - Standard & Poor's Rating Services - Underlying "AA+" - Fitch Ratings - Underlying" AA +" BID TABULATIONS ......................................................................................................... 3 QJRRENT' & I-IrSTORI CAL INfEREST RA 1ES ............................................................................ 4 FINAL FINANOAL SaiEDULES..................................................................................... 5 '" '" ;; - E 5'.~ o. .::; "Cl ;' 0 .~ - - '- ~ t.~ -... - ,-~ ] ~. f '- C " " c :: ~o::: _'- ~ .g ~ :; c ~ :: ';:1 -= ~ ~:~ ",. ~-E~ ..... :... :J - ,..., ". c .: :.l C. ~ ':::: E 0 ti -:--'~ '5] :; '- '- - ~~~ t:~~ ].~ ~ t: ; ~ 'n (.,I C :e ~ .E ;: ~ ~ ~ s.; ;:! ~ p; f= .r: : '" .;:: ; e ; ",0.;: s >. c:.. ",'-- ~.~ ~ ; .~ ~ = "E ; - Q.. ~ S:~.Q '';: :: "0 ""....-:: "5-:; ~ r-)~ .; ,-~E~ ... c ~ .~ ~ ~ .g' ~ ~ .~.~ ~ ~ .... J... J... ':J .~ "''''= .= c: 0 ",:=;;;;J,.:: = " ~ ': E ;;; ~~~ = =: .... .s!.: .:: ~ = = - .- .-. .~ t ~ .5.~ ~ ~ ~.~ "'0 .~ t. c _ ::: e.:: c: .. ~ ~ .~ j:: ..... .- ~ ~:~ ~~~ .B ~ t t;:;'-'- c~~ ~':'; ~ .. E .. .: '=: ::. E ~ ::' =-=~ ~E~ - ; ~ r'o'C" '" ~Q.5 PRELIMINARY OFFICIAL STATEMENT 1 I Dated: February 26, 2007 NEW ISSUE - Bool{-Entry-Only Ratings: S&P: Applied for Fitch: Applied for (See "Other Information - Ratings" herein) In the opinion of Bond Counsel, interest on the Bonds will be excludable from gross income for federal income tax purposes under existing law, subject to the mailers described under "TAX MA"lTERS - Tax Exemption" herein, including the alternative minimum tax on corporations. TI-IE BONDS WILL BE DESlGNATED AS "QUALIFIED TAX-EXEMPT BONDS" FOR FINANCIAL INSTITUTIONS $4,575,000* CITY OF COLLEYVILLE, TEXAS (Tarrant County) GENERAL OBLIGA TION BONDS, SERIES 2007 Dated Date: March 1,2007 Due: February IS, as shown below PA YMENT TERMS. . . Interest on the $4,575,000* City of Colleyville, Texas, General Obligation Bonds. Series 2007 (the "Bonds") will accrue Ii'om March I, 2007 (the "Dated Date") and will be payable February 15 and August l5 of each year commencing February 15, 2009, and will be calculated on the basis of a 360-day year consisting of twelve 30-day months. The definitive Bonds will be initially registered and delivered only to Cede & Co., the nominee of The Depository Trust Company ("DTC") pursuant to the Book-Entry-Only System described herein. Beneficial ownership of the Bonds may be acquired in denominations of $5,000 or integral multiples thereof. No physical delivery of the Bonds will be made to the beneficial owners thereof. Principal of, premium, if any, and interest on the Bonds will be payable by'the Paying Agent/Registrar to Cede & Co., which will make distribution of the amounts so paid to the participating members of DTC for subsequent payment to the beneficial owners of the Bonds (see "THE BONDS - Book-Entry-Only System" herein). The initial Paying Agent/Registrar is Bank of New York Trust Company, N.A., Dallas, Texas (see "THE BONDS - Paying Agent/Registrar"). AUTHORITY FOR ISSUANCE. . . The Bonds are issued pursuant to the Constitution and general laws of the State of Texas (the "State"), including paIiicularly V.T.C.A., Government Code, Chapter 133l, as amended, and an election held on February 5, 2005, and are direct obligations of the City of ColleyvilIe, Texas (the "City"), payable from a continuing annual ad valorem tax levied on all taxable property within the City, within the limits prescribed by law, as provided in the ordinance authorizing the Bonds (the "Bond Ordinance")(see "THE BONDS -Authority for Issuance for the Bonds"). PURPOSE. . . Proceeds from the sale of the Bonds will be used to (i) finance public safety facilities and equipment (Central Fire Station improvements, firefighting equipment and outdoor warning sirens) including the acquisition of land for such facilities and (ii) pay costs associated with the issuance of the Bonds. CUSIP PREFIX: 194621 MATURITY SCHEDULE & 9 DIGIT CUSIP See Schedule on Page 2 LEGALITY. . . The Bonds are offered for delivery when, as and if issued and received by the Underwriter(s) and subject to the approving opinion of the Attorney General of Texas and the opinion of Fulbright & Jaworski L.L.P., Bond Counsel, Dallas. Texas (see Appendix C, "Form of Bond Counsel's Opinion of the Bonds"). DELIVERY. . . It is expected that the Bonds will be available for delivery through The Depository Trust Company on April 10, 2007. * Preliminary. subject to change MATURITY SCHEDULE* CUSIP Prefix: \9462\ (I) 15-Feb Price or CUSIP 15-Feb Price or CUSIP C Amount Maturity Rate Yield Suffix Amount Maturity Rate Yield Suffix $ 50,000 2/15/2009 $ l50,000 2/15/2019 50,000 2/15/20 I 0 150,000 2/15/2020 50,000 2/15/20 II 415,000 2/15/2021 50,000 2/15/2012 435,000 2/15/2022 50,000 2/15/2013 455,000 2/15/2023 50,000 2/15/20 14 480,000 2/15/2024 150,000 2/15/20 I 5 505,000 2/15/2025 150,000 2/15/2016 530,000 2/15/2026 150,000 2/1 5/20 17 555,000 2/15/2027 150,000 2/ I 5/2018 (Accrued Interest from March \, 2007 to be added) (I) CUSIP is a registered trademark of the American Bankers Association. CUSIP data herein is provided by Standard and Poor's CUSIP Service Bureau, a division of The McGraw-Hili Companies, lnc. This data is not intended to create a database and does not serve in any way as a substitute for the CUSIP services. 10 , I OPTIONAL REDEMPTION. . . The City reserves the right, at its option, to redeem Bonds having stated maturities on and after February l5, 2018, in whole or in part in principal amounts of $5,000 or any integral multiple thereof, on February 15, 2017, or any date thereafter, at the par value thereof plus accrued interest to the date of redemption (see "THE BONDS - Optional Redemption"). * Preliminary, subject to change .0 2 o o o 1"01' pl/rposes 'if complial/ce lI'ith RI/le 15c2-12 0/ the Secl/rities and Exchange Commission, as amended and in e.tfect on the date hereof this docl/ment constill/tes all Official Statement of the City with respect to (he Bonds that has been "deemed.final" hy the Cit.!' as qf its date except/or the omission qfno more than the illformation permitted by RI/le 15c2-12. No dealer. broker, salesman 01' otllf;r person has been al/thorized by the City or the Purchasers to give any il/formatiol/, 01' to make any represelltatiollS OIher than those contained in this Q[ficial Statement, and, if given 01' made, sl/ch other in/ormatiOlI or representations nll/stllOt be relied I/pon as having been al/thorized hy the City 01' the Underwriters. 7his QfJicial Statement does not constitl/te (m qtfer to sell Bonds in any jurisdiction to any person to whom it is I/nlall;fulto make sl/ch q{fer in sl/chjl/risdiction. 77w PI/rchasers have provided the folloll'ing sentence for incll/sion in this Official Statement. The Purchasers hO\'e reviell'ed the illformation in this QfJicial Statemenl in accordance with, and as part q(. its responsibilities to investors under the federal secl/rities 1011'S as applied to the facts and circumstances qf this t/'Onsaction. but the Purchasers do not guarantee the accuracy 01' completeness qf such il/formatioll. Certaill illformalion setforth herein has been obtainedfromthe City and other sources which are beliel'ed to be reliable but is not gua/'Onteed as to accl/racy or completeness, and is not to be constmed as a representation by the Financial Advisor. Any ii/formation and expressions a/opillion herein calltained are sl/bjectto change withoutnolice, and neither the delivel)' of this Official StalementllOr any sale made hereunder shall. under an)' circl/mstances. create any implication that there has been no change in the affairs 0/ the City or other mallel'S descrihed herein since the date hereq{ IN CONNECTION WITH THE OFFERING OF THE BONDS, THE PURCHASERS MAY OVER-ALLOT OR EFFECT TRANSACTIONS W/-lIC/-l S7iIBILlZE OR MAIN7illN THE MARKET PRICES OF THE BONDS AT A LEVEL ABOVE THAT WHICH MIGHT OTHERWISE PREVAIL IN THE OPEN MARKET. SUCH STABILIZING, IF COMMENCED, MA Y BE DISCONTINUED AT ANY TIME. THE /JONDS ARE EXEMPT FROM REGISTRATION WITH THE SECURlTIES AND EXCHANGE COMMISSION AND CONSEQUENTL}' !fA I'E NOT BEEN REGISTERED THEREWITH. THE REGISTRATION, QUALIFICATION, OR EXEMPTION OF THE BONDS IN ACCORDANCE fVITl-I APPLICABLE SECURITIES LAW PROVISIONS OF THE JURISDICTION IN WHICH THESE BONDS HAVE BEEN REGISTERED OR EXEMPTED SHOULD NOT BE REGARDED AS A RECOMMENDATION THEREOF. NEITHER HIE C1T1' NOR THE FINANCIAL ADVISOR MAKES ANY REPRESENTATION OR WARRANTY WITH RESPECT TO THE INFORIHA nON CONTAINED IN TliIS OFFICIAL STATEMENT REGARDING THE DEPOSITORY TRUST COMPANY OR ITS BOOK-ENTRY-ONLY SYSTEM IN CONNECTION WITH THE OFFERING OF THE BONDS, THE UNDERWRITERS MAY OVER-ALLOT OR EFFECT TRANSACTIONS WHICH STABILIZE OR MAINTAIN THE MARKET PRICES OF THE BONDS AT A LEVEL ABOVE THAT WHICH MIGHT OTHERWISE PREVAIL IN THE OPEN MARKET. SUCH STABILIZING, IF COMMENCED, MAY BE DISCONTINUED AT ANYTIME. TABLE OF CONTENTS OFFICIAL STATEMENT SUMMARY.........................4 CITY OFFICIALS, STAFF AND CONSULTANTS.....6 ELECTED OFFiCiALS....... .............................................6 SELECTED ADMINISTRATIVE STAFF .........................:...6 CONSULTANTS AND ADVISORS ....................................6 INTR 0 DUCT ION .............................................................7 TH E BON DS ..................................................................... 7 TAX INFORMA TION....................................................ll TABLE I - VALUATION, EXEMPTIONS AND GENERAL OBLIGATION DEBT...........................................15 TABLE 2 - TAXABLE ASSESSED V ALUA TIONS BY CATEGORY ......................................................l6 TABLE 3 - V ALUATION AND GENERAL OBLIGATION DEBT HISTORY ................................................17 TABLE 4 - TAX RATE. LEVY AND COLLECTION I-lISTOR Y I 7 TABLE 5 - TEN LARGEST TAXPAYERS ........................17 TABLE 6 - TAX ADEQUACY(ll.....................................18 T AI3LE 7 - ESTIMATED OVERLAPPING DEI3T ...............18 D EUT INFO RM A TI ON .................................................19 TABLE 8 - PRo-FORMA GENERAL OBLIGATION DEI3T SERVICE REQUIREMENTS .................................19 TABLE 9- AUTHORIZED BUT UNISSUED GENERAL OBLIGATION BONDS ........................................20 TAI3LE 10-INTEREST AND SINKING FUND BUDGET PROJECTIONS.................................................. .20 TABLE II-OTHER OBLIGATIONS .............................20 FINANCIA L INFORMA TION......................................2 t TABLE 12 - CHANGE IN NET ASSETS .........................21 TABLE l2A - GENERAL FUND REVENUES AND EXPENDITURE HISTORy................................... 22 TABLE l3 - MUNICIPAL SALES TAX HiSTORy............ 23 TABLE l4 - CURRENT INVESTMENTS .........................25 TAX MATTERS .............................................................25 CONTINUING DISCLOSURE OF INFORMATION 27 OTHER INFORMATION ............................................. 28 RATINGS ................... ............................ ......... .......... 28 LITIGATION ................. ... ..........................................28 REGISTRATION AND QUALIFICATION OF BONDS FOR SALE............................................................... 28 LEGAL INVESTMENTS AND ELIGIBILITY TO SECURE PUBLIC FUNDS IN TEXAS ................................. 29 LEGAL MATTERS ...................................................... 29 FINANCIAL ADVISOR ...... ................. ... ............ ..... ..... 29 UNDERWRITING FOR THE BONDS............................... 30 FORWARD-LOOKING STATEMENTS DISCLAIMER.............................................................. 3 () MISCELLANEOUS ...................................................... 30 APPENDICES GENERAL INFORMATION REGARDING TIlE CITy......... A EXCERPTS FROM THE ANNUAL FINANCIAL REPORT... B FORM OF BOND COUNSEL'S OPINION ....................... C The cover page hereof. this page, the appendices included herein and an)' addenda. supplement or amendment hereto. are part ofthe Oflicial Statemenl. 3 o o o This summary is subject in all respects to the more complete information and definitions contained or incorporated in this Onicial Slatement. The ofTering of the Bonds to potential investors is made only by means of this entire Orncial Statement. No person is authorized to detach this summary from this Official Statement or to otherwise use it without the entire Onicial Statement. TilE CITy..................................... The City of Colleyville, Texas (the "City"), is a political subdivision and Illunicipal corporation of the State of Texas (the "State"), located in Tarrant Cuunty, Texas. Thc City covers approximately 13 square miles (see "INTRODUCTION - Description of City''). TIlE BONDS .................................. The Bonds are issued as $4,575,000* General Obligation Bonds, Series 2007 (the "Bonds"). The Bonds are issued as serial Bonds maturing February IS. 2009 through February 15, 2027 (see "TI-IE BONDS - Description of the Bonds"). PAnlENTOF INTEnEST ............... Interest on the Bonds accrues fi'om March 1,2007, and is payable February 15,2008 and each February 15 and August 15 thereafler until maturity or prior redemption (see "THE BONDS - Description of the Bonds" and "THE BONDS - Optional Redemption"). AUTIIOnlTY Fan ISSUANCE.......... The Bonds are issued pursuant to the Constitution and general laws of the State, including particularly V.T.C.A., Government Code, Chapter 1331, as amended, and an election held on February 5, 2005, and an ordinance passed by the City Council of the City (the "Bond Ordinance") (see "THE BONDS-Authority for Issuance of the Bonds"). SECUIHTY nm TIlE BONDS .......................................... The Bonds constitute direct obligations of the City, payable from the levy and collection of an annual ad valorem tax, within the limits prescribed by law, on all taxable property within the City, and as provided in the ordinance authorizing the Bonds (the "Ordinance") (see "T1-IE BONDS - Security and Source of Payment"). REDEMPTION ............................... The City reserves the right, at its option, to redeem Bonds having stated maturities on and after February 15, 2018, in whole or in part in principal amounts of $5,000 or any integral multiple thereof, on February 15, 20 l7 or any date thereafter, at the par value thereof plus accrued interest to the date of redemption (see "THE BONDS - Optional Redemption"). TAX EXEJ\IPTlON .......................... ln the opinion of Bond Counsel, the interest on the Bonds will be excludable from gross income for federal income tax purposes under existing law, subject to the matters described under the caption "TAX MAITERS" herein, including the alternative minimum tax on corporations. USE OF PnOCEEDS FOn TI-IE BONDS .......................................... Proceeds from the sale of the Bonds will be used to (i) finance public safety facilities and equipment (Central Fire Station improvements, firefighting equipment and outdoor warning sirens) including the acquisition of land for such facilities, and (ii) pay the costs associated with the issuance of the Bonds. RATINGS ...................................... The underlying rating for the outstanding tax supp0l1ed debt of the City is rated "AA+" by Standard & Poor's Ratings Services, a division of The McGraw-Hili Companies, Inc. ("S&P"), and "AA+" by Fitch Ratings ("Fitch"). The City also has several issues outstanding which are rated "AAA" by S&P, "AAA" by Fitch and "Aaa" by Moody's through insurance by various commercial insurance companies. Application for contract ratings on the Bonds has been made to S&P and Fitch (see "OTHER INFORMATION - Ratings"). Bool<-ENTnY-ONL.Y SYSTEM ........................................ The definitive Bonds will be initially registered and delivered only to Cede & Co.. the nominee of DTC pursuant to the Book-Entry-Only System described herein. Beneficial ownership of the Bonds may be acquired in denominations of $5,000 or integral mulliples thereof. No physical delivery of the Bonds will be made to the beneficial owners thereo!". Principal of, premium, if any, and interest on the Bonds will be payable by the Paying Agent/Registrar to Cede & Co., which will make distribution of the amounts so paid to the participating members of DTC for subsequent payment to the beneficial owners of the Bonds (see "THE BONDS - Book-Entry-Only System"). PA nlENT RECOnI> ...................... The City has never defaulted in payment of its general obligation tax debt. * Preliminary, subject to change 4 Net G.O. Ratio of Net Net Fiscal Taxable Tax Debt G.O. Tax Debt G.O. Tax Year Taxable Assessed Outstanding to Taxable Debt Ended Estimated Assessed Valuation at End Assessed Per 9/30 Population( I) Valuation Per Capita of Year Valuation Capita 0 2003 20,150 $ 2,367,034,645 $ 117,47\ $ 13,820,000 0.58% $ 686 2004 20,500 2,580,481,625 125,877 12,925,000 0.50% 630 2005 21,000 2,652,596,865 126,3l4 1\,995,000 0.45% 57\ 2006 21,500 2,858,34\ ,730 \32,946 10,665,000 0.37% 496 2007 22,150 3,003,301,907 135,589 13,850,000 0.46% 625 ( I) Source: City starr. GENERAL FUND CONSOLIDATED STATEMENT SUMMARY Fiscal Year Ended September 30, 2007 (I) 2006 2005 2004 2003 Beginning Balance $ 7,309,745 $ 6,850,73l $ 5,356,457 $ 6,440,152 $ 6,022,133 Total Revenues 16,133,126 15,395,l56 14,360,462 12,641.024 12,297,561 Total Expenditures 16,422,972 l4,936,342 13,777,997 14,809,043 11,879,542 Net Transfers ( 144,596) 259,014 582,465 (1,083,695) 418.019 Net Funds Available 7,165,149 7,309,745 6,850,73l 5,356,457 6,440,152 Ending Balance $ 7,309,745 $ 7,568,759 $ 7,433,196 $ 4,272,762 $ 6,858,17l ( I) Unaudited. For additional information regarding the City, please contact: o Terry Leake Director of Finance City ofColleyville 100 Main Street Colleyville, Texas 76034 (817) 503-1015 or James S. Sabonis Maria Urbina First Southwest Company 325 North Saint Paul, Suite 800 Dallas, Texas 7520 I (2l4) 953-4000 o ~ ELECTED OFFICIALS Length of Term City Council Service(l) Expires OCClIllatioll 0 David Kelley 1 1/2 Years May-O? Certified Pinancial Planner Mayor Jon Ayers 3 1/2 Years May-08 Attorney Mayor Pro Tem/ COllncilmember George Boll I 1/2 Years May-O? , Attorney COllncilmember/ Place I Tony Licata I l/2 Years May-O? Management Consultant COllncilmember/ Place 2 Rich Hendler 4 1/2 Years May-08 Sales Manager Councilmember/ Place 3 Tom Hart 2 1/2 Years May-09 Fraud lnvestigator Councilmember/ Place 5 Mike Taylor 1/2 Year May-09 President/CEO of Rev.Tech. COllncilmember/ Place 6 SELECTED ADMINISTRATIVE STAFF Length of Years in City Name Position Service Government 0 Bill Lindley City Manager 5 Years 25 Years Dal Anderson Deputy City Manager 5 Months 12 Years Terry Leake Director of Finance 16 Years 22 Years Cynthia Singleton City Secretary 6 Years 9 Years Matthew Boyle City Attorney 2 Years 10 Years CONSlILTANTS AND ADVISORS Aud itors .... ...... ........ ..... .............. .... ..... .... ................................ ............................. ......... .... ............... .... Pati 110, Brown & Hi I I, L. L.P. Waco, Texas Bond CounseL...... ........ ................ .... ...... ......... .......................... ........... ...... ................... ................... ...... PlIlbright & Jaworski L.L. P. Dallas. Texas Financial Ad visor.. ...... ........... ................ .......... ........ ............................ .... .............. ........... ........ ....... ...... .... Pirst Southwest Company Dallas, Texas o (., o o o RELA TING TO $4,575,000* CITY OF COLLEYVILLE, TEXAS GENERAL OBLIGATION BONDS, SERIES 20U7 INTRODUCTION This Official Statement, which includes the Appendices hereto, provides certain information regarding the issuance of $4.575,000* City of Colleyville, Texas, General Obligation Bonds, Series 2007 (the "Bonds"). Capitalized terms used in this Omcial Statement have the same meanings assigned to such terms in the ordinance (the "Ordinance") to be adopted by the City Council (as hereinafler defined) on the date of sale of the Bonds which will authorize the issuance of the Bonds, except as otherwise indicated. There follows in this Official Statement descriptions of the Bonds and certain information regarding the City of Colleyville, Texas (the "City") and its finances. All descriptions of documents contained herein are only summaries and are qualified in their entirety by reference to each such document. Copies of such documents may be obtained from the City's Financial Advisor, First Soulhwest Company, Dallas, Texas. DESCRIPTION OF TIlE CITY. . . The City is a political subdivision and municipal corporation of the Stale, duly organized and existing under the laws of the State, including the City's Home Rule Charter. The City first adopted its Home Rule Charter in 1977 and last amended it in May 2005. The City operates under a Council/Manager form of government with a City Council comprised of the Mayor and five Councilmembers who are elected for staggered three-year terms. The City Manager is the chief administrative officer for the City. Some of the services that the City provides are: public safety (police and fire protection), highways and streets, electric, water and sanitary sewer utilities, health and social services, culture-recreation, public transportation. public improvements, planning and zoning, and general administrative services. The 2000 Census population for the City was 19,636, while the estimated 2006 population was 21,700. The City covers approximately 13 square miles. THE BONDS DESCRIPTION. . The Bonds are dated March l, 2007, and mature on February 15 in each of the years and in the amounts shown on page 2 hereof. Interest will be computed on the basis of a 360-day year of twelve 30-day months, and will be payable on February 15 and August 15 of each year, commencing February 15, 2008. The definitive Bonds will be issued only in flllly registered form in any integral multiple of $5,000 for anyone maturity and will be initially registered and delivered only to Cede & Co., the nominee of The Depository Trust Company ("DTC") pursuant to the Book-Entry-Only System described herein. No. physical delivery of the Bonds will be made to the beneficial owners thereof. Principal of, premium, if any, and interest on the Bonds will be payable by the Paying Agent/Registrar to Cede & Co., which will make distribution of the amounts so paid to the participating members of DTC for subsequent payment to the beneficial owners of the Bonds (see "THE BONDS - Book- Entry-Only System"). AllTIIORITY FOR ISSUANCE. . . The Bonds are being issued pursuant to the Constitution and general laws of the State of Texas, particularly V.T.C.A., Government Code, Chapter 133l, as amended, and an election held on February 5, 2005, and are direct obligations of the City, payable from an annual ad valorem tax levied on all taxable property within the City, within the limits prescribed by law, as provided in the ordinance authorizing the Bonds (the "Bond Ordinance"). SECURITY AND SOURCE OF P A YJ\'IENT. . . The Bonds are payable from the proceeds of an annual ad valorem tax levied, within the limits prescribed by law, on all taxable property within the City. TAX RAn LIJ\lITATION... All taxable property within the City is subject to the assessment, levy and collection by the City ofa continuing annual ad valorem tax sufficient to provide for the payment of principal of and interest on all ad valorem tax debt within the limits prescribed by law. Article Xl, Section 5, of the Texas Constitution is applicable to the City, and provides for a maximum ad valorem lax rate 01'$2.50 per $100 Taxable Assessed Valuation for all City purposes. The I-Iome Rule Charter of the City adopts the constitutionally authorized maximum tax rate of $2.50 per $100 Taxable Assessed Valuation. Administratively, the Attorney General of the State of Texas will permit allocation of the $1.50 of the $2.50 maximum tax rate for all general obligation debt service, as calculated at the time of issuance. OPTIONAL REDEJ\lPTION. . . The City reserves the right, at its option, to redeem Bonds having stated maturities on and afler Pebruary 15. 2018. in whole or in part in principal amounts of $5,000 or any integral multiple thereof: on Pebruary 15, 2017, or any dale thereafter, althe par value thereof plus accrued interest to the date of redemption. I I' less than all of the Bonds are lo be redeemed. the City may select the maturities of Bonds to be redeemed. lf less than all the Bonds of any maturity are to be redecmed. the Paying Agent/Registrar (or DTC while the Bonds are in Book-Entry-Only form) shall determine by lot the Bonds. or portions thereof: within such maturity to be redeemed. If an Obligation (or any portion of the principal sum thereof) has been called lor redemption and notice of such redemption has been given, such Obligation (or the principal amount thereof to be * Preliminary. subject to change 7 redemption date. provided funds for the payment of the redemption price and accrued intcrest thercon are held by the Paying Agent/Registrar on the redemption date. o NOTICE OF REI)E~II'T10N. . . Not less than 30 days prior to a redemption date for the Bonds. the City shall cause a notice of redcmption to be sent by Unitcd States mail, first class, postage prepaid, to the registered owners of the Bonds to be redeemed, in wholc or in part, at the address of the registered owner appearing on the registration books of the Paying Agent/Registrar at the close of business on the business day next preceding the date of mailing such notice. ANY NOTICE SO MAILED SHALL BE CONCLUSIVELY PRESUMED TO HAVE BEEN DULY GIVEN, WHETHER OR NOT THE REGISTERED OWNER RECEIVES SUCH NOTICE. NOTICE l-IA VING BEEN SO GIVEN, THE BONDS CALLED FOR REDEMPTION SHALL BECOME DUE AND PAYABLE ON TI-IE SPECIFIED REDEMPTION DATE, AND NOTWITHSTANDING THAT ANY BOND OR PORTION THEREOF HAS NOT BEEN SURRENDERED FOR PAYMENT, INTEREST ON SUCH BOND OR PORTION THEREOF SHALL CEASE TO ACCRUE. DEFEASANCE. ., The Ordinance provides For the defeasance of the Bonds when the payment of the principal of and premium, if any. on the Bonds, plus interest thereon to the due date thereof (whether such due date be by reason of maturity. redemption. or otherwise). is provided by irrevocably depositing with a paying agent or other authorized escrow agent. in trust (I) money sullicient 10 make such payment or (2) Government Securities, certified by an independent public accounting firm of national reputation to mature as to principal and interest in such amounts and at such times to insure the availability, without reinvestment. of suflicient money, together with monies deposited therewith, iF any, to make such payment. The Ordinance provides that "Government Securities" means (a) direct, noncallable obligations of the United States of America, including obligations that are unconditionally guaranteed by the United States of America, (b) noncallable obligations of an agency or instrumentality of the United States of America, including obligations that are unconditionally guaranteed or insured by the agency or instrumentality and that are rated as to investment quality by a nationally recognized investment rating firm not less than AAA or its equivalent, and (c) noncallable obligations of a state or an agency or a county, municipality, or other political subdivision of a state that have been reFunded and that are rated as to investment quality by a nationally recognized investment rating firm not less than AAA or its equivalent. Upon making such deposit in the manner described, such defeased Bond shall no longer be deemed outstanding secured by the ordinance authorizing its issuance, but will be payable only from the funds and Government Securities deposited into escrow and will not be considered debt of the City for purposes of taxation or applying any limitation on the City's ability to issue debt for any other purpose. c BOOK-ENTRY-ONLY SYSTEM. . . This section describes how ownership of the Bonds is to be transferred and how the principal of. premium, if any, and interest on the Bonds are to be paid to and credited by DTC, New York, New York, while the Bonds are registered in its nominee name. The information in this section concerning DTC and the Book-Entry-Only System has been provided by DTC for use in disclosure documents such as this Official Statement. The City believes the source of such information to be reliable, but takes no responsibility for the accuracy or completeness thereof. The City cannot and does not give any assurance that (l) DTC will distribute payments of debt service on the Bonds, or redemption or other notices, to DTC Participants, (2) DTC Participants or others will distribute debt service payments paid to DTC or its nominee (as the registered owner of the Bonds), or redemption or other notices, to tge Beneficial Owners, or that they will do so on a timely basis, or (3) DTC will serve and act in the manner described in this Official Statement. The current rules applicable to DTC are on file with the Securities and Exchange Commission, and the current procedures of DTC to be followed in dealing with DTC Participants are on file with DTC. DTC will act as securities depository for the Bonds. The Bonds will be issued as fully-registered securities registered in the name of Cede & Co. (DTC's partnership nominee) or such other name as may be requested by an authorized repl'esentative of DTe. One fully-registered Bond certificatee will be issued for each maturity of the Bonds, each in the aggregate principal amount of such maturity. and will be deposited with DTe. DTe. the world's largest depository, is a limited-purpose trust company organized under the New York Banking Law, a "banking organization" within the meaning of the New York Banking Law, a member of the Federal Reserve System, a "clearing corporation" within the meaning of the New York UniForm Commercial Code, and a "clearing agency" registered pursuant to the provisions or Section 17A of the Securities Exchange Act of 1934. DTC holds and provides asset servicing for over 2.2 million U.S. and lion-U.S. equity, corporate and municipal debt issues. and money market instruments from over 100 countries that DTC"s participants ("Direct Participants") deposit with DTe. DTC also facilitates the posHrade settlement among Direct Participants of sales and other securities transactions in deposited securities. through electronic computerized book-entry transfers and pledges between Direct Participants' accounts. This eliminates the need for physical movement of securities Bonds. Direct Participants include both U.S. and non-U.S. securities brokers and dealers, banks, trust companies, clearing corporations, and certain other organizations. DTC is a wholly-owned subsidiary of The Depository Trust & Clearing Corporation ("DTCC'). DTCC. in turn. is owned by a number of Direct Participants of DTC and Members of the National Securities Clearing Corporation, Fixed Income Clearing Corporation and Emerging Markets Clearing Corporation, (NSCe. FICe and EMCC, also subsidiaries of DTeC). as well as by the New York Stock Exchange, lnc., the American Stock Exchange LLC, and the National Associatioll of Securities Dealers, Inc. Access to the DTC system is also available to others such as both U.S. and non-U.S. o R o o !O I I I relationship with a Direct Participant, either directly or indirectly ("Indirect Participants"). DTC has Standard & Poor's highest raling: ^^A. The DTC Rules applicable to its Participants are on file with the Securities and Exchange Commission. More inlbrmation about DTC can be found at www.dtcc.col11 and www.dtc.org. Purchases of" Bonds under the DTC system must be made by or through Direct Participants, which will receive a credit Ibr thc Bonds on DTC's records. The ownership interest of each actual purchaser of cach Bond ("Beneficial Owner") is in turn to be recorded on the Direct and Indirect Participants' records. Beneficial Owners will not receive written confinnation from DTC of" their purchase. Beneficial Owners are, however, expected to receive written confirmations providing details of the transaction, as well as periodic statements of their holdings, from the Direct or Indirect Participant through which the Beneficial Owner entered into the transaction. Transf"ers of ownership interests in the Bonds are to be accomplished by entries made on the books of Direct and Indirect Participants acting on behalf of Beneficial Owners. Beneficial Owners will not receive certificates representing their ownership interests in Bonds, except in the event that use ofthe book-entry system Ibr the Bonds is discontinued. To 1l1cilitate subsequcnt transf"ers, all Bonds deposited by Direct Participants with DTC are registered in the name of" DTCs partnership nominec, Cede & Co., or such othcr name as may be requested by an authorized representative of DTC. The deposit of" Bonds with DTC and their registration in the name of Cede & Co. or such other DTC nominee do not efTect any change in beneficial owncrship. DTC has no knowledge of the actual Beneficial Owners of the Bonds; DTC's records reflect only the identity of" the Direct Participants to whose accounts such Bonds are credited, which mayor may not be the Beneficial Owners. The Direct and Indirect Participants will remain responsible for keeping account of their holdings on behal f" of their customers. Conveyance of notices and other communications by DTC to Direct Participants, by Direct Participants to Indirect Participants, and by Direct Participants and lndirect Participants to Beneficial Owners will be governed by arrangements among them, subject to any statutory or regulatory requirements as may be in effect from time to time. Beneficial Owners of Bonds may wish to take certain steps to augment the transmission to them of notices of significant events with respect to the Bonds, such as redemptions, tenders, defaults, and proposed amendments to the bond documents. For example, Beneficial Owners of Bonds may wish to ascertain that the nominee holding the Bonds for their benefit has agreed to obtain and transmit notices to Beneficial Owners_ In the alternative, Beneficial Owners may wish to provide their names and addresses to the registrar and request that copies of notices be provided directly to them. Redemption notices shall be sent to DTC. Ifless than all of the Bonds are being redeemed, DTC's practice is to determine by lot the amount of the interest of each Direct Participant in such issue to be redeemed. Neither DTC nor Cede & Co. (nor any other DTC nominee) will consent or vote with respect to Bonds unless authorized by a Direct Participant in accordance with DTC's Procedures. Under its usual procedures, DTC mails an Omnibus Proxy to the City as soon as possible after the record date. The Omnibus Proxy assigns Cede & Co.'s consenting or voting rights to those Direct Participants to whose accounts Bonds are credited on the record date (identified in a listing attached to the Omnibus Proxy). Redemption proceeds and principal and interest payments on the Bonds will be made to Cede & Co., or such other nominee as may be requested by an authorized representative of DTC. DTC's practice is to credit Direct Participants' accounts upon DTCs receipt of funds and corresponding detail infonnation from the City or the Paying Agent/Registrar, on the payable date in accordance with their respective holdings shown on DTC's records. Payments by Participants to Beneficial Owners will be governed by standing instructions and customary practices, as is the case with securities held for the accounts of customers in bearer form or registered in "street name," and will be the responsibility of such Participant and not of DTC nor its nominee, the City or the Paying Agent/Registrar, subject to any statutory or regulatory requirements as may be in effect from time to time. Principal and interest payments to Cede & Co. (or such other nominee as may be requested by an authorized representative of" DTC) is the responsibility of the City or the Paying Agent/Registrar, disbursement of such payments to Direct Participants will be the responsibility of DTC, and disbursement of such payments to the Beneficial Owners will be the responsibility of Direct and Indirect Participants. DTC may discontinue providing its services as depository with respect to the Bonds at any time by giving reasonable notice to the City or the Paying Agent/Registrar. Under such circumstances, in the event that a successor depository is not obtained, Bonds are required to be printed and delivered. The City may decide to discontinue use of the system of book-entry transfcrs through DTC (or a successor securities depository). In that event. Bond certificates will be printed and delivered. The inli.JI"ll1ation ill this section concerning DTC and DTC's book-entry system has becn obtained f"rom sources that City believes to be reliable. but City takes no responsibility for the accuracy thereof. Use of Certain Terms in Other Sections of this Official Statement In reading this Official Statement it should be understood that while the Bonds are in the Book-Entry Only System, references in other sections of" this Official Statement to registered owners should be read to include the person for which the Participant acquires an interest in the Bonds. but (i) all rights of" Q () o 10 to be given to registered owners under the Ordinance will be given only to DTC. 1 InllJl"lnation concerning DTC and the Book-Entry Only System has been obtained from DTC and is not guaranteed as to accuracy or completeness by. and is not to be construed as a representation by the Paying Agent/Registrar or the City. Effect of Termination of Bool{-Entry ani)' System In the event that the Book-Entry Only System is discontinued by DTC or the use of the Book-Entry Only System is discontinued by the City, printed Bonds will be issued to the holders and the Bonds will be subject to transfer, exchange and registration provisions as set forth in the Ordinance and summarized uuder "TI-IE BONDS - Transfer. Exchange and Registration" below. PAYING AGENT/REGISTRAR. . . The initial Paying Agent/Registrar is The Bank of New York Trust Company. N.A., Dallas, Texas. In the Ordinance. the City retains the right to replace the Paying Agent/Registrar. The City covenants to maintain and provide a Paying Agent/Registrar at all times until the Bonds are duly paid and any successor Paying Agent/Registrar shall be a commercial bank or trust company organized under the laws of the State of Texas or other entity duly qualilied and legally authorized to serve as and perllJl"lll the duties and services of Paying Agent/Registrar for the Bonds. Upon any change in the Paying Agent/Registrar for the Bonds, the City agrees to promptly cause a written notice thereof to be sent to each registered owner of the Bonds by United States mail, lirst class, postage prepaid, which notice shall also give the address of the new Paying Agent/Registrar. Interest on the Bonds shall be paid to the registered owners appearing on the registration books of the Paying Agent/Registrar at the close of business on the Record Date (delined below), and such interest shall be paid (i) by check sent United States Mail, lirst class postage prepaid to the address of the registered owner recorded in the registration books of the Paying Agent/Registrar or Oi) by such other method, acceptable to the Paying Agent/Registrar requested by, and at the risk and expense of. the registered owner. Principal of the Bonds will be paid to the registered owners at their stated maturity or prior redemption upon presentation to designated payment/transfer oflice by the Paying Agent/Registrar. If a date for the payment of principal and/or interest on the Bonds shall be a Saturday. Sunday. a legal holiday or a day when banking institutions in the city where the designated payment/transfer oflice of the Paying Agent/Registrar is located are authorized to close, then the date for such payment shall be the next succeeding day which is not such a day, and payment on such date shall have the same force and effect as ifmade on the date payment was due. TRANSFER, EXCHANGE AND REGISTRATION. . . ln the event the Book-Entry-Only System should be discontinued, printed Bonds will be issued to the registered owners of the Bonds and thereafter the Bonds may be transferred and exchanged on the registration books of the Paying Agent/Registrar only upon presentation and surrender of such printed Bonds to the Paying Agent/Registrar and such transfer or exchange shall be without expense or service charge to the registered owner, except for any tax or other governmental charges required to be paid with respect to such registration, exchange and transfer. Bonds may be assigned by the execution of an assignment form on the Bonds or by other instrument of transfer and assignment acceptable to the Paying Agent/Registrar. New Bonds will be delivered by the Paying Agent/Registrar, in lieu of the Bonds being transferred or exchanged, at the designated office of the Paying Agent/Registrar, or sent by United States mail, first class, postage prepaid, to the new registered owner or his designee. To the extent possible, new Bonds issued in an exchange or transfer of Bonds will be delivered to the registered owner or assignee of the registered owner in not more than three business days after the receipt of the Bonds to be canceled, and the written instrument oftransfer or request for exchange duly executed by the registered owner or his duly authorized agent, in form satisfactory to the Paying Agent/Registrar. New Bonds registered and delivered in an exchange or transler shall be in any integral multiple of $5,000 for anyone maturity and for a like aggregate principal amount as the Bonds surrendered for exchange or transfer. See "THE BONDS - Book-Entry-Only System" herein for a description of the system to be utilized initially in regard to ownership and transferability of the Bonds. Neither the City nor the Paying Agent/Registrar shall be required to transfer or exchange any Bond called for redemption, in whole or in paft, within 45 days of the date fixed for redemption; provided, however, such limitation of transfer shall not be applicable to an exchange by the registered owner of the uncalled balance of a Bond. RECORD DATE FOR INTEREST PAYMENT. . . The record date ("Record Date") for the interest payable on the Bonds on any interest payment date means the close of business on the last business day of the preceding month. In the event or a non-payment of interest on a scheduled payment date, and for 30 days thereafter. a new record date for such interest payment (a "Special Record Date") will be established by the Paying Agent/Registrar. if and when funds for the payment of such interest have been received from the City. Notice of the Special Record Date and of the scheduled payment date of the past due interest ("Special Payment Date", which shall be 15 days after the Special Record Date) shall be sent at least live business days prior to the Special Record Date by United States mail. lirst class postage prepaid, to the address of each Holder of a 130ml appearing on the registration books of the Paying Agent/Registrar at the close of business on the last business day next preceding the date of mailing of such notice. AMENI>~IENTS . . . The City may amend the Ordinance without the consent of or notice to any registered owner in any manner not detrimcntal to the interest of the registered owners. including the curing of any ambiguity inconsistency. or formal defect or omission therein. In addition. the City may, with the written consent of the holders of a majority in aggregate principal amount of the Bonds then outstanding and affected thereby, amend, add to, or rescind any oflhe provisions of the Ordinance; except that 10 o o o 1 ~ ...._._.._.. -- ._~_.