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HomeMy WebLinkAboutColleyville Economic Development Corporation (CEDC)-Agenda Packets-8/25/2009,,,_,~, ~~>~ 7'~•r.i City of Colleyville Agenda Colleyville Economic Development Corporation Board City Hall 100 Main Street Colleyville, Texas 76034 817. 503.1000 www.colleyville.com Tuesday, August 25, 2009 6:30 PM City Council Chambers 1. CALL TO ORDER 2. CONSENT: READING AND PUBLIC HEARING -Resolution R-09-104 2a Approval of the minutes of the Colleyville Economic Development Corporation Board of Director's meeting of August 26, 2008 2b Approval of the minutes of the Colleyville Economic Development Corporation Board of Director's meeting of August 11, 2009 2c Approval of the annual review of the Colleyville Economic Development Corporation's Investment Policy 3. RESOLUTION(S): READING AND PUBLIC HEARING 3a R-09-105 Adopting the Economic Development Capital Improvement Program (EDCIP) for FY 2010-2014 3b R-09-106 Adopting the Fiscal Year 2010 (FY 2010) Budget 3c R-09-107 Appointing a Colleyville Economic Development Corporation (CEDC) President and Vice President 4. REPORT(S): 4a Annual Activity Report 4b Annual Investment Report 5. ADJOURNMENT I hereby certify the above agenda was posted on the bulletin boards at City Hall on Friday, August 21, 2009, by 5:00 p.m. City of Colleyville Page 1 Prinfed on 8/20/2009 Colleyville Economic Development Agenda August 25, 2009 Corporation Board ., Cy hia Si ton, 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. Cify of Colleyville Page 2 Printed on 8/20/2009 RESOLUTION R-09-104 A RESOLUTION APPROVING BOARD ACTION UNDER CONSENT ITEMS AT THE COLLEYVILLE ECONOMIC DEVELOPMENT CORPORATION MEETING OF AUGUST 25, 2009 WHEREAS, Board has taken action on certain items on the agenda under Consent Items. NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE COLLEYVILLE ECONOMIC DEVELOPMENT CORPORATION: Sec. 1. THAT the agenda decisions approved by the Economic Development Corporation Board of Directors' action under Consent Items as follows are hereby adopted: a. THAT the minutes of the Colleyville Economic Development Corporation Board of Directors' meeting held August 26, 2008, are hereby approved. b. THAT the minutes of the Colleyville Economic Development Corporation Board of Directors' meeting held August 11, 2009, are hereby approved. c. THAT the Annual Review of the Colleyville Economic Development Corporation's Investment Policy, is hereby approved. AND IT IS SO RESOLVED. PASSED AND ADOPTED, THIS August 25, 2009. COLLEYVILLE ECONOMIC DEVELOPMENT CORPORATION David Kelly President ATTEST: Cynthia Singleton Secretary ,~,~ ~~ City of Colleyville ~,~; ~ ~' Minutes -Draft ,~,..:, Colleyville Economic Development Corporation Board City Hall 100 Main Street Colleyville, Texas 76034 817. 503.1000 www.colleyville.com Tuesday, August 26, 2008 6:30 PM City Council Chambers The meeting of the Colleyville Economic Development Corporation Board of Directors was called to order by President David Kelly on August 26, 2008, at 6:31 p.m. ROLL CALL: Directors Greg Appel, Yvonne Gilliam, James Spriggs, Tony Licata and Carol Wollin were present. President David Kelly, General Manager Kelly Cooper, Finance Manager Terry Leake, Interim Economic Development Manager Mike Johnston, Parks and Recreation Director Monica Walsh and Secretary Cynthia Singleton were also present. Vice President Tom Hart was absent. 2. CONSENT: READING AND PUBLIC HEARING -Resolution R-08-100 2a Approval of the minutes of the Colleyville Economic Development Corporation Board of Directors' meeting held April 15, 2008 2b Approval of the Annual Review of the Colleyville Economic Development Corporation's Investment Policy President Kelly read Resolution R-08-100 in its entirety. President Kelly opened the public hearing. There was no one present wishing to speak concerning this item and President Kelly closed the public hearing. President Kelly moved to approve Resolution R-08-100. Director Gilliam seconded the motion. The motion carried by the following vote: Aye: 6 -Carol Wollin, Greg Appel, Yvonne Gilliam, Tony Licata, David Kelly, James Spriggs Absent: 1 -Tom Hart City of Colleyville Page 1 Printed on 8/19/2009 Colleyville Economic Development Minutes -Draft August 26, 2008 Corporation Board 3. RESOLUTION(S): READING AND PUBLIC HEARING 3a Appointing a Colleyville Economic Development Corporation (CEDC) President and Vice President President Kelly read Resolution R-08-101 in its entirety. President Kelly opened the public hearing. There was no one present wishing to speak concerning this item and President Kelly closed the public hearing. President Kelly opened the floor for nominations. Director Spriggs moved to approve Resolution R-08-101 appointing Director Kelly as President and Director Licata as Vice President. Director Appel seconded the motion. The motion carried by the following vote: Aye: 6 -Carol Wollin, Greg Appel, Yvonne Gilliam, Tony Licata, David Kelly, James Spriggs Absent: 1 -Tom Hart 3b Adopting the Economic Development Capital Improvement Program (EDCIP) for FY 2009-2013 President Kelly read Resolution R-08-102 in its entirety. Parks and Recreation Director Monica Walsh presented an overview of the current and proposed park projects and funding sources. Interim Economic Development Manager Mike Johnston provided information regarding economic development and marketing programs. Finance Manager Terry Leake provided information regarding the available cash in the Colleyville Economic Development Corporation budget and future needs. President Kelly opened the public hearing. There was no one present wishing to speak and President Kelly closed the public hearing. City of Colleyville Page 2 Printed on 8/19/2009 Colleyville Economic Development Minutes -Draft August 26, 2008 Corporation Board There was general discussion regarding the Final Phase of McPherson Park and development plans. Director Wollin moved to approve .Resolution R-08-102. Director Licata seconded the motion. The motion carried by the following vote: Aye: 6 -Carol Wollin, Greg Appel, Yvonne Gilliam, Tony Licata, David Kelly, James Spriggs Absent: 1 -Tom Hart 3c Adopting the Fiscal Year (FY) 2009 Budget President Kelly read Resolution R-08-103 in its entirety. Finance Director Terry Leake provided an overview of the proposed Fiscal Year 2009 Colleyville Economic Development Corporation budget. President Kelly opened the public hearing. There was no one present wishing to speak and President Kelly closed the public hearing. Director Spriggs moved to approve Resolution R-08-103. Director Kelly seconded the motion. The motion carried by the following vote: Aye: 6 -Carol Wollin, Greg Appel, Yvonne Gilliam, Tony Licata, David Kelly, James Spriggs Absent: 1 -Tom Hart 4. REPORT(S): 4a Annual Activity Report There was no discussion of this item. 4b Annual Investment Report There was no discussion of this item. City of Colleyville Page 3 Prinfed on 8/19/2009 Colleyville Economic Development Minutes -Draft August 26, 2008 Corporation Board 5. ADJOURNMENT There being no further business before the Colleyville Economic Development Corporation, Director Wollin moved to adjourn. Director Licata seconded the motion. The motion carried by the following vote: Aye: 6 -Carol Wollin, Greg Appel, Yvonne Gilliam, Tony Licata, David Kelly, James Spriggs Absent: 1 -Tom Hart President Kelly adjourned the meeting at 6:50 p.m. APPROVED BY A VOTE OF AYES, NAYS AND ABSTENTIONS ON THIS THE DAY OF 2009. Minutes taken and prepared by: Cynthia Singleton Secretary City of Colleyville Page 4 Printed on 8/19/2009 "~`~ City of Colleyville ~, ~ Minutes -Draft ,~ ,,, Colleyville Economic Development Corporation Board City Hall 100 Main Street Colleyville, Texas 76034 817. 503.1000 www.colleyville.com Tuesday, August 11, 2009 7:00 PM City Council Chambers The Colleyville Economic Development Corporation Board of Directors' meeting was called to order by President David Kelly at 7:05 p.m. ROLL CALL: Directors Tom Hart, Carol Wollin, Greg Appel and Stan Hall were present. President David Kelly, General Manager Jennifer Fadden, Finance Manager Terry Leake, Colleyville Center Manager Lin Przybyl, Library Director Mary Rodne, Parks and Recreation Director Monica Walsh, Economic Development Director Marty Weider, Interim Community Development Director Ron Ruthven and Secretary Cynthia Singleton were also present. Directors Yvonne Gilliam and James Spriggs were absent. 