HomeMy WebLinkAboutColleyville Economic Development Corporation (CEDC) Resolutions (R-07-94)-09/04/2007RESOLUTION R-07-94
A RESOLUTION ADOPTING THE ECONOMIC DEVELOPMENT CAPITAL
IMPROVEMENT PROGRAM (EDCIP) FOR 2008-2012
WHEREAS, the Bylaws of the Colleyville Economic Development Corporation require
that annually the Board develop a combined Economic Development
Capital Improvement Program; and
WHEREAS, the program will address the development needs of the City within the
financial constraints available to the Corporation; and
WHEREAS, the EDCIP shall identify the projects to be undertaken by the Corporation
and include proposed methods and the expected cost of the
implementation.
NOW, THEREFORE, BE IT RESOLVED BY THE COLLEYVILLE ECONOMIC
DEVELOPMENT CORPORATION:
Sec. 1. THAT the Economic Development Capital Improvement Program (EDCIP)
is hereby attached as Exhibit "2" that lists those projects and programs
recommended for implementation for FY 2008-2012.
Sec. 2. THAT once approved, the EDCIP will be forwarded to the City Council for
their subsequent approval.
!' AND IT IS SO RESOLVED.
APPROVED AND ADOPTED, THIS September 4, 2007.
COLLEYVILLE ECONOMIC
DEVELOPMENT CORPORATION
:: -'1
Jon Ayers `-
President
ATTEST• / ~ '
~~
Cynthia ingleton, TRMC
City Secretary
COLLEYVILLE ECONOMIC DEVELOPMENT CORPORATION EXHIBIT 2
ECONOMIC DEVELOPMENT CAPITAL IMPROVEMENT PROGRAM FY 2008-2012
FISCAL YEAR 2007 2008 2009 2010 2011 2012
BEGINNING FUND BALANCE $1,280,154 $1,174,790 $1,145,990 $1,173,587 $847,365 $861,389
#tEUF~IUES::r
PROJECTED 112 CENT SALES TAX REVENUE $1,184,814 $1,226,197 $1,275,245 $1,326,255 $1,379,305 $1,434,477
INTEREST INCOME $55,854 $52,866 $51,570 $52,811 $38,131 $38,762
2005 BOND SALE PROCEEDS $203,327 $0 $0 $0 $0 $0
USE OF AVAILABLE CASH $363,911 $288,806 $229,681 $584,738 $244,493 $0
TOTAL REVENUES $1,807,905 $1,567,869 $1,556,495 $1,963,804 $1,661,929 $1,473,240
EXFENDkTU£2ES,::: .
OPERATING:
ADMINISTRATIVE $5,000 $1,500 $1,500 $1,500 $1,500 $1,500
2005 DEBT SERVICE & 1.4 TIMES COVERAGE $904,913 $910,018 $900,473 $904,806 $904,806 $905,222
MARKETING $80,000 $83,000 $80,000 $80,000 $80,000 $80,000
PERSONNEL -SENIOR CENTER $0 $56,688 $59,522 $62,499 $65,623 $68,905
TRANSFER TO ARTS FUND $0 $15,000 $15,000 $15,000 $15,000 $15,000
CAPITAL:
ADAIMPROVEMENTS
NATURE CENTER PARK $5,000 $0 $0 $0 $0 $0
SPARGER PARK $125,000 $0 $0 $0 $0 $0
CITY PARK
FIELD MAINTENANCE ENTRY IMPROVEMENTS $11,500 $0 $0 $0 $0 $0
KIDSVILLE RENOVATIONS $10,000 $0 $0 $0 $0 $0
CITYWIDE PLAYGROUND SAFETY SIGNS $6,000 $0 $0 $0 $0 $0
CITYWIDE PICNIC TABLE REPLACEMENT $5,560 $0 $0 $0 $0 $0
ENTRY MARKER $0 $200,000 $0 $0 $0 $0
FUTURE PROJECTS $0 $0 $0 $0 $595,000 $400,000
MC PHERSON PARK
Phasel $238,000 $0 $0 $0 $0 $0
Phase I (Bond Sale Proceeeds) $203,327 $0 $0 $0 $0 $0
Phase II $0 $0 $500,000 $0 $0 $0
CITY PARK ROAD EXTENSION $18,836 $0 $0 $0 $0 $0
PLEASANT RUN TRAIL $0 $0 $0 $500,000 $0 $0
PLEASANT RUN -MOVING LIGHTS $23,432 $0 $0 $0 $0 $0
SENIOR CENTER
OPEN AREA AND TRAIL DEVELOPMENT $36,337 $131,663 $0 $300,000 $0 $0
CITYWIDE IRRIGATION MONITORING SYSTEM $135,000 $0 $0 $0 $0 $0
CITYWIDE TRAIL SYSTEM
TRAIL CONSTRUCTION - WEBB HOUSE CROSSING $0 $170,000 $0 $0 $0 $0
TRAIL CONSTRUCTION - L.D. LOCKETT HOUSE PATH $0 $0 $0 $100,000 $0 $0
TOTAL EXPENDITURES $1,807,905 $1,567,869 $1,556,495 $1,963,805 $1,661,929 $1,470,626
EXCESS REVENUES OVER EXPENDITURES $0 $0 $0 $0 $0 $2,614
ADD BACK .4 TIMES BOND COVERAGE RATIO $258,547 $260,005 $257,278 $258,516 $258,516 $258,635
ENDING FUND BALANCE $1,174,790 $1,145,990 $1,173,587 $847,365 $861,389 $1,122,637
ASSUMPTIONS: FY 2008: 1/2 OF CITY SALES TAX BUDGET PROJECTION / FY 2 009 - 2012: 4% GROWTH DUE TO COLLEYVILLE BLVD. CONSTRUCTION