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Home My WebLink AboutColleyville Economic Development Corporation (CEDC)-Agenda Packets-8/11/2009,,. ~~, City of Colleyville 100 Main Street ,~~' -~~ ~~-- Colleyville, Texas 76034 ~~~ ~~`~~ Agenda 817. 503.1000 ~..,.,. vvww.colleyville.com Colleyville Economic Development Corporation Board Tuesday, August 11, 2009 7:00 PM City Council Chambers 1. CALL TO ORDER 2. PRESENTATION AND DISCUSSION 2a Discussion of the FY 2010 - 2014 Economic Development Capital Improvement Program (EDCIP) priorities 3. ADJOURNMENT I hereby certify the above agenda was posted on the bulletin boards at City Hall on Friday, August 7, 2009, by 5: p. Cynthia Singleton, TRMC, CMC 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 1 Printed on 8/5/2009 "' ~ City of Colleyville 100 Main Street Colleyville, Texas 76034 ~:..~ Agenda Briefing 817.503.1000 www.col leyville.com File Number: File Type: Discussion Status: Discussion Version: 1 Agenda Date: 08/11/2009 Controlling Body: Colleyville Economic Development Corporation Board Requester: Finance Department Agenda No.: 2a Final Action: File Name: Discussion of the FY 2010 - 2014 Economic Development Capital Improvement Program (EDCIP) priorities Attachments: Ballot Language- August 10, 1996 Election.pdf Section 4B Corporation Authorized Expenditures.pdf EDCIP FY 2010-2014.pdf FY 2010 CEDC Marketing Budget.pdf History of Legislative File Version: Date: Acting Body: Action Text: 1 08/11/2009 Colleyville Economic Development Corporation Board Title Discussion of the FY 2010 - 2014 Economic Development Capital Improvement Program (EDCIP) priorities Explanation This item will provide the opportunity to review and discuss the proposed projects for FY 2010 through 2014 from the attached EDCIP. City of Colleyville Page 1 Printed on 8/7/2009 Ballot Language -August 10, 1996 Election 4B Economic Development Corporation "The adoption of an additional one-half cent sales and use tax to provide for parks and parks facilities, a library, a community center, open space improvements, and other facilities and improvements only as authorized by Section 4B of Article 5190.6, Vernon's Texas Civil Statutes, as amended." Eligible expenditures for 4B Economic Development Corporations Section 4B(2) of Article 5190.6 of Vernon's Texas Civil Statutes (2) "Project" means land, buildings, equipment, facilities, expenditures, and improvements included in the definition of that term under Section 2 of this Act, and includes job training as provided by Section 38 of this Act. For purposes of this section, the term includes recycling facilities, and land, buildings, equipment, facilities, and improvements found by the board of directors to: (A) be required or suitable for use for professional and amateur (including children's) sports, athletic, entertainment, tourist, convention, and public park purposes and events, including stadiums, ball parks, auditoriums, amphitheaters, concert halls, parks and park facilities, open space improvements, museums, exhibition facilities, and related store, restaurant, concession, and automobile parking facilities, related area transportation facilities, and related roads, streets, and water and sewer facilities, and other related improvements that enhance any of those items; (B) promote or develop new or expanded business enterprises that create or retain primary jobs, including a project to provide public safety facilities, streets and roads, drainage and related improvements, demolition of existing structures, general municipally owned improvements, as well as any improvements or facilities that are related to any of those projects and any other project that the board in its discretion determines promotes or develops new or expanded business enterprises that create or retain primary jobs; (C) be required or suitable for the promotion of development and expansion of affordable housing, as defined by 42 U.S.C. Section 12745; (D) be required or suitable for the development or improvement of water supply facilities, including dams, transmission