HomeMy WebLinkAboutColleyville Economic Development Corporation (CEDC)-Agenda Packets-8/24/2010~~~~~~~~~ City of Colleyville
'~~~~r~~ Agenda
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Economic Development Corporation
Board
City Hall
100 Main Street
Colleyville, Texas 76034
817. 503.1000
www.colleyville.com
Tuesday, August 24, 2010 6:30 PM City Council Chambers
1. CALL TO ORDER
2. CONSENT: READING AND PUBLIC HEARING -Resolution R-10-109
2a Approval of the minutes of the Colleyville Economic Development
Corporation Board of Directors' meeting of January 12, 2010
2b Approval of the minutes of the Colleyville Economic Development
Corporation Board worksession of August 10, 2010
2c Approval of the annual review of the Colleyville Economic Development
Corporation's Investment Policy
3. RESOLUTION(S):
READING AND PUBLIC HEARING
3a R-10-110 Adopting the Economic Development Capital Improvement Program
(EDCIP) for FY 2011-2015
3b R-10-111 Adopting the Fiscal Year 2011 (FY 2011) Budget
3c R-10-112 Appointing a Colleyville Economic Development Corporation (CEDC)
Board. 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 20, 2010, by 5:00 p.m.
City of Colleyville Page 1 Printed on 8/20/2010
Economic Development Agenda August 24, 2010
Corporation Board /'-'7Q „
f
C~'fithia Singleton, TRMC, CMC
Cite. 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
accomodations, please advise the City Secretary at least 48 hours in advance at
817.503.1133, and reasonable accomodations will be made to assist you.
City of Colleyville Page 2 Printed on 8/20/2010
RESOLUTION R-10-109
A RESOLUTION APPROVING ACTION
UNDER CONSENT ITEMS AT THE COLLEYVILLE ECONOMIC DEVELOPMENT
CORPORATION BOARD MEETING OF AUGUST 24, 2010
WHEREAS, the 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 January 12, 2010, are hereby approved.
b. THAT the minutes of the Colleyville Economic Development Corporation
Board of Directors' worksession held August 10, 2010, 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 24, 2010.
COLLEYVILLE ECONOMIC
DEVELOPMENT CORPORATION
David Kelly
President
ATTEST:
Cynthia Singleton
Secretary
~ `~"~°` A ~ City of Colleyville
Minutes -Draft
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Economic Development Corporation
Board
City Hall
100 Main Street
Colleyville, Texas 76034
817. 503.1000
www.colleyville.com
Tuesday, January 12, 2010
6:30 PM Executive Conference Room, 3rd Floor
The Colleyville Economic Development Corporation Board of Directors'
meeting was called to order by President David Kelly on January 12,
2010, at 6:31 p.m.
ROLL CALL: Directors Tom Hart, Carol Wollin, Greg Appel, Sue
Kijowski, Stan Hall and Carel Tornes were present. President David
Kelly, General Manager Jennifer Fadden, Finance Manager Terry
Leake, Economic Development Director Marty Wieder, Marketing
Coordinator Ashley Stathatos, Community Development Director
Ron Ruthven, Communications Director Mona Gandy and City
Secretary Cynthia Singleton were also present.
2. CONSENT: READING AND PUBLIC HEARING -Resolution R-10-108
2a Approval of the minutes of the Colleyville Economic Development
Corporation Board of Director's meeting of August 25, 2009
President Kelly read Resolution R-10-108 in its entirety.
President Kelly opened the public hearing.
There was no one present wishing to speak and President Kelly closed
the public hearing.
Director Hall moved to approve Resolution R-10-108.
Director Wollin seconded the motion.
The motion carried by the following vote:
Aye: 7 -Carol Wollin, Greg Appel, Sue Kijowski, Tom Hart, Stan
Hall, David Kelly, Carel Tornes
3. PRESENTATION AND DISCUSSION
3a Presentation of the Colleyville Merchandising Plan by Catalyst
Commercial
Economic Development Director Marty Wieder stated the City engaged
City of Colleyville Page 1 Printed on 8/20/2010
Economic Development Minutes -Draft January 12, 2010
Corporation Board
Catalyst Commercial, Inc., to provide a Comprehensive Merchandising
Plan to be used in developing an overall economic development plan for
the City and introduced Mr. Jason Cfaunch of Catalyst Commercial, Inc.