2. 2a Discussion of the FY 2010 - 2014 Economic Development Capital Improvement Program (EDCIP) priorities General Manager Jennifer Fadden stated staff members will provide briefings regarding the Colleyville Economic Development Corporation (CEDC) proposed projects for Fiscal Years (FY) 2010 through 2014. Finance Manager Terry Leake stated a sales tax increase is not forecasted for FY 2010 and a 2% growth is forecasted for the remaining time period and stated an appropriate level for the CEDC fund, according to the rating agencies, is approximately $850,000.00. Economic Development Director Marty Weider provided information regarding the development of a Retail Merchandising Plan by Catalyst Commercial for the purpose of identifying the market and targeting and recruiting retailers and restaurants, reviewed the proposed marketing budget and answered questions of the Board. General Manager Fadden stated the scope of the project includes the development of collateral pieces for distribution to potential developers or clients, implementation of the study and reviewed the cost and timeline of the plan implementation. PRESENTATION AND DISCUSSION City of Colleyville Page 1 Printed on 8/20/2009 Colleyville Economic Development Minutes -Draft August 11, 2009 Corporation Board There was general discussion of web site enhancements for marketing purposes. Ms. Fadden reviewed the proposed expenditures and stated $35,000 will be added to operating expenses for the McPherson Park splash pad and irrigation costs. Parks and Recreation Director Monica Walsh provided information regarding water conservation efforts and irrigation systems. President Kelly requested information regarding water usage, conservation methods and future legislative mandates regarding water conservation. Ms. Fadden presented a recommendation to increase the public art fund by $10,000.00 for future purchases of public art. There was general discussion regarding allowable expenditures of CEDC funds related to the Keep Colleyville Beautiful program. President Kelly requested funding for the Keep Colleyville Beautiful program, in the amount of $3,000.00, and adjust as appropriate in future years. General Manager Fadden proposed that Keep Colleyville Beautiful enter into an agency service agreement, which specifies requirements of the agency to receive funding. Ms. Fadden stated funding is proposed for the Library expansion of the second floor, staffing and janitorial expenses during FY 2011-2014. Interim Community Development Director Ron Ruthven provided information regarding the wayfinding signs, entry markers and locations. Finance Manager Terry Leake provided information regarding funding sources for the wayfinding signs, entry markers and locations. General Manager Fadden provided information regarding funding, land acquisition and location of future wayfinding signs. Discussion ensued regarding the location of signs. Director Hall requested City Council be apprised of the sign installation. Colleyville Center Manager Lin Przybyl presented information regarding City of Colleyville Page 2 Prinfed on 8/20/2009 Colleyville Economic Development Minutes -Draft August 11, 2009 Corporation Board the history of the Colleyville Center, a proposed phased-in renovation plan of the Center, funding sources and answered questions of the Board. President Kelly spoke regarding funding sources and timeline for renovation of the Center. Discussion ensued regarding the elements of the expansion plan. Library Director Mary Rodne provided the history of the Colleyville Public Library, an overview of the proposed spatial reorganization plan and answered questions of the Board. Discussion ensued regarding the proposed design and use of the second floor and funding sources, including $175,000 from the Colleyville Public Library Foundation. Ms. Rodne presented information regarding the 3M Intelligent Return and Sorter System to replace a manual book drop. Discussion ensued regarding the features of the return and sorter system and costs. Parks and Recreation Director Monica Walsh provided information regarding the Pleasant Run Trail expansion, costs and funding sources, stated the Parks and Recreation Advisory Board and the Colleyville Trails and Sidewalks Committee recommended the area from Hardage Lane and L.D. Lockett be funded and expanded for safety and the convenience of citizens and answered questions of the Board. Discussion ensued regarding the project contingency amount, trail connectivity and installation of quad gates. Parks and Recreation Director Monica Walsh provided information regarding enhancements to the Senior Center open space area, which includes exercise stations, trees, irrigation, a wooden trellis and outdoor games and answered questions of the Board. Discussion ensued regarding the outdoor games, construction timeline and funding sources. There was discussion regarding the utilization of the Parkland Dedication funds for the exercise stations and irrigation. Ms. Walsh provided information regarding the connectivity of the Webb House Trail and discussions with the Fort Worth Transportation Authority City of Colleyville Page 3 Printed on 8/20/2009 Colleyville Economic Development Minutes -Draft August 11, 2009 Corporation Board (The T) regarding the design, timing, costs and funding of the trail and quad gates and answered questions of the Board. Parks and Recreation Director Monica Walsh provided information regarding the L.D. Lockett House Trail connectivity and stated this project is part of a grant application with TxDOT, with 26% of the costs funded by the City and 74% funded by TxDOT. Discussion ensued regarding design issues related to the wetlands near the trail and President Kelly requested information regarding the maintenance costs and safety of the trail related to the marsh area. Discussion ensued regarding reallocation of funding for the project. The Board determined that $378,058.00, less the $175,000.00 from the Library Foundation, and $196,942.00 out of available cash would provide funding for the Library spatial reorganization plan. General Manager Jennifer Fadden reviewed the allocation of funding for the projects as follows: Library Spatial Reorganization Plan - $575,000 will be funded from available cash and general fund; Pleasant Run Trail project - $270,000.00; Senior Center open area senior elements - $200,000.00; Webb House Trail crossing design - FY 2010, $40,000.00 and FY 2011, $130,000; Interfund Loan -Library Spatial Reorganization Plan Fiscal Year 2011, $187,500 will be eliminated including the next three Fiscal Years and appropriate $57,500.00 to future projects; Keep Colleyville Beautiful program - $3,000.00 General Manager Fadden stated the Colleyville Economic Development Corporation will meet on August 25, 2009, to consider the proposed budget. 3. ADJOURNMENT There being no further discussion, President Kelly adjourned the meeting at 9:05 p.m. APPROVED BY A VOTE OF AYES, NAYS AND ABSTENTIONS ON THIS THE DAY OF 2009. Minutes taken and prepared by: Cynthia Singleton Secretary City of Colleyville Page 4 Printed on 8/20/2009 Colleyville Economic Development Minutes -Draft August 11, 2009 Corporation Board City of Colleyville Page 5 Printed on 8/20/2009 4.;~ .,. ~ City of Colleyville City Hall 100 Main Street Colleyville, Texas 76034 ~~~~~~~ Agenda Briefing 817.503.1000 www.colleyville.com File Number: File Type: Resolution Status: Consent Agenda Version: 1 Agenda Date: 08/25/2009 Controlling Body: Colleyville Economic Development Corporation Board Requester: Finance Department Agenda No.: 2c Final Action: File Name: Approval of the annual review of the Colleyville Economic Development Corporation's Investment Policy Attachments: Colleyville Economic Development Corporation's Investment Policy.pdf History of Legislative File Version: Date: Acting Body: Action Text: 1 08/25/2009 Colleyville Economic Development Corporation Board Title Approval of the annual review of the Colleyville Economic Development Corporation's Investment Policy Explanation Reading and Public Hearing A section in the Public Funds Investment Act requires that an entity's governing body review the investment strategy of the entity annually. The Corporation's investment strategy is contained in the section entitled "Investment Strategy" and is presented for the Board's review. There are no changes proposed to the existing policy as