~~.......... ......J ,OJ ............. any change in the maturity of any of the outstanding Bonds; (2) reduce the rate of interest borne by any of the outstanding Bonds; (3) reduce the amount of the principal or redemption premium. ifany, payable on any outstanding Bonds; (4) modifY the terms of payment or of interest or redemption premium on outstanding Bonds or any of them or impose any condition with respect to such payment; or (5) change the minimum percentage amount of the Bonds necessary to be held by registered owners for consent to such amendment. 1l0NDlIOLDERS' REMEIlIES. .. The Ordinance does not establish specific events of default with respect to the Bonds. Under State law there is no right to the acceleration of maturity of the Bonds upon the failure of the City to observe any covenant under the Ordinance. Although a registered owner of Bonds could presumably obtain a judgment against the City if a default occurred in the payment of principal of or interest on any such Bonds, such judgment could not be satisfied by execution against any property of the City. Such registered owner's only practical remedy, if a default occurs, is a mandamus or mandatory injunction proceeding to compel the City to levy, assess and collect an annual ad valorem tax sufficient to pay principal of and interest on the Bonds as they become due. The enforcement of any such remedy may be difficult and time consuming and a registered owner could be required to enforce such remedy on a periodic basis. The Ordinance does not provide for the appointment of a trustee to represent the interests of the bondholders upon any failure of the City to perform in accordance with the terms of the Ordinance, or upon any other condition and, accordingly, all legal actions to enforce such remedies would have to be undertaken at the initiative of, andlinanced by, the registered owners. On June 30, 2006, the Texas Supreme Court ruled in Tooke v. City of Mexia. 197 S. W. 3d 325 (Tex. 2006), that a waiver of sovereign immunity in a contractual dispute must be provided for by statute in "clear and unambiguous" language. Because it is unclear whether the Texas legislature has effectively waived the City's sovereign immunity from a suit for money damages, holders of the Bonds may not be able to bring such a suit against the City for breach of the Bonds or Ordinance covenants. Even if a judgment against the City could be obtained, it could not be enforced by direct levy and execution against the City's propelty. Further, the registered owners cannot themselves foreclose on property within the City or sell property within the City to enforce the tax lien on taxable property to pay the principal of and interest on the Bonds. Furthermore, the City is eligible to seek relief from its creditors under Chapter 9 of the U.S. Bankruptcy Code ("Chapter 9"). Although Chapter 9 provides for the recognition of a security interest represented by a specifically pledged source of revenues, the pledge of ad valorem taxes in SUPPOlt of a general obligation of a bankrupt entity is not specilically recognized as a security interest under Chapter 9. Chapter 9 also includes an automatic stay provision that would prohibit, without Bankruptcy Court approval, the prosecution of any other legal action by creditors or holders of the Bonds of an enlily which has sought protection under Chapter 9. Therefore, should the City avail itself of Chapter 9 protection from creditors, the ability to enforce would be subject to the approval of the Bankruptcy Court (which could require that the action be heard in Bankruptcy Court instead of other federal or state court); and the Bankruptcy Code provides for broad discretionary powers of a Bankruptcy Court in administering any proceeding brought before it. The opinion of Bond Counsel will note that all opinions relative to the enforceability of the Ordinance and Bonds are qualified with respect to the customary rights of debtors relative to their creditors. . SOURCES AND USES OF PROCEEDS, . . The proceeds from the sale ofthe Bonds will be applied approximately as follows: SOURCES OF FUNDS: Par Amount of Bonds Accrued lnterest Total Sources $ USES OF FUNDS: Costs of Issuance Deposit to Debt Service Fund Deposit to Project Construction Fund Total Uses $ TAX JNFORMA TION An VALORE~I TAX LAW. . . The appraisal of property within the City is the responsibility uf the Tarrant Appraisal District (the "Appraisal District"). Excluding agricultural and open-space land; which may be ta'(ed on the basis of productive capacity. the Appraisal District is required under the Texas Property Tax Code to appraise all property within the Appraisal District on the basis of 100%, of its market value and is prohibited from applying any assessment ratios. In deterlllining market value of property, different methods of appraisal may be used, including the cost method of appraisal, the income method of appraisal and market data comparison method of appraisal, and the method considered most appropriate by the chief appraiser is to be used. State law further limits the appraised value of a residence homestead for a ta'( year to an amount not to exceed the lesser oft I) the market value ofthe property, or (2) \1 o ..._ __.... __ ,__, __. ~ __ ~.._ __,........____ ._..__ __ "'.._ ,...o-t"-.",.! __0 ...- ..~- J-...... ... .......... uo_ ,.......t'-.....l .......... ...I...,........~-... ...... ...-............. ......-..... ....- number of years since thc propcrty was last appraised, plus (b) the appraised value of the property for the last year in which the propctty was appraised plus (c) the market value of all new improvements to the property. The value placed upon property within the Appraisal District is subjecl to rcview by an Appraisal Review Board, consisting of three members appointed by the Board of Directors of the Appraisal District. The Appraisal District is required to review the value of property within the Appraisal District at least cvery three years. The City may requirc annual review at its own expense, and is entitled to challenge the determination of appraised value of property within the City by petition filed with the Appraisal Review Board. 1 I Reference is made to the V.T.c.^-, Property Tax Code (the "Property Tax Code"), for identilication of property subject to taxation; property exempt or which may be exempted from taxation, if claimed; the appraisal of property for ad valorem taxation purposes; and the procedures and limitations applicable to the levy and collection of ad valorem taxes. Article VIII of the State Constitution ("Article VIIl") and State law provide for certain exemptions Ii-om property taxes, the valuation of agricultural amI open-space lands at productivity value, and the exemption of certain personal property from ad valorem taxation. Under Section I-b, Article VIII, and State law, the governing body of a political subdivision, at its option, may grant: (1) an exemption of not less than $3,000 of the market value of the residence homestead of persons 65 years of age or older and the disabled Ihlm all ad valorem taxes thereatler levied by the political subdivision; (2) an exemption of up to 20% of the market value of residence homesteads. The minimum exemption under this provision is $5,000. In the case of residence homestead exemptions granted under Section l-b, Article VIII, ad valorem taxes may continue to be levied against the value of homesteads exempted where ad valorem taxes have previously been pledged for the payment of debt if cessation of the levy would impair the obligation of the contract by which the debt was created. State law and Section 2, Article VIII, mandate an additional property tax exemption for disabled veterans or the surviving spouse or children of a deceased veteran who died while on active duty in the armed forces; the exemption applies to either real or personal property with the amount of assessed valuation exempted ranging Ii'om $5,000 to a maximum 01'$12,000, Under Article VlII and State law, the governing body ofa county, municipality or junior college district may provide for a freeze on total amount of ad valorem taxes levied on the residence homestead of a disabled person or persons 65 years of age or older above the amount of tax imposed in the year such residence qualified for such exemption. Also, upon receipt ofa petition signed by live percent of the registered voters of the county, municipality or junior college district, an election must be held to determine by majority vote whether to establish such a limitation on taxes paid on residence homesteads of persons 65 years of age or who are disabled, Upon providing for such exemption, the total amount of taxes imposed on such homestead cannot be increased except for improvements and such freeze is transferable to a different residence homestead and to the surviving spouse living in such homestead who is disabled or is at least 55 years of age. Once established such freeze cannot be repealed or rescinded. o Article VIII provides that eligible owners of both agricultural land (Section I-d) and open-space land (Section l-d-l), including open-space land devoted to farm or ranch purposes or open-space land devoted to timber production, may elect to have such property appraised for property taxation on the basis of its productive capacity. The same land may not be qualified under both Section l-d and l-d-l. Nonbusiness personal propelty, such as automobiles or light trucks, are exempt from ad valorem taxation unless the governing body ofa political subdivision elects to tax this property. Boats owned as nonbusiness property are exempt from ad valorem ta'<.ation. Article VIII, Section I-j, provides for "freeport property" to be exempted from ad valorem taxation. Freeport property is defined as goods detained in Texas for l75 days or less for the purpose of assembly, storage, manufacturing, processing or fabrication. Notwithstanding such exemption, counties, school districts, junior college districts and cities may tax such tangible personal propcrty provided official action to tax the same was taken before April I, 1990. Decisions to continue to tax may be reversed in the future: decisions to exempt freeport property are not subject to reversal. The City and the other taxing bodies within its territory may agree to jointly create tax increment financing zones, under which the tax valucs on property in the zone are "frozen" at the value of the property at the time of creation of the zone. To date, the City has created one tax increment financing district ("TIFD") within the boundaries of the City (see "Tax Increment Finance Zones" below). The dillerence between any increase in the assessed valuation of taxable real property in the TIFD in excess of the base value of taxable real property in the TIPD is known as the "Incremental Value", and during the existence of the TIFD, taxes levicd by the City against the Incremental Value in the TIFD are restricted to paying project and financing costs within the TIFD and are not available for the payment of other Bonds of the City, including the Bonds. The City also may enter into tax abatement agreements to encourage economic development. Under the agreements, a property owner agrees to construct certain improvements on its property. The City in turn agrees not to levy a tax on all or part of the increased value attributable to the improvements until the expiration of the agreement. The abatement agreement could last Ii]r a period of up to 10 years. o o o c _'" ___~_. -.r~.-----_. _ ~_ _... ....~......... ....-................ ...." l"....-...........v....., ......... ......,...; ..........i....I...... adopts a tax mtc per $100 taxable value for the current year. The City Council will be required to adopt the annual tax rate ['or the City be[clI'e the later of September 30 or the 60th day after the date the certified appraisal roll is received by the City. I f the City Council does not adopt a tax rate by such required date the tax mte for that tax ycar is thc lower oC the eCfective tax mle calculated for that tax year or the tax mte adopted by the City for the preceding tax year. The tax rate consists of two components: (I) amte for funding oC maintenance and operation expenditures, and (2) a rate far debt service. Under the Property Tax Code, the City must annually calculate and publicize its "eOective tax rate" and "rollback tax mte". Under current law, a tax mte cannot be adopted by the City Council that exceeds the lower oCthe rollback tax rate or the effective tax mte until two public hearings are held on the proposed tax rate following a notice of such public hearing (including the requiremenl that notice be posted on the City's website if the City owns, operates or controls an internet website and public notice be given by television if the City has free access to a television channel) and the City Council has otherwise complied with the legal requirements for the adoption of such tax rate. lfthe adopted tax rate exceeds the rollback tax mte the qualified voters oC the City by petition may require that an election be held to determine whether or not to reduce the tax mte adopted l'or the current year to the rollback tax rate. "EOective tax rate" means the rate that will produce last year's total tax levy (adjusted) lI'om this year's total taxable values (adjusted). "Adjusted" means lost values are not included in the calculation of last year's taxes and new values are not included in this year's taxable values. "Rollback tax mte" means the rate that will produce last year's maintenance and operation tax levy (adjusted) from this year's values (adjusted) multiplied by 1.08 plus a rate that will produce this year's debt service from this year's values (unadjusted) divided by the anticipated tax collection rate. The Property Tax Code provides that certain cities and counties in the State may submit a proposition to the voters to authorize an additional one-half cent sales tax on retail sales of taxable items. If the additional tax is levied, the etlective tax rate and the rollback tax rate calculations are required to be offset by the revenue that will be generated by the sales tax in the current year. Reference is made to the Property Tax Code for definitive requirements for the levy and collection of ad valorem taxes and the calculation of the various defined tax rates. PROPERTY ASSESSMENT AND TAX PAYMENT. . . Property within the City is generally assessed as of January I of each year. Business inventory may, at the option of the taxpayer, be assessed as of September I. Oil and gas reserves are assessed on the basis of a valuation process which uses an average of the daily price of oil and gas for the prior year. Taxes become due October I of the same year, and become delinquent on February I of the following year. Taxpayers 65 years old or older are permitted by State law to pay taxes on homesteads in four installments with the first due on February 1 of each year and the final installment due on August I. The Property Tax Code also makes provision for the split payment of taxes, discounts for early payment and the postponement of the delinquency date oftlL"(es under certain circumstances. PENALTIES AND INTEREST. .. Charges for penalty and interest on the unpaid balance of delinquent taxes are made as follows: Cumulative Cumulative Month Penalty Interest Total February 6% l% 7% March 7 2 9 April 8 3 II May 9 4 13 June 10 5 15 July l2 6 18 After July. penalty remains at 12%, and interest increases at the rate of I % each month. In addition, if an account is delinquent in July, an attorney's collection fee or up to 20% may be added to the total tax penalty and interest chnrge. Under certain circumstances, taxes which become delinquent on the homestead of a taxpayer 65 years old or older incur a penalty of 8% per annum with no additional penalties or interest assessed. In general, property subject to the City's lien may be sold, in whole or in parcels. pursuant to court order to collect the amounts due. Federal law does not allow for the collection of penalty and interest against an estate in bankruptcy. Federal bankruptcy law provides that an automatic stay of action by creditors and other entities. including governmental units, goes into effect with the filing of any petition in bankruptcy. The automatic stay prevents governmental units from foreclosing on property and prevents liens for post-petition taxes fi'ol11 attaching to properly and obtaining secured creditor status unless, in either case, an order lifting the stay is obtained from the bankruptcy court. In many cases post-petition taxes are paid as an administrative expense of the estate in bankruptcy or by order of the bankruptcy court. o o o years of agc or older of $65.000: the disabled are also granted an exemption of $65.000. Also. there is a fi'eeze on the taxable value of the residence homesteads of persons 65 years of age and older and disabled persons. The City has not granted an additional exemption of 20%. of the market value of residence homesteads: minimum exemption of $5.000. See Table I for a listing of the amounts of the exemptions described above. Ad valorcm taxes are not levied by the City against the exempt value of residence homesteads for the payment of debt. The City does not tax nonbusiness personal property; and GrapevinelColleyville Independent School District collects taxes for the City. The City does not permit split payments, and discounts are not allowed. The City does tax fi'eeport property. The City does not collect.the additional one-half cent sales tax for reduction of ad valorem taxes. The City has not adopted a tax abatement policy. TAX INCREMENT FINANCE ZONES. . . To date, the City has created one TIFD within the boundaries of the City. The base value of the TIFD is $71.5 million and the assessed taxable value of real property in such TlFD is anticipated to increase to $246.7 million when all development within its boundaries has been completed. The dilTerence between any increase in the assessed valuation of taxable real property in the TlFD in excess of the base value of taxable real property in the TWD is known as the "Incrcmental Value'". and during the existence of the T1FD, taxes levied by the City against the Incremental Value in the TIFD are restricted to the payment TIFD project and financing costs and are not available for the payment of other obligations of the State. However, the taxes assessed against the lncrementaI Value of property in T1FD are pledged to the payment of the T1FD Certificates as provided in the TlFD Ordinance. 14 o o o 2006/07 Market Valuation Established by Tarrant Appraisal District (excluding totally exempt property) Less Exemptions/Reductions at 100% Market Value: Residential Homestead Exemptions Disabled Veterans Disabled Persons Prorated Absolutes Agricultural Use Reductions 2006/07 Taxable Assessed Valuation General Obligation Debt Payable from Ad Valorem Taxes (as of 9/30/2006) (I) The Bonds Less: Self-Supporting Debt Tax and Water and Sewer Tax Increment Revenue Supported Crime Prevention District Sales Tax Supported 2006/2007 Total Self-Supporting Debt General Obligation Debt Payable from Ad Valorem Taxes General Obligation Interest and Sinking Fund as of September 30, 2006 Ratio General Obligation Tax Debt to Taxable Assessed Valuation 2007 Estimated Population -- Per Capita Taxable Assessed Valuation-- (I) Preliminary, subject to change. 15 22,150 $135,589 $ 17,979,515 1,030,500 3,733,476 132,330,713 26,586,532 $24,165,000 $ 4,575,000 1,255,000 8,3 15,000 3,920,000 $ 3,184,962,643 181,660,736 $3,003,30 I ,907 $28,740,000 13,490,000 $15,250,000 $1,082,681 0.51% Taxable Assessed Value for Fiscal Year Ended September 30, 2007 2006 2005 %01' %of %01' 0 Category Amount Total Amount Total Amount Total Real, Residential, Single-Fmnily $ 2.715,228,491 85.25% $ 2,496,506,709 83.52% $ 2,321,652,398 83.87% Real, Residential, Multi-Family 323,400 0.01% 334,600 0.01% . 145,500 0.01% Real, Vacant Lotsrrracts 58,043,441 1.82% 54,821,479 1.83% 57,282,136 2.07% Real, Acreage (Land Only) 8,059,167 0.25% 25,907,294 0.87% 30,443,588 1.10% Real, Farm and Ranch Improvements 7,451,075 0.23% 9,116,138 0.30% 9,610,374 0.35% Real, Business 238,593,634 7.49% 246,164,397 8.24% 209,252,902 7.56% Real and Tangible Personal, Utilities 28,356,652 0.89% 27,337,130 0.91% 31,803,865 1.15% Tangible Personal, Commercial 57,125,012 1.79% 56,090,606 1.88% 53,259,251 1.92% Tangible Personal, Industrial 356,079 0.01% 429,146 0.01% 398,487 0.01% Tangible Pcrsonal, Mobill-lol11cs 60,153 0.00% 60,653 0.00% 61,053 0.00% Real Property, Inventory 71,365,539 2.24% 72,396,402 2.42% 54,268,490 1.96% Total Appraised Value Before Exemptions $ 3,184,962,643 100.00% $ 2,989,164,554 100.00% $ 2,768,178,044 100.00% Less: Tolal Exemptions/Reductions 181,660,736 130,822,824 130,056,539 Taxable Assessed Value $ 3,003,301,907 $ 2,858,341,730 $ 2,638,121,505 Taxable Assessed Value for Fiscal Year Ended September 30, 2004 2003 %01' %01' Category Amount Total Amount Total Real, Residential, Single-Family $ 2,067,599,565 84.10% $ 1,834,176,795 83.40% Real, Residential, Multi-Family 145,500 0.01% 145,500 0.01% Real, Vacant Lotsrrracts 53,795,286 2.19% 55,696,259 2.53% Real, Acreage (Land Only) 49,178,658 2.00% 45,159,150 2.05% Real, Farm and Ranch Improvements 21,334,190 0.87% 18,554,219 0.84% Real, Business 140,166,312 5.70% 135,963,223 6.18% 0 Real and Tangible Personal, Utilities 25,830,963 1.05% 27,175,677 1.24% Tangible Personal, COl11mercial 58,609,955 2.38% 56,571,985 2.57% Tangible Personal, Industrial 127,850 0.01% 284,945 0.01% Tangible Personal, Mobil Homes 62,153 0.00% 62,653 0.00% Real Property, Inventory 41,566,475 1.69% 25,554,999 1.16% Total Appraised Value Before Exemptions $ 2,458,416,907 100.00% $ 2,199,345,405 100.00% Less: Total Exemptions/Reductions 91,382,262 63,660,575 Taxable Assessed Value $ 2,367,034,645 $ 2,135,684,830 NOTE: Valuations shown are certified taxable assessed values reported by the Tarrant Appraisal District to the State Comptroller of Public Accounts. Certified values are subject to change throughout the year as contested values are resolved and the Appraisal District updates records. IC i It; o o c Net G.O. Ratio of Net Net Fiscal Taxable Tax Debt G.O. Tax Debt G.O. Tax Year Taxable Assessed Outstanding to Taxable Debt Ended Estimated Assessed Valuation at End Assessed Per 9/30 Population( I) Valuation Per Capita of Year Valuation Capita 2003 20,150 $ 2,367,034,645 $ 117,471 $ 13,820,000 0.58% $ 686 2004 20,500 2,580,481,625 125,877 12,925,000 0.50% 630 2005 21,000 2,652,596,865 l26,314 ll,995,000 0.45% 571 2006 21,500 2,858,341,730 132,946 10,665,000 0.37% 496 2007 22,150 3,003,301,907 135,589 13,850,000 0.46% 625 ( I) Source: City staff. TAHLF:4 - TAX RATE, LEVY AND COLLECTION HISTORY Fiscal 1 nterest Year and Ended Tax General Sinking % Current % Total 9/30 Rate Fund Fund Tax Levy Collections Collections 2003 $0.3474 $0.2722 $0.0752 $ 8,233,543 100.21% 102.10% 2004 0.3474 0.2870 0.0604 8,719,444 99.80% J 00.88% 2005 0.3474 0.2907 0.0567 9,201,770 99.81% 100.75% 2006 0.3474 0.2777 0.0697 9,981,646 99.25% lOO.19% 2007 0.3474 0.2873 0.0687 10,669,919 In Process Of Collections TABLE 5 - TEN LARGEST T AXPA YERS Name of Taxpayer TXU Electric Delivery Albertsons Inc Lifetime Fitness Melvin & MUliindale Colleyville Plaza Uhlmann-Colleyville LLC G Points SC LTD Market Street Village Management Realty Capital Colleyville Square Nature of Property Electric Utility Grocery Store Fitness Center Land lmprovements Retail Shopping Center Land lmprovements Land lmprovements Land Improvements Developer Land lmprovements 2006/07 Taxable Assessed Valuation $ 17,816,746 l4,416,298 13,914,232 ll,785,732 6,424,393 5,771,840 5,609,430 5,418,279 5,390,100 4,794,059 $ 91,341,109 % of Total Taxable Assessed Valuation 0.59 % 0.48 0.46 0.39 0.2l 0.19 0.19 0.18 0.18 0.16 3.04 % GENERAL OBLIGATION DEBT LIMITATION. . . No general obligation debt limitation is imposed on the City under current State law or the City's Home Rule Charter (see "Tax Rate Limitation"). 17 2007 Net Principal and Interest Requirements $0.0618 Tax Rate at 97.5% Collection Produces Average Net Principal and Interest Requirements (2007-2027) $0.0337 Tax Rate at 97.5% Collection Produces Maximum Net Principal and Interest Requirements, 20 II $0.0702 Tax Rate at 97.5 Collection Produces (I) Debt shuwn is net ofself-supporting debt. Preliminary, subject to change. TABLE 7 - ESTIMATED OVERLAPPING DEBT City of Colley vi lie Birdville Independent School District Carroll Independent School District Grapevine-Colleyville lSD Hurst-Euless-Bedford ISD Keller lndependent School District Tarrant County Tarrant County Hospital District Tarrant Count College District 2006/07 Taxable Assessed $3,003,301,907 6,702,747,492 4,363,388,424 9, 194, l57,459 7,871,238,503 8,423,926,838 104,403,289,708 104,403,289,708 104,946,788,430 2006/07 Tax $ 0.3474 l.5650 1.7950 l.5743 l.5976 1.6080 0.27l5 0.2354 0.l394 Total G.O. Tax $ l5,250,000 l72,843,323 16l,244,349 275,090,785 220,3 14, l87 484,579,366 236,205,000 30,330,000 60,625,000 Total Direct and Overlapping G. O. Tax Debt Ratio of Direct and Overlapping G. O. Tax Debt to Taxable Assessed Valuation Per Capita Overlapping G. O. Tax Debt $ 1,808,958 $ 1,809,054 $ 985,373 $ 985,639 $ 2,055,632 $ 2,055,903 City's Authorized Overlapping But Unissued Estimated G.O. Debt As Of % Tax Debt 09/30/06 100.00% $ 15,250,000 (I) 0.07% 120,990 0.43% 693,351 22.94% 63, I 05,826 4 J, l85,000 1.30% 2,864,084 3.84% J 8,607,848 3.01% 7,109,771 364,220,000 3.01% 912,933 3.01% 1,824,813 $ lI0,489,6l5 3.68% $ 5,470 Expenditures of the various taxing entities within the territory of the City are paid out of ad valorem taxes levied by such entities on properties within the City. Such entities are independent of the City and may incur borrowings to finance their expenditures. This statement of direct and estimated overlapping ad valorem tax debt ("Tax Debt") was developed from information contained in "Texas Municipal Reports" published by the Municipal Advisory Council of Texas. Except for the amounts relating to the City, the City has not independently verified the accuracy or completeness of such information, and no person should rely upon such information as being accurate or complete. Furthermore, certain of the entities listed may have issued additional Tax Debt since the date hereof: and such entities may have programs requiring the issuance of substantial amounts of additional Tax Debt, the amount of which cannot be determined. The following table reflects the estimated share of overlapping Tax Debt of the City. (I) Includes the Bonds. Preliminary, subject to change. 18 c I Ie I o 1 TABLE 9- AUTIIOIUZED Bur UNISSUED GENERAL OBLIGATION BONDS Date Voted 2/5/2005 Amount Authorized $ 4,575,000 Remaining Authorization Issued to Date Purpose Fire Station Improvements $ 4,575,000 $ TABLE 10 -INTEREST AND SINKING FUND BUDGET PnOJECTIONS General Purpose Net Debt Service Requirements, Fiscal Year Ending 9/30/07 $ 1,808,958 Interest and Sinking Fund Balance, Fiscal Year Ending 9/30/06 (I) 2006/07 Budgeted Interest and Sinking Fund Tax Levy 2006/07 Budgeted Delinquent Taxes, Penalties and Interest Budgeted Interest Revenues Budgeted Transfers Total $1,082,681 1,994,622 38,000 32,000 520,761 $3,668,064 Ending Fund Balance, Fiscal Year Ending 9/30/07 $ 1,859,106 TABLE I I-OTHER OBLIGATIONS The City has the following annual obligations under capital leases : Fiscal Year 2007 2008 2009 2010 2011 20l2-2015 $ 74,046 74,046 49,723 49,723 49,723 198,890 $ 496, l51 $ 91,756 $ 404,395 Less: lnterest ANTICIPATED ISSUANCE OF GENERAL ODLlGATlON DEDT. . . The City does not expect to issue additiunal general obligation debt in thc next 12 munths. PENSION FUND. . . The City provides pension benefits for all of its full-time employees through the Texas Municipal Retirement System (UTMRS"). a State-wide administered pension plan. The City makes annual contributions to the plan equal to the amounts accrued l'or pension expense. (For more detailed information concerning the retirement plan, see Appendix B. "Excerpts (i'om the City's Annual Financial Report" - Note #7.) 20 FINANCIAL INFORMATION TABLE 12 - CIIANGE IN NET ASSETS Governmental Activities 0 Fiscal Year Ended September 30, 2006 2005 2004 Revenues: Program Revenues: rines, Fees & Charges for Services $ 4,215, l28 $ 2,968,358 $ 3,315,199 Operating Grants & Contributions 399,819 523,704 619.459 Capital Grants & Contributions 4,355,357 3,283,774 3.857,202 General Revenues: Ad valorem tax 9,483,546 8.938,888 8.534,388 Sales Taxes 4,355,627 3,801,369 3.381,634 rranchise Tax 1,790,543 1,477,749 1,458,079 Other Taxes 76,005 53,974 37.296 Investment Earnings 904,361 443,570 217,316 Other Misc 65,313 153,947 53,538 Total Revenues $ 25,645,699 $ 21 ,645,333 $21,474,lll Expenses: General Government $ 2,729,064 $ 2,245,964 $ 2,542,016 Community Development l,267,l36 1,l64,345 1,281,429 Fire and Rescue 3,8l4,585 3,325,103 3,144,814 Leisure Services 3,513,992 2,923,958 2,953,528 Maintenance 383,504 364,434 364,256 Interest on Long Term Debt l,142,043 l,l90,857 l,290,825 Municipal Court 270,345 238,874 250,55l 0 Police 3,801,644 3,533,083 3,295,263 Streets and Drainage 2,932,465 2,970,475 2,562,499 Total Expenses $ 19,854,778 $17,957,093 $17,685,181 Increase (Decrease) in Net Assets Before Transfers $ 5,790,921 $ 3,688,240 $ 3,788,930 Transfers In (Out) 532,357 464,393 473,366 Increase (Decrease) in Net Assets $ 6,323,278 $ 4, l52,633 $ 4,262,296 Net Assets - Beginning $ 80,913,262 $ 76,760,629 $ 72,652,652 Prior Period AcUustments (305,000) ( 154,319) Net Assets - Ending $ 86,931,540 $ 80,913,262 $76,9]4,948 ( I ) Preliminary, subject to change o 71 TAIlLE 12A - GENERAL FUND REVI,NUES AND EXI'ENDITURE H1snmy Fiscal Years Ended September 30, 0 2006 2005 2004 2003 2002 Revenues: Taxes $ 11,720,577 $ 10,982,239 $ 10,3 11,887 $ 9,397,257 $ 9,017,920 Licenses and Permits 1,931,265 1,359,329 1,505,5l2 926,083 913,426 rine and rorreitures 789,943 482,245 491,853 470,887 534,590 Charges for Services 976,279 808,461 826,326 793,527 464,515 Interesl 455,219 193,412 107,912 151,839 200,411 Miscellaneous 64,016 70,399 51,937 49,308 541,353 Total Revenues $ 15,937,299 $13,896,085 $ 13,295,427 $11,788,901 $ 11,672,215 Expenditures: General Government $ 2,016,382 $ 1,822,875 $ 1,580,990 $ 1,452,723 $ 1,918,176 Community Development 1,265,251 1, l60,232 l,281,745 1,274,096 1,226,877 Fire and Rescue 3,630,857 3,061,449 2,93l,073 2,819,601 2,783,968 Police 3,399,800 3,2l6,345 3,057,283 3,019,273 3,018,151 Leisure Services 2,323,263 2, l34,827 1,967,513 1,771,329 1,286,249 Streets and Drainage l,604,425 l,656,187 1,420,620 1,092.703 982,224 M un icipal Court 244,191 236,152 232, l70 222,769 150,056 Maintenance 377,144 357,983 356,819 162,865 182,814 Capital Outlay 119,l9l l27,323 6l3,140 73,755 () Principal Retirement 49,723 25,000 Total Expenditures $ 15,030,227 $13,798,373 $ 13,44l,353 $ll,889,1I4 $ 11,548,515 Excess (deficiency) of Revenue Over Expenditures $ 907,072 $ 97,712 $ (l45,926) $ (100,213) $ l23,700 Capital Leases and Bonds Payable $ 408,7l6 $ 94,187 $ $ $ 448,635 Sale of Capital Assets $ 22,903 Operating Transfers - Net (613,760) ( I 08,760) 473,366 524,718 Total Other Sources (Uses) $ ( l82, 141 ) $ 83,139 $ 327,440 $ 424,505 $ 572,335 Residual Equity Transfer Out $ $ $ $ $ Beginning rund Balance 6,850,731 6,767,592 6,440,152 6,015,647 5,443,312 Ending Fund Balance $ 7,575,662 $ 6,850,73l $ 6,767,592 $ 6,440,152 $ 6,015,647 o 22 c o o TABLE \3 - MUNICIPAL SALES TAX HISTORY Fiscal Equivalent Year %of of Ended I Cent 1/2 Cent 1/2 Cent Total Ad Valorem Ad Valorem Per 9/30 City EDC Crime Zone Collected Tax Levy(l) Tax Rate (I) Capita (1)(2) 2003 $ 1,131,254 $ 565,627 $ 565,627 $ 2,262,509 13.74% 0.05297 56.14 2004 1,286,283 643,141 643,l41 2,572,566 14.75% 0.05434 62.75 2005 1,459,539 729,770 729,770 2,919,079 15.86% 0.05532 69.50 2006 1,642,121 821,061 821,061 3,284,243 16.45% 0.05745 76.38 2007 (I) 574,151 287,076 287,076 1,148,303 5.38% 0.01912 25.92 ( I) Calculations based on I Cent City Sales Tax only. (2) Based on population estimates of City Staff. FINANCIAL POLICIES BASIS OF ACCOUNTING. . . All governmental funds and agency funds are accounted for using the modified accrual basis of accounting. Under the modified accrual basis, revenues are recognized when they become measurable and available as Bet current assets. Expenditures are generally recognized under the modified accrual basis of accounting when the related fund liability is incurred. The exception to this general rule is that principal and interest on general long-term debt is recognized when due. The more significant revenues which are treated as susceptible to accrual under the modified accrual basis are property taxes, intergovernmental revenues, charges for services, and interest. Other revenue sources are not considered measurable and available, and are not treated as susceptible to accrual. All proprietary funds are accounted for using the accrual basis of accounting. Their revenues are recognized when they are earned and their expenses are recognized when they are incurred. GENERAL FUND BALANCE. . . The City's goal is to maintain surplus and unencumbered funds equal to 10% of expenditures in the General Fund. This allows the City to avoid interim borrowing pending tax receipts. USE OF BOND PROCEEDS, GRANTS, ETC. . . . The City's policy is to use bond proceeds, grants. revenue sharing or other non- recurring revenues for capital expenditures only. Such revenues are never to be used to fund City operations. BUDGETARY PROCEDURES. . . The City Charter establishes the fiscal year as the twelve-month period beginning October I. The depmtments submit to the City Manager a budget of estimated expenditures for the ensuing fiscal year by the first of July. The City Manager subsequently submits a budget of estimated expenditures and revenues to the City Council by August l. The City Council then holds a public hearing on the budget. The Council shall then make any changes in the budget as it deems advisable and shall adopt a budget prior to September 30. FUND INVESTMENTS. . . The City investment policy parallels State law which governs investment of public funds. The City generally restricts investments to direct obligations of the United States Government and to insured or collateralized bank certificates of deposits. 