Mr. Claunch presented information regarding national and state
consumer confidence and sales statistics, discretionary spending
patterns, retail vacancy rates, retail business and shopping center
trends, tenant distribution, implementation of the Catalyst Merchandising
Plan and answered questions of the Board.
Discussion ensued regarding successful retail trends, economic recovery
period, timing for retail entry, daytime population and the value and
utilization of the data for current retailers, retail brokers and property
managers.
4. ADJOURNMENT
There being no further business, President Kelly adjourned the meeting
at 7:11 p.m.
APPROVED BY A VOTE OF AYES, NAYS AND
ABSTENTIONS ON THIS THE DAY OF 2010.
Minutes taken and prepared by:
Cynthia Singleton, TRMC, CMC
City Secretary
City of Colleyville Page 2 Printed on 8/20/2010
"~"' City of Colleyville
~ Minutes -Draft
r,,.aa
Economic Development Corporation
Board
City Hall
100 Main Street
Colleyville, Texas 76034
817. 503.1000
www.colleyville.com
Tuesday, August 10, 2010
7:00 PM Executive Conference Room, Third Floor
The Colleyville Economic Development Corporation Board of Directors'
worksession was called to order by President David Kelly on August 10,
2010, at 7:24 p.m.
ROLL CALL: Directors Carol Wollin, Stan Hall, Sue Kijowski, Greg
Appel, Carel Tornes and Vice President Tom Hart were present.
President David Kelly, General Manager Jennifer Fadden, Finance
Manager Terry Leake, Economic Development Director Marty
Wieder, Community Development Director Ron Ruthven, Public
Works Director Steve Chutchian, Marketing Coordinator Ashley
Stathatos, Communications and Marketing Director Mona Gandy
and Secretary Cynthia Singleton were also present.
2.
2a
PRESENTATION AND DISCUSSION
Colleyville Economic Development Corporation (CEDC) Fiscal Year
2010 (FY 2010) budget update
Finance Manager Terry Leake provided an update of the Economic
Development Corporation Fiscal Year 2010 budget, stated in anticipation
of revenue deficit, a $10,000 transfer to the Arts Fund was eliminated
and construction of the Senior Center open area elements delayed,
reviewed the status of current projects and answered questions of the
Board.
Discussion ensued regarding the construction of the quad gates at the
Webb House Crossing trail, potential grant funding and the delay of the
Senior Center open area project.
2b
Discussion of the FY 2011 - 2015 Economic Development Capital
Improvement Program (EDCIP) priorities
Finance Manager Terry Leake reviewed the Economic Development
Capital Improvement Program priorities and answered questions of the
Board.
Ms. Leake stated there is a reduction of the projection of sales tax
growth from 2% to 1 % annually throughout the next five years, a
reduction of projected interest income, due to projected investment
Cify of Colleyville Page 1 Printed on 8/20/2010
Economic Development Minutes -Draft August 10, 2010
Corporation Board
return rates, is continuing to remain at record low levels and outlined the
expenditures of the EDCIP projects.
Ms. Leake provided information regarding the status of the Senior Center
Open Area, Phase I project.
There was general discussion regarding the timeline and cost of
developing the City trails.
General Manager Jennifer Fadden stated the primary reason the Senior
Center Open Area project was not executed this year is due to a
decrease in sales tax revenue.
Economic Development Director Marty Wieder provided an overview of
the promotional budget, the structure of City special events and outlined
the proposed Special Events Policy.
Discussion ensued regarding the parameters allowed by law of the
percentage of the CEDC budget allocated to promotional items and
maximizing the use of the funds.
It was determined an opinion would be obtained from the City Attorney
regarding the interpretation of the law related to the use of CEDC funds
for promotional items.