the most recent legislative session yielded no required updates. Financial Impact It has been determined that there is no financial impact. Recommendation Approval City of Colleyville Page 1 Printed on 8/20/2009 COLLEYVILLE ECONOMIC DEVELOPMENT CORPORATION INVESTMENT POLICY Policy It is the policy of the Colleyville Economic Development Corporation (the Corporation) to invest public funds in a manner which will provide the highest investment return with the maximum security while meeting the daily cash flow demands of the entity and conforming to all State of Texas statutes and City ordinances. Scope This investment policy applies to all financial assets of the Corporation including: General Fund Debt Service Fund Capital Projects Fund and any new fund created by the governing body, unless specifically exempted by the governing body. Objectives The primary objectives, in priority order, of the Corporation's investment activities shall be: Safety: Safety of principal is the foremost objective of the Corporation in managing its portfolio. Investments of the Corporation shall be undertaken in a manner that seeks to ensure the preservation of capital in the overall portfolio. To attain this objective the Corporation will diversify its investments by investing funds among a variety of securities offering independent returns and financial institutions. Liquidity: The Corporation will also maintain sufficient liquidity to provide adequate and timely working funds. Return on Investments: The investment portfolio shall be designed with the objective of obtaining a rate of return throughout budgetary and economic cycles, commensurate with the investment risk constraints and cash flow needs. The Corporation investment strategy is passive and the portfolio shall be designed with the objective of regularly exceeding the weighted average return on thirteen-week Treasury bills. This is considered a benchmark for riskless investment transactions, and therefore, is a minimum standard for the portfolio's rate of return. For bond funds that fall under the arbitrage provisions of the Tax Reform Act of 1986, the Corporation will attempt to earn allowable bond yield with market conditions permitting. Delegation of Authority The Corporation designates the Investment Officers to be the Corporation Manager with overall responsibilities to see that investment objectives are accomplished and the Finance Manager with the specific day-to-day performance of managing the funds of the Corporation. Ethics and Conflict of Interest All investment Officers and employees involved in the investment process shall refrain from personal business activity that could conflict with proper execution of the investment program, or that could impair their ability to make impartial investment decisions. Employees shall disclose to the Colleyville Economic Development Corporation and Texas Ethics Commission a statement under the following conditions: A. If they have a personal business relationship with a business organization offering to engage in an investment transaction with the entity. Under the Public Funds Investment Act, a personal business relationship is defined as: The investment officer owns 10 percent or more of the voting stock or shares of the business organization or owns $5,000 or more of the fair market value of the business organization: 2. Funds received by the investment officer from the business organization exceed 10 percent of the investment officer's gross income for the previous year; or 3. The investment officer has acquired from the business organization during the previous year, investments with a book value of $2,500 or more for the personal account of the investment officer. B. If they are related within the second degree by affinity or consanguinity, as determined by Chapter 573 V.A.T.C.S. to an individual seeking to sell an investment to the Corporation. Prudence Investments shall be made with judgement and care -under circumstances then prevailing -which persons of prudence, discretion, and intelligence exercise in the management of their own affairs, not for speculation, but for investment, considering the probable safety of their capital as well as the probable income to be derived. The standard of prudence to be used by investment officials shall be the "prudent person", which means the officer may not be an expert but is obligated to act responsibly and shall be applied in the context of managing an overall portfolio. Investment officers acting in accordance with written procedures and exercising due diligence shall be relieved of personal responsibility for an individual security's credit risk or market price changes, provided deviations from expectations are reported in a timely fashion and appropriate action is taken to control adverse developments. Investment officers shall notify the Corporation in writing of any conflicts of interest, as defined by the Public Funds Investment Act, no later than the next regularly scheduled Board meeting. It is the policy of the Corporation that the Investment Officers perform their duties in accordance with the policies and procedures set forth in this policy. The Investment Officers of the Corporation (General Manager and Finance Manager and the Assistant to the Finance Director of the City of Colleyville) shall be personally indemnified in the event of investment loss provided the Investment Policy is followed. Internal Controls The Finance Manager shall establish a system of written internal controls which shall be reviewed annually by the independent auditor. The controls shall be designed to prevent the loss of public funds due to fraud, error, misrepresentation, unanticipated market changes or imprudent actions. Permissible Instruments The following is a list of permissible instruments as authorized by the 70th Texas Legislature in the Public Funds Investment Act (TEX. REV. CIV. STAT. ANN. ACT 842A-2) and amended by the 71st Legislature: 1. Obligations of the United States or its agencies or instrumentalities; 2. Direct obligations of the State of Texas or its agencies; 3. Other obligations, the principal of and interest on which are unconditionally guaranteed or insured by the State of Texas or the United States or its agencies or instrumentalities; 4. Obligations of states, agencies, counties, cities, and other political subdivisions of any state having been rated as to investment quality by nationally recognized investment rating firm and having received a rating of not less than "A" or its equivalent; 5. Certificates of deposit issued by state and national banks and domiciled in the state that are: a. Guaranteed or insured by the Federal Deposit Insurance Corporation, FSLIC or its successors; or b. Secured by obligations that are described by subdivisions (1) through (4) of this subsection, which are intended to include all direct federal agency or instrumentality issued mortgage backed securities, and which have a market value of not less than the principal amount of the certificates or in any other manner and amount provided bylaw for deposits of the investing entities; 6. Invest in a local government investment pool as authorized by the Interlocal Cooperation Act (TEX. REV. CIV. STAT. ANN. ACT. 4413 (32c), as amended, and the Public Funds Investment Act (TEX. REV. CIV. STAT. ACT. 842a-2), as amended. The investment pool must comply with the requirements of the Public Funds Investment Act, as amended, as follows: a. The investment pool maintains a stable asset value as defined in the Public Funds Investment Act; b. The investment pool maintains a AAA rating by one of the nationally recognized rating agencies; c. The investment pool's maximum average dollar weighted maturity does not exceed 90 days; and d. The investment pool's continued compliance with the remaining provisions of the Public Funds Investment Act. e. The eligible investments of the pool are as follows: obligations of the United States or its agencies and instrumentalities, other obligations, the principal of and interest on which are unconditionally guaranteed or insured by the United States, fully collateralized repurchase agreements with a defined termination date secured by obligations of the United States or its agencies and instrumentalities, other obligations, the principal of and interest on which are unconditionally guaranteed or insured by the United States, and SEC registered money market funds authorized by the Public Funds Investment Act and rated in the highest category by at least one nationally recognized rating agency, reverse repurchase agreements with a term of no longer than 90 days. f. Include in its investment policy and/or operating procedures the following information: a description of eligible investment securities and unacceptable investments, a written statement on investment policy and objectives, a description of interest calculations, distribution, and treatment of gains and losses, security safeguarding, valuation collateralization and auditing, and a fee schedule. 