23 o o c l INVEsnlENTS The City invests its investable runds in investments authorized by State law in accordance with investment policies approved by the City Council or the City. Both State law and the City's investment policies are subject to change. LEGAL INVESnIENTS. . . Under State law, the City is authorized to invest in (l) obligations or the United States or its agencies and instrumentalities, (2) direct obligations of the State or its agencies and instrumentalities; (3) collateralized mortgage obligations directly issued by a federal agency or instrumentality of the United States, the underlying security for which is guaranteed by an agency or instrumentality of the United States; (4) other obligations, the principal and interest of which is guaranteed or insured by or backed by the full faith and credit of, the State or the United States or their respective agencies and instrumentalities; (5) obligations of states, agencies, counties, cities, and other political subdivisions or any state rated as to investment quality by a nationally recognized investment rating firm not less than A or its equivalent; (6) bonds issued, assumed or guaranteed by the State of Israel: (7) certificates of deposit issued by a state or national bank domiciled in the State, a savings bank domiciled in the State, or a state or federal credit union domiciled in the State and are guaranteed or insured by the Federal Deposit Insurance Corporation or the National Credit Union Share Insurance Fund, or are secured as to principal by obligations described in clauses ()) through (6) or in any other manner and amount provided by law for City deposits, (8) fully collateralized repurchase agreements that have a defined termination date, are fully secured by obligations described in clause (I), and are placed through a primary government securities dealer or a financial institution doing business in the State. (9) certain bankers' acceptances with the remaining term of 270 days or less, if the short-term obligations of the accepting bank or its parent are rated at least A-lor P-I or the equivalent by at least one nationally recognized credit rating agency, (10) commercial paper with a stated maturity of 270 days or less that is rated at least A-lor P-I or the equivalent by either (a) two nationally recognized credit rating agencies or (b) one nationally recognized credit rating agency if the paper is fully secured by an irrevocable letter of credit issued by a U.S. or state bank, (1 )) no-load money market mutual funds registered with and regulated by the Securities and Exchange Commission that have a dollar weighted average stated maturity of 90 days or less and include in their investment objectives the maintenance of a stable net asset value of $1 for each share, and (12) no-load mutual funds registered with the Securities and Exchange Commission that have an average weighted maturity of less than two years, invest exclusively in obligations described in the this paragraph, and are continuously rated as to investment quality by at least one nationally recognized investment rating firm of not less than MA or its equivalent. lf specifically authorized in the authorizing document, bond proceeds may be invested in guaranteed investment contracts that have a defined termination date and are secured by obligations of the United States or its agencies and instrumentalities in an amount at least equal to the amount of bond proceeds invested under such contract, other than the prohibited obligations described in the next succeeding paragraph. The City may invest in such obligations directly or through government investment pools that invest solely in such obligations provided that the pools are rated no lower than AM or AMm or an equivalent by at least one nationally recognized rating service. The City is specifically prohibited from investing in: (I) obligations whose payment represents the coupon payments on the outstanding principal balance of the underlying mortgage-backed security collateral and pays no principal; (2) obligations whose payment represents the principal stream of cash flow from the underlying mortgage-backed security and bears no interest; (3) collateralized mortgage obligations that have a stated final maturity of greater than 10 years; and (4) collateralized mortgage obligations the interest rate of which is detennined by an index that adjusts opposite to the changes in a market index. Governmental bodies in the State are authorized to implement securities lending programs if (i) the securities loaned under the program are collateralized, a loan made under the program allows for termination at any time and a loan made under the program is either secured by (a) obligations that are described in clauses ()) through (6) of the first paragraph under this subcaption. (b) irrevocable letters of credit issued by a state or national bank that is continuously rated by a nationally recognized investment rating firm not less than "A" or its equivalent, or (c) cash invested in obligations that are described in clauses (I) through (6) and () 0) through (12) of the first paragraph under this subcaption, or an authorized investment pool; (ii) securities held as collateral under a loan are pledged to the governmental body, held in the name of the governmental body and deposited at the time the investment is made with the City or a third party designated by the City; (iii) a loan made under the program is placed through either a primary government securities dealer or a financial institution doing business in thc State of Texas; and (iv) the agreement to lend securities has a term of one year or less. INVESTMENT POLICIES. . . Under State law, the City is required to invest its funds under written investment policies that primarily emphasize salety or principal and liquidity; that address investment diversification, yield, maturity, and the quality and capability or investment management; and that includes a list of authorized investments for City funds, maximum allowable stated maturity of any individual investment and the maximum average dollar-weighted maturity allowed for pooled fund groups. All City funds must be invested consistent with a formally adopted "Investment Strategy Statement" that specifically addresses each funds' investment. Each Investment Strategy Statement will describe its objectives concerning: (I) suitability of investment type, (2) preservation and safety or principal. (3) liquidity, (4) marketability of each investment, (5) diversification ofthe portlolio, and (6) yield. Under State law, City investments must be made "with judgment and care, under prevailing circumstances. that a person of prudence. discretion. and intelligence would exercise in the management of the person's own affairs, not for speculation, but for investment. 24 o considering the probable salety of capital and the probable income to be derived." At least quarterly the investment ollicers of the City shall submit an investment report detailing: (I) the investment position or the City. (2) that all investment officers jointly prepared and signed the report. (3) the beginning market value. any additions and changes to market value and the ending value of each pooled fund group. (4) the book value and market value of each separately listed asset at the beginning and end or the reporting period. (5) the maturity date or each separately invested asset, (6) the account or fund or pooled fhnd group fbr which each individual investment was acquired, and (7) the compliance of the investment portfolio as it relates to: (a) adopted investment strategy statements and (b) state law. No person may invest City funds without express written authority fi'om the City Council. AIJDlTIONAL PROVISIONS. . . Under State law the City is additionally required to: (I) annually review its adopted policies and strategies; (2) require any investment ollicers' with personal business relationships or relatives with firms seeking to sell securities to the entity to disclose the relationship and tile a statement with the Texas Ethics Commission and the City Council; (3) require the registered principal of firms seeking to sell securities to the City to: (a) receive and review the City's investment policy, (b) acknowledge that reasonable controls and procedures have been implemented to preclude imprudent investment activities, and (c) deliver a written statement attesting to these requirements; (4) perform an annual audit or the management controls on investments and adhercnce to the City's investment policy; (5) provide specific investment training for the Treasurer, Chief Financial Officer and investment ollicers; (6) restrict reverse repurchase agreements to not more than 90 days and restrict the investment of reverse repurchase agreement funds to no greater than the term of the reverse repurchase agreement; (7) restrict its investment in no-load mutual runds in the aggregate to no more than l5 percent of its monthly average fund balance, excluding bond proceeds and reserves and other funds held for debt service, and to invest no portion of bond proceeds, reserves and funds held for debt service, in no-load mutual funds; and (8) require local government investment pools to confonn to the new disclosure, rating, net asset value, yield calculation, and advisory board requirements. TABLE 14 - CURRENT INVESTMENTS As of September 30, 2006, the City's investable funds were invested in the following categories: %of Description Portfolio Purchase Price Market Value LOGIC lnvestment Pool 33.040% $ 12,909,486 $ 12,904,154 Treasury Notes 29.340% 11,342,646 11,397,910 FHLB Notes l3.300% 5,140,635 5,174,086 FNMA Notes lO.740% 4,152,297 4, l82,683 FHLMC Notes 6.520% 2,52l,593 2,528,854 0 FNMA Discount Note 3.420% 1,323,24l 1 ,323,0 16 FHLMC Discount Note 3.270% l,265,918 1,316,692 100.00% $ 38,655,8l6 $ 38,827,395 TAX MATTERS TAX EXEMPTION. . . The delivery of the Bonds is subject to the opinion of Bond Counsel to the effect that interest on the Bonds for federal income tax purposes (1) will be excludable from gross income, as defined in section 61 of the lnternal Revenue Code or 1986, as amended to the date of such opinion (the "Code"), pursuant to section 103 of the Code and existing regulations, published rulings, and court decisions, and (2) will not be included in computing the alternative minimum taxable income of the owners thereof who are individuals or, except as hereinafter described, corporations. A form of Bond Counsel's opinion is reproduced as Appendix C. The statute, regulations, rulings, and court decisions on which such opinion is based are subject to change. Interest on all tax-exempt obligations. including the Bonds, owned by a corporation will be included in such corporation's adjusted current earnings for tax years beginning after 1989, for purposes of calculating the alternative minimum taxable income of such corporation. other than an S corporation, a qualified mutual fund, a real estate inveslment trust a real estate mortgage investment conduit, or a financial asset securitization investment trust (FASlT). A corporation's alternative minimum taxable income is the basis on which the alternative minimum tax imposed by Section 55 ofthe Code will be computed. In rendering the foregoing opinions. Bond Counsel will rely upon representations and certifications of the City made in a certificate dated the date of delivery or the Bonds pertaining to the use, expenditure, and investment of the proceeds of the Bonds and will assume continuing compliance by the City with the provisions of the Ordinance subsequent to the issuance of the Bonds. The Ordinance contains covenants by the City with respect to. among other matters, the use orthe proceeds of the Bonds and the facilities financed therewith by persons other than state or local governmental units, the manner in which the proceeds of the Bonds are to be invested. the periodic calculation and payment to the United States Treasury of arbitrage "profits" from the o 1 investment or the proceeds, and the reporting of certain information to the United States Treasury. railurc to comply with any of these covenants would cause interest on the Bonds to be includable in the gross income of the owners thereof Ii'om date of the issuance of the Bonds. o Bond Counsel's opinion is not a guarantee of a result. but represents its legal judgment based upon its review of existing statutes, regulations. published rulings and court decisions and the representations and covenants of tbe City described above. No ruling has been sought Ij'OIn the Internal Revenue Service (the "Service") with respect to the mailers addressed in the opinion of Bond Counsel, and Bond Counsel's opinion is not binding on the Service. The Service has an ongoing program of auditing the tax- exempt status orthe interest on tax-exempt bonds. If an audit of the Bonds is commenced, under current procedures the Service is likely to treat the City as the "taxpayer," and the Owners would have no right to participate in the audit process. In responding to or defending an audit of the tax-exempt status of the interest on the Bonds, the City may have dinerent or conflicting interests from the Owners. Public awareness of any future audit orthe Bonds could adversely affect the value and liquidity of the Bonds during the pendency of the audit, regardless of its ultimate outcome. Except as described above, Bond Counsel expresses no other opinion with respect to any other lederal, state or local tax consequences under present law, or proposed legislation, resulting from the receipt or accrual of interest on, or the acquisition or disposition of, the Bonds. Prospective purchasers of the Bonds should be aware that the ownership of tax-exempt obligations such as the Bonds may result in collateral federal tax consequences to, among others, financial institutions, life insurance companies, property and casualty insurance companies, certain foreign corporations doing business in the United States, S corporations with subchapter C earnings and profits, individual recipients of Social Security or Railroad Retirement benefits, individuals otherwise qualifying for the earned income tax credit, owners of an interest in a F ASIT, and taxpayers who may be deemed to have incurred or continued indebtedness to purchase or carry, or who have paid or incurred certain expenses allocable to. tax-exempt obligations. Prospective purchasers should consult their own tax advisors as to the applicability of these consequences to their particular circumstances. o T AX ACCOUNTING TREATMENT OF DISCOUNT AND PREMIUM ON CERTAIN BONDS. . The initial public offering price of certain Bonds (the "Discount Bonds") may be less than the amount payable on such Bonds at maturity. An amount equal to the difference between the initial public offering price of a Discount Bond (assuming that a substantial amount of the Discount Bonds of that maturity are sold to the public at such price) and the amount payable at maturity constitutes original issue discount to the initial purchaser of such Discount Bond. A portion of such original issue discount allocable to the holding period of such Discount Bond by the initial purchaser will, upon the disposition of such Discount Bond (including by reason of its payment at maturity), be treated as interest excludable from gross income, rather than as taxable gain, for federal income tax purposes, on the same terms and conditions as those for other interest on the Bonds described above under "Tax Exemption." Such interest is considered to be accrued actuarially in accordance with the constant interest method over the life of a Discount Bond, taking into account the semiannual compounding of accrued interest, at the yield to maturity on such Discount Bond and generally will be allocated to an original purchaser in a different amount from the amount ofthe payment denominated as interest actually received by the original purchaser during the tax year. However, such interest may be required to be taken into account in determining the alternative minimum taxable income of a corporation, for purposes of calculating a corporation's alternative minimum tax imposed by Section 55 of the Code, and the amount of the branch profits tax applicable to certain foreign corporations doing business in the United States, even though there will not be a corresponding cash payment. ln addition, the accrual of such interest may result in certain other collateral federal income tax consequences to, among others, financial institutions, life insurance companies, property and casualty insurance companies, S corporations with "subchapter C" earnings and profits, individual recipients of Social Security or Railroad Retirement benefits, individuals otherwise qualifying for earned income tax credit, owners of an interest in a F ASIT, and taxpayers who may be deemed to have incurred or continued indebtedness to purchase or carry, or who have paid or incurred certain expenses allocable to, tax-exempt obligations. Moreover, in the event of the redemption, sale or other taxable disposition of a Discount Bond by the initial owner prior to maturity, the amount realized by such owner in excess of the basis of such Discount Bond in the hands of such owner (adjusted upward by the portion of the original issue discount allocable to the period for which such Discount Bond was held) is includable in gross income. Owners of Discount Bonds should consult with their own tax advisors with respect to the determination of accrued original issue discount on Discount Bonds for federal income tax purposes and with respect to the state and local tax consequences of owning and disposing of Discount Bonds. It is possible that, under applicable provisions governing determination of state and local income taxes. accrued interest on Discount Bonds may be deemed to be received in the year of accrual even though there will not be a corresponding cash payment. The initial public offering price of certain Bonds (the "Premium Bonds") may be greater than the amount payable on such Bonds at maturity. An amount equal to the dinerence between the initial public otTering pricc of a Premium Bond (assuming that a substantial amount of the Premium Bonds of that maturity are sold to the public at such price) and the amount payable at maturity constitutes premium to the initial purchaser of such Premium Bonds. The basis for federal income tax purposes of a Premium Bond in the hancls of such initial purchaser must be reduced each year by the amortizable bond premium, although no o 2(i I(~deral income tax deduction is allowed as a result of such reduction in basis lor amortizable bond premium. Such reduction in basis will increase the amount of any gain (or decrease the amount of any loss) to be recognized for federal income tax purposes upon a sale or other taxable disposition of a Premium Bond. The amount of premium which is amortizable each year by an initial purchaser is determined by using such purchaser's yield to maturity. c Purchasers of the Premium Bonds should consult with their own tax advisors with respect to the determination of amortizable bond premium on Premium Bonds for federal income tax purposes and with respect to the state and local tax consequences of owning and disposing of Premium Bonds. CONTINUING DISCLOSURE OF INFORMATION In the Ordinance, the City has made the following agreement for the benefit of the holders and beneficial owners of the Bonds. The City is required to observe the agreement for so long as it remains obligated to advance funds to pay the Bonds. Under the agreement the City will be obligated to provide certain updated financial information and operating data annually, and timely notice of specified material events, to celtain information vendors. This information will be available to securities brokers and others who subscribe to receive the information from the vendors. ANNUAL REPORTS. . . The City will provide certain updated financial information and operating data to certain information vendors annually. The information to be updated includes all quantitative financial information and operating data with respect to the City of the general type included in this Official Statement under Tables numbered I through 6 and 8 through 15 and in Appendix B. The City will update and provide this information within six months after the end of each fiscal year ending in or aller 2007. The City will provide the updated information to each nationally recognized municipal securities information repository ("NRMSIR") approved by the staff of the United States Securities and Exchange Commission ("SEC") and to any state information depository ("S1o") that is designated and approved by the State and by the SEC stan~ The City may provide updated information in full text or may incorporate by reference certain other publicly available documents, as permitted by SEC Rule l5c2-l2. The updated information will include audited financial statements, if the City commissions an audit and it is completed by the required time. If audited financial statements are not available by the required time, the City will provide unaudited financial information and operating data which is customarily prepared by the City by the required time, and audited financial statements when and if such audited financial statements become available. Any such financial statements will be prepared in accordance with the accounting principles described in Appendix B or such other accounting principles as the City may be required to employ from time to time pursuant to state law or regulation. o The City's current fiscal year end is September 30. Accordingly, it must provide updated information by March 31 in each year, unless the City changes its fiscal year. lfthe City changes its fiscal year, it will notifY each NRMSIR and the S10 of the change. The Municipal Advisory Council of Texas has been designated by the State and approved by the SEC staff as a qualified sm. The address of the Municipal Advisory Council is 600 West 8th Street, P. O. Box 2l77, Austin, Texas 78768-2177, and its telephone number is 512/476-6947. The Municipal Advisory Council has also received SEC approval to operate, and has begun to operate, a "central post office" repository for information filings made by municipal issuers, such as the City, which repository then transmits the filed information to the NRMSIRs and the appropriate SID. This central post office can be accessed and utilized at IVww.DisclosureUSA.com ("DisclosureUSA"). The City may utilize DisclosureUSA for the filing of information relating to the Bonds. MATERIAL EVENT NOTICES. . . The City will also provide timely notices of certain events to certain information vendors. The City will provide notice of any of the following events with respect to the Bonds, if such event is material to a decision to purchase or sell Bonds: (I) principal and interest payment delinquencies; (2) non-payment related defaults; (3) unscheduled draws on debt service reserves renecting financial difficulties; (4) unscheduled draws on credit enhancements renecting financial difficulties; (5) substitution of credit or liquidity providers, or their failure to perform: (6) adverse tax opinions or events affecting the tax-exempt status of the Bonds; (7) modifications to rights of holders of the Bonds; (8) Bond calls; (9) defeasances: ( 10) release, substitution, or sale of property securing repayment of the Bonds; and (II) rating changes. Neither the Bonds nor the Ordinance make any provision for debt service reserves or liquidity enhancement. In addition, the City will provide timely notice of any failure by the City to provide information, data. or financial statements in accordance with its agreement described above under "Annual Reports." The City will provide each notice described in this paragraph to the SID and to either each NRrvlSIR or the Municipal Securities Rulemaking Board ("MSRB') A VAlLABILITY OF INFORI\IATION FHO~I NRMSIRs AND SID. . . The City has agreed to provide the foregoing information only to NRMSIRs (or in the case of material event notices, the MSRB) and the SID. The information will be available to holders of Bonds only if the holders comply with the procedures and pay the charges established by such inlormation vendors or obtain the information through securities brokers who do so. o 27 o o o LI~IITATlONS ANI> A~IENI>~IENTS . . . The City has agreed tu update information and to provide notices of material events only as described above. The City has not agreed to provide other information that may be relevant or material to a complete presentation of its financial results of operations, condition, or prospects or agreed to update any informatiun that is provided, except as described above. The City makes no representation or warranty concerning such information or concerning its usefulness tu a decision to invest in or sell Bonds at any future date. The City disclaims any contractual or tort liability for damages resulting in whole or in part from any breach of its continuing disclosure agreement or from any statement made pursuant to its agreement, although holders of Bonds may seek a writ of mandamus to compel the City to comply with its agreement. The City may amend its continuing disclosure agreement from time to time to adapt to changed circumstances that arise li'Dlll a change in legal requirements, a change in law, or a change in the identity, nature, status, or type of operations of the City, if (i) the agreement. as amended, would have permitted an underwriter to purchase or sell Bonds in the offering described herein in compliance with the Rule, taking into account any amendments or interpretations of the Rule to the date of such amendment, as well as such changed circumstances, and (ii) either (a) the holders of a majority in aggregate principal amount uf the respective outstanding Bonds consent to the amendment or (b) any person unaffiliated with the City (such as nationally recognized bond counsel) determines that the amendment will not materially impair the interests of the holders and beneficial owners of the Bonds. The City may also amend or repeal the provisions of this continuing disclosure agreement if the SEC amends or repeals the applicable provisions of the SEC Rule l5c2-12 or a court of final jurisdiction enters judgment that such provisions of the SEC Rule 15c2-12 are invalid, but only if and to the extent that the provisions of this sentence would not prevent an underwriter from lawfully purchasing or selling Bonds in the primary olTering of the Bonds. If the City so amends the agreement. it has agreed to include with the next financial information and operating data provided in accordance with its agreement described above under "Annual Reports" an explanation, in narrative form, of the reasons for the amendment and of the impact of any change in the type of financial information and operating data so provided. COMPLIANCE WITII PRIOR UNDERTAKINGS... The City became obligated to make annual disclosure of certain financial information by filing with the state information depository ("SID") and each nationally recognized municipal securities information repository ("NRMSIR") in 1997, The City filed each report timely, however, for the fiscal year 200 I the City failed to file unaudited financials pending the preparation and approval of the annual audit. The information has since been filed, as well as a notice of late filing. The City and its financial advisor have implemented procedures to ensure timely filing in the future. Other than as described in the preceding sentences, the City has complied with all material respects with all of its other continuing disclosure undertakings made by it in accordance with Rule l5c2-12. OTHER INFORMATION RATINGS The underlying rating for the outstanding tax supported debt of the City is rated "AA+" by S&P, and "AA+" by Fitch. The City also has several issues outstanding which are rated "AM" by S&P, "AM" by Fitch, and "Aaa" by Moody's through insurance by various commercial insurance companies. Applications for contract ratings on the Bonds has been made to S&P, and Fitch. An explanation of the significance of such ratings may be obtained from the company furnishing the rating. The ratings reflect only the respective views of such organizations and the City makes no representation as to the appropriateness of the ratings. There is no assurance that such ratings will continue for any given period of time or that they will not be revised downward or withdrawn entirely by either or both of such rating companies, jf in the judgment of either or both companies, circumstances so warrant. Any such downward revision or withdrawal of such ratings may have an adverse effect on the niarket price of the Bonds. LITIGATION It is the opinion of the City Attorney and City StalT that there is no pending litigation against the City that would have a material adverse financial impact upon the City or its operations. REGISTRATION AND QUALIFICATION OF BONDS FOR SALE The sale of the Bonds has not been registered under the Federal Securities Act of 1933, as amended, in reliance upon the exemption provided thereunder by Section 3(a)(2); and the Bonds have not been qualified under the Securities Act of Texas in reliance upon various exemptions contained therein; nor have the Bonds been qualified under the securities acts of any jurisdiction. The City assumes no responsibility for qualification of the Bonds under the securities laws of any jurisdiction in which the Bonds may be sold. assigned, pledged, hypothecated or otherwise transferred. This disclaimer of responsibility for qualification li)r sale or other disposition of the Bonds shall not be construed as an interpretation of any kind with regard to the availability of any exemption fi"Olll securities registration provisions. 28 o o o 1 LEGAL INVESTMENTS ANIl ELlGIIII L1TV TO SECUnE PUULlC FUNDS IN TEXAS Section 1201.041 of the Public Security Procedures Act (Chapter 120 I, Texas Government Code) provides that the Bonds are negotiable instrumcnts governed by Chapter 8, Tcxas Business and Commerce Code, and are legal and authorized investments I(JI" insurance companies, fiduciaries. and trustees, and for the sinking funds of municipalities or other political subdivisions or public agencies of the Slate. With respect to investment in the Bonds by municipalities or other political subdivisions or public agencies of the State. the Public Funds Investment Act, Chapter 2256, Texas Government Code, requires that the Bonds be assigned a rating of "A" or its equivalent as to investment quality by a national rating agency (see "OTHER INFORMATION - Ratings" herein). In addition, various provisions of the Texas Finance Code provide that, subject to a prudent investor standard, the Bonds are legal investments for state banks, savings banks, trust companies with at capital of one million dollars or more, and savings and loan associations. The Bonds are eligible to secure deposits of any public funds of the State, its agencies, and its political subdivisions, and are legal security for those deposits to the extent of their market value. No review by the City has been made of the laws in other states to determine whether the Bonds are legal investments for various institutions in those states. LEGAL MATmns The delivery of the Bonds is subject to the approval of the Attorney General of Texas to the effect that the Bonds are valid and Icgally binding Obligations of the City payable from the proceeds of an annual ad valorem tax levied, within the limitations prescribed by lay, upon all taxable property in the City, and the approving legal opinion of Bond Counsel, to like effect and to the effect that the interest on the Bonds will be excludable from gross income for federal income tax purposes under Section I03(a) of the Code, subject to the matters described under "TAX MATTERS" herein, including the alternative minimum tax on corporations. The form of Bond Counsel's opinion is attached hereto as Appendix C. The legal fee to be paid Bond Counsel for services rendered in connection with the issuance of the Bonds is contingent upon the sale and delivel)' of the Bonds. The legal opinion of Bond Counsel will accompany the Bonds deposited with OTC or will be printed on the definitive Bonds in the event of the discontinuance of the Book-Entry-Only System. Bond Counsel was engaged by, and only represents, the City. Except as noted below, Bond Counsel did not take part in the preparation of the Oflicial Statement, and such firm has not assumed any responsibility with respect thereto or undertaken independently to verify any of the information contained herein except that in its capacity as Bond Counsel, such firm has reviewed the information appearing under captions "THE BONDS" (except under the subcaptions "Book Entl)' Only System," "Bondholder's Remedies," and "Sources and Uses of Proceeds"), "TAX MATTERS," "CONTlNUING DlSCLOSURE OF lNFORMATlON" (except under the subcaption "Compliance With Prior Undertakings") and the subcaptions "Legal Matters", and "Legallnvestments And Eligibility To Secure Public Funds In Texas," under the caption "OTHER INFORMATlON" and such finn is of the opinion that the information relating to the Bonds and legal matters contained under such captions and sub captions is an accurate and fair description of the laws and legal issues addressed therein and, with respect to the Bonds, such information conforms to the Ordinance. The various legal opinions to be delivered concurrently with the delivery of the Bonds express the professional judgment of the attorneys rendering the opinions as to the legal issues explicitly addressed therein. ln rendering a legal opinion, the attorney does not become an insurer or guarantor of the expression of professional judgment, of the transaction opined upon, or of the future performance of the parties to the transaction. Nor does the rendering of an opinion guarantee the outcome of any legal dispute that may arise out of the transaction. FINANCIAL ADVlson First Southwest Company is employed as Financial Advisor to the City in connection with the issuance of the Bonds. The Financial Advisor's fee for services rendered with respect to the sale of the Bonds is contingent upon the issuance and delivery of the Bonds. First Southwest Company, in its capacity as Financial Advisor, does not assume any responsibility for Ihe information. covenants and representations contained in any of the legal documents with respect to the federal income tax status of the Bonds, or the possible impact of any present, pending or future actions taken by any legislative orjudicial bodies. The Financial Advisor to the City has provided the following sentence for inclusion in this Official Statement. The Financial Advisor has reviewed the information in this Official Statement in accordance with, and as part oC its responsibilities to the City and. as applicable. to investors under the federal securities laws as applied to the facts and circumstances of this transaction. but the Financial Advisor does not guarantee the accuracy or completeness of such information. 29 c o o 1 UNDERWRITING FOR TilE BONDS Aller requesting competitive bids for the Bonds, the City accepted the bid of (the "Initial Purchaser") 10 purchase the Bonds at the interest rates shown on page 2 of the Official Statement al a price of (%) of par plus a cash premium (if any) of $ . The Initial Purchaser(s) can give no assurance that any trading market will be developed for the Bonds aileI' their sale by the City to the Initial Purchaser. The City has no control over the price at which the Bonds are subsequently sold and the initial yield at which the Bonds will be priced and reofTered will be established by and will be the responsibility of the Initial Purchaser. FORWARD-LOOKING STATEMENTS DISCLAIMER The statements contained in this Orricial Statement, and in any other information provided by the City, that are not purely historical, are forward-looking statements, including statements regarding the City's expectations. hopes. intentions. or strategies regarding the future. Readers should not place undue reliance on forward-looking statements. All forward-looking statements included in this Official Statement are based on information available to the City on the date hereof, and the City assumes no obligation [0 update any such forward-looking statements. The City's actual results could differ materially from those discussed in such forward-looking statements. The forward-looking statements included herein are necessarily based on various assumptions and estimates and are inherently subject to various risks and uncertainties, including risks and uncertainties relating to the possible invalidity of the underlying assumptions and estimates and possible changes or developments in social, economic, business. industry, market, legal. and regulatory circumstances and conditions and actions taken or omitted to be taken by third parties, including customers, suppliers, business partners and competitors, and legislative, judicial, and other governmental authorities and officials. Assumptions related to the loregoing involve judgments with respect to, among other things, future economic. competitive, and market conditions and future business decisions, all of which are difficult or impossible to predict accurately and many of which are beyond the control of the City. Any of such assumptions could be inaccurate and, therefore, there can be no assurance that the forward-looking statements included in this Official Statement will prove to be accurate. MISCELLANEOUS At the time of payment for and delivery of the Bonds, the City will furnish a certificate, executed by proper officers, acting in their official capacity, to the effect that to the best of their knowledge and belief: (a) the descriptions and statements of or pertaining to the City contained in its Official Statement, and any addenda, supplement or amendment thereto, on the date of such Official Statement, on the date of sale of said Bonds and the acceptance of the best bid therefor, and on the date of the delivery, were and are true and correct in all material respects; (b) insofar as the City and its affairs, including its financial affairs, are concerned, such Official Statement did not and does not contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading; (c) insofar as the descriptions and statements, including financial data, of or pertaining to entities, other than the City, and their activities contained in such Official Statement are concerned, such statements and data have been obtained from sources which the City believes to be reliable and the City has no reason to believe that they are untrue in any material respect; and (d) there has been no material adverse change in the financial condition of the City since the date of the last audited financial statements of the City. The Ordinance authorizing the issuance of the Bonds will also approve the form and content of this Official Statement, and any addenda, supplements or amendments thereto, and authorize its further use in the reoffering ofLhe Bonds by the Purchaser. Mayor City of Colleyville, Texas A TrEST: City Secretary 10 - . c APPENDIX A GENERAL lNFORMATION REGARDlNG THE CITY o . o o o 1 TilE CITY TilE CITY The City of Colley vi lie is located 11 miles nOltheast of Fort Worth. 22 miles northwest of Dallas. and 5 miles west of the Dallas/Fort Worth International Airport in eastern Tarrant County. State Highway 26 intersects the City, with highway access to State Highways 121. 183 and 114 readily available. The City was incorporated in 1956 under the general laws of the State of Texas and the current charter was approved by the voters in 1977, and last amended in May 2005. The City is a home rule city and operates under the Council/Manager form of government. The City Council is composed of a mayor and five councilmembers who are elected at large. The councilmembers are elected for three-year staggered terms. Population at the 1960 census was I A91; 1970 census - 3,353; 1980 census - 6,540; 1990 census - 12,724; 2000 census - 19.636, and the population is presently estimated to be 22.150 in 2007. Colleyville is a pali of the "Metroplex" of North Central Texas. which includes the cities of Dallas and Fort Worth, having a total population exceeding 3.96 million. ECONOMICS The City has a lull-time staff of approximately 176 authorized employees, including 35 on the police force and 33 in the fire department. Dun & Bradstreet rates I 0 I business establishments, and the City is served by twelve banks. The City is primarily a residential area whose residents are employed by major companies located within the Metroplex. LAHGEST E~II'LOYEHS Name Grapevine-Colleyville ISO Market Street Albertsons City of Colleyville La Hacienda Ranch Sunshine Academy RWA,lnc Mac's Steak and Seafood Creme De La Creme Em]er Swim School Ebby Halliday Realtors Applebee's Neighborhood Grill Product School District Grocery Store Grocery Store City Government Restaurant Pre-School Computer System Consultants Restaurant Pre-School Swim School Real Estate Agency Restaurant Number of Employees 475 415 205 179 ]00 60 60 60 60 50 50 50 EOllCA TION Secondary education for the City is provided by the Grapevine/Colleyville lndependent School District. The District provides 17 campuses. all air-conditioned, as follows: II elementary schools, 3 middle schools, I junior high school and 2 high school. The 2000/0 I school enrollment is approximately 13,700. The District also has twelve U.S. Department of Education Blue Ribbon Schools. Educational opportunities beyond the high school level include the Tarrant County Community College, approximately 3 miles away in Ilursl: the University of Texas at Arlington, approximately l2 miles away in Arlington; the University of North Texas and Texas Woman's University, approximately 20 miles away in Denton; Texas Christian University and Texas Wesleyan University. approximately 20 miles away in Fort Worth; Southern Methodist University, approximately 20 miles away in Dallas and the University of Texas at Dallas. approximately 30 miles away in Richardson. A- 1 w o o TIL\NSPORTATION 1 Air scrvicc is providcd by ncarby Dallas/Port Worth lnternational AirpOlt, the world's second busiest airport, providing service to national and international destinations. Meacham Pield, approximately 10 miles away in northern Port Worth is a fixed base operation for private and commercial service and provides sophisticated instrument approach facilities, lighted runways, terminal Hlcilities and fuel and maintenance services. Rail service is provided by the Cotton Belt Railroad and Southern Pacific Railroad systell1s~ This system connects with other m~ior rail systems and provides rail service nationwide. H ISTOIUCAL (i;MPLO\'J\IENT (A VERAGE ANNUAL) tl) Tarrant County Employed Uncmployed % of Unemployed 2006 834,138 40,068 4.6% BUILJ>lNG PERI\IITS BY CATEGORY (I) Sourcc: Texas Employment Commission. Fiscal Year Ended 9/30 2003 2004 2005 2006 2007 MISCELLANEOUS Commercial Number Amount 18 $ l4,244,049 l6 2l,257,852 8 l4,844,383 29 27,754,025 II 8,455,800 2005 2004 2003 2002 812,731 42,860 5.0% 792,776 44,008 5.3% 770,549 5l,500 6.3% 768,599 48,605 5.9% Residential Number Amount 136 $ 5l,989,544 275 1 04,205, III 244 106,477,788 270 l41,8l2,748 3l 18, 120, 12l Grand Total 66,233,593 125,462,963 12l,322,171 l69,566,773 26,575,921 The City offers a suburban life style with varied neighborhoods. Ten lakes, within a 40 minute drive, offer boating, fishing. camping and picnicking facilities. The Cities of Fort Worth and Dallas with their varied cultural opportunities of theaters, museums, zoos, botanical gardens and professional sport teams are less than a 30 minute drive from the City. TARRANT COUNTY Tarrant County (the "County") is located in North Central Texas with a 2000 population of 1,410,740. The County, together with Dallas County, is an integral part of the Dallas-Fort Worth Metroplex, one of the largest and fastest growing metropolitan areas in the nation. The combined Metroplex area has an estimated population in excess of 4.0 million. A - 2 [28-Feb-2007] Summary: Colleyville, Texas; General Obligation Page 1 of2 c RESEARCH Summary: Colleyville, Texas; General Obligation Publication date: Primary Credit Analyst: 28-Feb-2007 Sarah Smaardyk, Dallas (1) 214-871-1428; sarah _ smaardyk@standardandpoors.com Theodore Chapman, Dallas (1) 214-871-1401; theodore _ chapman@standardandpoors.com Secondary Credit Analyst: Credit Profile US$4.575 mil GO bnds ser 2007 dtd 03/01/2007 due 02/15/2027 Long Term Rating AA+/Stable New Colleyville GO Long Term Rating AA+/Stable Affirmed ~---------_._-----_.