Discussion continued regarding partnerships with local businesses for
the development and sponsorship of special events and using social
media for the promotion of City events.
General Manager. Jennifer Fadden stated there are additional
promotional and advertising dollars in the General Fund Economic
Development budget.
Finance Manager Terry Leake stated the CEDC Board will meet June
24, 2010, for consideration of adopting the budget and EDCIP Plan.
Ms. Leake reported the costs for developing the Senior Center arbor and
outdoor area is $65.,000.
President Kelly requested staff determine the feasibility of funding the
construction of the arbor and outdoor area at the Senior Center.
General Manager Jennifer Fadden stated funds may be available in the
Park Land Dedication fund.
City of Colleyville Page 2 Printed on 8/20/2010
Economic Development Minutes -Draft August 10, 2010
Corporation Board
3. ADJOURNMENT
There being no further business before the CEDC Board, President Kelly
adjourned the worksession at 8:06 p.m.
APPROVED BY A VOTE OF
ABSTENTIONS ON THIS THE
AYES, NAYS AN D
DAY OF 2010.
Minutes taken and prepared by:
Cynthia Singleton, TRMC, CMC
City Secretary
City of Colleyville Page 3 Printed on 8/20/2010
`'~ ~„ City Hall
City of Colleyville 100 Main Street
`' ~ Colleyville, Texas 76034
,~.,., Agenda Briefing 817.503.1000
www.colleyville.com
File Number:
File Type: Resolution
Status: Consent Agenda
Version: 1
Requester: Office of the City
Manager
Agenda Date: 08/24/2010
Agenda No.: 2c
Controlling Body: Economic
Development
Corporation Board
Final Action:
File Name: Approval of the annual review of the Colleyville Economic Development Corporation's
Investment Policy
Attachments: Investment Policy.pdf
History of Legislative File
Version: Date: Acting Body: Action Text:
1 08/24/2010 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. Additionally, there are no changes proposed to the existing policy.
Financial Impact
There is no financial impact.
Recommendation
Approval
City of Colleyville Page 1 Printed on 8/20/2010
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 bean 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 by law 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 dollarweighted 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
;~~~~~~ . Cilty Of CO~~e~/Vl~~e 100 Main Street
Colleyville, Texas 76034
Agenda Briefing 817.503.1000
www.colleyville.com
File Number: R-10-110
File Number: R-10-110
Version: 1
Requester: Office of the City
Manager
File Type: Resolution
Agenda Date: 08/24/2010
Status: Resolution
Controlling Body: Economic
Development
Corporation Board
Agenda No.: 3a
Final Action:
File Name: Adopting the Economic Development Capital Improvement Program (EDCIP) for FY 2011-2015
Attachments: EDCIP FY 2011-2015 -Exhibit A.pdf EDCIP FY 2010-2014 -Exhibit B.pdf FY 2011
CEDC Promotional Budget -Exhibit C.pdf Resolution R-10-110.pdf
History of Legislative File
Version: Date: Acting Body: Action Text:
1 08/24/2010 Economic Development
Corporation Board
Title
Adopting the Economic Development Capital Improvement Program (EDCIP) for FY
2011-2015
Explanation
Reading and Public Hearing
The Colleyville Economic Development Corporation 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 10, 2010, the Board met in a worksession to provide input on the FY
2011-2015 EDCIP. The following FY 2011 - 2015 EDCIP (Exhibit A) is as directed by the
Board. The proposed changes from the attached adopted FY 2011 - FY 2014 EDCIP
(Exhibit B) are as follows:
Revenues:
Reduction of the projection of sales tax growth from 2% to 1 % annually throughout the next
five years, and reduction of projected interest income due to projected investment return
rates continuing to remain at record low levels.