7. Direct repurchase agreements with primary security dealers or financial institutions doing business in the State of Texas having a defined termination date, and secured by U.S. Government or federal agency securities, provided that the ownership of collateral for the repurchase agreement is transferred to the Corporation, and deposited with a safekeeping agent for the duration of the contract and a signed master repurchase agreement has been executed with the counterparty. 8. SEC-registered no-load money market mutual funds with a dollar weighted average portfolio of 90 days or less whose assets consist exclusively of United States Government Securities whose investment objectives include seeking to maintain a stable net asset value of $1.00 per share. Investment in mutual funds shall be limited to a maximum of ten percent (10%) of the Corporation's available funds. Unacceptable Investment Instruments The following securities, although authorized by the Public Funds Investment Act, are not eligible investments for the Corporation: Collateralized mortgage obligations 2. Commercial paper 3. Banker's acceptances 4. Reverse repurchase agreements (Local Government Investment Pools which the Corporation participates in may engage in reverse repurchase agreements if the term is 90 days or less) 5. No-load mutual funds other than SEC-registered no-load money market mutual funds with a dollar weighted average portfolio of 90 days or less whose assets consist exclusively of United States Government Securities whose investment objectives include seeking to maintain a stable net asset value of $1.00 per share. 6. Guaranteed investment contracts 7. Share certificates of qualifying credit unions Investment Strategy The investment strategy by type of fund is as follows: (1) Operating Funds The investment strategy for operating fund(s) is to assure that anticipated cash flows are matched with adequate investment liquidity. A secondary objective is to create a portfolio, which will experience minimum volatility during economic cycles. These funds shall not have an investment with a stated maturity greater than eighteen (18) months. (2) Debt Service Funds The investment strategy for debt service fund(s) is the assurance of investment liquidity to cover the debt service obligations on the required payment date. Investments purchased shall not have a stated final maturity date which exceeds the corresponding debt service payment date. (3) Reserve Funds The investment strategy for reserve fund(s) is the assurance of investment liquidity adequate to cover the debt service obligations not funded by debt service funds on the required payment date. Investment of reserve funds are controlled by their ordinance, resolution or indenture, and Federal and State law. Bond documents must be examined for each issue, for potential differences with this policy concerning investment instruments, maximum maturity or average life restrictions, call dates or sinking fund redemptions, and applicable arbitrage yields and rebate liability. Provisions contained in the bond documents will supersede provisions of this policy. Reserve funds will be invested using a more conservative approach than the current standard investment strategy when arbitrage rebate rules require refunding excess earnings. All excess earnings received will be segregated to allow a proper determination of interest income to be used in the arbitrage calculation. Maturity limitations for single issue reserve funds shall not exceed the sooner of five (5) years, the call provisions of the bond ordinance, or the final maturity of the bond issue. A. Diversification The Corporation will attempt to limit the risk of loss through diversification of its portfolio and to achieve the aforementioned investment strategies by diversification of instruments. Maximum Percent Diversification by Instrument of Portfolio U.S. Treasury Obligations (Bills, Notes and Bonds), 100% U.S. Government Agency Securities, and Instrumentalities of Government Sponsored Corporations 75% Certificates of Deposit (CD's) Commercial Bank's 75% Local Government Investment Pool 75% Tri-Party Repurchase Agreement 75% SEC registered, no-load mutual fund 10% Investment Procedures The Corporation shall enter the following agreements (if applicable): safekeeping, PSA repurchase agreements, wire transfer agreements, banking services contracts, and collateral/depository agreements. These contracts shall include the explicit delegation of authority to persons responsible for the transactions involving these agreements. No person except those designated in the contract may engage in any investment transactions. On all funds invested in instruments as listed in "Permissible Investments" numbers one through five, oral bids shall be requested from at least two broker/dealers or national banks. The Corporation will accept the bid that provides the highest rate of return within the maturity required and within the parameters of this policy. Records will be kept of the bids offered, bids accepted, and a brief explanation of the decision that was made regarding the investment. Qualified Institutions As the Corporations investments are managed by the investment officers of the City of Colleyville, the Corporation shall utilize the broker/dealers selected by the City of Colleyville. All firms shall answer the Broker/Dealer questionnaire (Appendix A) and submit their most recent audited financial statements to the City for evaluation of credit worthiness. All personnel in the firms who will be trading or quoting securities to the Corporation must maintain a current NASD license and be registered to deal securities in the State of Texas. An investment certification form (Appendix B) on the firm's letterhead signed by a principal of the firm must be on file with the Corporation. Safekeeping All marketable securities purchased by the Corporation shall be held in third party safekeeping by an institution designated as primary agent. All securities will be delivered to the third party institution by seller. Personnel in the third party institution will verify the correct security was delivered by the seller ("delivery vs payment"). The third party institution shall issue a safekeeping receipt to the Corporation listing the specific instrument, rate/yield, maturity, CUSIP, and other pertinent information. Collateral on deposit type securities which exceed the FDIC coverage shall be held in a third party safekeeping institution. In the event a third party safekeeping institution is used, a collateral agreement shall be executed between the Corporation, depository which pledged the collateral, and the third party custodian of the collateral. The Corporation will retain possession of all original safekeeping receipts and the receipts will state the security is pledged to the Corporation. Either the Corporation Manager or the Finance Manager must approve release of collateral in writing prior to its removal from the safekeeping account. Collateral Securities for Certificates of Deposit and Demand Accounts The Corporation will accept as collateral for its Certificates of Deposit and demand accounts the following securities: A. FDIC coverage B. U.S. Treasury bills, notes and bonds C. United States Agency and instrumentalities bills or notes D. GNMA mortgage backed fully modified pass through securities E. Texas state, city county or school bonds with a remaining maturity of seven years or less and a rating of "A" or better by Moody's, Fitch ICBA, and Standard and Poor's. F. Surety Bond Collateral shall be "marked to market" monthly by the Finance Manager. The following percentages constitute the minimum market value for collateral instruments that are pledged for the Corporation's Certificates of Deposit and demand deposits. Form of Collateral Pledged Collateral Ratio 