--- ------------------.--.----------- Colleyville GO (FGIC) Unenhanced Rating AA+(SPUR)/Stable Affirmed Colleyville GO (FSA) Unenhanced Rating AA+(SPUR)/Stable Affirmed Many issues are enhanced by bond insurance. () Rationale Standard & Poor's Ratings Services assigned its 'AA+' standard long-term rating, and stable outlook, to Colleyville, Texas' series 2007 GO bonds and affirmed its 'AA+' standard long-term rating and Standard & Poor's underlying rating (SPUR), with a stable outlook, on the city's preexisting GO debt. The ratings continue to reflect the city's: . Growing and diversifying property tax base, . Sustained healthy financial operations, . Location in the Dallas-Fort Worth MSA and access to Dallas-Fort Worth International Airport, and . Very high wealth and income levels. A high overall net debt burden due to significant overlapping debt and high carrying charges moderate these strengths. The city's full faith and credit pledge secures the bonds. Officials will use series 2007 bond proceeds to finance public safety and fund the purchase of equipment. c Colleyville, with a population of about 22,150, is roughly 11 miles northeast of Fort Worth, Texas and 22 miles northwest of Dallas, Texas, placing it in close proximity to Dallas-Fort Worth International Airport and several major thoroughfares. The city, which is primarily residential, has experienced significant assessed value (AV) growth over the past five years. After averaging about 7% annual growth in each of the past five years, AV is $3 billion. High-end residential growth is continuing with the average price of a new home estimated at roughly $500,000. The city, which is about 85% developed, has a few parcels of land remaining for high-end commercial development. Development continues to occur along the U.S. Route 26 corridor, where several new retail centers have been built. Colleyville's financial performance is very strong. The unreserved general fund balance was roughly $6.9 million, or about 49% of operating expenditures, at fiscal year-end 2005, which was well above httnC'//UTUTUT r~tinG<:rlirf'rt rom/A nns/RD/controller/ Article?id=56441 7 &type=&outputType... 3/6/2007 [28-Feb-2007] Summary: Colleyville, Texas; General Obligation Page 2 of2 o management's goal of maintaining 90 days' reserves on hand. The city's unreserved general fund balance reached $7.6 million, or a high 48% of expenditures, at fiscal year-end 2006. Management attributes this surplus to an increase in sales tax collections and strong current and delinquent tax collections. Property taxes are the city's primary revenue source, but the property tax rate of 34.7 cents per $100 of A V is one of the region's lowest rates. Sales tax collections, which have been relatively steady, account for additional revenues. The fiscal 2007 budget reflects a $145,000 general fund balance drawdown, which management will use to purchase technology and fund onetime capital expenditures. Despite the planned drawdown, management is projecting to end fiscal 2007 with a small surplus due to an increase in sales tax revenue collections and fines and forfeiture fees. Standard & Poor's deems Colleyville's management practices "good" under its Financial Management Assessment (FMA) methodology, indicating financial practices exist in most areas but that not all practices might be formalized or that governance officials might not monitor them regularly. Management uses historical trends, departmental needs, and statistical information to forecast revenues and expenditures. Management has developed an informal long-term financial and formal five-year capital improvement plan with identified funding sources. Officials monitor the budget monthly and make adjustments as needed. The city has a written, in-depth, and conservative investment policy; and it makes quarterly updates to the governing body. The city's debt management policy specifies how it will spend debt. A formal reserve policy targets reserves of at least 90 days' operating expenditures for emergency purposes. Colleyville's overall net debt burden is a moderate 3.2% of true value but a high $5,183 per capita. The majority of this debt, however, is from bonds issued by Grapevine-Colleyville Independent School District. Due to rapid amortization, with 73% of principal being retired over 10 years and 99% being retired over 20 years, debt service carrying charges were a high 20.4% of expenditures in fiscal 2006. The city does not currently have any authorized, but unissued, debt remaining. o Outlook The stable outlook reflects the expectation that the city's strong demographics, including high wealth indicators, will remain unchanged and that the city's strong financial management will continue. Further economic expansion will continue to diversify the local economy, which could have a positive effect on the rating. The city's overall debt burden pressures the rating. Complete ratings information is available to subscribers of RatingsDirect, the real-time Web-based source for Standard & Poor's credit ratings, research, and risk analysis, at www.ratingsdirect.com. All ratings affected by this rating action can be found on Standard & Poor's public Web site at www.standardandpoors.com; under Credit Ratings in the left navigation bar, select Find a Rating, then Credit Ratings Search. Analytic services provided by Standard & Poor's Ratings Services (Ratings Services) are the result of separate activities designed to preserve the independence and objectivity of ratings opinions. The credit ratings and observations contained herein are solely statements of opinion and not statements of fact or recommendations to purchase, hold, or sell any securities or make any other investment decisions. Accordingly, any user of the information contained herein should not rely on any credit rating or other opinion contained herein in making any investment decision. Ratings are based on information received by Ratings Services. Other divisions of Standard & Poor's may have information that is not available to Ratings Services. Standard & Poor's has established policies and procedures to maintain the confidentiality of non-public information received during the ratings process. Ratings Services receives compensation for its ratings. Such compensation is normally paid either by the issuers of such securities or third parties participating in marketing the securities. While Standard & Poor's reserves the right to disseminate the rating, it receives no payment for doing so, except for subscriptions to its publications. Additional information about our ratings fees is available at www.standardandpoors.comtusratingsfees. o Copyright @ 2007 Standard & Poor's, a division of The McGraw-Hili Companies. All Rights Reserved. Privacy Notice "',i~rwI!"11:l1i~""'~':, kt+...co.llnrurH! r.,t;no-cul;rp('t ('om/ A nm:/R D/cnntroller/ Article?id=5644 1 7 &tvpe=&outputType... 3/6/2007 c c c o FitchRatings KNOW YOUR RISK Public Finance Tax Supported New Issue Colleyville, Texas Ratings New Issue General Obligation Bonds, Series 2007 ......................................... AA+ Outstanding Debt General Obligation Bonds ...................... AA+ Certificates of Obligation........................ AA+ Analysts Steve Murray +1512215-3729 steve.murray@fitchratings.com Gabriela Quiroga +1 512 2l5-3731 gabriela.quiroga@fitchratings.com o Issuer Contact Terry Leake Finance Director +1817503-1015 New Issue Details $4,575,000 General Obligation Bonds, Series 2007, are scheduled to sell on March 6 via competitive bid. The bonds mature serially on Feb. 15, 2009-2027, and bonds maturing on or after Feb. l5, 2018 are subject to optional redemption at par plus accrued interest on Feb. l5, 2017 or any date thereafter. Security: The bonds are direct obligations of the city, payable from a direct and continuing ad valorem tax levied on an taxable property within the city, subject to the limitations imposed by the state constitution and city charter. Purpose: Bond proceeds will be used to construct fire station improvements and pay issuance costs. o March 2, 2007 . Outlook The 'AA+' rating reflects Colleyville, TX's sound financial profile, as evidenced by substantial financial reserves, a moderate direct debt burden, and stable tax rate levels. The region's positive economic climate over most of the past decade produced steady population and tax base growth in the city, and the city managed this period of expanding population and service demands well. The general fund continues to record strong fiscal year-end fund balances as a result of the positive economic climate and conservative financial management practices. The city's recent efforts to attract more retail and commercial development have resulted in more shopping and entertainment opportunities, as well as additional office space. The increased retail activity has generated healthy sales tax revenue growth over the past three fiscal years, and Fitch Ratings believes this trend likely will continue. . Rating Considerations Colleyville is an upper income residential community located in the Dallas-Fort Worth metroplex, approximately II miles northeast of Fort Worth. The city has an estimated population of 22,l50 for 2007, and anticipates reaching a full build-out population of 26,000 by about 2025. The city is 13 square miles in size and is approximately 85% built out. The residential construction sector in recent years has been marked by a shift to larger, more expensive homes. This trend, along with more commercial construction projects, has generated sizable increases in building permit revenues since fiscal 2004. Given the relative maturity of the city, this trend likely will slow in coming years. Fitch views positively the city's efforts to attract more retail businesses in an attempt to broaden its revenue stream and compensate for anticipated declines in development-related revenues. Growth in taxable assessed valuation (TA V) has slowed somewhat, but still is healthy at 7% average annual gains over the past five fiscal years. Meanwhile, sales tax revenues have averaged gains of more than l3% annually since fiscal 2004. Coupled with conservative budgeting and expenditure controls, this tax revenue growth has contributed to strong financial performances by the city during this period. Operating results for the general fund in fiscal 2006 include an ending balance of $7.6 million, representing 47% of expenditures and transfers out. The general fund liquidity position also was strong at the end of fiscal 2006, at $7.5 million. The fiscal 2007 budget anticipates little change in reserve levels, and highlights include three new police officers and an average 5% merit pay raise. Sales tax revenues are budgeted for a modest 3% gain; year-to-date collections suggest that receipts for the entire year will exceed that forecast. www.fitchratings.com o FitchKB~!~~gs Public Finance The direct debt burden is manageable, although the sizable debt of overlapping school districts raises the overall debt level to the high category. Debt retirement is above-average. Fitch considers future capital needs manageable, and the city does not anticipate any additional tax-supported borrowings for at least the next l2 months. The city's total tax rate, which is relatively low for Texas cities at roughly $0.35 per $lOO of TA V, has remained unchanged for more than a decade. . Strengths . Conservative financial management and policies. . Substantial general fund reserves. . Moderate direct debt burden and manageable capital needs. . Exceptional local income profile and sound regional economy. . Risks . High overall debt burden. . Financial chal1enges posed as city approaches ful1 build-out. o . Debt This offering represents the entire authorization approved by voters in February 2005 for fire station improvements. Bond proceeds will be used to fund construction of a new facility on the east side of the city and a new central fire station. After this sale, the city will have no authorized but unissued bonds, and city management reports that 2008 would be the earliest that a new bond election would be cal1ed; street projects reportedly are the most pressing capital need for Colleyville. o Fitch considers net direct debt moderate at $l ,548 per capita and l.l % of current T A V. The removal of sales tax-supported debt (crime control district and economic development) results in ratios of $909 per capita and 0.67% of TA V. The payout rate is above-average, with 6l.3% of al1 tax-supported debt repaid in lO years. Fitch notes that the overall debt per capita and as a percentage of T A V is relatively high, at $5,847 and 4.3%, respectively. Staff anticipates minimal impact to the city's debt service tax rate from these bonds. The fiscal 2007 rate is $0.0687 per $lOO T A V, and the trend in the debt service tax generally has been downward over the past decade - the fiscal 1998 rate was nearly four cents higher at $0.1054. Tax collections are very strong, with current collections averaging 98.9% since fiscall997. Debt Statistics ($000) This Issue Outstanding Debt Total Direct Debt Less: Self-Supporting Debt Net Direct Debt Overlapping Debt Total Overall Debt 4.575 30,959 35,534 1.255 34,279 95.240 129,519 Debt Ratios Net Direct Debt per Capita ($)' As % ofTAV" Overall Debt per Capita ($)' As % of TAV" 'Population: 22,150 (2007 estimate). "Taxable assessed valuation (TAV): $3,003.301.907 (fiscal 2007). 1.548 1.1 5,847 4.3 The city's capital needs through fiscal 20 II total a manageable $68.5 million. The largest component is street projects at $4l million, and the city hopes to secure grant monies to help fund a significant portion of the improvements. The plan cal1s for debt funding of only 10%-l5% of total projected needs. The capital budget for fiscal 2007 is $2l.1 million, including the fire station improvements funded with this offering. Water system improvements totaling $10.9 mill ion are the other major capital item for the year. Other outstanding tax supported debt of the city includes $7.l million in certificates of obligation (including $4.8 million supported by a \12% crime control district sales tax), $7.1 million in tax increment certificates of obligation, and $9.3 mil1ion issued by the city's economic development~ corporation and supported by an additional \12% sales tax. . Finances The financial results for fiscal 2006 reflect another solid performance by the city, with the general fund posting positive results for the fifth consecutive year. The general fund reported net income of $726,000 and an unreserved balance of $7.6 million, which equaled a robust 46.8% of expenditures and transfers out; this amount represented l7l days of working capital. The liquidity position of the general fund also remains healthy, with cash and investments for fiscal 2006 totaling $7.5 million. Property and sales taxes continue as the dominant general fund revenue sources, contributing more than $11. 7 million in fiscal 2006, or 73.6% of total revenues. Sales tax revenue growth has been healthy in recent years, increasing by an average of more than l3% annually since fiscal 2003. These gains Colleyville, Texas 2 c Fitch,B~!~~gs Public Finance Financial Summary - General Fund ($000, Audited Fiscal Years Ended Sept. 30) 2002 2003 2004 2005 2006 Taxes 9.018 9.397 10.312 10,982 11,721 Licenses and Permits 913 926 1.506 1,359 1.931 Fines and Forfeitures 535 471 492 482 790 Charges for Services 465 794 826 808 976 Investment Eamings 200 152 108 193 455 Miscellaneous 541 49 52 70 64 Total Revenues 11,672 11,789 13,296 13,894 15,937 General Government 1,918 1,453 1,581 1,823 2,016 Community Development and Engineering 1,227 1,274 1,282 1,160 1,265 Fire and Rescue 2.784 2,820 2,931 3,061 3,631 Leisure Services 1,286 1,771 1,968 2,135 2,323 Maintenance 183 163 357 358 377 Municipal Court 150 223 232 236 244 Police 3,018 3,019 3,057 3.216 3,400 Streets and Drainage 982 1.093 1,421 1,656 1,604 Debt Service 0 0 0 25 50 Capital Outlay 0 74 613 127 119 Total Expenditures 11,548 11,890 13,442 13,797 15.029 Operating Income/(Deficit) 124 (101 ) (146) 97 908 Transfers In 449 525 473 464 532 Other Sources 0 0 0 94 432 Transfers Out 0 0 0 (573) (1,146) Net Income/(Deficit) 573 424 327 82 726 0 Total Fund Balance 6,015 6,441 6,767 6,851 7,575 As % of Expenditures and Transfers Out 52.1 54.2 50.3 47.7 46.8 Unreserved Fund Balance 6,015 6,441 6,767 6,851 7,575 As % of Expenditures and Transfers Out 52.1 54.2 50.3 47.7 46.8 Undesignated Fund Balance 6,015 6,441 6,767 6,851 7.575 As % of Expenditures and Transfers Out 52.1 542 50.3 47.7 46.8 reflect a recent effort by the city to attract new retail, restaurant and other commercial enterprises in order to broaden the city's revenue stream. As Colleyville matures, building permit revenue likely will decline and the rate of tax base growth will slow. Fitch views positively the city's recognition of this pending shift in revenue patterns and its attempt to expand the revenue base. c Licenses and permits are the next largest operating revenue source, contributing $l.9 million or l2% of fiscal 2006 general fund revenues. Despite the maturation of the residential housing sector in the city, the value of housing permits has climbed sharply over the past three years; the average annual residential total since fiscal 2004 is $ll7.4 million, compared with $57.3 million on average from the fiscal years 200l-2003. Staff attributes the increase to a shift by homebuilders to much larger, more expensive homes. In addition to these revenues, the general fund receives an annual administrative and franchise fee transfer from the water and sewer fund at a rate of 6% of prior-year enterprise fund revenues; in fiscal 2006, the transfer totaled $532,357. Expenditure growth has been moderate since fiscal 2002, averaging 6.9% annually. The increase for fiscal 2006 was slightly larger at 8.9%, led by a nearly 20% jump in fire and rescue outlays. Combined public safety spending (police and fire/rescue) is the largest spending category, representing 46.8% of total general fund expenditures in fiscal 2006. Leisure services (l5.5%) and general government (13.4%) are the next largest components. Total general fund expenditures were $l5.0 mill ion for fiscal 2006. The fiscal 2007 budget calls for general fund spending to increase roughly 8% above fiscal 2006 totals, which will be consistent with the pattern established in recent years. Sales tax receipts are budgeted for a 3% gain, and, according to city management, year-to-date collections are more than 6% ahead of prior-year results. Overall, staff anticipates that fiscal 2007 financial results will meet budget targets, which call for little change in reserve Colleyville. Texas 3 () o o FitchRatillgs KNOW YOUR RISK 1 Public Finance levels. Budget highlights include funding for three new police officers, an increase in street maintenance spending from $650,000 to $800,000, and an average 5% merit salary increase. The operations and maintenance tax rate is up fractionally to $0.2787 per $100 of T A V, while the overall rate remains unchanged at $0.3474. . Economy Evidence of the city's maturation is provided by tax base growth over the past several fiscal years. T A V climbed an average of 5.2% annually since fiscal 2005; while healthy, this rate is roughly one-half of the 10.2% pace of annual T A V gains over the previous five fiscal years. T A V for fiscal 2007 has reached $3.0 billion, which represents a 4.5% gain from the past year. The tax base mix is weighted heavily towards residential properties (85% of fiscal 2007 total appraised values), while real business properties represent 7.5% of the total. These percentages are not expected to change over the next l5-20 years as the city approaches full build-out. The city has a 2007 estimated population of22,l50; this number represents a nearly lO% increase from the 2000 census total. No major employers are located in the city; residents commute to other employment centers in the metroplex region. Consequently, the city's tax base is not concentrated, with the top lO taxpayers representing only 3.0% of current T A V. Also, T A V per capita is high at $135,589. Tarrant County median household income levels for 2004 exceeded the state and national averages by 13% and 12%, respectively. The city in 1998 created a tax increment financing (TlF) district to provide infrastructure for planned retail development within the state highway 26 (SH 26) corridor. SH 26 bisects the city, and the TlF district has been a major focal point for recent development, including a new city hall and municipal library. The TIF consists of 633 acres, and all local taxing entities are participating in the reinvestment program. City officials report that development within the TIF has outpaced original projections in tenns of number of construction projects and valuation growth; the fiscal 2007 total district value of $241.l million is more than triple the original base value of$75.8 milIion. Copyright 02007 by Fitch, Inc., Fitch Ratings Ltd. and its subsidiaries. One State Street Plaza., NY. NY 10004 Telephone: 1-800.753-4824, (212) 908-0500. Fax: (212) 480-4435. Reproduction or retransmission in whole or in part is prohibited except by permission. All rights reserved. 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The assignment, publication, or dissemination of a rating by Fitch shall not constitute a consent by Fitch to use its name as an expen in connection with any registration statement flied under the United States securities laws, the Financial Services and Markets Act of 2000 of Great Britain, or the securities la\.-'lS of any panicular jurisdictlOn. Due to the relative efficiency of electronic publishing and dIstribution. Fitch research may be available to electronic: subscribers up to three days earlier than to print subscribers Colleyville. Texas 4 o . o CITY OF COLLEYVILLE, TEXAS $4,575,000 GENERAL OBLIGATION BONDS, SERIES 2007 TABULATION OF BIDS SEALED BIDS DUE TUESDAY, MARCH 6, 2007 AT 11:00 AM, CDT TRUE ACCOUNT INTEREST BID MANAGER COST VIA Mon!:an Kee2an & Company, Inc. 3.985150 Parity Southwest Securities, Inc. 3.993035 Parity Ross, Sinclaire & Associates, Inc. 4.006813 Parity Wells Fargo Brokerage 4.008042 Parity Sterne, Agee & Leach, Inc. 4.047136 Parity Stifel Nicolaus & Company, Inc. 4.047727 Parity o o '" 't:l = o Q:I e; c. .OJ ~ .i: - = .- ::E ~... ~ 0 "0 ~ U Cl.I ...'t:l o .s c= .- '" u -. Cl.I >. = Q:I 't:l = o Q:I ..<:: c. <<:l .... C) o '" -0 C o CO OJ Po 'u '2 " :::E '- o u 1= t- 9 '" .~ " r/} '" -0 CO o " ~ .~ ~ "0 u I ... '" " >. a ~ >< " -0 .5 '" " <; ~ -", -... " >. " CO -0 C o f I 0; ~ " E c ~ " u I ~ '" ." ~ l""l - II .c :: ..... - ~ .... .... U ~ a "'! "., ~ a a .... ~ a "'! ~ a "'! N ~ a a o ~ a a 0\ ~ a a 00 ?f. ?f.- a a a a r:--: \Ci ~ Q a a vi ~ a "'! 3lRlI ~ a a .... ~ ~ a a a a r..-l N ~ OQ 0- r-i II '" 't:l = o Q:I o c.:l ~ a "'! .9~ ~ JQ <'0 vD Q.., JQ "/ vD iL% -~ 0 ~ <0 <'0 "a ~ <0 0/ <<: c~ Q.., 0 /. <'~ ~V /.cf; Q..,c " a ?c 12--c 0 ?n 6"6: ~o "l ~ 6"6: 0/ "d> ~ &'6: CO "d> ~ <6: ::90 '1:> ~ <6: 0/ vr (,.-."- 96: <0 vr (.., J'6: ::90 '< (.., J'% 0/ ~ .66: CO ~ ~ r6: ::90 Vc (.., r6: 0/ 'a; G 12--c t:1/. 0 6"0 /6: '1:>0 <dJ (h /6: 0/ <;C Q..,."- 06: <0 <;C (h 6",p. ::90 '1; (h 6",p. 0/ v/ &'0 <ezo t;.; <,p. ~ "6: ~ <,p. 6"0 '<: .9~ <e-o 0 <'G J',p. 7-0 ~ ~ J',p. 6"0 'C .6~ <e-c 0 ~ r'p' ;f'o 'V ~ r'p' 6"0 "a> c;0 ,%>0 (.., /,p. ;f'o '1' (.., 6"0 Il) OJ) <<:l Q.. ~ a a o City of Colleyville, Texas $4,575,000 General Obligation Bonds, Series 2007 Sources & Uses Dated 03f01f2007 I Delivered 04f10f2007 Sources Of Funds Par Amount of Bonds Accrued Interest from 03/01/2007 to 04/10/2007 $4,575,000.00 19,933.33 Total Sources $4,594,933.33 Uses Of Funds Costs of Issuance Deposit to Debt Service Fund Rounding Amount 85,000.00 19,933.33 4,490,000.00 Total Uses $4,594,933.33 City of Colleyville, Texas $4,575,000 General Obligation Bonds, Series 2007 0 Debt Service Schedule Date Principal Coupon Interest Total P+I Fiscal Total 04/lon007 02l15n008 175.822.22 175.822.22 08/lSn008 92.000.00 92.000.00 09130n008 267.822.22 02l15n009 50.000.00 5.000% 92,000.00 142.000.00 08/15n009 90.750.00 90.750.00 09130n009 232.750.00 02l15nOlO 50.000.00 5.000% 90.750.00 140.750.00 08/lSnO 10 89,500.00 89.500.00 09/30nO 10 230.250.00 02l15nOll 50.000.00 4.000% 89.500.00 139.500.00 08/lSnO II 88.500.00 88.500.00 09130nOll 228.000.00 02l15nOl2 50.000.00 4.000% 88.500.00 138.500.00 08/lSn012 87.500.00 87,500.00 09/30n012 226.000.00 02l15nOl3 50,000.00 4.000% 87.500.00 137.500.00 08/lSn013 86.500.00 86.500.00 09130nOl3 224.000.00 02l15nOl4 50,000.00 4.000% 86.500.00 136.500.00 08/15n014 85,500.00 85.500.00 09130nOl4 222.000.00 02l15nOl5 150.000.00 4.000% 85.500.00 235,500.00 08/lSn015 82.500.00 82.500.00 09/30n015 318.000.00 02l15nOl6 150.000.00 4.000% 82.500.00 232.500.00 08/15n016 79.500.00 79.500.00 09130no 16 312.000.00 02l15nOl7 150,000.00 4.000% 79.500.00 229.500.00 08/lSnO 17 76.500.00 76.500.00 09/30n017 306.000.00 02l15nOl8 150.000.00 4.000% 76.500.00 226.500.00 0 08/15nOt8 73.500.00 73.500.00 09/30n018 300.000.00 02l15nOl9 150,000.00 4.000% 73,500.00 223,500.00 08l15nOl9 70.500.00 70.500.00 09130nO 19 294.000.00 02l15n020 150.000.00 4.000% 70.500.00 220,500.00 08/lSn020 67.500.00 67.500.00 09/30n020 288.000.00 02l15n021 415.000.00 4.000% 67.500.00 482.500.00 08/lSn021 59,200.00 59.200.00 09130n021 541.700.00 02l15n022 435.000.00 4.000% 59,200.00 494.200.00 081l5n022 50,500.00 50,500.00 09/30n022 544.700.00 02l15n023 455,000.00 4.000% 50.500.00 505,500.00 08/lSn023 41.400.00 41.400.00 09130n023 546.900.00 02l15n024 480,000.00 4.000% 41.400.00 521.400.00 08l15n024 31,800.00 31.800.00 0913012024 553.200.00 02l15n025 505.000.00 4.000% 31.800.00 536.800.00 08/lSn025 21.700.00 21,700.00 09l30n025 558,500.00 02l15n026 530,000.00 4.000% 21,700.00 551,700.00 08/lSn026 ll.100.00 ll.IOO.OO 09130n026 562,800.00 02l15n027 555.000.00 4.000% ll.100.00 566.100.00 09130n027 566.100.00 Total $4,575,000.00 52,747,722.22 57.322,722.22 Yield Statistics Accrued Interest from 03/0 In007 to 04/lOn007 19.933.33 Bond Year Dollars 568.631.67 ~Life 15.001 Yean Avel'aRe COUDOD 4.0035779% Netlnten:st Cost (NIC) 4.0035779% True Interest Cost mC) 4.0010243% Bond Yield for Arbi~ Purposes 4.0010243% Alllntlusive Cost (AlC) 4.1730679% 0 IRS Form 8038 Net Interest Cost 3.9745339% WeilWted Ave~ Maturity 15.001 Yean First Southwest Company Public Finance Page 2 Sample Issue I SINGLE PURPOSE I 31612007 I 11 :40 AM cee .,~.~.~... City of Colleyville Agenda Briefing 100 Main Street Colleyville, Texas 76034 (817) 503-1 000 www.colleyville.com File Number: 0-07-1610 File Number: 0-07-1610 File Type: Ordinance Status: Second Reading Version: Agenda Date: 03/06/2007 Controlling Body: City Council Requester: Finance Department Agenda No.: Sb Final Action: File Name: Authorizing the issuance of $4,S7S,000 Series 2007 General Obligation Bonds Attachments: 2007 Bond Issue Debt Service Schedule.pdf. Ordinance 0-07-1610.pdf History of Legislative File Version: Date: Acting Body: Action Text: 02/20/2007 City Council 03/06/2007 City Council Title Authorizing the issuance of $4,575,000 Series 2007 General Obligation Bonds Explanation Second Reading and Public Hearing No citizens spoke on this item at the February 20, 2007 public hearing. First Reading and Public Hearing On February 5,2005, the voters approved the issuance of $4,575,000 in General Obligation bonds for fire station facilities and outdoor warning sirens. At the November 7, 2007 Pre Council meeting, Council directed staff to proceed with the bonds sale in early 2007. Additionally, the proposed debt schedule was presented to the Council at the Pre Council meeting of February 6, 2007, and Council directed staff to proceed using the attached debt sched u Ie. On March 6, 2007, the bonds will be sold competitively by the City's financial advisor, First Southwest. At the March 6, 2007 Council meeting, the results of the sale will be presented to the Council for consideration. Financial Impact As stated at the November 7, 2006 and February 6, 2007 Pre Council meetings, the bonds will add one cent to the debt service portion of the tax rate for Fiscal Year 2008 bringing the tax rate to $.3574. Recommendation Approval City of Colleyville Page 1 Printed on 2/28/2007 City of Colleyville Fire Station - $4,575,000 - 2007 Issuance Debt Service and Tax Rate Summary A B C D E F G 2007 Debt Service Taxable Assessed $4,575,000 Calculated FYE Assessed Value 5.00% Tax Rate 30-Sep Value Growth Principal Interest Total Impact(1) 2007 2,904,648,612 2008 2,99\ ,788,070 3.00% 332,958 $ 332,958 $ 0.0112 2009 3,081,54\,712 3.00% 50,000 227,500 277,500 0.0091 2010 3,173,987,964 3.00% 50,000 225,000 275,000 0.0088 2011 3,269,207,603 3.00% 50,000 222,500 272,500 0.0084 2012 3,367,283,83\ 3.00% 50,000 220,000 270,000 0.0081 2013 3,434,629,507 2.00% 50,000 217,500 267,500 0.0079 2014 3,503,322,098 2.00% 50,000 2l5,000 265,000 0.0076 2015 3,573,388,540 2.00% 150,000 210,000 360,000 0.0102 2016 3,644,856,310 2.00% l50,000 202,500 352,500 0.0098 2017 3,717,753,437 2.00% 150,000 195,000 345,000 0.0094 2018 3,792,108,505 2.00% l50,000 187,500 337,500 0.0090 2019 3,867,950,675 2.00% 150,000 180,000 330,000 0.0086 2020 3,945,309,689 2.00% 150,000 172,500 322,500 0.0083 2021 3,984,762,786 1.00% 415,000 158,375 573,375 0.0145 2022 4,024,610,414 \.00% 435,000 137,125 572,l25 0.0144 2023 4,064,856,518 1.00% 455,000 114,875 569,875 0.0142 2024 4, \ 05,505,083 1.00% 480,000 91,500 571,500 0.0141 2025 4,146,560,134 \.00% 505,000 66,875 571,875 0.0139 2026 4,188,025,735 1.00% 530,000 41,000 571,000 0.0138 2027 4,229,905,992 1.00% 555,000 13,875 568,875 0.0136 2028 4,272,205,052 1.00% 2029 4,314,927,103 1.00% 2030 4,358,076,374 1.00% 2031 4,401,657,138 \.00% Total $ 4,575,000 $ 3,43l,583 $ 8,006,583 Assumptions (1) Assumes Collection Rate of 99% Assumes all bond issues dated April 15 of Series year. First Southwest Company 72565_1 .xLS ORDINANCE 0-07-1610 AN ORDINANCE authorizing the issuance of "CITY OF COLLEYVILLE, TEXAS, GENERAL OBLIGATION BONDS, SERIES 2007"; specifying the terms and features of said bonds; levying a continuing direct annual ad valorem tax for the payment of said bonds; and resolving other matters incident and related to the issuance, sale, payment and delivery of said bonds, including the approval and execution of a Paying Agent/Registrar Agreement, and the approval and distribution of an Official Statement pertaining thereto; and providing an effective date. WHEREAS, the City Council finds and determines that all of the general obligation bonds approved and authorized to be issued at an election held on February 5, 2005 should be issued and sold at this time; now, therefore, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF COLLEYVILLE, TEXAS: SECTION 1: Authorization, DesiQnation, Principal Amount. Purpose. General obligation bonds of the City shall be and are hereby authorized to be issued in the aggregate principal amount of $4,575,000, to be designated and bear the title "CITY OF COLLEYVILLE, TEXAS, GENERAL OBLIGATION BONDS, SERIES 2007" (hereinafter referred to as the "Bonds"), for permanent public improvements and public purposes, to wit: public safety facilities and equipment (Central Fire Station improvements, fire fighting equipment and outdoor warning sirens), including the acquisition of land for such facilities, all in accordance with authority conferred by and in conformity with the Constitution and laws of the State of Texas, including V.T.C.A., Government Code, Chapter 1331, as amended. SECTION 2: Fullv ReQistered ObliQations - Bond Date - Authorized Denominations - Stated Maturities - Interest Rates. The Bonds shall be issued as fully registered obligations only, shall be dated March 1, 2007 (the "Bond Date"), shall be in denominations of $5,000 or any integral multiple (within a Stated Maturity) thereof, and shall become due and payable on February 15 in each of the years and in principal installments (the "Stated Maturities") and bear interest at the rate(s) per annum in accordance with the following schedule: YEAR OF MATURITY PRINCIPAL INSTALLMENTS INTEREST RATE 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 $ 50,000 50,000 50,000 50,000 50,000 50,000 150,000 150,000 150,000 150,000 150,000 45794742.1110411756 2020 2021 2022 2023 2024 2025 2026 2027 150,000 415,000 435,000 455,000 480,000 505,000 530,000 555,000 The Bonds shall bear interest on the unpaid principal amounts from the Bond Date at the rate(s) per annum shown above in this Section (calculated on the basis of a 360-day year of twelve 30-day months). Interest on the Bonds shall be payable on August 15 and February 15 in each year, commencing February 15, 2008, until maturity or prior redemption. SECTION 3: Terms of Payment - Pavino Aoent/Reoistrar. The principal of, premium, if any, and the interest on the Bonds, due and payable by reason of maturity, redemption or otherwise, shall be payable only to the registered owners or holders of the Bonds (hereinafter called the "Holders") appearing on the registration and transfer books maintained by the Paying Agent/Registrar, and the payment thereof shall be in any coin or currency of the United States of America, which at the time of payment is legal tender for the payment of public and private debts, and shall be without exchange or collection charges to the Holders. The selection and appointment of The Bank of New York Trust Company, N.A., Dallas, Texas, to serve as Paying Agent/Registrar for the Bonds is hereby approved and confirmed. Books and records relating to the registration, payment, exchange and transfer of the Bonds (the "Security Register") shall at all times be kept and maintained on behalf of the City by the Paying Agent/Registrar, all as provided herein, in accordance with the terms and provisions of a "Paying Agent/Registrar Agreement", substantially in the form attached hereto as Exhibit A, and such reasonable rules and regulations as the Paying Agent/Registrar and the City may prescribe. The Mayor and City Secretary of the City are hereby authorized to execute and deliver such Paying Agent/Registrar Agreement in connection with the delivery of the Bonds. The City covenants to maintain and provide a Paying Agent/Registrar at all times until the Bonds are paid and discharged, and any successor Paying Agent/Registrar shall be a commercial bank, trust company, financial institution or other entity qualified and authorized to serve in such capacity and perform the duties and services of Paying Agent/Registrar. Upon any change in the Paying Agent/Registrar for the Bonds, the City agrees to promptly cause a written notice thereof to be sent to each Holder by United States Mail, first class postage prepaid, which notice shall also give the address of the new Paying Agent/Registrar. Principal of and premium, if any, on the Bonds shall be payable at the Stated Maturities or the redemption thereof only upon presentation and surrender of the Bonds to the Paying Agent/Registrar at its designated offices in East Syracuse, New York (the "Designated Payment/Transfer Office"). Interest on the Bonds shall be paid to the Holders whose name appears in the Security Register at the close of business on the Record Date (the last business day of the month next preceding each interest payment date) and shall be paid by the Paying Agent/Registrar (i) by check sent United States Mail, first class postage prepaid, to the address of the Holder recorded in the Security Register or (ii) by such other method, acceptable to the Paying Agent/Registrar, requested by, and at the risk and expense of, the Holder. If the date for the payment of the principal of or interest on the Bonds shall be a Saturday, Sunday, legal holiday or a day when banking institutions in the city where the Designated Payment/Transfer 45794742.1/10411756 2 Office of the Paying AgenURegistrar is located are authorized by law or executive order to close, then the date for such payment shall be the next succeeding day which is not such a Saturday, Sunday, legal holiday or day when banking institutions are authorized to close; and payment on such date shall have the same force and effect as if made on the original date payment was due. In the event of a nonpayment of interest on a scheduled payment date, and for thirty (30) days thereafter, a new record date for such interest payment (a "Special Record Date") will be established by the Paying AgenURegistrar, if and when funds for the payment of such interest have been received from the City. Notice of the Special Record Date and of the scheduled payment date of the past due interest (which shall be fifteen (15) days after the Special Record Date) shall be sent at least five (5) business days prior to the Special Record Date by United States Mail, first class postage prepaid, to the address of each Holder appearing on the Security Register at the close of business on the last business day next preceding the date of mailing of such notice. SECTION 4: Redemption. (a) Optional Redemption. The Bonds having Stated Maturities on and after February 15, 2018, shall be subject to redemption prior to maturity, at the option of the City, in whole or in part in principal amounts of $5,000 or any integral multiple thereof (and if within a Stated Maturity by lot by the Paying Agent/Registrar), on February 15, 2017, or on any date thereafter, at the redemption price of par plus accrued interest to the date of redemption. (b) Exercise of Redemption Option. At least forty-five (45) days prior to a redemption date for the Bonds (unless a shorter notification period shall be satisfactory to the Paying AgenURegistrar), the City shall notify the Paying AgenURegistrar of the decision to redeem Bonds, the principal amount of each Stated Maturity to be redeemed, and the date of redemption therefor. The decision of the City to exercise its right to redeem Bonds shall be entered in the minutes of the governing body of the City. (c) Selection of Bonds for Redemption. If less than all Outstanding Bonds of the same Stated Maturity are to be redeemed on a redemption date, the Paying Agent/Registrar shall treat such Bonds as representing the number of Bonds Outstanding, which is obtained by dividing the principal amount of such Bonds by $5,000, and shall select the Bonds to be redeemed within such Stated Maturity by lot. (d) Notice of Redemption. Not less than thirty (30) days prior to a redemption date for the Bonds, a notice of redemption shall be sent by United States Mail, first class postage prepaid, in the name of the City and at the City's expense, to each Holder of a Bond to be redeemed in whole or in part at the address of the Holder appearing on the Security Register at the close of business on the business day next preceding the date of mailing such notice, and any notice of redemption so mailed shall be conclusively presumed to have been duly given irrespective of whether received by the Holder. All notices of redemption shall (i) specify the date of redemption for the Bonds, (ii) identify the Bonds to be redeemed and, in the case of a portion of the principal amount to be redeemed, the principal amount thereof to be redeemed, (iii) state the redemption price, (iv) state that the Bonds, or the portion of the principal