City of Colleyville Page 1 Printed on 8/20/2010
Agenda Briefing Continued (R-10-110)
Expenditures:
FY 2011:
Carry forward of funding for incomplete projects -Library second floor expansion $524,000,
Library collection sorter - $86,491, Cotton Belt II spur at L.D. Lockett Park - $100,000, and
Pleasant Run Trail design (Bogart to Mission) - $58,000. Promotional expenditures were
reduced to $120,000 (Exhibit C) from $144,400 due to recent changes in state law limiting
those types of expenses to 10% of revenues. The Keep It Colleyville Beautiful agency
agreement is proposed to be funded in the City of Colleyville's General Fund budget in FY
2011 and is eliminated from all years of the EDCIP.
FY 2012:
Carry forward of funding for incomplete projects -Cotton Belt II spur at Webb House -
$165,000, and Pleasant Run Trail right-of-way acquisition (Bogart to Mission) - $168,000. A
portion of the Pleasant Run Trail right-of-way acquisition (Bogart to Mission) funding is
allocated from the future projects category. The $134,905 balance of the Senior Center
Open Area Phase I has been reallocated to a future parks project, pending the completion
of the Parks Master Plan in FY 2011.
FY 2013:
The Pleasant Run Trail construction (Bogart to Mission) funding in the amount of $277,000
is allocated from the future projects category. There is a possible federal grant that could
reduce the cost of this project.
FY 2014:
The future projects category was reduced to $50,000 from $215,000 primarily due to
funding in the prior year of the Pleasant Run Trail construction (Bogart to Mission) project.
FY 2015:
The future projects allocation is $300,000.
Financial Impact
The revenue estimate is one-half of the sales tax revenue estimated in the City's proposed
FY 2011 budget. FY 2012-2015 includes a 1 % increase in sales tax. The use of available
cash during FY 2011 - 2015 brings fund balance down to $861,412 in FY 2015.
Recommendation
Approval
City of Colleyville Page 2 Printed on 8/20/2010
COLLEYVILLE ECONOMIC DEVELOPMENT CORPORATION EXHIBIT A
ECONOMIC DEVELOPMENT CAPITAL IMPROVEMENT PROGRAM FY 2011 - FY 2015
FISCAL YEAR 2010 2011 2012 2013 2014 2015
BEGINNING FUND BALANCE $2,228,621 $2,007,114 $1,342,316 $980,748 $810,873 $875,984
REVENUES::
PROJECTED 1/2 CENT SALES TAX REVENUE $1,166,820 $1,178,488 $1,190,273 $1,202,176 $1,214,197 $1,226,339
INTEREST INCOME $11,143 $15,053 $13,423 $9,807 $8,109 $8,109
USE OF AVAILABLE CASH $480,023 $922,476 $620,204 $429,221 $192,741 $272,725
TOTAL REVENUES $1,657,986 $2,116,017 $1,823,900 $1,641,204 $1,415,047 $1,507,173
EXPENDITURES:
OPERATING:
ADMINISTRATIVE $2,000 $2,000 $2,000 $2,000 $2,000 $2,000
2005 DEBT SERVICE & 1.4 TIMES COVERAGE $904,806 $901,873 $905,223 $907,711 $902,482 $903,536
PROMOTIONAL $216,400 $120,000 $120,370 $121,198 $122,231 $123,445
KEEP COLLEYVILLE BEAUTIFUL AGENCY AGREEMENT $3,000 $0 $0 $0 $0 $0
WATER /WASTEWATER- MC PHERSON PARK $15,000 $16,000 $16,480 $16,974 $17,484 $18,008
PERSONNEL -SENIOR CENTER $70,654 $70,095 $72,198 $74,364 $76,595 $78,893
PERSONNEL -LIBRARY $0 $68,181 $70,226 $72,333 $74,503 $76,738
OPERATIONS -LIBRARY $0 $4,046 $4,167 $4,292 $4,421 $4,554
TRANSFER TO ARTS FUND $0 $0 $0 $0 $0 $0
CAPITAL:
