HomeMy WebLinkAboutColleyville Economic Development Corporation (CEDC) Resolutions (R-08-98)-04/15/2008RESOLUTION R-08-98
A RESOLUTION AMENDING RESOLUTION R-07-94 ADOPTION OF THE
ECONOMIC DEVELOPMENT CAPITAL IMPROVEMENT PROGRAM (EDCIP) FOR
2008 - 2012
WHEREAS, the Bylaws of the Colleyville Economic Development Corporation (CEDC)
require the Board of Directors annually adopt a combined Economic
Development Capital Improvement Program; and
WHEREAS, Resolution R-07-94 provides for the adoption of the Economic Development
Capital Improvement Program for Fiscal Years 2008 -2012; and
WHEREAS, the Board of Directors of Colleyville Economic Development Corporation
desires that $160,000 of the $170,000 budgeted for the Webb House trail
project be reallocated to the Pleasant Run Trail project in Fiscal Year 2008.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE
COLLEYVILLE ECONOMIC DEVELOPMENT CORPORATION:
Sec. 1. THAT the Economic Development Capital Improvement Program (EDCIP)
of the Colleyville Economic Development Corporation (Exhibit 1) is hereby
adopted.
Sec. 2. THAT, upon approval, the EDCIP will be presented to the City Council for
consideration.
AND IT IS SO RESOLVED.
PASSED AND ADOPTED, this April 15, 2008.
COLLEYVILLE ECONOMIC
DEVELOPMENT CORPORATION
~--,
~^ ~~~
David Kelly
President
ATTEST:
Cynthia Singleton
Secretary
ECONOMIC DEVELOPMENT CAPITAL IMPROVEMENT PROGRAM FY 2008 - FY 2012
FISCAL YEAR
BEGINNING FUND BALANCE
REVENUES:
PROJECTED 1/2 CENT SALES TAX REVENUE
INTEREST INCOME
2005 BOND SALE PROCEEDS
USE OF AVAILABLE CASH
TOTAL REVENUES
EXPENDITURES:
OPERATING:
ADMINISTRATIVE
2005 DEBT SERVICE & 1.4 TIMES COVERAGE
MARKETING
PERSONNEL -SENIOR CENTER
TRANSFER TO ARTS FUND
CAPITAL:
ADAIMPROVEMENTS
NATURE CENTER PARK
SPARGER PARK
CITY PARK
FIELD MAINTENANCE ENTRY IMPROVEMENTS
KIDSVILLE RENOVATIONS
CITYWIDE PLAYGROUND SAFETY SIGNS
CITYWIDE PICNIC TABLE REPLACEMENT
ENTRY MARKER
FUTURE PROJECTS
MC PHERSON PARK
2007 2008 2009 2010 2011 2012
$1,280,154 $1,174,790 $1,145,990 $1,173,587 $847,365 $861,389
$1,184,814 $1,226,197 $1,275,245 $1,326,255 $1,379,305 $1,434,477
$55,854 $52,866 $51,570 $52,811 $38,131 $38,762
$203,327 $0 $0 $0 $0 $0
$363,911 $288,806 $229,681 $584,738 $244,493 $0
$1,807,905 $1,567,869 $1,556,495 $1,963,804 $1,661,929 $1,473,240
$5,000 $1,500 $1,500 $1,500 $1,500 $1,500
$904,913 $910,018 $900,473 $904,806 $904,806 $905,222
$80,000 $83,000 $80,000 $80,000 $80,000 $80,000
$0 $56,688 $59,522 $62,499 $65,623 $68,905
$0 $15,000 $15,000 $15,000 $15,000 $15,000
$5,000 $0 $0 $0 $0 $0
$125,000 $0 $0 $0 $0 $0
$11,500 $0 $0 $0 $0 $0
$10,000 $0 $0 $0 $0 $0
$6,000 $0 $0 $0 $0 $0
$5,560 $0 $0 $0 $0 $0
$0 $200,000 $0 $0 $0 $0
$0 $0 $0 $0 $595,000 $400,000
Phase I $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 $160,000 $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 $10,000 $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 2009 - 2012: 4°~ GROWTH DUE TO COLLEYVILLE BLVD .CONSTRUCTION
ECONOMIC DEVELOPMENT CAPITAL IMPROVEMENT PROGRAM FY 2008-FY 2012
FISCAL YEAR 2007 2008 2009 2010 2011 2012
B44\GINNING FUND BALANCE $1,280,154 $1,174,790 $1,145,990 $1,173,587 $847,365 $861,389
ENU
5.
PROJECTED 1/2 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
EXPENDITURES' ?
OPERATING:
ADMINISTRATIVE $5,000 $1,500 $1,500 $1,500 $1,500 • $1,500
2005 DEBT SERVICE 81.4 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:
ADA IMPROVEMENTS
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
'TYWIDE 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 •
Phase I $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 $160,000 • $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 $10,000 $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 2009-2012: 4%GROWTH DUE TO COLLEYVILLE BLVD.CONSTRUCTION