amount thereof to be redeemed, shall become due and payable on the redemption date specified, and the interest thereon, or on the portion of the principal amount thereof to be redeemed, shall cease to accrue from and after the 45794742.1/10411756 3 redemption date, and (v) specify that payment of the redemption price for the Bonds, or the principal amount thereof to be redeemed, shall be made at the Designated PaymentlTransfer Office of the Paying Agent/Registrar only upon presentation and surrender thereof by the Holder. If a Bond is subject by its terms to prior redemption and has been called for redemption and notice of redemption thereof has been duly given as hereinabove provided, such Bond (or the principal amount thereof to be redeemed) shall become due and payable and interest thereon shall cease to accrue from and after the redemption date therefor; provided moneys sufficient for the payment of such Bond (or of the principal amount thereof to be redeemed) at the then applicable redemption price are held for the purpose of such payment by the Paying Agent/Registrar. SECTION 5: Reoistration - Transfer - Exchanoe of Bonds - Predecessor Bonds. The Paying Agent/Registrar shall obtain, record and maintain in the Security Register the name and address of each and every owner of the Bonds issued under and pursuant to the provisions of this Ordinance or, if appropriate, the nominee thereof. Any Bond may be transferred or exchanged for Bonds of other authorized denominations by the Holder, in person or by his duly authorized agent, upon surrender of such Bond to the Designated PaymentlTransfer Office of the Paying Agent/Registrar for cancellation, accompanied by a written instrument of transfer or request for exchange duly executed by the Holder or by his duly authorized agent, in form satisfactory to the Paying Agent/Registrar. Upon surrender of any Bond (other than the single Initial Bond referenced in Section 8 hereof) for transfer at the Designated Payment/Transfer Office of the Paying Agent/Registrar, one or more new Bonds shall be registered and issued to the assignee or transferee of the previous Holder; such Bonds to be in authorized denominations, of like Stated Maturity and of a like aggregate principal amount as the Bond or Bonds surrendered for transfer. At the option of the Holder, Bonds (other than the single Initial Bond referenced in Section 8 hereof) may be exchanged for other Bonds of authorized denominations and having the same Stated Maturity, bearing the same rate of interest and of like aggregate principal amount as the Bonds surrendered for exchange, upon surrender of the Bonds to be exchanged at the Designated PaymentlTransfer Office of the Paying Agent/Registrar. Whenever any Bonds are surrendered for exchange, the Paying Agent/Registrar shall register and deliver new Bonds to the Holder requesting the exchange. All Bonds issued in any transfer or exchange of Bonds shall be delivered to the Holders at the Designated PaymentlTransfer Office of the Paying Agent/Registrar or sent by United States Mail, first class postage prepaid, to the Holders, and, upon the registration and delivery thereof, the same shall be valid obligations of the City, evidencing the same obligation to pay, and entitled to the same benefits under this Ordinance, as the Bonds surrendered in such transfer or exchange. All transfers or exchanges of Bonds pursuant to this Section shall be made without expense or service charge to the Holder, except as otherwise herein provided, and except that the Paying Agent/Registrar shall require payment by the Holder requesting such transfer or exchange of any tax or other governmental charges required to be paid with respect to such transfer or exchange. Bonds cancelled by reason of an exchange or transfer pursuant to the provisions hereof are hereby defined to be "Predecessor Bonds", evidencing all or a portion, as the case may be, of the same obligation to pay evidenced by the new Bond or Bonds registered and delivered in 45794742.1/10411756 4 the exchange or transfer therefor. Additionally, the term "Predecessor Bonds" shall include any mutilated, lost, destroyed or stolen Bond for which a replacement Bond has been issued, registered and delivered in lieu thereof pursuant to the provisions of Section 11 hereof, and such new replacement Bond shall be deemed to evidence the same obligation as the mutilated, lost, destroyed or stolen Bond. Neither the City nor the Paying Agent/Registrar shall be required to issue or transfer to an assignee of a Holder any Bond called for redemption, in whole or in part, within forty-five (45) days of the date fixed for the redemption of such Bond; provided, however, such limitation on transferability shall not be applicable to an exchange by the Holder of the unredeemed balance of a Bond called for redemption in part. SECTION 6: Book-Entrv-Onlv Transfers and Transactions. Notwithstanding the provisions contained herein relating to the payment of and transfer/exchange of the Bonds, the City hereby approves and authorizes the use of "Book-Entry-Only" securities clearance, settlement and transfer system provided by The Depository Trust Company ("DTC"), a limited purpose trust company organized under the laws of the State of New York, in accordance with the requirements and procedures identified in the Blanket Letter of Representations, by and between the City and DTC (the "Depository Agreement"). Pursuant to the Depository Agreement and the rules of DTC, the Bonds shall be deposited with DTC, who shall hold said Bonds for its participants (the "DTC Participants"). While the Bonds are held by DTC under the Depository Agreement, the Holder of the Bonds on the Security Register for all purposes, including payment and notices, shall be Cede & Co., as nominee of DTC, notwithstanding the ownership of each actual purchaser or owner of each Bond (the "Beneficial Owners") being recorded in the records of DTC and DTC Participants. In the event DTC determines to discontinue serving as securities depository for the Bonds or otherwise ceases to provide book-entry clearance and settlement of securities transactions in general or the City determines that DTC is incapable of properly discharging its duties as securities depository for the Bonds, the City covenants and agrees with the Holders of the Bonds to cause Bonds to be printed in definitive form and provide for the Bond certificates to be issued and delivered to DTC Participants and Beneficial Owners, as the case may be. Thereafter, the Bonds in definitive form shall be assigned, transferred and exchanged on the Security Register maintained by the Paying Agent/Registrar and payment of such Bonds shall be made in accordance with the provisions of Sections 3, 4 and 5 hereof. SECTION 7: Execution - Reqistration. The Bonds shall be executed on behalf of the City by the Mayor under its seal reproduced or impressed thereon and countersigned by the City Secretary. The signature of said officers on the Bonds may be manual or facsimile. Bonds bearing the manual or facsimile signatures of individuals who are or were the proper officers of the City on the Bond Date shall be deemed to be duly executed on behalf of the City, notwithstanding that one or more of the individuals executing the same shall cease to hold such offices at the time of delivery of the Bonds to the initial purchaser(s) and with respect to Bonds delivered in subsequent exchanges and transfers, all as authorized and provided in V.T.C.A., Government Code, Chapter 1201, as amended. No Bond shall be entitled to any right or benefit under this Ordinance, or be valid or obligatory for any purpose, unless there appears on such Bond either a certificate of registration substantially in the form provided in Section 9(c), manually executed by the Comptroller of Public Accounts of the State of Texas, or his duly authorized agent, or a certificate of 45794742.1/10411756 5 registration substantially in the form provided in Section 9(d), manually executed by an authorized officer, employee or representative of the Paying AgenURegistrar, and either such certificate duly signed upon any Bond shall be conclusive evidence, and the only evidence, that such Bond has been duly certified, registered and delivered. SECTION 8: Initial Bond(s). The Bonds herein authorized shall be initially issued either (i) as a single fully registered bond in the aggregate principal amount stated in Section 1 hereof, in principal installments to become due and payable as provided in Section 2 hereof and numbered T-1, or (ii) as multiple fully registered bonds, being one bond for each year of maturity in the applicable principal amount and denomination and to be numbered consecutively from T- 1 and upward (hereinafter called the "Initial Bond(s)") and, in either case, the Initial Bond(s) shall be registered in the name of the initial purchaser(s) or the designee thereof. The Initial Bond(s) shall be the Bonds submitted to the Office of the Attorney General of the State of Texas for approval, certified and registered by the Office of the Comptroller of Public Accounts of the State of Texas and delivered to the initial purchaser(s). Any time after the delivery of the Initial Bond(s), the Paying AgenURegistrar, pursuant to written instructions from the initial purchaser(s), or the designee thereof, shall cancel the Initial Bond(s) delivered hereunder and exchange therefor definitive Bonds of authorized denominations, Stated Maturities, principal amounts and bearing applicable interest rates for transfer and delivery to the Holders named at the addresses identified therefor; all pursuant to and in accordance with such written instructions from the initial purchaser(s), or the designee thereof, and such other information and documentation as the Paying AgenURegistrar may reasonably require. SECTION 9: Forms. (a) Forms Generally. The Bonds, the Registration Certificate of the Comptroller of Public Accounts of the State of Texas, the Registration Certificate of Paying AgenURegistrar and the form of Assignment to be printed on each of the Bonds, shall be substantially in the forms set forth in this Section with such appropriate insertions, omissions, substitutions and other variations as are permitted or required by this Ordinance, and may have such letters, numbers or other marks of identification (including identifying numbers and letters of the Committee on Uniform Securities Identification Procedures of the American Bankers Association) and such legends and endorsements (including insurance legends on insured Bonds and any reproduction of an opinion of counsel) thereon as may, consistently herewith, be established by the City or determined by the officers executing such Bonds as evidenced by their execution. Any portion of the text of any Bonds may be set forth on the reverse thereof, with an appropriate reference thereto on the face of the Bond. The definitive Bonds and the Initial Bond(s) shall be printed, lithographed, engraved, typewritten, photocopied or otherwise reproduced in any other similar manner, all as determined by the officers executing such Bonds as evidenced by their execution thereof. The City may provide (i) for issuance of one fully registered Bond for each Stated Maturity in the aggregate principal amount of such Stated Maturity and (ii) for registration of such Bond in the name of a securities depository, or the nominee thereof. While any Bond is registered in the name of a securities depository or its nominee, references herein and in the Bonds to the Holder or registered owner of such Bonds shall mean the securities depository or its nominee and shall not mean any other person. 45794742.1/10411756 6 (b) Form of Definitive Bond. REGISTERED NO. REGISTERED $ UNITED STATES OF AMERICA STATE OF TEXAS CITY OF COLLEYVILLE, TEXAS GENERAL OBLIGATION BOND SERIES 2007 Bond Date: March 1, 2007 Interest Rate: Stated Maturity: February 15, 20_ CUSIP NO: Registered Owner: Principal Amount: DOLLARS The City of Colleyville (hereinafter referred to as the "City"), a body corporate and municipal corporation in the County of Tarrant, State of Texas, for value received, acknowledges itself indebted to and hereby promises to pay to the Registered Owner named above (the "Registered Owner"), or the registered assigns thereof, on the Stated Maturity date specified above, the Principal Amount hereinabove stated (or so much thereof as shall not have been paid upon prior redemption) and to pay interest on the unpaid principal amount hereof from the interest payment date next preceding the "Registration Date" of this Bond appearing below (unless this Bond bears a "Registration Date" as of an interest payment date, in which case it shall bear interest from such date, or unless the "Registration Date" of this Bond is prior to the initial interest from such date in which case it shall bear interest from the Bond Date) at the per annum rate of interest specified above computed on the basis of a 360-day year of twelve 30-day months; such interest being payable on August 15 and February 15 in each year, commencing February 15, 2008. Principal of this Bond is payable at its Stated Maturity or redemption to the Registered Owner hereof, upon presentation and surrender, at the Designated PaymentlTransfer Office of the Paying Agent/Registrar executing the registration certificate appearing hereon, or its successor; provided, however, while this Bond is registered to Cede & Co., the payment of principal upon a partial redemption of the principal amount hereof may be accomplished without presentation and surrender of this Bond. Interest is payable to the Registered Owner of this Bond (or one or more Predecessor Bonds, as defined in the Ordinance hereinafter referenced) whose name appears on the "Security Register" maintained by the Paying Agent/Registrar at the close of business on the "Record Date", which is the last business day of the month next preceding each interest payment date, and interest shall be paid by the Paying Agent/Registrar by check sent United States Mail, first class postage prepaid, to the address of the Registered Owner recorded in the Security Register or by such other method, acceptable to the Paying Agent/Registrar, requested by, and at the risk and expense of, the Registered Owner. If the date for the payment of the principal of or interest on the Bonds shall be a Saturday, Sunday, legal holiday or a day when banking institutions in the city where the Designated Payment/Transfer Office of the Paying Agent/Registrar is located are authorized by law or executive order to close, then the date for such payment shall be the next succeeding day which is not such a Saturday, Sunday, legal holiday or day when banking institutions are authorized to close; and payment on such date shall have the same force and effect as if made on the original date payment was due. All payments of principal of, premium, if any, and interest on this Bond shall be without exchange or collection charges to the owner 45794742.1/10411756 7 hereof and in any coin or currency of the United States of America which at the time of payment is legal tender for the payment of public and private debts. This Bond is one of the series specified in its title issued in the aggregate principal amount of $4,575,000 (herein referred to as the "Bonds") for permanent public improvements and public purposes, to wit: public safety facilities and equipment (Central Fire Station improvements, fire fighting equipment and outdoor warning sirens), including the acquisition of land for such facilities, all in accordance with authority conferred by and in conformity with the Constitution and laws of the State of Texas, including V.T.C.A., Government Code, Chapter 1331, as amended, and pursuant to an Ordinance adopted by the City Council of the City (herein referred to as the "Ordinance"). The Bonds maturing on and after February 15, 2018, may be redeemed prior to their Stated Maturities, at the option of the City, in whole or in part in principal amounts of $5,000 or any integral multiple thereof (and if within a Stated Maturity by lot by the Paying Agent/Registrar), on February 15, 2017, or on any date thereafter, at the redemption price of par, together with accrued interest to the date of redemption. At least thirty (30) days prior to a redemption date, the City shall cause a written notice of such redemption to be sent by United States Mail, first class postage prepaid, to the Registered Owners of each Bond to be redeemed at the address shown on the Security Register and subject to the terms and provisions relating thereto contained in the Ordinance. If this Bond (or any portion of its principal sum) shall have been duly called for redemption and notice of such redemption duly given, then upon the redemption date this Bond (or the portion of its principal sum to be redeemed) shall become due and payable, and interest hereon shall cease to accrue from and after the redemption date herefor, provided moneys for the payment of the redemption price and the interest on the principal amount to be redeemed to the date of redemption are held for the purpose of such payment by the Paying Agent/Registrar. In the event a portion of the principal amount of this Bond is to be redeemed and the Registered Owner is someone other than Cede & Co., payment of the redemption price of such principal amount shall be made to the Registered Owner only upon presentation and surrender of this Bond to the Designated PaymentlTransfer Office of the Paying Agent/Registrar, and a new Bond or Bonds of like maturity and interest rate in any authorized denominations provided by the Ordinance for the then unredeemed balance of the principal sum thereof will be issued to the Registered Owner, without charge. If this Bond is selected for redemption, in whole or in part, the City and the Paying Agent/Registrar shall not be required to transfer this Bond to an assignee of the Registered Owner within forty-five (45) days of the redemption date therefor; provided, however, such limitation on transferability shall not be applicable to an exchange by the Registered Owner of the unredeemed balance hereof in the event of its redemption in part. The Bonds are payable from the proceeds of an ad valorem tax levied, within the limitations prescribed by law, upon all taxable property in the City. Reference is hereby made to the Ordinance, a copy of which is on file in the Designated PaymentlTransfer Office of the Paying Agent/Registrar, and to all of the provisions of which the Registered Owner of this Bond by the acceptance hereof hereby assents, for definitions of terms; the description of and the nature and extent of the tax levied for the payment of the Bonds; the terms and conditions relating to the transfer or exchange of this Bond; the conditions upon which the Ordinance may be amended or supplemented with or without the consent of the Registered Owners; the rights, duties, and obligations of the City and the Paying Agent/Registrar; the terms and provisions upon which this Bond may be discharged at or prior to its maturity or redemption, and deemed 45794742.1/10411756 8 to be no longer Outstanding thereunder; and for other terms and provisions contained therein. Capitalized terms used herein and not otherwise defined have the meanings assigned in the Ordinance. This Bond, subject to certain limitations contained in the Ordinance, may be transferred on the Security Register only upon its presentation and surrender at the Designated PaymentlTransfer Office of the Paying Agent/Registrar, with the Assignment hereon duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Paying Agent/Registrar duly executed by, the Registered Owner hereof, or his duly authorized agent. When a transfer on the Security Register occurs, one or more new fully registered Bonds of the same Stated Maturity, of authorized denominations, bearing the same rate of interest and of the same aggregate principal amount will be issued by the Paying Agent/Registrar to the designated transferee or transferees. The City and the Paying Agent/Registrar, and any agent of either, shall treat the Registered Owner whose name appears on the Security Register (i) on the Record Date as the owner entitled to payment of interest hereon, (ii) on the date of surrender of this Bond as the owner entitled to payment of principal hereof at its Stated Maturity or its redemption, in whole or in part, and (iii) on any other date as the owner for all other purposes, and neither the City nor the Paying Agent/Registrar, or any agent of either, shall be affected by notice to the contrary. In the event of nonpayment of interest on a scheduled payment date and for thirty (30) days thereafter, a new record date for such interest payment (a "Special Record Date") will be established by the Paying Agent/Registrar, if and when funds for the payment of such interest have been received from the City. Notice of the Special Record Date and of the scheduled payment date of the past due interest (which shall be fifteen (15) days after the Special Record Date) shall be sent at least five (5) business days prior to the Special Record Date by United States Mail, first class postage prepaid, to the address of each Holder appearing on the Security Register at the close of business on the last business day next preceding the date of mailing of such notice. It is hereby certified, recited, represented and declared that the City is a body corporate and political subdivision duly organized and legally existing under and by virtue of the Constitution and laws of the State of Texas; that the issuance of the Bonds is duly authorized by law; that all acts, conditions and things required to exist and be done precedent to and in the issuance of the Bonds to render the same lawful and valid obligations of the City have been properly done, have happened and have been performed in regular and due time, form and manner as required by the Constitution and laws of the State of Texas, and the Ordinance; that the Bonds do not exceed any Constitutional or statutory limitation; and that due provision has been made for the payment of the principal of and interest on the Bonds by the levy of a tax as aforestated. In case any provision in this Bond shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. The terms and provisions of this Bond and the Ordinance shall be construed in accordance with and shall be governed by the laws of the State of Texas. 45794742.1110411756 9 IN WITNESS WHEREOF, the City Council of the City has caused this Bond to be duly executed under the official seal of the City as of the Bond Date. CITY OF COLLEYVILLE, TEXAS Mayor COUNTERSIGNED: City Secretary (SEAL) (c) Form of ReQistration Certificate of Comptroller of Public Accounts to appear on Initial Bond(s) only. REGISTRATION CERTIFICATE OF COMPTROLLER OF PUBLIC ACCOUNTS OFFICE OF THE COMPTROLLER OF PUBLIC ACCOUNTS ~ ~ ~ ~ REGISTER NO. THE STATE OF TEXAS I HEREBY CERTIFY that this Bond has been examined, certified as to validity and approved by the Attorney General of the State of Texas, and duly registered by the Comptroller of Public Accounts of the State of Texas. WITNESS my signature and seal of office this Comptroller of Public Accounts of the State of Texas (SEAL) 45794742.1/10411756 10 (d) Form of Certificate of PayinQ AQent/ReQistrar to appear on Definitive Bonds only. REGISTRATION CERTIFICATE OF PAYING AGENT/REGISTRAR This Bond has been duly issued and registered under the provisions of the within-mentioned Ordinance; the bond or bonds of the above entitled and designated series originally delivered having been approved by the Attorney General of the State of Texas and registered by the Comptroller of Public Accounts, as shown by the records of the Paying Agent/Registrar. The designated offices of the Paying Agent/Registrar in East Syracuse, New York is the "Designated PaymentlTransfer Office" for this Bond. THE BANK OF NEW YORK TRUST COMPANY, N.A., Dallas, Texas, as Paying Agent/Registrar By: Authorized Signature Registration Date: (e) Form of AssiQnment. ASSIGNMENT FOR VALUE RECEIVED the undersigned hereby sells, assigns and transfers unto (Print or typewrite name, address and zip code of transferee): (Social Security or other identifying number: ) the within Bond and all rights thereunder, and hereby irrevocably constitutes and appoints _ attorney to transfer the within Bond on the books kept for registration thereof, with full power of substitution in the premises. DATED: Signature guaranteed: NOTICE: The signature on this assignment must correspond with the name of the registered owner as it appears on the face of the within Bond in every particular. (f) The Initial Bond(s) shall be in the form set forth in paraQraph (b) of this Section. except that the form of the sinQle fully reQistered Initial Bond shall be modified as follows: Heading and paragraph one shall be amended to read as follows: 45794742.1/10411756 11 NO. T-1 $4,575,000 UNITED STATES OF AMERICA STATE OF TEXAS CITY OF COLLEYVILLE, TEXAS GENERAL OBLIGATION BOND SERIES 2007 Bond Date: March 1, 2007 Registered Owner: Principal Amount: FOUR MILLION FIVE HUNDRED SEVENTY-FIVE THOUSAND DOLLARS The City of Colleyville, Texas (hereinafter referred to as the "City"), a body corporate and municipal corporation in the County of Tarrant, State of Texas, for value received, acknowledges itself indebted to and hereby promises to pay to the Registered Owner named above (the "Registered Owner"), or the registered assigns thereof, the Principal Amount hereinabove stated on February 15 in the years and in principal installments in accordance with the following schedule: YEAR OF MATURITY PRINCIPAL INSTALLMENTS INTEREST RATE (Information to be inserted from schedule in Section 2 hereof) (or so much thereof as shall not have been paid upon prior redemption) and to pay interest on the unpaid Principal Amount hereof from the interest payment date next preceding the "Registration Date" of this Bond appearing below (unless this Bond bears a "Registration Date" as of an interest payment date, in which case it shall bear interest from such date, or unless the "Registration Date" of this Bond is prior to the initial interest payment date in which case it shall bear interest from the Bond Date) at the per annum rate of interest specified above, computed on the basis of a 360-day year consisting of twelve 30-day months; such interest being payable on August 15 and February 15 in each year until maturity or prior redemption, commencing February 15, 2008. Principal installments of this Bond are payable at the year of maturity or on a redemption date to the Registered Owner hereof by The Bank of New York Trust Company, N.A., Dallas, Texas (the "Paying Agent/Registrar"), upon presentation and surrender, at its designated offices in East Syracuse, New York (the "Designated PaymenUTransfer Office"). Interest is payable to the Registered Owner of this Bond (or one or more Predecessor Bonds, as defined in the Ordinance hereinafter referenced) whose name appears on the "Security Register" maintained by the Paying Agent/Registrar at the close of business on the "Record Date", which is the last business day of the month next preceding each interest payment date, and interest shall be paid by the Paying AgenURegistrar by check sent United States Mail, first class postage prepaid, to the address of the Registered Owner recorded in the Security Register or by such other method, acceptable to the Paying Agent/Registrar, requested by, and at the risk and expense of, the Registered Owner. If the date for the payment of the principal of or interest on the Bonds shall be a Saturday, Sunday, legal holiday or a day when banking institutions in the city where the Designated Payment/Transfer Office of the Paying AgenURegistrar is located are authorized by law or executive order to close, then the date for 45794742.1/10411756 12 such payment shall be the next succeeding day which is not such a Saturday, Sunday, legal holiday or day when banking institutions are authorized to close; and payment on such date shall have the same force and effect as if made on the original date payment was due. All payments of principal of, premium, if any, and interest on this Bond shall be without exchange or collection charges to the owner hereof and in any coin or currency of the United States of America, which at the time of payment is legal tender for the payment of public and private debts. SECTION 10: Levy of Taxes. To provide for the payment of the "Debt Service Requirements" of the Bonds, being (i) the interest on the Bonds and (ii) a sinking fund for their redemption at maturity or a sinking fund of 2% (whichever amount is the greater), there is hereby levied, and there shall be annually assessed and collected in due time, form and manner, a tax on all taxable property in the City, within the limitations prescribed by law, and such tax hereby levied on each one hundred dollars' valuation of taxable property in the City for the Debt Service Requirements of the Bonds shall be at a rate from year to year as will be sufficient to provide funds each year to pay the principal of and interest on said Bonds while Outstanding; full allowance being made for delinquencies and costs of collection; separate books and records relating to the receipt and disbursement of taxes levied, assessed and collected for and on account of the Bonds shall be kept and maintained by the City at all times while the Bonds are Outstanding, and the taxes collected for the payment of the Debt Service Requirements on the Bonds shall be deposited to the credit of a "Special 2007 Bond Account" (the "Interest and Sinking Fund") maintained on the records of the City and deposited in a special fund maintained at an official depository of the City's funds; and such tax hereby levied and to be assessed and collected annually, is hereby pledged to the payment of the Bonds. The Mayor, Mayor Pro Tem, City Manager, City Secretary and Director of Finance of the City, individually or collectively, are hereby authorized and directed to cause to be transferred to the Paying Agent/Registrar for the Bonds, from funds on deposit in the Interest and Sinking Fund, amounts sufficient to fully pay and discharge promptly each installment of principal of and interest on the Bonds as the same accrues or matures or comes due by reason of redemption prior to maturity; such transfers of funds to be made in such manner as will cause collected funds to be deposited with the Paying Agent/Registrar on or before each principal and interest payment date for the Bonds. SECTION 11: Mutilated, Destroyed, Lost and Stolen Bonds. In case any Bond shall be mutilated, destroyed, lost or stolen, the Paying Agent/Registrar may execute and deliver a replacement Bond of like form and tenor, and in the same denomination and bearing a number not contemporaneously outstanding, in exchange and substitution for such mutilated Bond, or in lieu of and in substitution for such destroyed, lost or stolen Bond, only upon the approval of the City and after (i) the filing by the Holder thereof with the Paying Agent/Registrar of evidence satisfactory to the Paying Agent/Registrar of the destruction, loss or theft of such Bond, and of the authenticity of the ownership thereof and (ii) the furnishing to the Paying Agent/Registrar of indemnification in an amount satisfactory to hold the City and the Paying Agent/Registrar harmless. All expenses and charges associated with such indemnity and with the preparation, execution and delivery of a replacement Bond shall be borne by the Holder of the Bond mutilated, destroyed, lost or stolen. Every replacement Bond issued pursuant to this Section shall be a valid and binding obligation, and shall be entitled to all the benefits of this Ordinance equally and ratably with all other Outstanding Bonds; notwithstanding the enforceability of payment by anyone of the destroyed, lost or stolen Bonds. 45794742.1/10411756 13 The provisions of this Section are exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement and payment of mutilated, destroyed, lost or stolen Bonds. SECTION 12: Satisfaction of Oblioations of City. If the City shall payor cause to be paid, or there shall otherwise be paid to the Holders, the principal of, premium, if any, and interest on the Bonds, at the times and in the manner stipulated in this Ordinance, then the pledge of taxes levied under this Ordinance and all covenants, agreements and other obligations of the City to the Holders shall thereupon cease, terminate and be discharged and satisfied. Bonds or any principal amount(s) thereof shall be deemed to have been paid within the meaning and with the effect expressed above in this Section when (i) money sufficient to pay in full such Bonds or the principal amount(s) thereof at maturity or to the redemption date therefor, together with all interest due thereon, shall have been irrevocably deposited with and held in trust by the Paying Agent/Registrar, or an authorized escrow agent, or (ii) Government Securities shall have been irrevocably deposited in trust with the Paying Agent/Registrar, or an authorized escrow agent, which Government Securities have been certified by an independent accounting firm to mature as to principal and interest in such amounts and at such times as will insure the availability, without reinvestment, of sufficient money, together with any moneys deposited therewith, if any, to pay when due the principal of and interest on such Bonds, or the principal amount(s) thereof, on and prior to the Stated Maturity thereof or (if notice of redemption has been duly given or waived or if irrevocable arrangements therefor acceptable to the Paying Agent/Registrar have been made) the redemption date thereof. The City covenants that no deposit of moneys or Government Securities will be made under this Section and no use made of any such deposit which would cause the Bonds to be treated as "arbitrage bonds" within the meaning of section 148 of the Internal Revenue Code of 1986, as amended, or regulations adopted pursuant thereto. Any moneys so deposited with the Paying Agent/Registrar, or an authorized escrow agent, and all income from Government Securities held in trust by the Paying Agent/Registrar, or an authorized escrow agent, pursuant to this Section which is not required for the payment of the Bonds, or any principal amount(s) thereof, or interest thereon with respect to which such moneys have been so deposited, shall be remitted to the City or deposited as directed by the City. Furthermore, any money held by the Paying Agent/Registrar for the payment of the principal of and interest on the Bonds and remaining unclaimed for a period of three (3) years after the Stated Maturity, or applicable redemption date, of the Bonds such moneys were deposited and are held in trust to pay shall, upon the request of the City, be remitted to the City against a written receipt therefor. Notwithstanding the above and foregoing, any remittance of funds from the Paying Agent/Registrar to the City shall be subject to any applicable unclaimed property laws of the State of Texas. The term "Government Securities", as used herein, means (i) direct noncallable obligations of the United States of America, including obligations the principal of and interest on which are unconditionally guaranteed by the United States of America, (ii) noncallable obligations of an agency or instrumentality of the United States, including obligations unconditionally guaranteed or insured by the agency or instrumentality and, on the date of their acquisition or purchase by the City, are rated as to investment quality by a nationally recognized investment rating firm not less than AAA or its equivalent and (iii) noncallable obligations of a state or an agency or a county, municipality or other political subdivision of a state that have been refunded and, on the date of their acquisition or purchase by the City, are rated as to 45794742.1/10411756 14 investment quality by a nationally recognized investment rating firm not less than AAA or its equivalent. SECTION 13: Ordinance a Contract - Amendments - Outstandino Bonds. This Ordinance shall constitute a contract with the Holders from time to time, be binding on the City, and shall not be amended or repealed by the City so long as any Bond remains Outstanding except as permitted in this Section and Section 22 hereof. The City may, without the consent of or notice to any Holders, from time to time and at any time, amend this Ordinance in any manner not detrimental to the interests of the Holders, including the curing of any ambiguity, inconsistency or formal defect or omission herein. In addition, the City may, with the consent of Holders holding a majority in aggregate principal amount of the Bonds then Outstanding affected thereby, amend, add to or rescind any of the provisions of this Ordinance; provided that, without the consent of all Holders of Outstanding Bonds, no such amendment, addition or rescission shall (1) extend the time or times of payment of the principal of, premium, if any, and interest on the Bonds, reduce the principal amount thereof, the redemption price therefor, or the rate of interest thereon, or in any other way modify the terms of payment of the principal of, premium, if any, or interest on the Bonds, (2) give any preference to any Bond over any other Bond, or (3) reduce the aggregate principal amount of Bonds required to be held by Holders for consent to any such amendment, addition or rescission. The term "Outstanding", when used in this Ordinance with respect to Bonds, means, as of the date of determination, all Bonds theretofore issued and delivered under this Ordinance, except: (1) those Bonds cancelled by the Paying Agent/Registrar or delivered to the Paying Agent/Registrar for cancellation; (2) those Bonds deemed to be duly paid by the City in accordance with the provisions of Section 12 hereof; and (3) those mutilated, destroyed, lost or stolen Bonds which have been replaced with Bonds registered and delivered in lieu thereof as provided in Section 11 hereof. SECTION 14: Covenants to Maintain Tax-Exempt Status. (a) Definitions. When used in this Section, the following terms shall have the following meanings: "Closing Date" means the date on which the Bonds are first authenticated and delivered to the initial purchasers against payment therefor. "Code" means the Internal Revenue Code of 1986, as amended by all legislation, if any, effective on or before the Closing Date. "Computation Date" has the meaning set forth in section 1.148-1(b) of the Regulations. "Gross Proceeds" means any proceeds as defined in section 1.148-1 (b) of the Regulations, and any replacement proceeds as defined in section 1.148-1(c) of the Regulations, of the Bonds. 