1. U.S. Treasury bills, notes, and bonds a. maturing within 1 year 102% b. maturing in 1-5 years 105% c. maturing in more than 5 years 110% 2. Actively traded U.S. Government Agency securities a. maturing in less than 1 year 103% b. maturing in 1-5 years 107% c. maturing in more than 5 years 115% 3. GNMA mortgage pass through securities 115% 4. Entities in the State of Texas bonds General Obligation Bonds a. maturing in less than 1 year 102% b. maturing in 1-5 years 105% c. maturing in more than 5 years 107% Revenue Bonds a. maturing in less than 1 year 105% b. maturing in 1-5 years 110% c. maturing in more than 5 years 115% Collateral shall be audited annually be the Corporation's independent auditor and may be audited by the Corporation at anytime during normal business hours of the safekeeping bank. Arbitrage The Tax Reform Act of 1986 places limitations on the Corporation's yield from investing certain tax-exempt bond proceeds, debt service funds and reserve funds. The rebate provisions require that the Corporation compute earnings on investments from certain issues of bonds on a periodic basis to determine if rebate is required. To determine the Corporation's arbitrage position, the Corporation is required to calculate the actual yield earned on the investment of the funds and compare it to the yield that would have been earned if the funds had been invested at a rate equal to the yield on the applicable bonds sold by the Corporation. The rebate provisions state that periodically (not less than once every five years and not later than sixty days after maturity of the bonds), the Corporation is required to pay the United States Treasury a rebate of any excess earnings. These restrictions require extreme precision in the monitoring and record keeping of investments, particularly in computing yields to ensure compliance. Failure to comply can dictate that the bonds become taxable, retroactively from the date of issuance. The investment strategy for bond funds which fall under the arbitrage provisions of the Tax Reform Act of 1986, is that the Corporation will attempt to earn maximum allowable bond yield with market conditions permitting. Reporting Requirements Included as a part of the City of Colleyville's quarterly investment report, Finance Manager shall issue a written report concerning the Corporation's investment transactions for the preceding quarter and describing in detail the investment position of the Corporation as of the end of the quarter indicating the market values of all investments held during the quarter. The report shall list for each investment held during the quarter: the purchase price of the investment, the par value of the investment, the market value of the investment at the beginning of the quarter, market value of the investment at the end of the quarter, the market change from the beginning until the end of the quarter, and fully accrued interest for the period. This report shall be in compliance with provisions of the Public Funds Investment Act, as amended. The report shall be signed by the General Manager and Finance Manager. Training Requirements Both the Finance Manager and Assistant to the Finance Manager shall complete ten hours of training every two years as required by the Public Funds Investment Act. This training may be obtained from the following sources: North Central Texas Council of Governments, Government Treasurer's Organization of Texas, Government Finance Officer's of Texas, or Texas Municipal League. The training must include education in investment controls, security risks, strategy risks, market risks, and any other topics as required by the Public Funds Investment Act. ..~ ,., City Hall ~ City of Colleyville 100 Main Street Colleyville, Texas 76034 ~~~°~~ Agenda Briefing 817.503.1000 www.colleyvil le.com File Number: R-09-105 File Number: R-09-105 Version: 1 File Type: Resolution Agenda Date: 08/25/2009 Requester: Finance Department Agenda No.: 3a Final Action: File Name: Adopting the Economic Development Capital Improvement Program (EDCIP) for FY 2010-2014 Attachments: EDCIP FY 2009-2013.pdf EDCIP FY 2010-2014.pdf FY 2010 CEDC Marketing Budget.pdf Resolution R-09-105.pdf History of Legislative File Status: Resolution Version: Date: Acting Body: Action Text: Controlling Body: Colleyville Economic Development Corporation Board 1 08/25/2009 Colleyville Economic Development Corporation Board Title Adopting the Economic Development Capital Improvement Program (EDCIP) for FY 2010-2014 Explanation Reading and Public Hearing The Colleyville Economic Development Corporation (CEDC) bylaws require the Board to develop a combined Economic Development Capital Improvement Program (EDCIP) annually, which sets forth long and short-term goals. This program "shall be one that addresses the development needs of the City within the financial constraints available to the Corporation." The "EDCIP shall identify the projects to be undertaken by the Corporation and include proposed methods and the expected cost of the implementation." After the EDCIP is developed, it must be approved by the City Council. On August 11, 2009, the Board met in a worksession to provide input on the FY 2010-2014 EDCIP. There was information provided to the Board regarding allowable project expenditures per the ballot language of the August 10, 1996 election, which adopted the CEDC. The ballot language was "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." City of Colleyville Page 1 Printed on 8h9/2009 Agenda Briefing Continued (R-09-105) With the receipt of the oil and gas lease funds, City Council allocated funding for two park projects (McPherson Phase II - $500,000 and Senior Center Trail improvements - $160,000) in the FY 2009 CEDC budget. These funds were moved to the FY 2009 CEDC available cash and are allocated in the EDCIP in FY 2010 for the following: • Spatial reorganization of the library including the expansion to the second floor - $575,000 and Library collection sorter - $86,491. • Entry marker project funding was increased to $293,521, which will provide for two large signs and seven medium signs at various entry points. • Funding for the Pleasant Run Trail was reduced to $270,000 from $340,000, reflecting the cost estimate for the northern section of the trail. • Funding for the senior elements of the Senior Center open space area was reduced from $350,000 to $200,000, as there is another City funding source for this project. • The allocation of $170,000 for the Webb House crossing trail was split $40,000 (FY 2010) and $130,000 (FY 2011). • There was no change in the FY 2010 allocation of $100,000 for the L.D. Lockett house path. Included in the EDCIP was funding for an interfund loan of $661,325 with afour-year repayment period from the Colleyville Tomorrow Fund which received a portion of the oil and gas lease funds. This loan would fund a renovation of the Colleyville Center which opened in January 1998. The renovation will provide enhancements such as updating of interior finishes, upgraded audio/visual technologies, lighting and acoustics, which will allow it to maintain its current market share. Other administrative expenditure changes were: • FY 2010 funding increase of the marketing budget to $216,400 for the inclusion of a one-time expenditure of a $72,000 Comprehensive Merchandising Plan, to identify and recommend restaurants and retailers to target using a "location optimization merchandising analytics software". Annual addition for the following administrative expenditures: • Cost of treated water and wastewater for the splash pad at McPherson Park $35,000 • Keep Colleyville Beautiful agency agreement - $3,000 • $2,500 increase for a transfer to the Arts Fund • In FY 2011, there is the annual addition of library operations' funding for increased janitorial services - $4,046 and four additional part-time staff positions - $68,181 City of Colleyville Page 2 Printed on 8/19/2009 Agenda Briefing Continued (R-09-105) For the Board's information, Exhibit 1 is the EDCIP for FY 2009-2013. Exhibit 2 - FY 2010-2014 EDCIP shows revenue and expenditure changes as discussed at the August 11, 2009 worksession. Financial Impact It has been determined that the revenue estimate is one-half of the sales tax revenue estimated in the City's proposed FY 2010 budget. FY 2011-2014 includes a 2% increase in sales tax. Recommendation Approval City of Colleyville Page 3 Printed on 8/19/2009 COLLEYVILLE