ENTRY MARKER $293,521 $0 $0 $0 $0 $0
INTERFUND LOAN - COLLEYVILLE CENTER RENOVATIONS $0 $165,331 $165,331 $165,331 $165,332 $0
($661,325 REPAID OVER 4 YEARS)
LIBRARY SECOND FLOOR EXPANSION $51,000 $524,000 $0 $0 $0 $0
LIBRARY -COLLECTION SORTER $0 $86,491 $0 $0 $0 $0
CITYWIDE TRAIL SYSTEM
COTTON BELT II SPUR @ WEBB HOUSE CONSTRUCTION $0 $0 $165,000 $0 $0 $0
COTTON BELT II SPUR @ L.D. LOCKETT PARK CONSTRUCTION $0 $100,000 $0 $0 $0 $0
PLEASANT RUN TRAIL (HARDAGE LN. TO COTTONBELT) $86,510 $0 $0 $0 $0 $0
PLEASANT RUN TRAIL DESIGN (BOGART TO MISSION) $0 $58,000 $0 $0 $0 $0
PLEASANT RUN TRAIL ROW ACQUISITION (BOGART TO MISSION) $0 $0 $168,000 $0 $0 $0
PLEASANT RUN TRAIL CONSTRUCTION (BOGART TO MISSION) $0 $0 $0 $277,000 $0 $0
SENIOR CENTER
OPEN AREA - PHASE I $15,095 $0 $0 $0 $0 $0
FUTURE PROJECTS -PARKS $0 $0 $134,905 $0 $0 $0
FUTURE PROJECTS $0 $0 $0 $0 $50,000 $300,000
TOTAL EXPENDITURES $1,657,986 $2,116,017 $1,823,900 $1,641,204 $1,415,048 $1,507,173
EXCESS REVENUES OVER EXPENDITURES $0 $0 $0 $0 $0 $0
ADD BACK .4 TIMES BOND COVERAGE RATIO $258,516 $257,678 $258,635 $259,346 $257,852 $258,153
ENDING FUND BALANCE $2,007,114 $1,342,316 $980,748 $810,873 $875,984 $861,412
ASSUMPTIONS: FY 2011: 1/2 OF CITY SALES TAX BUDGET PROJECTION / FY 2012 - 2015: 1% GROWfH
COLLEYVILLE ECONOMIC DEVELOPMENT CORPORATION EXHIBIT B
ECONOMIC DEVELOPMENT CAPITAL IMPROVEMENT PROGRAM FY 2010 - FY 2014
FISCAL YEAR 2009 2010 2011 2012 2013 2014
BEGINNING FUND BALANCE $1,881,856 $2,255,064 $1,015,584 $895,691 $863,575 $848,687
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 $28,188 $12,695 $11,196 $10,795 $10,609
USE OF AVAILABLE CASH $0 $1,497,996 $377,572 $290,751 $274,233 $249,545
TOTAL REVENUES $1,297,442 $2,806,872 $1,696,568 $1,634,375 $1,644,104 $1,646,411
EXPENDITURESi
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:
ENTRY MARKER $15,195 $293,521 $0 $0 $0 $0
INTERFUND LOAN - COLLEYVILLE CENTER RENOVATION $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 $1,181,513 $2,806,872 $1,696,568 $1,634,375 $1,644,104 $1,646,411
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 $1,015,584 $895,691 $863,575 $848,687 $856,995
ASSUMPTIONS: FY 2010: 1/2 OF CITY SALES TAX BUDGET PROJECTION / FY 2011 - 2014: 2% GROWTH
COLLEYVILLE ECONOMIC DEVELOPMENT CORPORATION
FY 2011 -Promotional Budget
EXHIBIT C
Description
Explanation Total Proposed
Costs
ADVERTISING: $6,000 Fort Worth, TX or D Ma zine contin enc ads $6,000
KEEP IT COLLEYVILLE PROGRAM: $19,000 Kee It Colle ille Pro ram:
Event & Pro ram ads, events Colle ville Courier $4,000
Monthl Business Events $500/month for 20 on the 20th $6,000
VIP Preferred Cards $4,000
Gift Cards $4,000
Kee It Colle ville Merchandise $1,000
COME TO COLLEYVILLE PROGRAM Sho in & Dinin Guide $26,000
SPECIAL EVENTS: $69 000 Old T me BBQ/s rin event $16 000
Holle Colle Christmas/Holida Event in the villa a $16,000
To-Be-Named Fall Festival in the villa a $16,000
Red, White & Sousa Town Center $16,000
Summermovies and concerts $5,000
Total $120,000
RESOLUTION R-10-110
A RESOLUTION ADOPTING THE ECONOMIC DEVELOPMENT CAPITAL
IMPROVEMENT PROGRAM (EDCIP) FOR FISCAL YEARS 2011-2015
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 24, 2010.