45794742.1/10411756 15 "Investment" has the meaning set forth In section 1.148-1 (b) of the Regulations. "Nonpurpose Investment" means any investment property, as defined in section 148(b) of the Code, in which Gross Proceeds of the Bonds are invested and which is not acquired to carry out the governmental purposes of the Bonds. "Rebate Amount" has the meaning set forth in section 1.148-1 (b) of the Regulations. "Regulations" means any proposed, temporary or final Income Tax Regulations issued pursuant to sections 1 03 and 141 through 150 of the Code, and 1 03 of the Internal Revenue Code of 1954, which are applicable to the Bonds. Any reference to any specific Regulation shall also mean, as appropriate, any proposed, temporary or final Income Tax Regulation designed to supplement, amend or replace the specific Regulation referenced. "Yield" of (1) any Investment has the meaning set forth in section 1.148-5 of the Regulations; and (2) the Bonds has the meaning set forth in section 1.148-4 of the Regulations. (b) Not to Cause Interest to Become Taxable. The City shall not use, permit the use of, or omit to use Gross Proceeds or any other amounts (or any property the acquisition, construction or improvement of which is to be financed directly or indirectly with Gross Proceeds) in a manner which if made or omitted, respectively, would cause the interest on any Bond to become includable in the gross income, as defined in section 61 of the Code, of the owner thereof for federal income tax purposes. Without limiting the generality of the foregoing, unless and until the City receives a written opinion of counsel nationally recognized in the field of municipal bond law to the effect that failure to comply with such covenant will not adversely affect the exemption from federal income tax of the interest on any Bond, the City shall comply with each of the specific covenants in this Section. (c) No Private Use or Private Payments. Except as permitted by section 141 of the Code and the Regulations and rulings thereunder, the City shall at all times prior to the last Stated Maturity of Bonds: (1) exclusively own, operate and possess all property the acquisition, construction or improvement of which is to be financed or refinanced directly or indirectly with Gross Proceeds of the Bonds, and not use or permit the use of such Gross Proceeds (including all contractual arrangements with terms different than those applicable to the general public) or any property acquired, constructed or improved with such Gross Proceeds in any activity carried on by any person or entity (including the United States or any agency, department and instrumentality thereof) other than a state or local government, unless such use is solely as a member of the general public; and 45794742.1/10411756 16 (2) not directly or indirectly impose or accept any charge or other payment by any person or entity who is treated as using Gross Proceeds of the Bonds or any property the acquisition, construction or improvement of which is to be financed or refinanced directly or indirectly with such Gross Proceeds, other than taxes of general application within the City or interest earned on investments acquired with such Gross Proceeds pending application for their intended purposes. (d) No Private Loan. Except to the extent permitted by section 141 of the Code and the Regulations and rulings thereunder, the City shall not use Gross Proceeds of the Bonds to make or finance loans to any person or entity other than a state or local government. For purposes of the foregoing covenant, such Gross Proceeds are considered to be "loaned" to a person or entity if: (1) property acquired, constructed or improved with such Gross Proceeds is sold or leased to such person or entity in a transaction which creates a debt for federal income tax purposes; (2) capacity in or service from such property is committed to such person or entity under a take-or-pay, output or similar contract or arrangement; or (3) indirect benefits, or burdens and benefits of ownership, of such Gross Proceeds or any property acquired, constructed or improved with such Gross Proceeds are otherwise transferred in a transaction which is the economic equivalent of a loan. (e) Not to Invest at HiQher Yield. Except to the extent permitted by section 148 of the Code and the Regulations and rulings thereunder, the City shall not at any time prior to the final Stated Maturity of the Bonds directly or indirectly invest Gross Proceeds in any Investment (or use Gross Proceeds to replace money so invested) if, as a result of such investment, the Yield from the Closing Date of all Investments acquired with Gross Proceeds (or with money replaced thereby), whether then held or previously disposed of, exceeds the Yield of the Bonds. (f) Not Federallv Guaranteed. Except to the extent permitted by section 149(b) of the Code and the Regulations and rulings thereunder, the City shall not take or omit to take any action which would cause the Bonds to be federally guaranteed within the meaning of section 149(b) of the Code and the Regulations and rulings thereunder. (g) Information Report. The City shall timely file the information required by section 149(e) of the Code with the Secretary of the Treasury on Form 8038-G or such other form and in such place as the Secretary may prescribe. (h) No Rebate Required. The City warrants and represents that it satisfies the requirements of paragraph (2) and (3) of section 148(f) of the Code with respect to the Bonds without making the payments for the United States described in such section. Specifically, the City warrants and represents that (1) the City is a governmental unit with general taxing powers; (2) at least 95% of the net proceeds of the Bonds will be used for the local governmental activities of the City; and (3) the aggregate face amount of all tax exempt obligations issued or expected to be issued by the City (and all subordinate entities thereof) in the calendar year in which the Bonds are issued is not reasonably expected to exceed $5,000,000. 45794742.1/10411756 17 Provided, however, should additional tax exempt obligations be issued or incurred, including lease purchase financings, in the 2007 calendar year which would cause the total face amount of tax exempt obligations issued and incurred in such calendar year to exceed $5,000,000, the City agrees and covenants that it will maintain complete records regarding the investments of the proceeds of sale of the Bonds and rebate any "arbitrage profits" to the United States as required by Section 148(f) of the Code. (i) Elections. The City hereby directs and authorizes the Mayor, Mayor Pro Tem, City Manager or Director of Finance, individually or jointly, to make elections permitted or required pursuant to the provisions of the Code or the Regulations, as they deem necessary or appropriate in connection with the Bonds, in the Certificate as to Tax Exemption or similar or other appropriate certificate, form or document. U) Qualified Tax Exempt Oblioations. In accordance with the provisions of paragraph (3) of subsection (b) of Section 265 of the Code, the City hereby designates the Bonds to be "qualified tax exempt obligations" in that the Bonds are not "private activity bonds" as defined in the Code and the reasonably anticipated amount of "qualified tax exempt obligations" to be issued by the City (including all subordinate entities of the City) for the calendar year 2007 will not exceed $10,000,000. SECTION 15: Sale of Bonds. Pursuant to a public sale for the Bonds, the bid submitted by (herein referred to as the "Purchasers") is declared to be the best bid received producing the lowest true interest cost rate to the City; and such bid is hereby accepted and incorporated herein by reference as a part of this Ordinance for all purposes. The sale of the Bonds to the Purchasers at the price of par plus accrued interest to the date of delivery and a cash premium of $ is hereby approved and confirmed. Delivery of the Bonds shall be made to the Purchasers as soon as may be after the adoption of this Ordinance, upon payment therefor in accordance with the terms of sale. It is hereby officially found, determined and declared that said Purchasers are the highest bidders as a result of invitations for competitive bids in compliance with applicable law. SECTION 16: Official Statement. The Preliminary Official Statement prepared in connection with the public offering and sale of the Bonds is hereby ratified, confirmed and approved in all respects. The final Official Statement reflecting the terms of the sale (together with changes approved by the Mayor, Mayor Pro Tem, Director of Finance, the City Manager, or the City Secretary, anyone or more of said officials), shall be and is hereby approved as to form and content, and the Purchasers are hereby authorized to use and distribute said final Official Statement dated March 6, 2007, in the reoffering, sale and delivery of the Bonds to the public. The Mayor and City Secretary are further authorized and directed to manually execute and deliver for and on behalf of the City copies of said Official Statement in final form as may be required by the Purchasers, and such Official Statement in the final form and content manually executed by said officials shall be deemed to be approved by the City Council and constitute the Official Statement authorized for distribution and use by the Purchasers. SECTION 17: Control and Custody of Bonds. The Mayor of the City shall be and is hereby authorized to take and have charge of all necessary orders and records pending investigation by the Attorney General of the State of Texas, including the printing and supply of definitive Bonds, and shall take and have charge and control of the Initial Bond(s) pending the approval thereof by the Attorney General, the registration thereof by the Comptroller of Public Accounts and the delivery thereof to the Purchasers. 45794742.1/10411756 18 Furthermore, the Mayor, Mayor Pro Tem, City Manager, City Secretary and Director of Finance, anyone or more of said officials, are hereby authorized and directed to furnish and execute such agreements, documents and certifications relating to the City and the issuance, sale and delivery of the Bonds, including certifications as to facts, estimates, circumstances and reasonable expectations pertaining to the use, expenditure and investment of the proceeds of the Bonds, as may be necessary for the approval of the Attorney General, the registration by the Comptroller of Public Accounts and the delivery of the Bonds to the Purchasers, and, together with the City's financial advisor, bond counsel and the Paying Agent/Registrar, make the necessary arrangements for the delivery of the Initial Bond(s) to the Purchasers and the initial exchange thereof for definitive Bonds. SECTION 18: Proceeds of Sale. The proceeds of sale of the Bonds, excluding the accrued interest received from the Purchasers, any premium deposited to the Interest and Sinking Fund, and amounts to pay costs of issuance, shall be deposited in a construction fund maintained at the City's depository bank. Pending expenditure for authorized projects and purposes, such proceeds of sale may be invested in authorized investments and any investment earnings realized shall be expended for such authorized projects and purposes or deposited in the Interest and Sinking Fund as shall be determined by the City Council. Accrued interest received from the Purchasers as well as any surplus proceeds of sale of the Bonds, including investment earnings, remaining after completion of all authorized projects or purposes shall be deposited to the credit of the Interest and Sinking Fund. Any premium received from the Purchasers shall be deposited and applied in accordance with the applicable provisions of Section 1201.042, Texas Government Code, as amended. SECTION 19: Notices to Holders - Waiver. Wherever this Ordinance provides for notice to Holders of any event, such notice shall be sufficiently given (unless otherwise herein expressly provided) if in writing and sent by United States Mail, first class postage prepaid, to the address of each Holder appearing in the Security Register at the close of business on the business day next preceding the mailing of such notice. In any case where notice to Holders is given by mail, neither the failure to mail such notice to any particular Holders, nor any defect in any notice so mailed, shall affect the sufficiency of such notice with respect to all other Bonds. Where this Ordinance provides for notice in any manner, such notice may be waived in writing by the Holder entitled to receive such notice, either before or after the event with respect to which such notice is given, and such waiver shall be the equivalent of such notice. Waivers of notice by Holders shall be filed with the Paying Agent/Registrar, but such filing shall not be a condition precedent to the validity of any action taken in reliance upon such waiver. SECTION 20: Cancellation. All Bonds surrendered for payment, redemption, transfer, exchange or replacement, if surrendered to the Paying Agent/Registrar, shall be promptly cancelled by it and, if surrendered to the City, shall be delivered to the Paying Agent/Registrar and, if not already cancelled, shall be promptly cancelled by the Paying Agent/Registrar. The City may at any time deliver to the Paying Agent/Registrar for cancellation any Bonds previously certified or registered and delivered which the City may have acquired in any manner whatsoever, and all Bonds so delivered shall be promptly cancelled by the Paying Agent/Registrar. All cancelled Bonds held by the Paying Agent/Registrar shall be returned to the City. SECTION 21: LeQal Opinion. The Purchasers' obligation to accept delivery of the Bonds is subject to being furnished a final opinion of Fulbright & Jaworski L.L.P., Dallas, Texas, 45794742.1/10411756 19 approving the Bonds as to their validity, said opinion to be dated and delivered as of the date of delivery and payment for the Bonds. A true and correct reproduction of said opinion or an executed counterpart thereof shall accompany the global Bonds deposited with DTC or a reproduction thereof shall be printed on the definitive Bonds in the event the book-entry-only system shall be discontinued. SECTION 22: ContinuinQ Disclosure UndertakinQ. (a) Definitions. As used in this Section, the following terms have the meanings ascribed to such terms below: "MSRB" means the Municipal Securities Rulemaking Board. "NRMSIR" means each person whom the SEC or its staff has determined to be a nationally recognized municipal securities information repository within the meaning of the Rule from time to time. "Rule" means SEC Rule 15c2-12, as amended from time to time. "SEe" means the United States Securities and Exchange Commission. "SID" means any person designated by the State of Texas or an authorized department, officer or agency thereof as, and determined by the SEC or its staff to be, a state information depository within the meaning of the Rule from time to time. (b) Annual Reports. The City shall provide annually to each NRMSIR and any SID, within six months after the end of each fiscal year (beginning with the fiscal year ending September 30, 2007) financial information and operating data with respect to the City of the general type included in the final Official Statement approved by Section 15 of this Ordinance, being the information described in Exhibit B hereto. Financial statements to be provided shall be (1) prepared in accordance with the accounting principles described in Exhibit B hereto and (2) audited, if the City commissions an audit of such statements and the audit is completed within the period during which they must be provided. If audited financial statements are not available at the time the financial information and operating data must be provided, then the City shall provide unaudited financial statements for the applicable fiscal year to each NRMSIR and any SID with the financial information and operating data and will file the audited financial statements, when and if audited financial statements become available. If the City changes its fiscal year, it will notify each NRMSIR and any SID of the change (and of the date of the new fiscal year end) prior to the next date by which the City otherwise would be required to provide financial information and operating data pursuant to this Section. The financial information and operating data to be provided pursuant to this Section may be set forth in full in one or more documents or may be included by specific reference to any document (including an official statement or other offering document, if it is available from the MSRB) that theretofore has been provided to each NRMSIR and any SID or filed with the SEC.. (c) Material Event Notices. The City shall notify any SID and either each NRMSIR or the MSRB, in a timely manner, of any of the following events with respect to the Bonds, if such event is material within the meaning of the federal securities laws: 45794742.1/10411756 20 1. Principal and interest payment delinquencies; 2. Non-payment related defaults; 3. Unscheduled draws on debt service reserves reflecting financial difficulties; 4. Unscheduled draws on credit enhancements reflecting financial difficulties; 5. Substitution of credit or liquidity providers, or their failure to perform; 6. Adverse tax opinions or events affecting the tax-exempt status of the Bonds; 7. Modifications to rights of holders of the Bonds; 8. Bond calls; 9. Defeasances; 10. Release, substitution or sale of property securing repayment of the Bonds; and 11. Rating changes. The City shall notify any SID and either each NRMSIR or the MSRB, in a timely manner, of any failure by the City to provide financial information or operating data in accordance with subsection (b) of this Section by the time required by such Section. (d) Limitations, Disclaimers and Amendments. The City shall be obligated to observe and perform the covenants specified in this Section for so long as, but only for so long as, the City remains an "obligated person" with respect to the Bonds within the meaning of the Rule, except that the City in any event will give the notice required by subsection (c) of this Section of any Bond calls and defeasance that cause the City to be no longer such an "obligated person". The provisions of this Section are for the sole benefit of the Holders and beneficial owners of the Bonds, and nothing in this Section, express or implied, shall give any benefit or any legal or equitable right, remedy or claim hereunder to any other person. The City undertakes to provide only the financial information, operating data, financial statements and notices which it has expressly agreed to provide pursuant to this Section and does not hereby undertake to provide any other information that may be relevant or material to a complete presentation of the City's financial results, condition or prospects or hereby undertake to update any information provided in accordance with this Section or otherwise, except as expressly provided herein. The City does not make any representation or warranty concerning such information or its usefulness to a decision to invest in or sell Bonds at any future date. UNDER NO CIRCUMSTANCES SHALL THE CITY BE LIABLE TO THE HOLDER OR BENEFICIAL OWNER OF ANY BOND OR ANY OTHER PERSON, IN CONTRACT OR TORT, FOR DAMAGES RESULTING IN WHOLE OR IN PART FROM ANY BREACH BY THE CITY, WHETHER NEGLIGENT OR WITHOUT FAULT ON ITS PART, OF ANY COVENANT SPECIFIED IN THIS SECTION, BUT EVERY RIGHT AND REMEDY OF ANY SUCH PERSON, IN CONTRACT OR TORT, FOR OR ON ACCOUNT OF ANY SUCH BREACH SHALL BE LIMITED TO AN ACTION FOR MANDAMUS OR SPECIFIC PERFORMANCE. No default by the City in observing or performing its obligations under this Section shall constitute a breach of or default under this Ordinance for purposes of any other provision of this Ordinance. Nothing in this Section is intended or shall act to disclaim, waive or otherwise limit the duties of the City under federal and state securities laws. Notwithstanding anything herein to the contrary, the provisions of this Section may be amended by the City from time to time to adapt to changed circumstances that arise from a change in legal requirements, a change in law or a change in the identity, nature, status or type 45794742.1/10411756 21 of operations of the City, but only if (1) the provisions of this Section, as so amended, would have permitted an underwriter to purchase or sell Bonds in the primary offering of the Bonds in compliance with the Rule, taking into account any amendments or interpretations of the Rule to the date of such amendment, as well as such changed circumstances, and (2) either (a) the Holders of a majority in aggregate principal amount (or any greater amount required by any other provision of this Ordinance that authorizes such an amendment) of the Outstanding Bonds consent to such amendment or (b) a Person that is unaffiliated with the City (such as nationally recognized bond counsel) determines that such amendment will not materially impair the interests of the Holders and beneficial owners of the Bonds. The provisions of this Section may also be amended from time to time or repealed by the City if the SEC amends or repeals the applicable provisions of the Rule or a court of final jurisdiction determines that such provisions are invalid, but only if and to the extent that reservation of the City's right to do so would not prevent underwriters of the initial public offering of the Bonds from lawfully purchasing or selling Bonds in such offering. If the City so amends the provisions of this Section, it shall include with any amended financial information or operating data next provided in accordance with subsection (b) of this Section an explanation, in narrative form, of the reasons for the amendment and of the impact of any change in the type of financial information or operating data so provided. SECTION 23: CUSIP Numbers. CUSIP numbers may be printed or typed on the definitive Bonds. It is expressly provided, however, that the presence or absence of CUSIP numbers on the definitive Bonds shall be of no significance or effect as regards the legality thereof, and neither the City nor attorneys approving the Bonds as to legality are to be held responsible for CUSIP numbers incorrectly printed or typed on the definitive Bonds. SECTION 24: Benefits of Ordinance. Nothing in this Ordinance, expressed or implied, is intended or shall be construed to confer upon any person other than the City, the Paying Agent/Registrar and the Holders, any right, remedy or claim, legal or equitable, under or by reason of this Ordinance or any provision hereof, this Ordinance and all its provisions being intended to be and being for the sole and exclusive benefit of the City, the Paying Agent/Registrar and the Holders. SECTION 25: Inconsistent Provisions. All ordinances, orders or resolutions, or parts thereof, which are in conflict or inconsistent with any provision of this Ordinance are hereby repealed to the extent of such conflict, and the provisions of this Ordinance shall be and remain controlling as to the matters contained herein. SECTION 26: Governino Law. This Ordinance shall be construed and enforced in accordance with the laws of the State of Texas and the United States of America. SECTION 27: Effect of Headinos. The Section headings herein are for convenience only and shall not affect the construction hereof. SECTION 28: Construction of Terms. If appropriate in the context of this Ordinance, words of the singular number shall be considered to include the plural, words of the plural number shall be considered to include the singular, and words of the masculine, feminine or neuter gender shall be considered to include the other genders. SECTION 29: Severability. If any provision of this Ordinance or the application thereof to any circumstance shall be held to be invalid, the remainder of this Ordinance and the 45794742.1/10411756 22 application thereof to other circumstances shall nevertheless be valid, and the City Council hereby declares that this Ordinance would have been enacted without such invalid provision. SECTION 30: Incorporation of FindinQs and Determinations. The findings and determinations of the City Council contained in the preamble hereof are hereby incorporated by reference and made a part of this Ordinance for all purposes as if the same were restated in full in this Section. SECTION 31: Public MeetinQ. It is officially found, determined and declared that the meeting at which this Ordinance is adopted was open to the public and public notice of the time, place and subject matter of the public business to be considered at such meeting, including this Ordinance, was given, all as required by V.T.C.A., Government Code, Chapter 551, as amended. SECTION 32: Effective Date. This Ordinance shall take effect and be in force immediately from and after its second reading and final passage, and it is so ordained. (remainder of page left blank intentionally) 45794742.1/10411756 23 FIRST READING, February 20, 2007. SECOND AND FINAL READING, PASSED AND ADOPTED, March 6, 2007. CITY OF COLLEYVILLE, TEXAS Mayor ATTEST: City Secretary (City Seal) APPROVED AS TO FORM: City Attorney 45877476.1110411756 S-1 45877476.1110411756 EXHIBIT A PAYING AGENT/REGISTRAR AGREEMENT A-1 EXHIBIT B DESCRIPTION OF ANNUAL FINANCIAL INFORMATION The following information is referred to in Section 22 of this Ordinance. Annual Financial Statements and Operating Data The financial information and operating data with respect to the City to be provided annually in accordance with such Section are as specified (and included in the Appendix or under the headings of the Official Statement referred to) below: 1. The financial statements of the City, portions of which are appended to the Official Statement as Appendix B, but for the most recently concluded fiscal year. 2. The information included under Tables 1 through 6 and 8 through 15 in the Official Statement. Accounting Principles The accounting principles referred to in such Section are generally those described in Appendix B to the Official Statement, as such principles may be changed from time to time to comply with state law or regulation. 45877476.1110411756 B-1 SPEAKER CARD Date I wish to address the City Council on the following subject: Agenda Ite~ Number@ C 0 -0'1 -" I Name: {<-t ~UV;'7 Address: 1"2.,!- ~/l S17- t/-~OO G I }JD6'J City: u\ Telephone No , I represent: S~ - - organization/self I understand that I (?!5'lted to five minutes and on items that are not designated as Public Hearin . th Ci 'ncil mus "suspend the rules" in order to hear public comm r qu sti Signed SPEAKER CARD Date: C) b I C lJ I c>",""\ I wish to address the City Council on the following subject: 'X- j ~ O~~- ~ '- Agenda Item Number:l.6, ,-'\)\ ~ \LP\ \ Name: \\~~~\A \A)~'\~ Address:\1..0,\ G..<l;<~~ L~N.~-L~_ City: tc\\Q.,,\\!\\\/L.. Telephone No. ~\'1) 4~S....1ltlfl I represent: organization/self I understand that I am limited to flve minutes and on items that are not designated as PublIc Hearings, the City Council must "suspend the rules" In order to hear public comments or questions. Signed: This information is a Public Record SPEAKER CARD --. / Date <... - /., Ij . '~-J ) L,;>' \.. / I wish to address the City Council on the following subject: (J2 2Ch. '~j I~D G . ? 0 ( . . L AD ~ <--oj ~A Agenda Item Number: Name: p,.. v L IIIJU,ArJ Address: i~ 0 {; LJ4~e' City: C" I {-e 7 v;j ( ~ Telephone No I represent: 5~/r organization/self , understand that' am limited to five minutes and on items that are not designated as Public Heari;r;' the City Council must "suspend the rules" in order to hear public com men r questions. i!., " , /4 Signed '-{.-(( V This information is a Public Record SPEAKER CARD Date I wish to address the City Council on the following subject R-20 ~-G~ Name: Address: ~ eeL City: Telephone No. ~ c.f~~ I represent: organizatio~ - I understand that I am limited to five minutes and on items that are not designated as Public Hearin 'ty Council must "suspend the ru'es" in order to hear public comme i s. Signed This information is a Public Record I understand that I am limited to five minutes and on items that are not designated as Public Hearings, the City Council must "suspend the rules" in order to hear public comments or questions. , c~ A ~-_ 1. / f, ~-")/J,-?[.z_<.7/b /' A,:~~/~/(~o7t:J (/ This information is a Public Record Signed :5cIF-- 1Io11/e.; OC{)j?fjt/,1 organization/self J.., ,/) (/ I '\ / ~~ ,)(/ (/ l/L'~ .1', L ,,/ /, ~.J) L/ represent: City C)/!Ci/ VI \.....,.// Name Item Number: Er/1e.5 I Agenda 0-0<7- lie ........,' Telephone No Address ~c /7/ iJl~ 31-- 17// ~."'n"\)ll l (~,-, , I 'I &; ;.".;' L-/ 1...-. '-- ., f/) f__......- wish Date: to address the City Council on the following subject: SPEAKER CARD Signed information is a Public Record , understand that' am 'imited to five minutes and on items that are not designated as Public Hearings, the C~ Council must "suspend the rules" in order to hear public comments or questions. I, organization/self represent: Telephone No k:>/A ~(7 7 B8-9!71 City: )b6? Name F,Lo~ Item Number:O-D 7 - I b / I ~s l^JsP.~1L () Address I 31'S. fE ~[) Agenda 20 A..) \ N Co the City Council G H "'-Al Co € ~ C:::. To D wish to address on the following subject: Date 07 SPEAKER CARD SPEAKER CARD Date I wish to address the City Council on the following subject: R-2D 2c (\) E t. H. A.. r.J G:-c.. G \-AcE l<.D - Agenda Item Number: e - Name: lSo D P<.0-nl'::-K. Address: j\ol\- C'HA~GI \V City: l..-e> LLE: 'I \/\ LLF Telephone No. <?l7 -~~ ,- '37C?2.. , I represent: ~&. ~ ~ ~~ \\\~'~VJ ~ organization/self I understand that I am limited to five minutes and on items that are not designated as Public Hearings, the City Council us "suspend the rules" in order to hear pUblic comments or q~s. . 0 Signed _", This information is a Public Record SPEAKER CARD Date 07 I wish to address the City Council on the following subject: Agenda Item ~r: t) - 07 - lliLf Name: fnny..eu!2 ~~..s Address: ~ City: all~villp Telephone No, I represent: sel~ organization/self I understand that I am limited to five minutes and on items that are not designated as Public Hearings, the City Council must "suspend the rules" in order to hear public comments or questJ~ Signed ~ This information is a Public Record I Steve & Connie Hickson 1315 Glade Road Colleyville 817.821.4391 Date: March 6, 2007 To: Colleyville City Council Subject: Agenda Item 6a Zoning Change Request at 1301 Glade Road Council; Being a neighbor east of the property under consideration for zoning change from AG to R-20, I would like you to consider the following points in your review of this request. Inconsistencv in the Master Plan As noted in the P&Z Agenda Briefing Dated 2/12/07, this request for zoning change is not consistent with the intent of the Master Plan that states, "estate lots be developed adjacent to collector streets, such as along Glade Road." The R-20 zoning by definition does not comply with this. This is a premiere location for the city. This is a gateway property with heavy traffic on Glade. The north/south street of Riverwalk also brings traffic to Glade due to the commercial development. Lots of people travel these roads and have an opportunity to experience the spirit of the Master Plan. This area is located in an area which has conformed to the "estate lot" requirement along "collector streets." My neighbor and I have developed 2 home sites on 6 acres just east of this location. We developed our acreage within the guidelines of the Master Plan. Also, in the agenda briefing from P&Z, under the category'of "Surrounding Development Trends," there needs to be another point added to this paragraph. The surrounding properties are single family residential on R-20 zoned land. The point that failed to make the briefing is that although the zoning is R-20, the houses are developed on R-30 and R-40 standards giving the area on Garry Lynne an "estate lot" feel. Being present at the P&Z meeting, I watched the council deny this proposal and comment this area needed to conform to the Master Plan with R-30/R-40 lots. I am disappointed this R-20 request has made its' way to the City Council, bypassing the stewards of the Master Plan and their recommendations. The citizens need your support of the P&Z and the sacredness of the Master Plan. We also need to keep consistent with the surrounding development for this property so when others travel on our "collector streets," the Master Plan intent is recognized. Drainaae While investigating this property and the issue of drainage, the attached map of the Bluebonnet Creek flood plain surfaced. I received this from a realtor representing 2 parties that were pursuing the acquisition of this property to place 2 homes on the 6 acres. (Similar to what my neighbor and I have done) This Bluebonnet Creek map of the 1 OOyr flood plain was done by a local engineering firm commissioned by a federal agency for future flood plain designation. I would hope the city department responsible for this has been informed of this situation. As you can see, this property has potential under the 100 year flood plain guidelines to be designated to as much as 50% flood plain. Where will the proposed number of houses go and what type of retention system will be put in place to handle the flow from upstream? There does not seem to be enough room to put the number of lots on this property if one considers this designation. Currently the water flow through this property is a problem. Upstream the developments have done a reasonable job of controlling the flow of the creek. When the water leaves the northern pond system, it backs up on this property. During the last major storm in December, the water rose to within a few feet of the existing home on this site and within a few feet of the homes on Garry Lynne Drive. As you probably have noticed, during a downpour the runoff has even flowed across Glade. Without proper attention to this flood issue, the current residents and the sub-division of Lakes of Somerset will be dealing with a tremendous amount of water. Please investigate this situation on behalf of the residents it will most affect. If there was not an issue of making sure there is proper space to control water on this property, why would a federal agency have commissioned this study for a future designated flood plain? In review, this proposal does not conform to the Master Plan. It is not consistent with the existing development and there may be a major issue with flood plain. I appreciate your service to the city and hope this information will help you decide this is not good use of this property, hence denying the request. As you know, these decisions you and the other councils make need to first be good for the citizens, then developers. Thank you for your consideration. ~ Steve Hickson Attachment: Bluebonnet Creek Zone A Mapping Bluebonnet Creek Zone A Mapping AVO 23856 W+E S Legend _ 100yr Floodplain - Roads Feet o 150 300 600 1 inch equals 300 feet City of Colleyville Agenda Briefing 100 Main Street Colleyville, Texas 76034 (817) 503-1 000 www.colleyville.com File Number: 0-07-1611 Version: 1 File Type: Ordinance Agenda Date: 03/06/2007 Agenda No.: 6a Status: First Reading File Number: 0-07-1611 Requester: Community Development Department File Name: Approval of a Zoning Change from AG-Agricultural to R20-Single Family Residential on 6.4 acres out of the George W, Teeter Survey located at 1301 Glade Road, Case Z-07-005 Attachments: Location and Zoning Map. Preliminary Plat of King's Gate Addition . List of Property Owners Notified. Applicant's Letter to Appeal. Letters in Opposition. Ordinance 0-07-1611 Controlling Body: City Council Final Action: History of Legislative File Version: Date: Acting Body: Action Text: 02/12/2007 Planning and Zoning Commission 03/06/2007 City Council Title Approval of a Zoning Change from AG-Agricultural to R20-Single Family Residential on 6.4 acres out of the George W. Teeter Survey located at 1301 Glade Road, Case Z-07-005 Explanation First Reading and Public Hearing Request. Ron Shirley has submitted a request to rezone 6.4 acres of land located on the south side of Glade Road, south of Riverwalk Drive. The applicant is requesting to rezone the property from AG-Agricultural to R20-Single Family Residential. Platting. The subject property consists of one tract that is not platted. The property is currently developed as a single residential lot that contains an existing home. The developer has submitted a zoning exhibit that illustrates future plans to subdivide the property into nine residential lots with frontage along a newly constructed public street. Upon approval of the rezoning request, approval of preliminary and final plats will be required prior to the issuance of building permits. Lot Sizes. The developer has submitted an exhibit illustrating the property boundaries. The R20 zoning district requires a minimum lot area of 20,000 square feet, lot width of 100-feet and lot depth of 125-feet. The developer proposes to construct a cul-de-sac to provide lot frontage. This site contains sufficient area to accommodate a nine lot development. Master Plan. The Colleyville Master Plan designates the future use of this area for single City of Colleyville Page 1 Printed on 3/1/2007 Agenda Briefing Continued (0-07-1611) family residential type land uses. The proposed rezoning request is in conformance with the land use portion of the Master Plan. The Master Plan suggests a maximum residential density of 1.8 dwelling units per acre in most situations. The proposed R20 zoning district could yield approximately 13 lots, which would exceed the suggested 1.8 dwelling units per acre. However, in order to subdivide the property a street must be constructed along the perimeter of the property to provide the requisite lot frontage. The construction of a street will consume approximately one-fifth of the total land area, which will reduce the number of lots that may be developed to approximately 11 lots. Eleven lots would produce a density of 1.7 dwelling units per acre. The Master Plan contains a recommendation that estate lots be developed adjacent to collector streets, such as along Glade Road. The proposed R20 zoning district is not fully compliant with that recommendation. The Master Plan designates estate lots as being 30,000 square feet and greater. The developer has indicated on the zoning exhibit that Lot 1, the only residential lot with frontage along Glade Road, will be developed as an estate lot. The proposed lot will contain a lot area of approximately 29,079 square feet, which will be similar to an estate lot. Lot 1 is a corner lot with frontage along Glade Road and the proposed cul-de-sac. As such, Lot 1 will be required to provide a front yard setback along Glade Road that will serve as a greenbelt between the road and the building envelope. The R20 zoning district does not permit the use of conditions to ensure the subdivision of lots greater than as required by the minimum standards of each zoning district. The R20 zoning district requires a minimum lot area of 20,000 square feet. If the zoning request is approved, the property may be subdivided in accordance with the minimum lot standards of the R20 zoning district. Conversely, the lot may be developed as a single estate size lot regardless of the approved zoning designation. Surrounding Development Trends. The surrounding properties are primarily single family residential in nature. Properties along Glade Road to the west and are zoned R20-Single Family Residential and are currently developed as single family residences. Properties to the south and are zoned R20-Single Family Residential and are currently developed as single family residences. The property to the east is zoned AG-Agricultural and is developed as a single family residence. The property to the north is zoned PUDR-Planned Unit Development Residential and developed as a mixture of office and retail uses. Sidewalks and Trails. The Land Development Code requires sidewalks on all public streets. The sidewalks internal to the development must be a minimum of four feet in width and installed when any new structures are built on the property. The sidewalk along Glade Road must be a minimum of five feet in width. Traffic Generation. The Institute of Transportation Engineers publication Trip Generation provides estimates of expected traffic generation based on land use. Data has been collected in the United States and Canada since the 1960's, primarily in suburban locations. Single-family residences are expected to generate 9.57 trips per day, on average. Based on this average, a nine lot development would add approximately 86 vehicle trips per day to the surrounding roadways. Summary. While the proposed zoning request is not fully compliant with the Master Plan City of Colleyville Page 2 Printed on 3/1/2007 Agenda Briefing Continued (0-07-1611) regarding the development of estate lots along collector streets, the request is consistent with the recommended residential density of 1.8 dwelling units per acre. Staff feels the request is consistent with the existing the R20 zoning designation in the area and with the single family residential development trends along this portion of Glade Road. Public Notification. Staff mailed notices to 23 adjacent property owners regarding this request. Notice of the public hearing was sent to the Fountains at Riverwalk Homeowner's Association. Notice was published in the Fort Worth Star-Telegram as required by state law and the Land Development Code. Staff has received three letters in opposition to this request. The total percentage of opposition is 7.5%. The letters have been included as an attachment to this agenda briefing. Planning and Zoning Commission Recommendation. Citing a preference for the R30 zoning district development standards, the Planning and Zoning Commission recommended denial of the R20 rezoning request at the February 12, 2007 meeting by a vote of 4-2. Since the Planning and Zoning Commission recommended denial of the request, the request can only be approved by a supermajority vote by the City Council. This request must receive at least four (4) affirmative votes in order to be approved. Financial Impact It has been determined that there is no financial impact. Recommendation Approval City of Colleyville Page 3 Printed on 3/1/2007 ~~ ->. ...... I I ->. ~ ->. ->. ....... ->. -. ...... ...... a ~L ->. ->. ->. r--- a D AT~N l4N D Z( )~ I NGEMA ...... P a a U'1 C) ...... ...... -- - p ...... a ...... ...... .t=- ...... ...... ...... ->. ....... a AMII HII a ....... ....... ~ C) ....... .t=- U'1 a a .t=- ....... ....... C) .t=- U'1 a I~ --- -. U'1 ...... .t=- O) - .l Q ~ 0') ->. /'V ...... ....... \ ->. ...... ...... ...... w ....... ....... C) ...... a ....... 