lines, well field developments, and other water supply alternatives; (E) be required or suitable for the development and institution of water conservation programs, including incentives to install water- saving plumbing fixtures, educational programs, brush control programs, and programs to replace malfunctioning or leaking water lines and other water facilities; (F) be required or suitable for the development, retention, or expansion of business enterprises if the project is undertaken by a corporation created by an eligible city: (i) that has not for each of the preceding two fiscal years received more than $50,000 in revenues from sales and use taxes imposed under this section; and (ii) the governing body of which has authorized the project by adopting a resolution only after giving the resolution at least two separate readings conducted at least one week apart; or (G) be required or suitable for the development or expansion of airport facilities, including hangars, airport maintenance and repair facilities, air cargo facilities, and related infrastructure located on or adjacent to an airport facility, if the project is undertaken by a corporation created by an eligible city: (i) that enters into a development agreement with an entity in which the entity acquires a leasehold or other possessory interest from the corporation and is authorized to sublease the entity's interest for other projects authorized by this subdivision; and (ii) the governing body of which has authorized the development agreement by adopting a resolution at a meeting called as authorized by law. COLLEYVILLE ECONOMIC DEVELOPMENT CORPORATION ECONOMIC DEVELOPMENT CAPITAL IMPROVEMENT PROGRAM FY 2010 - FY 2014 FISCAL YEAR 2009 2010 BEGINNING FUND BALANCE $1,881,856 $2,255,064 REVENUES' 2011 2012 2013 2014 $1,216,038 $1,101,650 $1,002,609 $919,959 PROJECTED 1/2 CENT SALES TAX REVENUE $1,280,688 $1,280,688 $1,306,301 $1,332,427 $1,359,076 $1,386,257 INTEREST INCOME $16,755 $28,188 $15,200 $13,771 $12,533 $11,499 USE OF AVAILABLE CASH $0 $1,297,542 $372,066 $357,677 $341,995 $318,154 TOTAL REVENUES $1,297,442 $2,606,418 $1,693,567 $1,703,875 $1,713,604 $1,715,910 EXPENDITUR€S OPERATING: ADMINISTRATIVE $2,000 $2,000 2005 DEBT SERVICE & 1.4 TIMES COVERAGE $900,473 $904,806 MARKETING $59,462 $216,400 WATER - MC PHERSON PARK $0 $35,000 PERSONNEL -SENIOR CENTER $64,429 $70,654 PERSONNEL-LIBRARY $0 $0 OPERATIONS -LIBRARY $0 $0 TRANSFER TO ARTS FUND $7,500 $10,000 CAPITAL: $2,000 $2,000 $2,000 $2,000 $901,873 $905,223 $907,711 $902,482 $144,400 $144,400 $144,400 $144,400 $36,050 $37,132 $38,245 $39,393 $74,187 $77,896 $81,791 $85,880 $68,181 $70,226 $72,333 $74,503 $4,046 $4,167 $4,292 $4,421 $10,000 $10,000 $10,000 $10,000 ENTRY MARKER $15,195 $293,521 $0 $0 $0 $0 INTERFUND LOAN - COLLEYVILLE CENTER RENOVATIONS $0 $0 $165,331 $165,331 $165,331 $165,331 ($661,325 REPAID OVER 4 YEARS) INTERFUND LOAN -LIBRARY SPATIAL REORGANIZATION $0 $0 $187,500 $187,500 $187,500 $187,500 ($750,000 REPAID OVER 4 YEARS) FUTURE PROJECTS $0 $0 $100,000 $100,000 $100,000 $100,000 LIBRARY -COLLECTION SORTER $0 $86,491 $0 $0 $0 $0 PLEASANT RUN TRAIL $132,454 $367,546 $0 $0 $0 $0 SENIOR CENTER OPEN AREA (SENIOR ELEMENTS) $0 $350,000 $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 $100,000 $0 $0 $0 $0 TOTAL EXPENDITURES $1,181,513 $2,606,418 $1,693,568 $1,703,875 $1,713,604 $1,715,911 EXCESS REVENUES OVER EXPENDITURES $115,930 $0 $0 $0 $0 $0 ADD BACK .4 TIMES BOND COVERAGE RATIO $257,278 $258,516 $257,678 $258,635 $259,346 $257,852 ENDING FUND BALANCE $2,255,064 $1,216,038 ASSUMPTIONS: FY 2010: 1l2 OF CITY SALES TAX BUDGET PROJECTION / FY 2011 - 2014: 2% GROWfH $1,101,650 $1,002,609 $919,959 $859,658 FY2010 CEDC MARKETING BUDGET Explanation Total Proposed Costs Old T me BBQ s onsorshi $19,400 Print ads in various ublications $10,000 Northeast Orchestras onsorshi $3,500 Re al O eras onsorshi $8,500 Celebrate Colle ville $43,000 Blue Shoe Pro'ect for Blues Fest in the Villa eat Colle ville $5,000 Com rehensive Merchandisin Plan $72,000 Marketin Promotion $55,000 Total $216,400 8/6/2009