COLLEYVILLE ECONOMIC
DEVELOPMENT CORPORATION
David Kelly
President
ATTEST:
Cynthia Singleton, TRMC, CMC
Secretary
COLLEYVILLE ECONOMIC DEVELOPMENT CORPORATION
ECONOMIC DEVELOPMENT CAPITAL IMPROVEMENT PROGRAM FY 2011 - FY 2015
FISCAL YEAR
BEGINNING FUND BALANCE
REVENUES:
PROJECTED 1l2 CENT SALES TAX REVENUE
INTEREST INCOME
USE OF AVAILABLE CASH
TOTAL REVENUES
EXPENDITURES::
OPERATING:
ADMINISTRATIVE
2005 DEBT SERVICE 61.4 TIMES COVERAGE
PROMOTIONAL
KEEP COLLEYVILLE BEAUTIFUL AGENCY AGREEMENT
WATER /WASTEWATER- MC PHERSON PARK
PERSONNEL -SENIOR CENTER
PERSONNEL-LIBRARY
OPERATIONS -LIBRARY
TRANSFER TO ARTS FUND
CAPITAL:
ENTRY MARKER
INTERFUND LOAN - COLLEYVILLE CENTER RENOVATIONS
(5681,325 REPAID OVER 4 YEARS)
LIBRARY SECOND FLOOR EXPANSION
LIBRARY -COLLECTION SORTER
CITYWIDE TRAIL SYSTEM
2010 2011
EXHIBIT A
2012 2013 2014 2015
52,228,821 32,007,114 51,342,318 E980,748 5810,873 5875,984
51,186,820 57,178,488 31,190,273 51,202,178 51,214,197 51,226,339
511,143 515,053 513,423 59,807 58,109 58,109
5480,023 5922,476 5820,204 5429,221 5792,741 5272,725
51,657,988 52,116,017 37,823,900 51,841,204 57,475,047 51,507,173
sz,ooo s2,ooo S2,ooo 52,000 s2,ooo sz,ooo
5904,806 5901,873 5905,223 5907,711 5902,482 S903,538
5216,400 5120,000 5120,370 5121,198 5122,231 5123,445
53,000 SO SO SO SO SO
515,000 578,000 516,480 518,974 517,484 578,OOB
570,654 570,095 572,198 574,364 576,595 578,893
SO 568,181 570,226 572,333 574,503 576,738
SO 54,046 54,187 54,292 54,421 54,554
so so So so so so
5293,521 SO SO 50 50 a0
SO 5185,331 5185,331 5765,331 5165,332 SO
351,000 5524,000 SO SO SO SO
50 586,491 SO SO 30 SO
COTTON BELT II SPUR (~ WEBB HOUSE CONSTRUCTION SO SO 5165,000 SO SO SO
COTTON BELT II SPUR ®L.D. LOCKETT PARK CONSTRUCTION SO 5100,000 SO SO SO SO
PLEASANT RUN TRAIL (HARDAGE LN. TO COTTONBELT) 586,510 SO SO ~ ~ ~
PLEASANT RUN TRAIL DESIGN (BOGART TO MISSION) SO 558,000 SO SO SO SO
PLEASANT RUN TRAIL ROW ACQUISITION (BOGART TO MISSION) SO SO 5768,000 SD SO SO
PLEASANT RUN TRAIL CONSTRUCTION (BOGART TO MISSION) SO SO SO 5277,000 SO SO
SENIOR CENTER
95
SO
SO
SO
SO
SO
OPEN AREA - PHASE I 515,0 SO
FUTURE PROJECTS -PARKS 50 SO 5134,905 SO SO
50 SO SO SO 550.000 5300,000
FUTURE PROJECTS 986
657
51 52,116,017 51,823,900 31,841,204 51,415,048 51,507,173
TOTAL EXPENDITURES ,
,
EXCESS REVENUES OVER EXPENDITURES SO SO SO SO SO SD
ADD BACK .4 TIMES BOND COVERAGE RATIO 5258,516 5257,678 3258,635 5259,348 5257,852 5258,153
114
007
52 S1,342,318 5980,748 5810,873 5875,984 5881,412
ENDING FUND BALANCE ,
.