0) ..... C) ...... I\J U) ....... ;U ..... 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Z-07 -005 Collins, Michael Etux Janet 1208 Chatsworth Dr Colleyville, TX 76034 Duke, Clifton R 3416 Circle Bend PI Edmond, OK 73034 George, Aby Etux Rosamma 1209 Glade Rd Colleyville, TX 76034 Hubbard, R G PO Box 494 Colleyville, TX 76034 Jackson, George M 1117 Garry Lynne Dr Colleyville, TX 76034 Peitzsch, Fred Etux Carolyn 1300 Chatsworth Ct E Colleyville, TX 76034 Rsd Equity Partners Ltd 704 Kent Ct Southlake, TX 76092 Whitten, Harold Etux Linda 1209 Garry Lynne Dr Colleyville, TX 76034 List of Property Owners Notified Ron Shirley, applicant 5611 Colleyville Blvd. Suite 260 Colleyville, TX 76034 Cox, Hulen W Etux Dorothy J 1205 Garry Lynne Dr Colleyville, TX 76034 Fountains At Riverwalk Office 704 Kent Ct Southlake, TX 76092 Grisso, Terance R Etux Candice 1205 Glade Rd Colleyville, TX 76034 Idol Investments LIc 1304 Glade Rd Colleyville, TX 76034 Lansford, Chas W Jr Etux Stacy 1313 Glade Rd Colleyville, TX 76034 Rcp Glade Road Ltd 32 Village Ln Ste 200 Colleyville, TX 76034 Salazar, John Etux Eva 1201 Garry Lynne Dr Colleyville, TX 76034 Whitten, Harold Etux Linda 1209 Garry Lynne Dr Colleyville, TX 76034 Ron Shirley, applicant 5611 Colleyville Blvd. Suite 260 Colleyville, TX 76034 Del Hierro, C & G Bone 5008 Bluebonnet Rd Colleyville, TX 76034 Gammil, Greg 1312 Chatsworth Ct E Colleyville, TX 76034 Hautanen, Osmo A 1304 Chatsworth Ct E Colleyville, TX 76034 Indukuri, Raju & Vijaya 1212 Chatsworth Dr Colleyville, TX 76034 Mauney, Keith Etux Tara 1216 Chatsworth Dr Colleyville, TX 76034 Rodgers, Conrad B Etux Jackie 1213 Garry Lynne Dr Colleyville, TX 76034 Smith, Denis J Etux Mona J 1308 Chatsworth Ct E Colleyville, TX 76034 APPLICANTS LETTER TO APPEAL RWS MANAGEMENT INC. 5611 Colleyville Blvd, Suite 260 Colleyville, Texas. 76034. Attention: Barry LeBaron. Regarding Denied Zoning Request on re zoning of 1301 Glade Road. I am requesting an immediate appeal before counsel on my denied request of re zoning at 1301. Respectful Submitted ~~~~ Ron W. Shirley President RWS MANAGEMENT INC. RECEIVED FEB 1 3 2007 Per ............. page 1 ot l Amy Shelley "._,.~_."..,_"._.,.,.,..'.,,~_.,.'.._.,',_..,. _,,_,,_~,,__<-,___,""""""_""'_" _p"._"._..,_~,~_"'H~'_'___""'_'~~_~~__"~'_~"__'____"'''''''.."-._~" From: mana Sent: Tuesday, January 30, 20074:27 PM To: Amy Shelley Subject: Zoning Case Z-07 -005 Dear Ms. Shelley, I received a Notice of Public Hearing today with the above referenced case number. We would be very opposed to the rezoning of this property from Agricultural to R20. When we bought our home 7 years ago one of the primary considerations in our purchase was the zoning of the properties behind us. We desired to be in a neighborhood yet have some privacy and feel of more natural space. The property in question offers natural beauty, trees, quiet, and privacy by nature of it's zoning. The changing of the zoning of the property to allow multiple residential properties would drastically change the feel, desirability and value of our property. We will do whatever is within our means to stop this zoning change from being approved. Thank you for forwarding this letter to the Planning and Zoning Commission hearings and to the City Council for their hearing. Sincerely, Mona and Denis Smith 1308 Chatsworth Court 1/30/2007 Et2. c\0 Mr. Mayor, M~ers of the Council, my name is \<?t-'2":>d-t. I reside at J 306 Chatsworth ~djacent to the rear of the Glade Road property subject to discussion on rezoning.. I represent the interests of my own and my next door neighbors, Keith & Tara Mauney, at 1216 Chatsworth. Mrs. Mauney is here tonight. We welcome any new development in our city, and even in our back yards, which will enhance the quality of life for us personally and/or others collectively. This property is prime for any developer. We together at one point considered acquiring it ourselves for an identical purpose as the one proposed in this meeting. Our serious interest in this property led us to explore the impact of its development on the adjacent and downstream properties bordering the private lake and communal canal system in the Lakes of Somerset. Apart from the immediate and theoretically limited impact of physical surface contour remodeling of the land, one immediate and two strategic issues arose. These concerns led to our original disinterest in acquiring the property and our current concerns over its proposed conversion. The immediate issue does not affect humans in the Council's traditional sense, and the two longer term impact issues affect many more residents than the two families I represent tonight. They bring into this case the standing of the families of all Lakes of Somerset residents located along its canal/lake system. Let me iterate the three areas we know merit your attention, wisdom, and resources. We thank you tonight for your audience. 1) Protected natural wildlife matters (the immediate and as yet unresolved issue). It was brought to our attention that the Glade Road property is the probable nesting home to home to the following native species: the red fox, and both white and blue herons. Because of the "native" state of the Glade Road land, we are led to believe that these species have been established over many generations and are not transient residents. All three have been observed by the current and former residents throughout all seasons for several successive years. Though we have not received return communication from the Texas Secretary of State regarding the current protective sanctuary status of these residents, we have been advised that the white heron species has previously been accorded special sanctuary protection in Texas, specifically on the campus of Mr. Mauney's former employer, Southwestern D.T. Medical School in Dallas. In the matter of the security of these species-and the fiduciary interests of the property's developer-we ask that the Council defer a decision on the zoning request until verification by the Secretary of State confirms that the food sources, shelter, escape shelter, and nesting shelter of these wildlife will not be illegally threatened or extinguished. 2) The Glade Road property is unique in the city of Colleyville in that it is the distal funnel of the extensive surrounding region that directs water runoff exclusively into a private lake (which we two parties privately own and maintain), which further supports and affects the communal flood control canal and lake system in the Lakes of Somerset. Our own engineers advised us that substantial reduction of the open surface of the approximately six acre site will substantially increase the rate--and thus hydraulic pressure force--of water runoff in even modest (defined as less than one inch) rainfall. The modest brick and concrete dam at the runoff end of our lake has not been engineered for such a contingency and would likely not miraculously survive the abrupt and sustained spike of the many tons of additional runoff pressure generated by runoff from high density surface remodeling. We explored the hydraulic impact effect ofa drainage culvert diversion of flow from the Glade Road property directly into our lake and arrived at the same conclusion. Our reasonable concern in this matter, therefore, centers around ensuring beforehand that water volume/ and pressure runoff scenarios are accurately projected and resources are applied to fortify our private dam to avert future problems which might require expensive resolution along multiple fronts. 3) As stated earlier, the topographic stature of the Glade Road property directly affects not only its adjacent rearward neighbors, it also touches literally every resident downstream. Silt runoff, the conjoined twin to water drainage, is an equal if not greater concern, for two reasons: it cannot be projected accurately by quantitative means, and its affect is insidious, covert, and chronic. We assume that the proposed rezoning to single-family development will survive all of our lifetimes. The effect of the particulate runoff will be to decrease the volume capacity of our private lake, a body which exists to maintain the sanitary water level and flow of the canal system in the Lakes of Somerset subdivision. Over the past three years the maximum level of this feeder lake has been depleted by at least two feet. As stated, we realize that any prediction that long-term silt runoff would absolutely increase, decrease, or remain the same is arbitrary and irrelevant. What is certain is that the short tenn impact of silt runoff from bare land during development over at least eighteen months will be dramatic. The effect will be to further reduce--and threaten-the water resources infrastructure engineered originally for the Lakes of Somerset canal and lake residents. This impact should be carefully researched, documented, and presented for response by the Lakes of Somerset Homeowners Association, whose legal and financial position will be affected. In summary, we are grateful for the interest, skill, knowledge and service the Council offers. The unique posture of Colleyville among the D-FW communities has been the result of the keen focus of its leaders on the long picture. Thank you. We are confident that our concerns have been placed in the best of hands and we look forward to working together to improve even further the fine quality of life Colleyville represents. (~~'0~ Page 1 of 1 Amy Shelley From: mona Sent: Wednesday, February 21,200710:12 PM To: Amy Shelley Subject: Zoning Case Z-07 -005 February 23, 2007 Dear Ms. Shelley, On January 30, 2007 I sent you a letter regarding our opposition to the above referenced rezoning request. We received notice that the request was denied but is being appealed. Today I received a hand delivered City of Colleyville Agenda Briefing along with a Bluebonnet Creek Zone A Mapping. I have reviewed the Mapping and Briefing. Neither offers any comfort that the proposed development will do anything but detract from the qualities of the zoning that backs our property. I reiterate that we purchased our home in large part because of the zoning ofthe property behind our lot. We do not want to lose the natural beauty, privacy and quiet offered by nature of the current zoning of the property in question. Nor would we want to lose the value to our home as a result of the change in zoning requested. Now that I have seen the description of what is intended for that property I feel even stronger in opposition than before. Please forward this letter to the Planning and Zoning Commission for their consideration in this rezoning request. Sincerely, Mona Smith 1308 Chatsworth Court 2/22/2007 ORDINANCE 0-07-1611 AN ORDINANCE OF THE CITY OF COLLEYVILLE, TEXAS, AMENDING THE COMPREHENSIVE ZONING ORDINANCE OF THE CITY OF COLLEYVILLE, TEXAS, AS HERETOFORE AMENDED; BY AMENDING THE OFFICIAL ZONING MAP AND CHANGING THE ZONING ON 6.4 ACRES OUT OF THE GEORGE W. TEETER SURVEY, FROM THE AG-AGRICUL TURAL DISTRICT TO R20-SINGLE FAMILY RESIDENTIAL DISTRICT; PROVIDING A SAVINGS CLAUSE; PROVIDING FO~ INJUNCTIVE RELIEF; PROVIDING A SEVERABILITY CLAUSE; PROVIDING A PENALTY OF FINE NOT TO EXCEED THE SUM OF TWO THOUSAND DOLLARS ($2,000.00) FOR EACH OFFENSE; AND PROVIDING AN EFFECTIVE DATE WHEREAS, the City of Colleyville has received an application for rezoning under Case No. Z-07-005; and WHEREAS, the City of Colleyville deems it necessary, for the purpose of promoting the health, safety, morals, or general welfare of the City to enact a new zoning ordinance; and WHEREAS, the City Council has appointed a Planning and Zoning Commission to recommend the boundaries of the various original zoning districts and appropriate regulations be enforced therein and to recommend a new zoning ordinance; and WHEREAS, the Planning and Zoning Commission has divided the City into districts and has prepared regulations pertaining to such districts in accordance with a comprehensive plan and designed to lessen congestion in the streets; to secure safety from fire, panic, and other dangers; to promote health, general welfare; to provide adequate light and air; to prevent the overcrowding of land; to avoid undue concentration of population; to facilitate the adequate provision of transportation, water, sewerage, schools, parks, and other public requirements; and ' WHEREAS, the Planning and Zoning Commission, has given reasonabl.e consideration, among other things, the character of the districts and their peculiar suitability for particular uses, with a view to conserving the value of buildings and encouraging the most appropriate use of land throughout the City; and WHEREAS, the Planning and Zoning Commission of the City of Colleyville and the City of Colleyville City Council, in compliance with the Charter of the City of Colleyville, and State Law with reference to changes to zoning classifications under the Zoning Ordinance Regulations and Zoning Map, having given the requisite notices by publication and otherwise, and after holding due hearings and affording a full and fair hearing to all the property owners generally, and to the persons interested and situated in Ordinance 0-07-1611 Page 2 of 3 the affected area and in the vicinity thereof, the governing body of the City of Colleyville is of the opinion that said change in zoning should be made. NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF COLLEYVILLE, TEXAS: Sec. 1, Sec. 2. Sec. 3. Sec. 4. Sec. 5. Sec. 6. Sec. 7. THAT all the foregoing premises and findings are found to be true and correct and are incorporated into the body of this ordinance as if copied in their entirety. THAT the Comprehensive Zoning Ordinance of the City of Colleyville, Texas, be, and the same is hereby amended by changing the zoning of 6.4 acres out of the George W. Teeter Survey from the AG-Agricultural zoning district to the R20-Single Family Residential zoning district, as depicted in the attached Exhibit "A" and described in Exhibit "B". THAT the above described tract of land shall be used only in the manner and for the purposes provided by the Comprehensive Zoning Ordinance of the City of Colleyville as heretofore amended, and as amended herein. THAT any person violating any of the provisions of this ordinance shall be deemed guilty of a misdemeanor and upon conviction thereof shall be fined in a sum not to exceed the sum of Two Thousand Dollars ($2,000.00) and a separate offense shall be deemed committed upon each day during or on which a violation occurs or continues. THAT if any section, paragraph, subdivision, clause, phrase or provision of this ordinance shall be judged invalid or unconstitutional, the same shall not affect the validity of this ordinance as a whole or any portion thereof other than that portion so decided to be invalid or unconstitutional. THAT in addition to and accumulative of all other penalties, the City shall have the right to seek injunctive relief for any and all violations of this ordinance. THAT it has been found that there has been a change in conditions in the above described property, it is now necessary that it be given the above zoning classification in order to permit its proper development and in order to protect the public interest, comfort and general welfare, and requires that this ordinance shall take effect immediately from and after its passage. AND IT IS SO ORDERED. The first reading and public hearing being conducted on the 2007. day of Ordinance 0-07-1611 Page 3 of 3 The second reading and public hearing being conducted on the 2007. day of ATTEST: CITY OF COLLEYVILLE Cynthia Singleton, TRMC, CMC City Secretary David Kelly Mayor APPROVED AS TO FORM AND LEGALITY: Matthew C. G. Boyle City Attorney EXHIBIT "A" R-20 1416 1500 1100 150 RAO R- 1209 4900 4901 R-20 AG AG R.40 1104 1108 1305 1100 4808 4809 1315 1209 1301 1109 1113 1117 1101 1105 ~ 4712 4801 1100 1313 4712 4713 1303 1101 4708 4709 R-40 1100 1104 108 1112 1116 1200 1204 1208 1212 1304 1308 1312 AG 4612 4701 1309 EXHIBIT "B" FJELD NOTES 10 lhal cerl.ill rTIlct silllued inlhe George W Teeter Survey. AbslnK'l NlImb~ 1543, ill 1"- City of Colleyvillc. r'mllIl County. Tau...tel toei.., the ume tl'llCt described 111 dIe deed to Clifton R. Duke ,nd wift!, Clndace \. Duke ~COf4ed in Volume 6318. Plge 328 oCtbe Deed Records ofTamnlCcUaty. Teus; I,", subjecl ~I bei", mon: "'Irticul.rly described by meles Ind bounds lII! follows; BEGI.>i:''I'lNG ,t tile northeast comer of SII/II-;.., Ter(tlCt Secrion Olle .ccontill( to the plal In"Oftled in Volume 3~1l-31, Page 66 of thc PIal Rcconls ofT.mmt County. Teu,. fram which, found I i2 inch rebar bea,s North 12 Degrees Elisl I di$la11ce of O. ~4 feet; THENCE 1II0I1h lit! OellreC$ 48 Minules 17 Seconds East. with lhe north line onhe tracl det;cribcd inlhe d<<d 10 CliftolJ R, Duke _ ,,'iCe. Candace I. Duke ICcotded in VOIUl11C 63111, Pille 3111 Ofllle Oeed jtecom of Tarmll COUllty. Tau (said tnK:I h."eillafterre~rred 10 as Ibe "Duke tnct") a dillfance of272.06 feet to I 1,2 ml;h reOO foulld Illhe nMhes't comer thereofand rhe northwest COnler ofllle lracl described in the deed 10 Robert (kne Hubbard ~ed in Volume $304. Pap 444 oftlte lUlid Deed ReconJs; THENCE SouIh 01 Degree J 7 Minu~,..1i Se<:O<IDS wt. "..;tll the easllil'c of Ibe said Duke Irlet .nd lbe _tline oflhe said Huhbard tnet cfcsrnl>ed i/1 the deed reK'orded in Volume 5804, Pap. 444 ."d rhe _slline of anollllft' Iract to said Rob~rt Geoe Hubbwd this olle recorded i'l Volume S1IIl4. p.,. 446 oflbe ..id Deed k~ a taral disllll1<:e of 969.16 fcello II SIt! im:b rew fOllnd al ualiml cartier in lhe nortll1ine of Block I of The 1.0".< o.rSome~ recorded ill Cabinet A. Slide) 12 of the said PI., Reconts: .HENCE S"url, 00 Dcg:r~e5 06 ~ljIlUIC$ 01 Second West. wilh the north lin. ofStlid Blo,-k , . di'lance of 15.117 f_Io . 112 illd. rebu found II a reentrlltt com.... ofsai<l north line: THENCE N"rth 89 Degl'~fS n MinUles 43 5<<ond, Wcst. continu;n!! Wilh Il,e IlOrlh line of Block I . di~r.llce of 26.39 fed 10. bend in said {Ientb liAr. fi'om wbid\ a 51R .ndl ffbar found beatS Nort\l !6 Degrees W~st. disllIllCc of 0.38 feet; .HENCE Nor1tl 89 Dqrees 20 Minures 40 5<<onds WCSI. cOlllimlinll 'A11h II'" narlh li.,e of Block I . eliSlonce of 270.19 red 10 a 2 i,teh iron pipe (said pipe was removed by others and set in .nother location and shown ~reon) found althe soulheast comer of S"nrise Terron Section Two l'CCOrded in Volume 383-38. Page 91 of the said Pia! R~onts and lhe SOUllt'Ne5f COCl)el' Ofl~ Duke tract: THENCE North 00 Dellree$ 10 Minulcs _17 Seconds Wesl. wilh the \I\'c:slline oflhe Dulce tracl al1<\ the _I bne oft>.id Sunrise TttTllce Seclions One & r",'o 1\ distaJl('c or9Sf),~6 feel n:tuming 10 ll,e PL..fCE OF BEGINNING Ih1d endo$ing 64t9acI'CS. c& .r.:-X:-;.... City of Colleyville Agenda Briefing 100 Main Street Colleyville, Texas 76034 (817) 503-1000 www.colleyville.com File Number: 0-07-1612 File Number: 0-07-1612 File Type: Ordinance Status: First Reading Controlling Body: City Council Version: Agenda Date: 03/06/2007 Agenda No.: 6b Final Action: Requester: Community Development Department File Name: Approval of a Zoning Change from AG-Agricultural to R20-Single Family Residential on .65 acres out of the S.C.H. Witten Survey located at 5504 Montclair Drive, Case Z-07-006 Attachments: Location and Zoning Map. List of Property Owners Notified. Ordinance 0-07-1612 History of Legislative File Version: Date: Acting Body: Action Text: 02/12/2007 Planning and Zoning Commission 03/06/2007 City Council Title Approval of a Zoning Change from AG-Agricultural to R20-Single Family Residential on .65 acres out of the S.C.H. Witten Survey located at 5504 Montclair Drive, Case Z-07-006 Explanation First Reading and Public Hearing Request. Larry Stewart Custom Homes LP, has submitted a request to rezone 0.65 acres of land located on the west side of Montclair Drive, approximately 850 feet south of Hall Johnson Road. The applicant is requesting to rezone the property from AG-Agricultural to R20-Single Family Residential. Platting. The subject property consists of one tract that is not platted. The property is currently developed as a single residential lot that contains an existing home. The developer has submitted a zoning exhibit that illustrates future plans to develop the property as a single residential lot. Upon approval of the rezoning request, approval of a minor plat will be required prior to the issuance of building permits. Lot Sizes. The developer has submitted an exhibit illustrating the property boundaries. The R20 zoning district requires a minimum lot area of 20,000 square feet, lot width of 100-feet and lot depth of 125-feet. This site contains sufficient area to accommodate a single lot development. Master Plan. The Colleyville Master Plan designates the future use of this area for single family residential type land uses. The proposed rezoning is in conformance with the land City of Colleyville Page 1 Printed on 3/1/2007 Agenda Briefing Continued (0-07-1612) use portion of the Master Plan. The Master Plan contains a recommendation that estate lots be developed adjacent to collector streets, such as along Montclair Drive. The proposed rezoning is not fully compliant with that recommendation as it contains insufficient lot area to be classified as an estate lot. However, both adjacent lots contain existing residences and additional land is not readily available. There are a number of similarly developed properties located along the northern portion of Montclair Drive that do not meet the estate lot development standards due to the lack of available land. Surrounding Development Trends. The surrounding properties are single family residential in nature. Properties to the west and north are zoned R20-Single Family Residential and are currently developed as single family residences. The properties to the east are zoned R20-Single Family Residential and are currently developed as single family residences. The property to the south is zoned AG-Agricultural and is currently developed as a single family residence. Sidewalks and Trails. The Land Development Code requires sidewalks on all public streets. The sidewalks along Montclair Drive must be a minimum of five feet in width. Traffic Generation. The Institute of Transportation Engineers publication Trip Generation provides estimates of expected traffic generation based on land use. Data has been collected in the United States and Canada since the 1960's, primarily in suburban locations. Single-family residences are expected to generate 9.57 trips per day, on average. Based on this average, a one lot development would add approximately 9.57 vehicle trips per day to the surrounding roadways. Public Notification. Staff mailed notices to 14 adjacent property owners regarding this request. Notice of the public hearing was sent to the Montclair Park Homeowner's Association. Notice was published in the Fort Worth Star- Telegram as required by state law and the Land Development Code. No correspondence has been received regarding this request. Planning and Zoning Commission Recommendation. The Planning and Zoning Commission recommended approval of the rezoning request at the February 12, 2007 meeting by a vote of 4-2. Summary. While the proposed zoning district is not fully compliant with the 2004-2025 Future Land Use Plan regarding the development of estate lots along collector streets, staff feels the lack of available land and the development of similarly sized lots justifies the proposed rezoning request. Financial Impact It has been determined that there is no financial impact. Recommendation Approval City of Colleyville Page 2 Printed on 3/1/2007 5604 R-20 700 2301 5608 5600 R-20 5512 5600 R40 5513 5508 R-20 5504 5504 5515 5513 5511 5509 5502 AG Location and Zoning Map 5500 5503 R-20 5404 5411 5409 5501 Z-07 -006 Brewster, Keith W PO Box 1685 Colleyville, TX 76034 Devine, Matthew E Etux Vicki D 5605 Versailles Ct Colleyville, TX 76034 Haas, Jerome Etux Marilyn 5509 Clermont Ct Colleyville, TX 76034 McCurray, Thomas E Etux Faye 2304 Hawthorne Ave Colleyville, TX 76034 Subia, Marivel 5507 Clermont Ct Colleyville, TX 76034 List of Property Owners Notified Stewart, Larry, applicant 5501 Montclair St Colleyville, TX 76034 Chitsazan, Amin 5502 Montclair St Colleyville, TX 76034 Fisher, Walter Lee 5513 Montclair Dr Colleyville, TX 76034 Hashem, Robbie A 5401 Willow Ln Colleyville, TX 76034 McFarlin, David L Etux Connie 5504 Montclair St Colleyville, TX 76034 White, Doyle Mark 5511 Clermont Ct Colleyville, TX 76034 Stewart, Larry, applicant 5501 Montclair St Colleyville, TX 76034 Cox, Laetitia R 5512 Montclair St Colleyville, TX 76034 Grossman, Richard Etux Lisa 5607 Versailles Ct Colleyville, TX 76034 Hemric, Michael Etux Patricia 5603 Versailles Ct Colleyville, TX 76034 O'Brien, Peter M & Donna M 5509 Montclair St Colleyville, TX 76034 ORDINANCE 0-07-1612 AN ORDINANCE OF THE CITY OF COLLEYVILLE, TEXAS, AMENDING THE COMPREHENSIVE ZONING ORDINANCE OF THE CITY OF COLLEYVILLE, TEXAS, AS HERETOFORE AMENDED; BY AMENDING THE OFFICIAL ZONING MAP AND CHANGING THE ZONING ON 0.65 ACRES OUT OF THE S.C.H. WITTEN SURVEY, FROM THE AG-AGRICUL TURAL DISTRICT TO R20-SINGLE FAMILY RESIDENTIAL DISTRICT; PROVIDING A SAVINGS CLAUSE; PROVIDING FOR INJUNCTIVE RELIEF; PROVIDING A SEVERABILITY CLAUSE; PROVIDING A PENALTY OF FINE NOT TO EXCEED THE SUM OF TWO THOUSAND DOLLARS ($2,000.00) FOR EACH OFFENSE; AND PROVIDING AN EFFECTIVE DATE WHEREAS, the City of Colleyville has received an application for rezoning under Case No. Z-07-006; and WHEREAS, the City of Colleyville deems it necessary, for the purpose of promoting the health, safety, morals, or general welfare of the City to enact a new zoning ordinance; and WHEREAS, the City Council has appointed a Planning and Zoning Commission to recommend the boundaries of the various original zoning districts and appropriate regulations be enforced therein and to recommend a new zoning ordinance; and WHEREAS, the Planning and Zoning Commission has divided the City into districts and has prepared regulations pertaining to such districts in accordance with a comprehensive plan and designed to lessen congestion in the streets; to secure safety from fire, panic, and other dangers; to promote health, general welfare; to provide adequate light and air; to prevent the overcrowding of land; to avoid undue concentration of population; to facilitate the adequate provision of transportation, water, sewerage, schools, parks, and other public requirements; and WHEREAS, the Planning and Zoning Commission, has given reasonable consideration, among other things, the character of the districts and their peculiar suitability for particular uses, with a view to conserving the value of buildings and encouraging the most appropriate use of land throughout the City; and WHEREAS, the Planning and Zoning Commission of the City of Colleyville and the City of Colleyville City Council, in compliance with the Charter of the City of Colleyville, and State Law with reference to changes to zoning classifications under the Zoning Ordinance Regulations and Zoning Map, having given the requisite notices by publication and otherwise, and after holding due hearings and affording a full and fair hearing to all the property owners generally, and to the persons interested and situated in Ordinance 0-07-1612 Page 2 of 3 the affected area and in the vicinity thereof, the governing body of the City of Colleyville is of the opinion that said change in zoning should be made.' . NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF COLLEYVILLE, TEXAS: Sec. 1. Sec. 2. Sec. 3. Sec. 4. Sec. 5. Sec. 6. Sec. 7. THAT all the foregoing premises and findings are found to be true and correct and are incorporated into the body of this ordinance as if copied in their entirety. THAT the Comprehensive Zoning Ordinance of the City of Colleyville, Texas, be, and the same is hereby amended by changing the zoning of 6.4 acres out of the S.C.H. Witten Survey from the AG-Agricultural zoning district to the R20-Single Family Residential zoning district, as depicted in the attached Exhibit "A" and described in Exhibit "B". THAT the above described tract of land shall be used only in the manner and for the purposes provided by the Comprehensive Zoning Ordinance of the City of Colleyville as heretofore amended, and as amended herein. THAT any person violating any of the provisions of this ordinance shall be deemed guilty of a misdemeanor and upon conviction thereof shall be fined in a sum not to exceed the sum of Two Thousand Dollars ($2,000.00) and a separate offense shall be deemed committed upon each day during or on which a violation occurs or continues. THAT if any section, paragraph, subdivision, clause, phrase or provision of this ordinance shall be judged invalid or unconstitutional, the same shall not affect the validity of this ordinance as a whole or any portion thereof other than that portion so decided to be invalid or unconstitutional. THAT in addition to and accumulative of all other penalties, the City shall have the right to seek injunctive relief for any and all violations of this ordinance. THAT it has been found that there has been a change in conditions in the above described property, it is now necessary that it be given the above zoning classification in order to permit its proper development and in order to protect the public interest, comfort and general welfare, and requires that this ordinance shall take effect immediately from and after its passage. AND IT IS SO ORDERED. The first reading and public hearing being conducted on the 2007. day of Ordinance 0-07-1612 Page 3 of 3 The second reading and public hearing being conducted on the 2007. day of ATTEST: CITY OF COLLEYVILLE Cynthia Singleton, TRMC, CMC City Secretary David Kelly Mayor APPROVED AS TO FORM AND LEGALITY: Matthew C. G. Boyle City Attorney 700 5604 R-20 5608 5601 2104 2301 2305 5600 R-20 5512 5600 R40 5513 5508 R-20 5504 5504 5509 5502 AG EXHIBIT "A" 5500 R40 5501 5404 R40 5417 EXHIBIT "B" STA,lt OF TEXAS COUNtY OF TAfIWfl" KNOW AU.. MEN 8\' lHDE PRESDnS: l'HAT WE. IN'R'f S1DMRI' CUSTtlU HOWES. L.P~ BEING THE OWNERS OT THE FOl.l..OWINO 0f:$CRIBED ~ TO WR: BEING A TRACT OF l.AHO OUT Of' THE S.C.'" wmEN SUfIM:Y. AIJSTIItN:T NO. 181.. TAMAHT COUNTY. 1'EXAS. AND 8EING 'THE StME tRACT Of' I..AND AS DESCRI8lD IN DEED RECORDED IN COUNTY CUAICS NO. D2OI35181O, DEED RECOIIlS. TARRNfJ CCMnY. 'TEXAS. ~ I!IElNO ~ AS FOU.OWS: BtGINNItG AT A CAPPED IItON Pft,I SET IN 1M[ [ASI' UN[ OF LOT 1 S. 8LOCK 1. t.OIrCt.AR PARC. Nf ADOmON TO THE a1Y OF CXIU.E'MLLE. TMRANT COUNJY, 1tXAS. ACCOlONG TO M PlAT AECOROED ... CABINET A. SlID[ 1184, PLAT RECORDS. TMIWff COUNTY, TEXAS. Fat THE NOImIWEST CORNER or nw;r eeNG ~. SM) POIn BEJC THE: SOlfTHWEST CORNER OF' LOT 1. aocK 1. ROIlNSOtt ADDf1lCltt. AH AIDTlOH TO 1H[ cnY or c::ou..EW'Ul. TNWHI' COUNTY. T'EXAS, ACCOROINC TO 1H[ PUT RfCONlO IN VOWME __,82. PAC[ st. PlAT ~TNIWfT COUNI'Y, TtlCA$, ANt> I'l' DUD BEING lOCATtD 1..1 YMAS EAST AND 1120 FEET SOUtH f'RClM THE CORNER or !WI) S.C.M. Wf'ITDI SURVEY: . THENC[ SOUTH . OECAEES 3.2 MINlJT[S 38 SECONDS EAST 282.20 FEET (DEED CMl. EAST 2110.55 FEEO ALONG lHE SOUtH IJNE Of SAID l.O1' 1, IlUIO< 1. ~ MlOmOH T~ IRON ..... f'OI..H) .. TtiE WEST iJNE Of WCIHTCLAlR DRM: FOR M NORTHEAST c::oRNER OF' tRACT IlEING AND THE SCMHEAS1' CORNU or SMl LOT 1, BL.OCIC 1, RClIINSON HXJmCIH; 1'HOICI: SOUTH '??.oo Fm III.ONG lHE WEST UNE or SAID t.Dff'ClAIR DRM: TO A POWER POt.[ Fat THE SOU1'HE.tST COIMR Of' 1'RACf' BEINe DE'SCRl8ED. $AI) POINT IOtG lHE NCInHEAST CORNER or A nw;r or LAND AS t"IE'SCR<<D IN DEED AECOADm IN VOLUME 14915. PAGE 11. DIED RECORDS. 1ARIWl1' COUN1Y, 1DAS; 'THENCE HOR1'H . DEGREES 3.2 tlINUT!S 31 SlCONOS WlSl' 282.20 fW (oeD CALL WEST 2110.55 FEET) ALONG THE NORTH ~ OF SAID TRACT OF' LAND ItS D[5{....aIL' IN IIUD RECOfIDED IN WUIIIIE 14115. PAGE us'f{) A \/2- IRON ... F<IUNO IN lHE EAST UNE Of' lOT ", 1M) &OCK 1, YOHIQAIR PARe FOR THE SOIJ'nftIOT COANER aF lR1(;T IEING DaCR8ED AND FOR THE NOft1'HWl'Sr CCJIIboD OF SAID nw:r OF I.AHD AS l)[S(:NIED IN DEED RECONlEO IN \IClUJW[ 14115. PAGI: 11; 1'HEHCE ttORTH 100.00 FEET ALONe lHE EAST LINE or SAID BlOCK 1. WONfCt.AIR PARC TO THE PaN' or BEQIlINlNG AND CONT.......o 0.&48 ACRES OF WCl. MORE OR t.ESS City of Colleyville Agenda Briefing 100 Main Street Colleyville, Texas 76034 (817) 503-1000 www.colleyville.com File Number: 0-07-1613 File Number: 0-07-1613 File Type: Ordinance Status: First Reading Controlling Body: City Council Final Action: Version: 1 Agenda Date: 03/06/2007 Agenda No.: 6c Requester: Community Development Department File Name: Approval to an Amendment to Chapters 9 and 14 of the Land Development Code regarding emergency access gate maintenance, Case G-07 -007 Attachments: Ordinance 0-07-1613 History of Legislative File Version: Date: Acting Body: Action Text: 1 03/06/2007 City Council Title Approval to an Amendment to Chapters 9 and 14 of the Land Development Code regarding emergency access gate maintenance, Case G-07 -007 Explanation First Reading and Public Hearing Attached is a proposed ordinance, which, if approved by the City Council, will amend Chapter 9 - Subdivision Design and Public Facilities and Chapter 14 - Engineering Design Standards of the Land Development Code to add new provisions regarding emergency access gates. The proposed regulations will clarify the neighborhood association as being the party responsible for maintaining the emergency access gates to their particular development. The proposed regulations also contain application and permitting requirements, minimum construction standards, and requirements for an inspection by the Fire Department for all newly constructed gates. The regulations contain a provision to allow the Fire Department to revoke an emergency access gate permit and to lock the gates in the open position if the neighborhood association fails to properly maintain the gates and the automatic opening mechanisms. Currently, there are 31 emergency access gates in Colleyville and eleven of the gates have electronically controlled opening mechanisms. The proposed amendment to Chapter 14 of the Land Development Code does not require any review or recommendation from the Planning and Zoning Commission. Financial Impact It has been determined that there is no financial impact. Recommendation Approval City of Colleyville Page 1 Printed on 2/28/2007 ORDINANCE 0-07-1613 AN ORDINANCE OF THE CITY OF COLLEYVILLE, TEXAS, AMENDING CHAPTERS 9 AND 14 OF THE LAND DEVELOPMENT REGARDING EMERGENCY ACCESS GATES; PROVIDING A SAVINGS CLAUSE; PROVIDING FOR INJUNCTIVE RELIEF; PROVIDING A SEVERABILITY CLAUSE; PROVIDING FOR A PENALTY OF FINE NOT TO EXCEED THE SUM OF TWO THOUSAND DOLLARS ($2,000.00) FOR EACH OFFENSE; AND PROVIDING AN EFFECTIVE DATE WHEREAS, the City Council of the City of Colleyville approved Ordinance 0-00-1214 on April 18, 2000, adopting the Land Development Code; and WHEREAS, the City of Colleyville deems it necessary, for the purpose of promoting the health, safety, morals, or general welfare of the City to add certain portions to the Land Development Code regarding emergency access gates; and WHEREAS, notice of a public hearing before the City Council was published in a newspaper of general circulation in Colleyville at least 15 days before such hearing. NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF COLLEYVILLE, TEXAS: Sec. 1. THAT all the foregoing premises and findings are found to be true and correct and are incorporated into the body of this ordinance as if copied in their entirety. Sec.2. THAT Chapter 14 - Engineering Design Standards, of the Land Development Code, is hereby amended to add Section 14-138 regarding emergency access gates to read as follows: Section 14-138 Emergency Access Gates A. Scope and Applicability - The regulations in this section shall be applicable to all gates or barriers that are permanently installed across an emergency access easement to a development for purposes of controlling, limiting, or prohibiting vehicular public access to a development. B. Definitions - For purpose of this regulation, an emergency access gate shall mean a gate mechanism which is used to allow access for emergency service vehicles or to allow public access during an emergency situation where the primary access to a development is not accessible or is determined un-accessible by the Fire Department. C. Permit - Approval of a permit issued by the fire department shall be Ordinance 0-07-1613 Page 2 of 5 obtained prior to the installation of an emergency access gate. Fire department staff shall coordinate the approval review process with other departments, as appropriate. 1. Application: Application for an emergency access gate shall be submitted on forms furnished by the fire department, and include, at a minimum, the name and contact information of the gate contractor, and the name and contact information of the party responsible for the gate maintenance. The application shall be accompanied by drawings of the proposed gate improvements as outlined in this section. 2. Construction Plan Requirements: a. For New Developments: Drawings showing the location and design of the proposed emergency access gates shall be included with the construction plans for the development. In the absence of any construction plans for the development, separate drawings showing the location and design of the proposed emergency access gates shall be submitted with the application. b. For Existing Developments: Drawings showing the location and design of the proposed emergency access gates shall be submitted with the application. c. Sufficiency of Drawings: Plans and drawings shall be clear and contain sufficient information and detail to determine conformance with these regulations. d. Design: The design of all gates, cross arms and access control devices, including automatic opening systems and manual backup systems, shall meet City guidelines or policies, be compatible with City transmitting equipment, and be approved by the City prior to installation. e. Encroachment Agreement: An emergency access gate proposed for installation within a public right-of-way shall require the approval of the City Council of a Right-of-Way Encroachment Agreement. 3. Inspection: Upon completion of the installation of the emergency access gates, the Fire Department shall inspect the gates for conformance to these regulations and any other applicable codes and ordinances. All emergency access gates, cross arms and opening devices shall be tested and approved by the City prior to being put into operation. D. Requirements - All new emergency access gates shall comply with the following minimum requirements: Ordinance 0-07-1613 Page 3 of 5 1. When in the open position, an emergency access gate shall provide an unobstructed opening of twenty-four (24) feet wide and fourteen (14) feet high. 2. Swinging gates for single direction traffic shall swing in the direction of vehicle travel. 3. Swinging gates for bi-directional traffic shall swing into the property being entered. 4. Emergency access gates shall be installed within the limits of the emergency access easement, unless an alternate location is determined acceptable by the fire department. If located within a public right-of-way, approval by the City Council of a Right-of-Way Encroachment Agreement is required. 5. Gates shall not be installed within a required turning radius of a fire access roadway. 6. An emergency access gate shall be electrically operated for entry and exit by an approved emitter system (Opticom@) that is compatible with fire department traffic signal pre-emption equipment. The receiver equipment shall have Knox@ Key over- ride and a power failure mechanism. 