ECONOMIC DEVELOPMENT CORPORATION ECONOMIC DEVELOPMENT CAPITAL IMPROVEMENT PROGRAM FY 2009 - FY 2013 EXHIBIT 1 FISCAL YEAR 2008 2009 2010 2011 2012 2013 BEGINNING FUND BALANCE $1,265,380 $1,732,154 $1,234,289 $844,485 $786,274 $956,133 REVENUES: PROJECTED 1/2 CENT SALES TAX REVENUE $1,226,197 $1,280,688 $1,319,108 $1,358,681 $1,399,442 $1,441,425 INTEREST INCOME $55,046 $51,965 $37,029 $25,335 $23,588 $28,684 USE OF AVAILABLE CASH $0 $755,144 $648,764 $316,347 $89,247 $48,401 TOTAL REVENUES $1,281,243 $2,087,796 $2,004,900 $1,700,363 $1,512,277 $1,518,510 EXPENDITURES: OPERATING: ADMINISTRATIVE $1,500 $2,000 $2,000 $2,000 $2,000 $2,000 2005 DEBT SERVICE & 1.4 TIMES COVERAGE $910,018 $900,473 $904,806 $901,873 $905,222 $907,711 MARKETING $83,000 $120,000 $120,000 $120,000 $120,000 $120,000 PERSONNEL-SENIOR CENTER $56,688 $64,429 $67,650 $71,033 $74,585 $78,314 TRANSFER TO ARTS FUND $15,000 $7,500 $10,000 $10,000 $10,000 $10,000 CAPITAL: ADAIMPROVEMENTS ENTRY MARKER $5,125 $194,875 $0 $0 $0 $0 FUTURE PROJECTS $0 $0 $0 $595,000 $400,000 $400,000 MC PHERSON PAR K Phasell $0 $500,000 $0 $0 $0 $0 PLEASANT RUN TRAIL $0 $160,000 $340,000 $0 $0 $0 SENIOR CENTER OPEN AREA AND TRAIL DEVELOPM ENT $3,144 $128,519 $300,000 $0 $0 $0 CITYWIDE TRAIL SYSTEM TRAIL CONSTRUCTION - WEBB HOUSE CROSSING $0 $10,000 $160,000 $0 $0 $0 TRAIL CONSTRUCTION - L.D. LOCKETT HOUSE PATH $0 $0 $100,000 $0 $0 $0 TOTAL EXPENDITURES $1,074,475 $2,087,796 $2,004,456 $1,699,906 $1,511,806 $1,518,025 EXCESS REVENUES OVER EXPENDITURES $206,769 $0 $444 $457 $471 $485 ADD BACK.4 TIMES BOND COVERAGE RATIO $260,005 $257,278 $258,516 $257,678 $258,635 $259,346 ENDING FUND BALANCE $1,732,154 $1,234,289 $844,485 $786,274 $956,133 $1,167,563 ASSUMPTIONS: FY 2009: 1/2 OF CITY SALES TAX BUDGET PROJECTION / FY 2010 - 2013: 3% GROWTH COLLEYVILLE ECONOMIC DEVELOPMENT CORPORATION ECONOMIC DEVELOPMENT CAPITAL IMPROVEMENT PROGRAM FY 2010 - FY 2014 FISCAL YEAR 2009 2010 BEGINNING FUND BALANCE $1,881,856 $2,075,384 $833,658 $711,490 $677,072 $659,853 REVENUES: 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 $25,942 $10,421 $8,894 $8,463 $8,248 USE OF AVAILABLE CASH $0 $1,497,996 $377,572 $290,751 $274,233 $249,545 TOTAL REVENUES $1,297,442 $2,804,626 $1,694,294 $1,632,072 $1,641,773 $1,644,050 EXPENDITURES: OPERATING: ADMINISTRATIVE $2,000 $2,000 $2,000 $2,000 $2,000 $2,000 2005 DEBT SERVICE & 1.4 TIMES COVERAGE $900,473 $904,806 $901,873 $905,223 $907,711 $902,482 MARKETING $59,462 $216,400 $144,400 $144,400 $144,400 $144,400 KEEP COLLEYVILLE BEAUTIFUL AGENCY AGREEMENT $0 $3,000 $3,000 $3,000 $3,000 $3,000 WATER - MC PHERSON PARK $0 $35,000 $36,050 $37,132 $38,245 $39,393 PERSONNEL -SENIOR CENTER $64,429 $70,654 $74,187 $77,896 $81,791 $85,880 PERSONNEL-LIBRARY $0 $0 $68,181 $70,226 $72,333 $74,503 OPERATIONS -LIBRARY $0 $0 $4,046 $4,167 $4,292 $4,421 TRANSFER TO ARTS FUND $7,500 $10,000 $10,000 $10,000 $10,000 $10,000 CAPITAL: $179,680 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) LIBRARY SECOND FLOOR EXPANSION $0 $575,000 $0 $0 $0 $0 FUTURE PROJECTS $0 $0 $157,500 $215,000 $215,000 $215,000 LIBRARY -COLLECTION SORTER $0 $86,491 $0 $0 $0 $0 PLEASANT RUN TRAIL $132,454 $270,000 $0 $0 $0 $0 SENIOR CENTER OPEN AREA (SENIOR ELEMENTS) $0 $200,000 $0 $0 $0 $0 CITYWIDE TRAIL SYSTEM TRAIL CONSTRUCTION - WEBB HOUSE CROSSING $0 $40,000 $130,000 $0 $0 $0 TRAIL CONSTRUCTION - L.D. LOCKETT HOUSE PATH $0 $100,000 $0 $0 $0 $0 TOTAL EXPENDITURES $1,361,193 $2,806,872 $1,696,568 $1,634,375 $1,644,104 $1,646,411 EXCESS REVENUES OVER EXPENDITURES ($63,750) ($2,246) ($2,274) ($2,302) ($2,331) ($2,360) ADD BACK .4 TIMES BOND COVERAGE RATIO $257,278 $258,516 $257,678 $258,635 $259,346 $257,852 ENDING FUND BALANCE $2,075,384 $833,658 ASSUMPTIONS: FY 2010: 1/2 OF CITY SALES TAX BUDGET PROJECTION / FY 2011 - 2014: 2% GROWTH EXHIBIT 2 2011 2012 2013 2014 $711,490 $677,072 $659,853 $665,800 FY2010 CEDC MARKETING BUDGET a ; tX., ~`t`•~,lX r~ k 7 ~y ~ '. ~r$ . ' _~~ ~, ~~'-, r 1 F'~ y .,:k '•raL3~ ~ r t- s s ,.r .x ~` ~ ~ ~a~p~,anal~n r ~ ~ ~; ~, r s >ti~~~ 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 RESOLUTION R-09-105 A RESOLUTION ADOPTING THE ECONOMIC DEVELOPMENT CAPITAL IMPROVEMENT PROGRAM (EDCIP) FOR FISCAL YEARS 2010-2014 WHEREAS, the bylaws of the Colleyville Economic Development Corporation require that an Economic Development Capital Improvement Program be developed setting forth long and short-term goals that address the needs of the City within the financial constraints of revenues 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 BOARD OF DIRECTORS OF THE COLLEYVILLE ECONOMIC DEVELOPMENT CORPORATION: Sec. 1. THAT the Economic Development Capital Improvement Program of the Colleyville Economic Development Corporation (Exhibit A) is hereby adopted. Sec. 2. THAT once approved, the EDCIP will be forwarded to the City Council for their subsequent approval. Sec. 3. THAT this Resolution shall become effective on the date of passage. AND IT IS SO RESOLVED. PASSED AND ADOPTED, THIS August 25, 2009. COLLEYVILLE ECONOMIC DEVELOPMENT CORPORATION David Kelly President ATTEST: Cynthia Singleton Secretary COLLEYVILLE ECONOMIC DEVELOPMENT CORPORATION ECONOMIC DEVELOPMENT CAPITAL IMPROVEMENT PROGRAM FY 2010 - FY 2014 FISCAL YEAR 2009 2010 BEGINNING FUND BALANCE $1,881,856 $2,075,384 REVENUES: $833,658 $711,490 $677,072 $659,853 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 $25,942 $10,421 $8,894 $8,463 $8,248 USE OF AVAILABLE CASH $0 $1,497,996 $377,572 $290,751 $274,233 $249,545 TOTAL REVENUES $1,297,442 $2,804,626 $1,694,294 $1,632,072 $1,641,773 $1,644,050 EXPENDITURES: OPERATING: ADMINISTRATIVE $2,000 $2,000 $2,000 $2,000 $2,000 $2,000 2005 DEBT SERVICE & 1.4 TIMES COVERAGE $900,473 $904,806 $901,873 $905,223 $907,711 $902,482 MARKETING $59,462 $216,400 $144,400 $144,400 $144,400 $144,400 KEEP COLLEYVILLE BEAUTIFUL AGENCY AGREEMENT $0 $3,000 $3,000 $3,000 $3,000 $3,000 WATER-MCPHERSON PARK $0 $35,000 $36,050 $37,132 $38,245 $39,393 PERSONNEL- SENIOR CENTER $64,429 $70,654 $74,187 $77,896 $81,791 $85,880 PERSONNEL-LIBRARY $0 $0 $68,181 $70,226 $72,333 $74,503 OPERATIONS -LIBRARY $0 $0 $4,046 $4,167 $4,292 $4,421 TRANSFER TO ARTS FUND $7,500 $10,000 $10,000 $10,000 $10,000 $10,000 CAPITAL: $179,680 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) LIBRARY SECOND FLOOR EXPANSION $0 $575,000 $0 $0 $0 $0 FUTURE PROJECTS $0 $0 $157,500 $215,000 $215,000 $215,000 LIBRARY -COLLECTION SORTER $0 $86,491 $0 $0 $0 $0 PLEASANT RUN TRAIL $132,454 $270,000 $0 $0 $0 $0 SENIOR CENTER OPEN AREA (SENIOR ELEMENTS) $0 $200,000 $0 $0 $0 $0 CITYWIDE TRAIL SYSTEM TRAIL CONSTRUCTION - WEBB HOUSE CROSSING $0 $40,000 $130,000 $0 $0 $0 TRAIL CONSTRUCTION - L.D. LOCKETT HOUSE PATH $0 $100,000 $0 $0 $0 $0 TOTAL EXPENDITURES $1,361,193 $2,806,872 $1,696,568 $1,634,375 $1,644,104 $1,646,411 EXCESS REVENUES OVER EXPENDITURES ($63,750) ($2,246) ($2,274) ($2,302) ($2,331) ($2,360) ADD BACK .4 TIMES BOND COVERAGE RATIO $257,278 $258,516 $257,678 $258,635 $259,346 $257,852 ENDING FUND BALANCE $2,075,384 $833,658 ASSUMPTIONS: FY 2010: 1/2 OF CITY SALES TAX BUDGET PROJECTION / FY 2011 - 2014: 2% GROWiH 2011 EXHIBIT A 2012 2013 2014 $711,490 $677,072 $659,853 $665,800 ~'.i • cry ~ City of Colleyville 100 Main Street Colleyville, Texas 76034 z,,.,. Agenda Briefing 817.503.1000 www.colleyville.com File Number: R-09-106 File Number: R-09-106 Version: 1 File Type: Resolution Agenda Date: 08/25/2009 Colleyville Economic Development Corporation Board Requester: Finance Department Agenda No.: 3b File Name: Adopting the Fiscal Year 2010 (FY 2010) Budget Attachments: FY 2010 Budget Summary.pdf Resolution R-09-106.pdf History of Legislative File Status: Resolution Controlling Body Final Action: Version: Date: Acting Body: Action Text: 1 08/25/2009 Colleyville Economic Development Corporation Board Title Adopting the Fiscal Year 2010 (FY 2010) Budget Explanation Reading and Public Hearing Per the Colleyville Economic Development Corporation (CEDC) bylaws, the Board of Directors must adopt an annual budget. The attached FY 2010 budget replicates the FY 2010 revenues and expenditures contained in the FY 2010 - 2014 EDCIP (Agenda item 3a). The sales tax portion of the revenue estimate ($1,280,688) is one-half of the sales tax revenue estimate in the City's proposed FY 2010 budget. Total proposed expenditures include the following: • Personnel -Senior Center Supervisor position • City roadway entry markers - $179,860 