ASSUMPTIONS: FY 2011: 1/2 OF CITY SALES TAX BUDGET PROJECTION / FY 2012 - 2015: 1% GROWiH
3~ ''~~y~ City of Colleyville 100 Main Street
~~ Colleyville, Texas 76034
~~~~~- Agenda Briefing 817.503.1000
vvww. co 1 1 eyvi l l e. co m
File Number: R-10-111
File Number: R-10-111
Version: 1
File Type: Resolution
Agenda Date: 08/24/2010
Requester: Office of the City Agenda No.: 3b
Manager
File Name: Adopting the Fiscal Year 2011 (FY 2011) Budget
Final Action:
Attachments: FY 2011 Budget Summary.pdf FY 2011 CEDC Promotional Budget.pdf Resolution
R-10-111.pdf
History of Legislative File
Status: Resolution
Version: Date: Acting Body: Action Text:
Controlling Body: Economic
Development
Corporation Board
1 08/24/2010 Economic Development
Corporation Board
Title
Adopting the Fiscal Year 2011 (FY 2011) 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 2011 budget replicates the FY
2011 revenues and expenditures contained in the FY 2011 - 2015 EDCIP (Agenda item 3a).
The sales tax portion of the revenue estimate ($1,178,488) is one-half of the sales tax
revenue estimate in the City's proposed FY 2011 budget. Total proposed expenditures
include the following:
Capital
• Library second floor expansion $ 524,000
FY 2010 expenditure carry forward
• Library collection sorter $ 86,491
FY 2010 expenditure carry forward
• Pleasant Run Trail (Bogart to Mission) design $ 58,000
FY 2010 expenditure carry forward
• Cotton Belt II spur @ L.D. Lockett Park trail construction $ 100,000
FY 2010 expenditure carry forward
Operating:
Administrative $ 2,000
• Personnel -Senior Center Supervisor position $ 70,095
• Personnel -Library (four part time positions) $ 68,181
City of Colleyville Page 1 Prinfed on 8/20/2010
Agenda Briefing Continued (R-10-111)
• Operations -Library $ 4,046
• Promotional $ 120,000
• Water/wastewater McPherson splash pad $ 16,000
• Debt service on the 2005 sales tax refunding bonds $ 644,195
• Interfund loan repayment - Colleyville Center renovations $ 165,331
The budget also utilizes $922,476 in available cash balance, with the projected ending
Fiscal Year 2010 Fund Balance being $2,007,114.
Financial Impact
Adoption will provide appropriations for the FY 2011 budget.