7. No parking shall be permitted within the emergency access easement or near the emergency gates. E. Pedestrian Access - A development containing an emergency access gate shall provide for a separate pedestrian access gate within 10 feet of the vehicle gate. F. Maintenance - Emergency access gates shall be maintained in good working order by the property owners of the development receiving benefit from the gates. Gate maintenance shall include lubrication of moving parts and hinges, batteries required for operation of the system during power failure, and any electrical and mechanical equipment required for the proper operation of the automatic gate opening system. The City of Colleyville reserves the right to inspect an emergency access gate at any time and require the party responsible for the maintenance of the gates to provide the repairs necessary to ensure emergency access. The City of Colleyville assumes no responsibility for the construction or maintenance of an emergency access gate. G. Failure to Maintain - If the property owners of a development or the Sec. 3. Sec. 4. Sec. 5. Sec. 6. Sec. 7. Ordinance 0-07-1613 Page 4 of 5 homeowners association fail to maintain reliable access, the City shall have the right to enter the development and remove any gate or device which is a barrier to emergency access at the sole expense of the property owners. The gate permit may be revoked and the gate locked in the open position for any cause determined by the fire department to be in the best interest of public safety. THAT Section 9.17.F of Chapter 9 - Subdivision Design & Public Facilities, of the Land Development Code, is hereby amended in its entirety to read as follows: 9.17. F Emeroencv Access Easements - Emergency access easements shall have a clear unobstructed width to accommodate a pavement section of not less than twenty-four (24) feet in width. The emergency access easement shall connect at each end to a dedicated public street or shall have a suitable size turnaround at the dead-end, and appropriate turning space at inside corners to permit free movement of emergency vehicles. An emergency access easement may be used as a driveway to gain access to parking or loading spaces, but shall not be used for parking. All emergency access gates shall provide for an opening of not less than twenty-four (24) feet wide by fourteen (14) feet in height and include a locking and opening mechanism acceptable to the Fire Department. THAT all ordinances or any parts thereof in conflict with the terms of this ordinance shall be and hereby are deemed repealed and of no force or effect; provided, however, that the ordinance or ordinances under which the cases currently filed and pending in the Municipal Court of the City of Colleyville, Texas, shall be deemed repealed only when all such cases filed and pending under such ordinance or ordinances have been disposed of by a final conviction or a finding of not guilty or nolo contendere, or dismissal. THAT any person, firm or corporation violating any of the provisions or terms of this ordinance shall upon conviction be punishable by a fine not to exceed the sum of Two Thousand Dollars ($2,000.00) for each offense. THAT if any section, paragraph, subdivision, clause, phrase or provision of this ordinance shall be judged invalid or unconstitutional, the same shall not affect the validity of this ordinance as a whole or any portion thereof other than that portion so decided to be invalid or unconstitutional. THAT in addition to and accumulative of all other penalties, the City shall have the right to seek injunctive relief for any and all violations of this ordinance. Ordinance 0-07-1613 Page 5 of 5 Sec. 8. THAT the effective date of this ordinance shall be immediate upon its passage. AND IT IS SO ORDERED. The first reading and public hearing being conducted on the 2007. day of The second reading and public hearing being conducted on the 2007. day of ATTEST: CITY OF COLLEYVILLE Cynthia Singleton, TRMC, CMC City Secretary David Kelly Mayor APPROVED AS TO FORM AND LEGALITY: Matthew C. G. Boyle City Attorney SPEAKER CARD Date I wish to address the City Council on the following subject: I5ASc g, ~ Il ~ FIl:-L t) ~ ~ L - Agenda Item Number: A,,)~.....J'-- - Name: ~~.s LA "'.! f...o \U) Address: n Ave t<.S>. City: ( b U ~~ tI L '(I L -b.- Telephone No ~l) -)~~-7(-;;/ I represent: 5ejt organ ization/self I understand that I am limited to five minutes and on items that are not designated as Public Hearings, the City Council must "suspend the rules" in order to hear public comments 'T que)itions. Signed rA - This information is a Public Record Qjee .,~,,:.,.. City of Colleyville Agenda Briefing 100 Main Street Colleyville, Texas 76034 (817) 503-1000 www.colleyville.com Requester: Office of the City Secretary File Name: Reports - March 6, 2007 File Type: Report Agenda Date: 03/06/2007 Agenda No.: 8 Status: Reports Controlling Body: City Council Final Action: File Number: Version: 1 Attachments: Colleyville Center Advisory Committee Minutes - November 13, 2006.pdf. Library Board Minutes - January 8, 2007.pdf History of Legislative File Version: Date: Acting Body: Action Text: 1 03/06/2007 City Council Title Colleyville Center Advisory Committee Minutes - November 13, 2006 Library Board Minutes - January 8, 2007 Planning and Zoning Commission Minutes - February 12, 2007 City of Colleyville Page 1 Printed on 2/27/2007 COLLEYVILLE CENTER ADVISORY COMMITTEE FY 2006 FOURTH QUARTER MEETING NOVEMBER 13, 2006 MINUTES Present: Chair Suzanne Harrington, Vice Chair Molly Skinner, Karen Birks, Sheryl Black, Evelyn Englert, John Gray, Muriel Havran, Mark Johnson, Pat Jones, Louis Miller, Connie Nichols, Rob Rutherford Assistant City Manager Dal Anderson, Center Manager Un Przybyl and Center Coordinator Marilyn Gilbert Absent: Chuck Baudrau and Councilman George Boll 1. Chair Suzanne Harrington called the meeting to order at 5:30 p.m. 2. Minutes for the August 14, 2006 Advisory Committee meeting were approved as written. 3. The Advisory Committee reviewed and discussed the Center's FY 2006- Fourth Quarter Report. 4. Colleyville Assistant City Manager Dal Anderson was introduced. 5. The meeting was adjourned at 6:15 p.m. COLLEYVILLE PUBLIC LIBRARY BOARD MINUTES January 8,2007 I. CALL TO ORDER - Chair Nancy Eytcheson called the meeting of the Colleyville Public Library Board to order at 7:00 p.m. ROLL CALL - Members present: Pat Jones, Karen Birkes, Nancy Eytcheson, Susan Potter, Richard Roxburgh, Mary Alice Rippe and Carol Wollin Alternates present: Nancy Bowen Alternates absent: Dennis Healy Ex-Officio Members Present: Ginny Tigue and Ret Stansberger Ex-Officio Members absent: Mayor David Kelly, Steve Banta, Dr. Larry Darlage and Nancy Coplen Council Liaison Absent: Tony Licata Staff present: Mary Rodne II. Approval of November 13, 2006 Minutes - A motion was made by Carol Wollin and seconded by Karen Birkes to approve the November 13, 2006 minutes as presented. Motion approved unanimously. III. LIBRARIAN'S REPORT a. Monthly Statistics Library Director Rodne distributed Colleyville Public Library December 2006 Usage Statistics, for review and discussion. Patrons had checked out a total of 12,358 items, 69 Colleyville residents registered for library cards, library patron visits totaled 5,797, attendance for programs totaled 323 and volunteer hours totaled 133 hours. Rodne noted that the total circulation of library materials this year was 14% higher than the total circulation of library materials last year at this time. b. Donations Director Rodne reported that the Library had received a total of $800 in donations in November and December. The donations included: $50 from Nelson and Magdalena Moore for the purchase of children's books and $750 from Chris and Michelle Kelly for the purchase of books to honor Cary and Laurie Turner. c. Programs Director Rodne reported that registration for Youth Services Winter/Spring 2007 Programs would be starting on January 15, and that the programs would be starting the week of January 22, 2007. Rodne noted that the Library had held a very successful Movie Marathon on January 2, 2007, from 10:30 a.m. - 4:00 p.m., and that around 89 had attended throughout the day. Rodne also announced that the Library was launching two new monthly book discussion groups for adults. IV. VOLUNTARY LIBRARY FUND UPDATE Director Mary Rodne reported that the Voluntary Library Fund increase had been reflected on the November utility bills. V. LIBRARY BOARD MEETING DATES 2007 Director Rodne distributed a schedule of 2007 Library Board Meeting dates for review and discussion. Chair Nancy Eytcheson requested that the Board review the dates and note changes, if needed. After discussion, the following changes were proposed, that the March 12, Library Board meeting be moved to March 5, that the October 8 Library Board meeting be moved to October 15, and that Library Board meetings not be held in July and December, unless needed. A motion was made by Karen Birkes and seconded by Susan Potter to accept the proposed changes in the 2007 Library Board meeting schedule. Motion approved unanimously. VI. LIBRARY LONG- RANGE PLANNING UPDATE It was reported that staff members were working on the plan and that a draft plan would be presented to the Library Board in February. VII. FRIENDS OF THE COLLEYVILLE PUBLIC LIBRARY REPORT President Mary Alice Rippe reported that the Friends of the Library had held the second in a series of four programs in the Library on November 16, 2006. Rippe noted that the program featuring local author Ame Mahler Beanland sharing comments on her new book entitled, NESTING: It's a Chick Thing, had been a very successful event and well received by the eighteen who attended the program. Rippe added that the third program in the series was scheduled in February and would have gardening theme. President Rippe also announced that the Friends of the Library had received a $1,000 donation from the O'Regan Family Foundation for the purchase of Texas History and Contemporary Fiction books, and that the Friends would be presenting a check to the Library for the purchase of books as requested. VIII. COLLEYVILLE PUBLIC LIBRARY FOUNDATION REPORT President Ginny Tigue reported that the Library Foundation donation mailer had been sent out and that this had been the only major Foundation fund raiser for 2006. Tigue added that the mailer had been successful and that donations totaled around $30,000. President Tigue noted that the next Foundation meeting was scheduled to be held on January 29, 2007. IX. NEXT MEETING DATE Chair Nancy Eytcheson noted that the next Library Board meeting was scheduled on February 12,2007. X. SUGGESTED ITEMS FOR FUTURE MEETINGS None XI. CITIZEN COMMENTS None XII. ADJOURN: A motion was made by Pat Jones and seconded by Carol Wollin to adjourn the meeting. Motion approved. The meeting of the Colleyville Public Library Board was adjourned at 7:48 p.m. ",~.:.lt}:,:',!.... CC~'e re',\.~'" City of Colleyville Minutes - Final Planning and Zoning Commission 100 Main Street Colleyville, Texas 76034 (817) 503-1000 www.colleyville.com Monday, February 12, 2007 7:00 PM City Council Chambers 6:15 P.M. - PRE-COMMISSION WORKSHOP EXECUTIVE CONFERENCE ROOM THIRD FLOOR LEGAL BRIEFING BY CITY ATTORNEY REGARDING PLANNING, ZONING, PLATTING, AND LAND USE REVIEW OF REGULAR AGENDA ITEMS REGULAR MEETING 7:00 P.M. 1. CALL TO ORDER The Planning and Zoning Commission meeting of the City of Colleyville was called to order by Chairman Byerly on February 12, 2007 at 7:03 p.m. 2. ROLL CALL Present: Commissioners Robert McCormick, Dave Dudziak, Scott Redfearn, David Phelps, Denis Duffy, Jeff Byerly Absent: Commissioner Mary Taylor Staff Members: Chris Fuller, Barry LeBaron, Rob McKeown, Chad Bartee, Jeremy Hutt, Steve Chutchian, Dal Anderson and Amy Shelley 3. INVOCATION 4. PLEDGE OF ALLEGIANCE 5. APPROVAL OF MINUTES Commissioner Redfearn moved to approve the January 22, 2007 meeting minutes. Commissioner Dudziak seconded. The motion carried by the following vote: Aye: 6 - McCormick, Dudziak, Redfearn, Phelps, Duffy, Byerly Absent: 1 - Taylor City of Colleyville Page 1 Printed on 2/27/2007 Planning and Zoning Commission Minutes - Final February 12, 2007 6. CITIZEN COMMENTS REGARDING ITEMS NOT ON THE AGENDA Greg Winslow, 3916 Wayne Drive, spoke in regards to Covenant Christian Academy. 7. REGULAR AGENDA ITEMS 7a Approval of a Final Plat of Copperglen Addition on 5.6 acres located at 3798 - 3804 Glade Road, Case P-07-008 Commissioner Byerly recused himself from this agenda item. Vice-Chairman Duffy took over the meeting. Chris Fuller presented the case and briefed the Commissioners. Commissioner Dudziak stated to staff he does not see who is responsible for the maintenance of the road in the Homeowner Association Covenants documents? City Attorney Michael Kallas replied his office has reviewed the documents and has accepted the documents as written. Commissioner Redfearn moved Commissioner Phelps seconded. The motion carried by the following vote: to approve case P-07 -008. Aye: 5 - McCormick, Dudziak, Redfearn, Phelps, Duffy Absent: 1 - Taylor 7b Approval of a Final Plat of The Villas at Oak Pointe Addition on 20 acres located in the 1600 block of Sanders Lane, Case P-07-009 Commissioner Byerly recused himself from this agenda item. Vice-Chairman Duffy took over the meeting. Chris Fuller presented the case and briefed the Commissioners. Commissioner Redfearn questioned staff if the Homeowner Association (HOA) documents are required because it is a gated community? Chris Fuller replied correct and the developer did not have the documents ready before the Planning and Zoning Commission meeting. Commissioner Redfearn questioned staff regarding the small open spaces along the north side, Lot 12, Lot 17 and Lot 22, in such a narrow space, what is the conceived compliance with that open space fitting the general description for what is expected for an open space? Is it going to be sufficient to enhance the enjoyment of the development? Chris Fuller replied it is in conformance with the preliminary plat and with the approved zoning exhibit in the approved ordinance, with regard to the City of Colleyville Page 2 Printed on 2/27/2007 Planning and Zoning Commission Minutes - Final February 12, 2007 intent, it does provide separation between the buildings and a green belt through those residential units. It does meet the spirit of what was proposed by the ordinance when taken in with the overall development. Commissioner Dudziak concurred and stated the Commission wanted to have more open spaces between the buildings in order to have better fire access in case an emergency were to occur. Commissioner Dudziak stated it being difficult to approve the final plat when part of the criteria of approving the plat is for the HOA documents to be in place. Commissioner Duffy stated being tired of sending things to City Council without everything being in place. Commissioner Duffy moved to table case P-07-009 until the February 26, 2007 meeting. Commissioner McCormick seconded. The motion carried by the following vote: Aye: 5 - McCormick, Dudziak, Redfearn, Phelps, Duffy Absent: 1 - Taylor 8. PUBLIC HEARING AGENDA ITEMS 8a Approval of a Replat for Lot 1 R2, Block 1 of the Monterra Place Addition located at 1704 Tennison Parkway, Case P-07-011 Chris Fuller presented the case and briefed the Commissioners. Commissioner Phelps questioned staff regarding what is the zoning for the property to the north of this property? Chris Fuller replied CC2-Shopping Center. Commissioner Byerly opened the public hearing at 7:21 p.m. There being no one wishing to speak, the public hearing was closed at 7:21 p.m. Commissioner Duffy moved to approve case P-07-011. Dudziak seconded. The motion carried by the following vote: Commissioner Aye: 6 - McCormick, Dudziak, Redfearn, Phelps, Duffy, Byerly Absent: 1 - Taylor 8b Approval for a Special Use Permit for alcohol sales Lot AR of the E.M. City of Colleyville Page 3 Printed on 2/27/2007 Planning and Zoning Commission Minutes - Final February 12, 2007 Thompson Addition located at 5224 Colleyville Boulevard, Case Z-07-003 Chris Fuller presented the case and briefed the Commissioners. Commissioner Byerly opened the public hearing at 7:24 p.m. Clifford Karr, representing the applicant, Don Noblit, came forward to brief the Commissioners and answer questions. Commissioner Duffy questioned Mr. Karr regarding who is reapplying for the Special Use Permit (SUP)? Mr. Karr replied the owner, Mr. Hartsell. Commissioner Duffy stated to Mr. Karr it hard to believe this to be a family establishment by being open until 2:00 a.m. Commissioner Duffy questioned Mr. Karr regarding what is going to be done different with this property as opposed to the last time? Mr. Karr stated they have improved the prospective occupant, George Haddad, for this location. He stated they have checked his background. Commissioner Duffy stated having issues with the previous business, Smitty's. Commissioner Duffy stated wanting to see another food establishment in Colleyville, however, he stated not seeing anything different with this new occupant than from the previous occupant. He stated it is the same building with the same operation, the same hours. Mr. Karr stated the applicant has information regarding improving the inside and outside of the building as well as improvements to the parking lot. Commissioner Duffy questioned Attorney Kallas if a time limit could be placed on the SUP for this location? Attorney Kallas replied there could be a probationary period that could be renewed in a year. The owner would then have to reapply for the SUP or a termination date could be placed on the SUP. Commissioner Phelps questioned staff if the actual applicant, who will be in the building, could be heard from tonight? Commissioner Byerly replied yes. Commissioner Dudziak questioned Mr. Karr what improvements are going to be done to this property? Mr. Karr replied the applicant is going to landscape it, repair the parking lot, paint the building, enhance the front patio, fence the back of the property along the creek and the interior will be totally redone. Commissioner Byerly questioned Mr. Karr if anyone, being Mr. Hartsell, Mr. Haddad or Mr. Noblit, has anything to do with Smitty's. Mr. Karr replied nothing other than a landlord tenant relationship. Commissioner Duffy questioned Mr. Karr regarding what is the square footage of the property? He stated the Tarrant Appraisal district City of Colleyville Page 4 Printed on 2/27/2007 Planning and Zoning Commission Minutes - Final February 12, 2007 indicates 5,160. He stated for any commercial facility serving alcohol over 5,000 square feet requires a commercial fire sprinkler system. He questioned Mr. Karr if there will be a commercial fire sprinkler system installed? Mr. Karr replied not knowing, he stated according to the lease, there is 4,960 square feet or something. Fire Marshal Rob McKeown concurred with Commissioner Duffy. Marshal McKeown questioned Mr. Karr if the dentist office was included in the square footage? Mr. Karr replied no. Marshal McKeown stated all have to be included. Mr. Karr questioned Marshal McKeown if those occupants will have to sprinkle their facility? Marshal McKeown stated no, but since this facility will be selling alcohol, he stated he can make them sprinkle their part. Mr. Noblit came forward and replied the square footage is 4,979 square feet and there is a double fire wall. Marshal McKeown replied the other part of the building is included in the square footage. Mr. Noblit stated he does not have access to those parts of the building. He stated they are not in the same ownership. Marshal McKeown stated as part of the amendments, those facilities have to be included as part of the square footage. Mr. Noblit replied not knowing that information and this is the way it has always been. Commissioner Duffy stated the code requires sprinkle because of the sale of alcohol. Mr. Karr replied not knowing if the owner will be sprinkling the building. Commissioner Duffy stated the SUP would not be approved without the sprinkle requirement. George Haddad, Papa G's Sports Bar, prospective occupant, came forward to present his case and brief the Commissioners. Commissioner Phelps stated he wants a better establishment than what has been in the building previously. Mr. Haddad replied he runs his business with the greatest of integrity. Commissioner Dudziak stated this is not a family facility with hours of operation until 2 a.m. Mr. Haddad stated this is a family facility, but the facility will be open until 2 a.m. Commissioner Byerly questioned Mr. Haddad regarding the smoking in this facility? Mr. Haddad replied if the smoking is disallowed, he stated he would have no problems with that. Commissioner Dudziak questioned Mr. Haddad what type of ammenities will be provided for the patrons? Mr. Haddad replied video games, Golf 2007. He stated he is trying to target the Villages at Colleyville with an upscale facility. There will be DJ entertainment as well. Commissioner Phelps stated he wants to go through the packet that has been presented tonight and clarify the square footage and sprinkler requirements. ,~ City of Cotleyville Page 5 Printed on 2/27/2007 Planning and Zoning Commission Minutes - Final February 12, 2007 Mr. Haddad questioned staff regarding since there is a fire wall between the two buildings, does that not suffice the need? Commissioner Byerly replied the Fire Chief can address that issue if there is a need for one. Commissioner Dudziak stated there could be a time limit or renewal date on the SUP, he questioned Mr. Haddad if a one year term would be agreeable with him? Attorney Kallas stated if there is a termination date or renewal date on the SUP, that means the SUP would have to be renewed and would come before the governing body for another approval and if that approval is not obtained then it would not be in compliance with the zoning and it would not be allowed to sell alcohol. Mr. Haddad stated being agreeable with that. Ben Johnson, 1712 Oak Knoll Drive, stated not being opposed to businesses and growth, however, this establishment has had issues. He stated this is not the type of establishment for Colleyville. Michael Ray, Executive Pastor for First Baptist Colleyville, stated being opposed to the SUP for this location. There being no one wishing to speak, the public hearing was closed at 7:53 p.m. Commissioner Redfearn stated having a concern for the fire code issue. He stated wanting to see a dramatic transformation for this property. Commissioner Redfearn moved to continue case Z-07-003 to the February 26,2007 meeting. Commissioner Phelps seconded. Commissioner Dudziak stated wanting to see some type of drawings regarding the upgrades to the facility with solid ownership. Commissioner Duffy questioned staff regarding if the sprinkler system goes all the way back to Mr. Hartsell, the property owner? Attorney Kallas stated if it is a requirement of the SUP or by the code, then it will have to be a discussion between the property owner and tenant. Commissioner Byerly questioned Attorney Kallas if the fire sprinkler can be made a requirement regardless of the square footage for the SUP? Attorney Kallas replied there would have to be specific issues as to why the sprinkler would be required for this property and not for others. A SUP can be tailored for the specifics of the case. If the Commission finds that it is reasonable to require sprinkling in this establishment based on the circumstances, that it is absolutely something that can be required. Commissioner Byerly stated that being his preference, to make the sprinkler be a part of the SUP, to eliminate any controversies between the Fire Marshal with the square footages. City of Colleyville Page 6 Printed on 2/27/2007 Planning and Zoning Commission Minutes - Final February 12, 2007 Commissioner Duffy stated 5,000 square feet or alcohol sales requires a commercial facility to be sprinkled, he stated someone failed to do it in the past. Attorney Kallas stated if it is an alcohol establishment and they are required to be sprinkled, then they will have to do it. Regardless of that, if the Commission wanted to put that as a condition on the SUP that would be fine too. The condition would have to be justified by reasons why this property must be sprinkled at less than 5,000 square feet, if in fact it is, versus why others have been pushed beyond that point. Those reasons may exist, they need to be brought out in the testimony. Commissioner Byerly stated wanting to see the draft ordinance for the next meeting. Commissioner Dudziak questioned staff regarding what are the smoking requirements? Chris Fuller replied those are in the regular code of ordinances. Commissioner Dudziak stated wanting to see those for the next meeting as well. Commissioner Byerly stated the applicant will need to look at the smoking policy. Commissioner Phelps confirmation could be absolute requirement acknowledged. The motion carried by the following vote: questioned Marshal McKeown regarding if received for the adjoining building, if it is an for the square footage. Marshal McKeown Aye: 6 - McCormick, Dudziak, Redfearn, Phelps, Duffy, Byerly Absent: 1 - Taylor 8c Approval of a Zoning Change from R40-Single Family Residential to R20-Single Family Residential on 1.9 acres out of the T.J. Polson Survey located at 4812 Bransford Road, Case Z-07-004 Chris Fuller presented the case and briefed the Commissioners. Commissioner Duffy questioned what amount of land is available for building on proposed Lot 1, next to the creek? He stated there is a flood plain issue there. Chris Fuller stated the applicant will be required to provide drainage information at the time of platting, however, the engineering department can confirm regarding the potential flood plain in the area. Commissioner Dudziak questioned staff if the flood plain will affect those lots by the build lines? Chris Fuller replied no, the zoning district would dictate the lot configuration. Commissioner Dudziak questioned staff City of Colleyville Page 7 Printed on 2/27/2007 Planning and Zoning Commission Minutes - Final February 12, 2007 regarding if this zoning is approved, and then later it is found out that the lot is not buildable, would that lot be eliminated? Chris Fuller replied it being possible to reclaim some of the land from the flood plain. Barry LeBaron replied the Commission is looking to see if this land can be developed as R20 lots. If the zoning is approved, the applicant may come forward with a drawing that will only net out two buildable lots once the drainage and everything else is looked at. Project Engineer, Jeremy Hutt stated there is no flood plain or f100dway in this area. Commissioner Duffy stated there is enough land for two good R40 lots. He stated the Master Plan has estate lots outlined for this property. Commissioner Redfearn questioned staff regarding if the plat would come before the Planning and Zoning Commission? Chris Fuller replied yes. Commissioner Byerly opened the public hearing at 8:05 p.m. Andrew Butler, the applicant, came forward to present the case and brief the Commissioners. Commissioner Phelps questioned Mr. Butler regarding why not have one lot face Glade and the other lot face Bransford? Mr. Butler replied that being a possibility, but not the best use of the property. The intent is to have similar square footage homes to have a consistent product line. The purpose of having three lots is for the cost effectiveness. Commissioner McCormick questioned Mr. Butler regarding what is the square footage of this property? Mr. Butler replied 1.9 acres, just under 82, 000 feet. Commissioner Redfearn stated for clarity that by keeping the configuration as it is now, this western most portion, is impractical for open space or green space and not practical for a pool, therefore by trying to use the western strip, Mr. Butler wants to put a home on that lot. He questioned staff regarding how close can a home be built to those property lines? Chris Fuller replied in the R20 zoning district there are 10 foot side yard setbacks, 25 foot rear setbacks and 30 foot front yard setbacks. Commissioner Phelps questioned staff regarding what are the R40' zoning district setbacks? Chris Fuller replied the rear is 25 feet, 40 feet on the front and 15 side setbacks. Commissioner Phelps stated a waiver could be placed if those setbacks were to make or break the deal. Chris Fuller concurred. Luann Edwards, 220 W. Glade Road, spoke in opposition of the R20 City of Colleyville Page 8 Printed on 2/27/2007 Planning and Zoning Commission Minutes - Final February 12, 2007 request and stated being in favor of R40. Nadine Harrington, 405 Glade Road, stated having concerns for the flooding and stated being against having three homes. Linda Kelton, 4813 Ford Court, stated having issues with the drainage and stated being opposed to anything being built on the proposed Lot 1. D.K. Kimbrell Jr., 405 Glade Road, stated being opposed to large homes being built on that property. Norris Ward, 409 Glade Road, stated having concerns for the homes being built on those lots. He stated they would have to be built up tG keep them from flooding. He stated not being opposed to building, ju~f worried about what will happen to his property. Faisal EI-Chantaf, 4804 Bransford Road, stated not being opposed to any building, but concurred with all of the other speakers regarding the flooding. He questioned how close those new homes would be to his home? There being no one wishing to speak, the public hearing was closed at 8:38 p.m. Commissioner Byerly concurred with Commissioner Duffy. He stated this property needs to remain R40, which would have two nice estate lots. Commissioner Byerly moved to deny case Z-07-004. McCormick seconded. Commissioner Commissioner Phelps stated if the proposed Lot 1 is to be built on, it will have to be built up and it would then push the water somewhere else. He concurred with Commissioner Duffy. The motion carried by the following vote: Aye: 6 - McCormick, Dudziak, Redfearn, Phelps, Duffy, Byerly Absent: 1 - Taylor 8d Approval of a Zoning Change from AG-Agricultural to R20-Single Family Residential on 6.4 acres out of the George W. Teeter Survey located at 1301 Glade Road, Case Z-07-005 Chris Fuller presented the case and briefed the Commissioners. Commissioner Duffy stated the drainage on this property and the drainage from Riverwalk will have to be pushed to the back of the City of Colleyville Page 9 Printed on 2/27/2007 Planning and Zoning Commission Minutes. Final February 12, 2007 property. He stated wanting to see a drainage analysis done now. He stated in the Master Plan this is an estate lot. Commissioner Phelps questioned staff regarding the road that will go down the far property line, will that impose anything on the adjacent lot? Chris Fuller replied as long as the right of way is contained within this development, it should not have an effect, in terms of construction. The drainage study that the applicant will provide at the time of platting will show if any storm water or any off site conditions that would affect the other lot. At this time, the answer is no. Commissioner Phelps questioned staff regarding if there would height restrictions on fencing or other types of screening. Chris Fuller replied there are no regulations regarding buffering a road on a property line. Commissioner Dudziak and Barry LeBaron discussed similar issues with another property regarding a road being adjacent to a residential lot and that road having an affect on the residential area. It was determined that there was a commercial component to that area and the road was not put in. Commissioner Redfearn stated the property to the left is zoned AG-Agricultural, to the right is zoned R20-Single Family Residential, and across Glade Road is the Bridges at Riverwalk which is zoned PUD-Planned Unit Development Residential and the lower left corner is zoned R20. He stated this subject property is surrounded by R20 zoning. Chris Fuller concurred. Commissioner Byerly opened the public hearing at 8:50 p.m. Ron Shirley, the applicant, came forward to present the case and brief the Commissioners. He stated the east property line, a portion of tbe survey that is in dispute, will be dedicated to the adjacent property owners, the Hubbards, in order to give this development a greater buffer area. Commissioner Duffy questioned Mr. Shirley regarding what property will be deeded to his neighbors? Mr. Shirley replied along the east property line, a wedge that is in dispute. Commissioner Duffy questioned if there will be a tree mitigation plan? Mr. Shirley replied correct, the street is configured on the property to save the trees. Commissioner Phelps questioned for clarity Mr. Shirley regarding who will the property be deeded to? Mr. Shirley stated the property adjacent to this lot at 1309 Glade Road, the Hubbards. Mr. Shirley stated he would put in a privacy fence to create a buffer for the adjacent neighbor. City of Colleyville Page 10 Printed on 2/27/2007 Planning and Zoning Commission Minutes - Final February 12, 2007 Commissioner Dudziak questioned Mr. Shirley if the lot fronting Glade Road could be an estate lot, deeper and face Glade Road? Mr. Shirley stated since we are coming 30 feet off of Glade Road, and there is a large tree that we want to preserve for the entry way. He stated this lot is pretty close to the estate size, over 26,000 square feet. Commissioner Byerly questioned Mr. Shirley if the plat will reflect the 30 feet off of Glade Road for that first lot? Mr. Shirley replied correct and in front of that fence will be the greenbelt area. Tom Hoover, Thomas Hoover Engineering, the applicant's engineer, he came forward to explain the drainage pattern for this property and answer any questions the Commissioners had regarding drainage. Commissioner Duffy questioned Mr. Hoover regarding who will maintain the pond on Lot 9? Mr. Shirley stated the Homeowner Association (HOA) will maintain it and that will be outlined in the covenants and restrictions. Commissioner Byerly questioned Mr. Shirley regarding if Lot 9 is a buildable lot? Mr. Shirley replied yes, the HOA will maintain the pond portion of Lot 9. Commissioner Dudziak questioned Mr. Shirley if the pond on Lot 3 will be maintained by the HOA as well? Mr. Shirley stated the homeowner for Lot 3 will own the pond and maintain it, however if that pond is not properly maintained then the HOA will take over. Commissioner Phelps stated this property looks like a good transition area for a R30 zoning district. Mr. Shirley stated the lots adjacent to his property are zoned R20 even though those lots are larger than 20,000 square feet. He stated the figures will not work out for having only six lots. Harold Whitten, 1209 Garry Lynne Drive, stated having issues with drainage and traffic. He stated being opposed to the rezoning request. Steve Hickson, 1315 Glade Road, stated having concerns regarding drainage and traffic. He stated being opposed to the higher density and the request. William Hubbard, 1309 Glade Road, stated there is a property dispute between the subject property and his property being 13,046 square feet of land. He stated Mr. Shirley will be creating a buffer area between the subject property and his property. Attorney Kallas stated the property dispute will not be legally filed by what is said during this hearing. He City of Colleyville Page 11 Printed on 2/27/2007 Planning and Zoning Commission Minutes - Final February 12, 2007 stated those are documents are to be filed between the property owners outside of this hearing. John Salazar, 1201 Garry Lynne Drive, stated being opposed to the rezoning request. There being no one wishing to speak, the public hearing was closed at 9:27 p.m. Attorney Kallas reminded the Commissioners that the plat is not a topic of discussion for tonight's meeting. Commissioner Dudziak questioned staff regarding will 25 feet of Mr. Hickson's property be taken away if Glade Road is widened? Chris Fuller referred to City Engineer Chad Bartee. Chad Bartee stated the right of way will be dedicated during the platting process for future roadway improvements. He stated not knowing about Mr. Hickson's property, if right of way was dedicated or if Mr. Hickson's property is platted. Barry LeBaron stated the subdivision where the street Garry Lynne is located was platted many years ago and when platted, the Master Plan may not have shown the width of Glade Road that is shown today. However, this development being considered tonight, may have to dedicate additional right of way which was not required by the adjacent subdivision. In regards to the 30 foot setback, it will be taken into consideration at the time a plat is presented to the Commission. Commissioner Byerly questioned staff Thoroughfare Plan does it show Glade Road then go back down to a two lane road? having that information for tonight's meeting. regarding where on the to be a four lane road and Barry LeBaron replied not Commissioner Phelps provided the Thoroughfare Plan. Barry LeBaron stated the scale does not indicate the lane set up for Glade Road. Commissioner Dudziak stated wanting to see a larger lot development. Commissioner Dudziak moved to deny case 2-07-005. McCormick seconded. Commissioner Commissioner Byerly stated there is enough room to make the grand entrance for the estate feel. He stated this property is surrounded by R20 properties with a higher density across the street with a commercial component. He stated this property is unique because it is so deep. He stated being opposed to denying the request. Commissioner Phelps stated being supportive of the larger lot City of Colleyville Page 12 Printed on 2/27/2007 Planning and Zoning Commission Minutes - Final February 12, 2007 developments. He stated the density is too high for this property. He stated it would make better sense to have a smaller density area, possibly on R30 area but an R40 area would be optimal. Commissioner Redfearn stated there is not much frontage relative to the overall size of the property. He stated to go to R40, it would require the development to move south. He stated all that can be controlled in this development would be the front lot. He stated because of the zoning surrounding this property, he would be in favor of the R20 request. Commissioner Byerly stated this development is a little less dense than a typical R20 zoning. Commissioner Phelps stated the estate appearance should not be left to the people driving down Glade Road, it should be what the residents feel as well. The motion carried by the following vote: Aye: 4 - McCormick, Dudziak, Phelps, Duffy Nay: 2 - Redfearn, Byerly Absent: 1 - Taylor 8e Approval of a Zoning Change from AG-Agricultural to R20-Single Family Residential on .65 acres out of the S.C.H. Witten Survey located at 5504 Montclair Drive, Case Z-07-006 Chris Fuller presented the case and briefed the Commissioners. Commissioner Byerly opened the public hearing at 9:41 p.m. There being no one wishing to speak, the public hearing was closed at 9:41 p.m. Commissioner Duffy moved to approve case Z-07-006. Byerly seconded. The motion carried by the following vote: Commissioner Aye: 4 - McCormick, Dudziak, Duffy, Byerly Nay: 2 - Redfearn, Phelps Absent: 1 - Taylor 9. STAFF COMMENTS, REPORTS AND DISCUSSION ITEMS None 10. COMMISSIONERS' COMMENTS AND REPORTS Commissioner Byerly thanked Barry LeBaron for not putting the master City of Colleyville Page 13 Printed on 2/27/2007 Planning and Zoning Commission Minutes - Final February 12, 2007 plan update on this full agenda. Barry LeBaron replied the update will be ready for the next agenda and it will be very brief. Commissioner Duffy stated wanting to see the flood plain map for the Bransford Road area. Barry LeBaron replied he would look into that for the Commissioners. 11. ADJOURNMENT The meeting adjourned at 9:33 p.m. I hereby certify the above agenda was posted on the bulletin boards at City Hall on Thursday, February 8, 2007. Amy Shelley, Planning and Zoning Assistant Meeting Minutes Approved on February 26,2007. City of Colleyville Page 14 Printed on 2/27/2007 RESOLUTION R-07 -2818 A RESOLUTION APPROVING COUNCIL ACTION UNDER BUSINESS AT THE REGULAR COUNCIL MEETING OF MARCH 6, 2007 WHEREAS, Council has taken action on certain items on the agenda under Business. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF COLLEYVILLE, TEXAS: Sec. 1. THAT the agenda decisions approved by Council action under Business this date and not otherwise adopted by Ordinance and/or separate Resolution as follows are hereby adopted: a. THAT AND IT IS SO RESOLVED. APPROVED BY A VOTE OF AYES, ON THIS THE DAY OF NAYS AND ABSTENTIONS 2007. ATTEST: CITY OF COLLEYVILLE Cynthia Singleton, TRMC, CMC City Secretary David Kelly Mayor