is a carry forward from the FY 2009 budget • Library second floor expansion • Library collection sorter • Pleasant Run Trail construction • Senior Center Open Space senior elements • Webb House crossing trail construction - $10,000 is a carry forward from the FY 2009 budget • L.D. Lockett house path trail construction •. Water/wastewater McPherson splash pad • Debt service on the 2005 sales tax refunding bonds • Marketing $ 70,654 $ 293,521 $ 575, 000 $ 86,491 $ 270,000 $ 200,000 $ 40,000 $ 100,000 $ 35, 000 $ 646,290 $ 216,400 City of Colleyville Page 1 Printed on 8/19/2009 Agenda Briefing Continued (R-09-106 • Transfer to Arts Fund for acquisition of art pieces $ 10,000 placed in City-owned high-visibility locations • Keep Colleyville Beautiful agency request $ 3,000 • Board, audit and insurance expense $ 2,000 The budget also utilizes $1,497,996 in available cash balance, with the projected ending Fiscal Year 2009 Fund Balance being $2,255,064. Financial Impact It has been determined that adoption will provide appropriations for the FY 2010 budget. Recommendation Approval City of Colleyville Page 2 Printed on 8/19/2009 COLLEYVILLE ECONOMC DEVELOPMENT CORPORATION FY 2070 BUDGET SUMMARY FY 2009 ANTICIPATED BEGINNING FUND BALANCE $ 1,881,856 REVENUES: SALES TAX REVENUES $ 1,280,688 INTEREST INCOME $ 16,755 USE OF AVAILABLE CASH $ - TOTAL REVENUES $ 1,297,443 LESS EXPENSES: ADMINISTRATIVE EXPENSES: $ 2,000 MARKETING $ 59,462 PERSONNEL- SENT OR CENTER SUPERVISOR $ 64,429 KEEP COLLEYVILLE BEAUTIFUL AGENCY AGREEMENT $ - WATER-MC PHERSON PARK $ - TRANSFER TO ARTS FUND $ 7,500 DEBT SERVICE $ 643,195 CAPITAL PROJECTS: ENTRY MARKERS $ 15,195 LIBRARY SECOND FLOOR EXPANSION $ - LIBRARY COLLECTION SORTER $ - MC PHERSON PARK P HASE II CONSTRUCTION $ - SENIOR CENTER OPEN AREA -SENIOR ELEMENTS $ - TRAIL CONSTRUCTION -PLEASANT RUN $ 132,454 TRAIL CONSTRUCTION - WEBB HOUSE CROSSING $ - TRAIL CONSTRUCTION - L. D. LOCKETT HOUSE PATH $ - TOTAL EXPENSES $ 924,235 EXCESS REVENUES OVER EXPENSES $ 373,208 ENDING FUND BALANCE $ 2,255,064 NOTE: A COVERAGE RAT 10 OF 1.4 IS REQUIRED TO MEET THE SALES TAX BOND COVENANTS. FOR FY 2010 REVENUES MUST EXCEE D EXPENDITURES BY AT LEAST $258,516. FY 2010 PROPOSED $ 2,255,064 $ 1,280,688 $ 28,188 $ 1,497,996 $ 2,806,872 $ 2,000 $ 216,400 $ 70,654 $ 3, 000 $ 35,000 $ 10,000 $ 646,290 $ 293,521 $ 575,000 $ 86,491 $ - $ 200,000 $ 270,000 $ 40,000 $ 100,000 $ 2,548,356 $ 258,516 $ 1,015,584 RESOLUTION R-09-106 A RESOLUTION ADOPTING AN ANNUAL BUDGET FOR FISCAL YEAR 2010 FOR THE COLLEYVILLE ECONOMIC DEVELOPMENT CORPORATION WHEREAS, the bylaws of the Colleyville Economic Development Corporation require that an annual budget be adopted by the Board of Directors; and WHEREAS, the bylaws require that the budget includes projected revenues and proposed expenditures. NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE COLLEYVILLE ECONOMIC DEVELOPMENT CORPORATION: Sec. 1. THAT the Fiscal Year 2010 budget amounts for the Colleyville Economic Development Corporation are as follows: Revenues $2,806,872 Expenditures $2,548,356 AND IT IS SO RESOLVED. PASSED AND ADOPTED, THIS August 25, 2009. COLLEYVILLE ECONOMIC DEVELOPMENT CORPORATION David Kelly President ATTEST: Cynthia Singleton Secretary ;.~ ~., ,;•.:~- City of Colleyville Agenda Briefing File Number: R-09-107 City Hall 100 Main Street Colleyville, Texas 76034 817. 503.1000 www.colleyville.com File Number: R-09-107 File Type: Resolution Status: Resolution Version: 1 Agenda Date: 08/25/2009 Controlling Body: City Council Requester: Office of the City Agenda No.: 3c Final Action: Secretary File Name: Appointing a Colleyville Economic Development Corporation (CEDC) President and Vice President Attachments: Colleyville Economic Development Corporation roster.pdf CEDC Bylaws Excerpt.pdf Resolution R-09-107.pdf History of Legislative File Version: Date: Acting Body: Action Text: 1 08/25/2009 Colleyville Economic Development Corporation Board Title Appointing a Colleyville Economic Development Corporation (CEDC) President and Vice President Explanation Reading and Public Hearing On August 28, 2008, the Colleyville Economic Development Corporation (CEDC) Board of Directors elected Director David Kelly as President and Director Tony Licata as Vice President. As per the CEDC bylaws, Article III, Officers, the President and Vice President shall be elected by the Board and shall serve a term of one (1) year. The President and Vice President shall continue to serve until their successors are appointed as provided in Article II, Section I. This item provides for the Board of Directors to elect a President and Vice President of the CEDC. Financial Impact It has been determined that there is no financial impact. Recommendation Approval City of Colleyville Page 1 Printed on 8/19/2009 Colleyville Economic Development Corporation PRESIDENT David Kelly 905 Inwood Lane Colleyville, TX 76034 W: 817.410.3715 H: 817.656.1862 F: 817.410.3716 ke II ydCrD.ci. co Ilevville. tx. us TERM: June 2007 -May 2010 DIRECTOR Yvonne Gilliam 2007 Tarrant Lane Colleyville, Texas 76034 H: 817.424.2679 F: 817.424.2678 aublicity c(D.entertainmentor.com TERM: September 2007 - 2009 DIRECTOR Tom Hart 1717 Avondale Colleyville, TX 76034 W: 817.975.3671 H: 817.540.1171 F: 817.835.0392 hartt at7.ci.collevville.tx.us TERM: July 2009 -May 2012 DIRECTOR Carol Wollin 4600 Dartmoore Lane Colleyville, TX 76034 H: 817.281.3058 wollincCd)ci.collewille.tx. us TERM: June 2008 -May 2010 FINANCE MANAGER Terry Leake 100 Main Street Colleyville, TX 76034 W: 817.503.1015 H: 817.379.5014 F: 817.503.1019 IeaketCrDci.collevville.tx.us DIRECTOR Greg Appel 404 Lloyd Circle Colleyville, Texas 76034 W : 817.706.4484 H: 817.428.1337 pa aael CcDSbco lobal. net TERM: September 2007 - 2009 DIRECTOR Stan Hall 6100 Hillbrook Drive Colleyville, TX 76034 W: 214.502.6589 H: 817.488.2996 hallsCr~ci.collevville.tx.us TERM: July 2009 -May 2011 DIRECTOR James Spriggs 2505 Highland Meadows Drive Colleyville, TX 76034 H: 817.329.0103 F: 817.329.0103 carsori4os aC~.verizon.net TERM: September 2007 - 2009 GENERAL MANAGER Jennifer Fadden 100 Main Street Colleyville, TX 76034 W: 817.503.1116 faddeni(a~ci.collewille.tx. us SECRETARY Cynthia Singleton 100 Main Street Colleyville, TX 76034 W: 817.503.1133 F: 817.503.1139 sinaletoncCd)ci.collevville.tx.us Revised 07-3?-?009 CEDC Bylaws Excerpt C. The Secretary of the Corporation shall act as Secretary of all meetings of the Corporation, but in the absence of the Secretary. the presiding officer may appoint any person to act as Secretary of the meeting. The Secretary shall keep minutes of the transactions of the Board and committee meetings and shall cause such official minutes to be recorded in books kept for that purpose in the principal office of the Corporation. SECTION 6. COMMITTEES OF THE BOARD An official committee of the Board shall consist of two (2) or more directors. It is provided, however, that all final official actions of the Corporation maybe exercised only by the Board. Each committee so designated shall keep regular minutes of the transactions of its meetings and shall cause such minutes to be recorded in books kept for that purpose in the principal office of the Corporation. SECTION 7. COMPENSATION OF DIRECTORS The directors, including the President and Vice President, shall not receive any salary or compensation for their services. However, directors may be reimbursed for their actual expenses incurred in the performance of their duties hereunder, including but not limited to the cost of travel, lodging and incidental expenses reasonably related to the corporate duties of the Board. Travel expenses incurred by directors for both regular and special meetings are not eligible for reimbursement. ARTICLE III. OFFICERS SECTION 1. TITLES AND TERM OF OFFICE The President and Vice President shall be elected by the Board and shall serve a term of one (1) year. The President and Vice President shall continue to serve until their successors are appointed as provided in Article II, Section 1. SECTION 2. POWERS AND DUTIES OF THE PRESIDENT The President shall be the chief executive officer of the Corporation, and shall preside at all meetings of the Board, and absent any different designation by a majority of the Board, shall sign and execute all contracts, conveyances, franchises, bonds, deeds, assignments, mortgages, and notes in the name of the Corporation. In addition the President shall: -4- RESOLUTION R-09-107 A RESOLUTION APPOINTING A COLLEYVILLE ECONOMIC DEVELOPMENT CORPORATION PRESIDENT AND VICE PRESIDENT WHEREAS, the Bylaws of the Colleyville Economic Development Corporation require the President and the Vice President shall be elected by the Board and shall serve a term of one year; and WHEREAS, the President and Vice President shall continue to serve until their successors are appointed as provided in Article II, Section 1. NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE COLLEYVILLE ECONOMIC DEVELOPMENT CORPORATION: Sec. 1. THAT Director shall be appointed to serve as President of the Colleyville Economic Development Corporation. Sec. 2. THAT Director shall be appointed to serve as Vice President of the Colleyville Economic Development Corporation. AND IT IS SO RESOLVED. PASSED AND ADOPTED, THIS August 25, 2009. COLLEYVILLE ECONOMIC DEVELOPMENT CORPORATION David Kelly President ATTEST: Cynthia Singleton Secretary _._ _ __ ._ ,.~ .., ' ~ City of Colleyville 100 Main Street Colleyville, Texas 76034 T,~... Agenda Briefing 817.503.1000 vrww.col leyvil le. com File Number: File Type: Report Status: Reports Version: 1 Agenda Date: 08/25/2009 Controlling Body: Colleyville Economic Development Corporation Board Requester: Finance Department Agenda No.: 4a Final Action: File Name: Annual Activity Report Attachments: FY 2009 Annual Activity Report.pdf EDCIP FY 2009-2013 -Exhibit A.pdf History of Legislative File Version: Date: Acting Body: Action Text: 1 08/25/2009 Colleyville Economic Development Corporation Board Title Annual Activity Report Explanation The Colleyville Economic Development Corporation bylaws require that the Board make an annual report by February 1, 2010 to the City Council "reviewing the accomplishments of the Corporation for the preceding year and the activities of the Corporation for the budget year". Attached is the annual report that will be submitted to the City Council at the September 1, 2009 City Council meeting. City of Colleyville Page 1 Printed on 8/19/2009 ANNUAL REPORT OF THE COLLEYVILLE ECONOMIC DEVELOPMENT CORPORATION ACTIONS OF THE CORPORATION On August 26, 2008, the Board held its annual meeting and approved the FY 2009 annual budget for the Corporation with projected revenues of $2,087,797 and expenses of $1,830,518. The Board also adopted the attached "Exhibit A" Economic Development Capital Improvement Program (EDCIP) for Fiscal Years 2009 through 2013. This program provided funding for Economic Development marketing, entry markers, McPherson Park Phase II construction, Pleasant Run Trail, Citywide trail construction for Webb House Crossing and L.D. Lockett house path, Senior Center open area development and future projects as determined by the future Parks Master plan update. On August 11, 2009, the Board held a worksession to discuss the FY 2010-2014 EDCIP prior to the annual meeting to be held on August 25, 2009. There was information provided to the Board regarding allowable project expenditures per the ballot language of the August 10, 1996 election which adopted the Colleyville Economic Development Corporation. The ballot language was "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." With the receipt of the oil and gas lease funds, City Council allocated funding for two park projects (McPherson Phase II - $500,000 and Senior Center Trail improvements - $160,000) in the FY 2009 CEDC budget. These funds were added to the FY 2009 CEDC available cash and are allocated in the EDCIP in FY 2010. There were funds allocated in the EDCIP in FY 2010 to the spatial reorganization of the Library including the expansion to the second floor ($575,000) and Library collection sorter ($86,491). The FY 2010 funding for the entry marker project was increased to $293,521 that includes a carryover of FY 2009 funding in the amount of $179,860, which will provide funding for two large signs and seven medium signs at various entry points. Funding for the Pleasant Run Trail was reduced to $270,000 from $340,000 reflecting the cost estimate for the northern section of the trail and funding for the senior elements of the Senior Center open space area was reduced from $350,000 to $200,000, as there is another City funding source for this project. The allocation of $170,000 for the Webb House Crossing trail was split $40,000 (FY 2010) and $130,000 (FY 2011) and there was no change in the FY 2010 allocation of $100,000 for the L.D. Lockett House Path. Also, included in the EDCIP was funding for an interfund loan of $661,325 with a four-year repayment period from the Colleyville Tomorrow Fund which received a portion of the oil and gas lease funds. This loan would fund a renovation of the Colleyville Center which opened in January 1998. Other administrative expenditure changes in FY 2010 include increasing the marketing budget to $216,400 for the inclusion of a one-time expenditure of $72,000 for a Comprehensive Merchandising Plan, to identify and recommend restaurants and retailers to target using a "location optimization merchandising analytics software". There is also the annual addition for the following administrative expenditures: cost of treated water and wastewater for the splash pad at McPherson Park ($35,000), Keep Colleyville Beautiful agency agreement ($3,000), and an increase of $2,500 for the transfer to the Arts Fund. In FY 2011, there is the annual addition of funding for increased janitorial services ($4,046) and four additional part-time staff positions ($68,181) for library operations. COLLEYVILLE ECONOMIC DEVELOPMENT CORPORATION EXHIBIT A ECONOMIC DEVELOPMENT CAPITAL IMPROVEMENT PROGRAM FY 2009 - FY 2013 FISCAL YEAR 2008 2009 2010 2011 2012 2013 BEGINNING FUND BALANCE $1,265,380 $1,732,154 $1,234,289 $844,485 $786,274 $956,133 REVENUES: PROJECTED 1/2 CENT SALES TAX REVENUE $1,226,197 $1,280,688 $1,319,108 $1,358,681 $1,399,442 $1,441,425 INTEREST INCOME $55,046 $51,965 $37,029 $25,335 $23,588 $28,684 USE OF AVAILABLE CASH $0 $755,144 $648,764 $316,347 $89,247 $48,401 TOTAL REVENUES $1,281,243 $2,087,796 $2,004,900 $1,700,363 $1,512,277 $1,518,510 EXPENDITURES: OPERATING: ADMINISTRATIVE $1,500 $2,000 $2,000 $2,000 $2,000 $2,000 2005 DEBT SERVICE & 1.4 TIMES COVERAGE $910,018 $900,473 $904,806 $901,873 $905,222 $907,711 MARKETING $83,000 $120,000 $120,000 $120,000 $120,000 $120,000 PERSONNEL- SENIOR CENTER $56,688 $64,429 $67,650 $71,033 $74,585 $78,314 TRANSFER TO ARTS FUND $15,000 $7,500 $10,000 $10,000 $10,000 $10,000 CAPITAL: ADAIMPROVEMENTS ENTRY MARKER $5,125 $194,875 $0 $0 $0 $0 FUTURE PROJECTS $0 $0 $0 $595,000 $400,000 $400,000 MC PHERSON PAR K Phasell $0 $500,000 $0 $0 $0 $0 PLEASANT RUN TRAIL $0 $160,000 $340,000 $0 $0 $0 SENIOR CENTER OPEN AREA AND TRAIL DEVELOPM ENT $3,144 $128,519 $300,000 $0 $0 $0 CITYWIDE TRAIL SYSTEM TRAIL CONSTRUCTION -WEBS HOUSE CROSSING $0 $10,000 $160,000 $0 $0 $0 TRAIL CONSTRUCTION - L.D. LOCKETT HOUSE PATH $0 $0 $100,000 $0 $0 $0 TOTAL EXPENDITURES $1,074,475 $2,087,796 $2,004,456 $1,699,906 $1,511,806 $1,518,025 EXCESS REVENUES OVER EXPENDITURES $206,769 $0 $444 $457 $471 $485 ADD BACK .4 TIMES BOND COVERAGE RAT 10 $260,005 $257,278 $258,516 $257,678 $258,635 $259,346 ENDING FUND BALANCE $1,732,154 $1,234,289 $844,485 $786,274 $956,133 $1,167,563 ASSUMPTIONS: FY 2009: 1/2 OF CITY SALES TAX BUDGET PROJECTION / FY 2010 - 2013: 3% GROWTH `~ •~r City Hall ~ City of Colleyville 100 Main Street Colleyville, Texas 76034 -~. Agenda Briefing 817.503.1000 www.colleyville.com File Number: File Type: Report Status: Reports Version: 1 Agenda Date: 08/25/2009 Requester: Agenda No.: 4b File Name: Annual Investment Report Attachments: History of Legislative File Controlling Body: Colleyville Economic Development Corporation Board Final Action: Version: Date: Acting Body: Action Text: 1 08/25/2009 Colleyville Economic Development Corporation Board Title Annual Investment Report Explanation From the period of October 1, 2008 through July 31, 2009, the Colleyville Economic Development Corporation had an average $1,195,693 invested in the Local Government Investment Cooperative (LOGIC) Pool, earning $11,260 during this period. From the period of October 1, 2008 through June 4, 2009, the Corporation held a Treasury bill with a par value of $550,000, that earned $7,416. Additionally, the Corporation held a portion of a FHLB note (par value $550,000) that matured July 13, 2009 and earned $1,880. City of Colleyville Page 1 Printed on 8/19/2009