Recommendation
Approval
City of Colleyville Page 2 Printed on 8/20/2010
COLLEYVILLE ECONOMIC DEVELOPMENT CORPORATION
FY 2011 BUDGET SUMMARY
BEGINNING FUND BALANCE
REVENUES:
SALES TAX REVENUES
INTEREST INCOME
USE OF AVAILABLE CASH
TOTAL REVENUES
LESS EXPENSES:
ADMINISTRATIVE EXPENSES:
MARKETING
PERSONNEL- SENIOR CENTER SUPERVISOR
PERSONNEL- LIBRARY
OPERATIONS -LIBRARY
KEEP COLLEYVILLE BEAUTIFUL AGENCY AGREEMENT
WATER-MC PHERSON PARK
DEBT SERVICE
INTERFUND LOAN REPAYMENT - COLLEYVILLE CENTER RENOVATION
CAPITAL PROJECTS:
ENTRY MARKERS •
LIBRARY SECOND FLOOR EXPANSION •
LIBRARY COLLECTION SORTER
SENIOR CENTER OPEN AREA -SENIOR ELEMENTS
TRAIL CONSTRUCTION -PLEASANT RUN (HARDAGE LN. TO COTTONBELT)
TRAIL CONSTRUCTION -PLEASANT RUN (BOGART TO MISSION) DESIGN ,
TRAIL CONSTRUCTION -COTTON BELT II SPUR @ L. D. LOCKETT PARK ,
TOTAL EXPENSES $ 1,399,470
EXCESS REVENUES OVER EXPENSES $ 258,516
ENDING FUND BALANCE $ 2,007,114
NOTE: A COVERAGE RATIO OF 1.4 IS REQUIRED TO MEET THE SALES TAX
BOND COVENANTS. FOR FY 2011 REVENUES MUST EXCEED EXPENDITURES
BY AT LEAST $257,678.
FY 2010
ANTICIPATED
$ 2,228,621
FY 2011
PROPOSED
$ 2,007,114
1,166,820 $ 1,178,488
11,143- $ 15,053
480,023 $ 922,476
1,657,986 $ 2,116,017
2,000 $ 2,000
216,400 $ 120,000
70,654 $ 70,095
- $ 68,181
- $ 4,046
3,000 $ -
15,000 $ 16,000
646,290 $ 644,195
- $ 165,331
293,521 $ -
51,000 $ 524,000
- $ 86,491
15,095 $ -
86,510 $ -
- $ 58,000
- $ 100,000
$ 1,858,339
$ 257,678
$ 1,342,316
COLLEYVILLE ECONOMIC DEVELOPMENT CORPORATION
FY 2011 -Promotional Budget
Description
Explanation Total Proposed
Costs
ADVERTISING: $6,000 Fort Worth, TX or D Ma zine contin enc ads $6,000
KEEP IT COLLEYVILLE PROGRAM: $19,000 Kee It Colle ille Pro ram:
Event & Pro ram ads events Colle ville Courier $4 000
Monthl Business Events $500/month for 20 on the 20th $6,000
VIP Preferred Cards $4,000
Gift Cards $4,000
Kee It Colle ville Merchandise $1,000
COME TO COLLEYVILLE PROGRAM Sho in & Dinin Guide $26,000
SPECIAL EVENTS: $69,000 Old T me BBQ/s rin event
Holle Colle Christmas/Holida Event in the villa a $16,000
$16,000
To-Be-Named Fall Festival in the villa a $16,000
Red, White & Sousa Town Center $16 000
Summer movies and concerts $5,000
Total $120,000
RESOLUTION R-10-111
A RESOLUTION ADOPTING AN ANNUAL BUDGET FOR FISCAL YEAR 2011 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 2011 budget amounts for the Colleyville Economic
Development Corporation are as follows:
Revenues $2,116,017
Expenditures $1,858,339
AND IT IS SO RESOLVED.
PASSED AND ADOPTED, THIS August 24, 2010.
COLLEYVILLE ECONOMIC
DEVELOPMENT CORPORATION
David Kelly
President
ATTEST:
Cynthia Singleton, TRMC, CMC
Secretary
"~~ ~ °'
!"~'" ~ City of Colleyville
~'~h~ ~ City Hall
100 Main Street
Colleyville, Texas 76034
,r.,.,~_ Agenda Briefing 817.503.1000
www.colleyville.com
File Number: R-10-112
File Number: R-10-112 File Type: Resolution Status: Resolution
Version: 1 Agenda Date: 08/24/2010 Controlling Body: Economic
Development
Corporation Board
Requester: Office of the City Agenda No.: 3c Final Action:
Secretary
File Name: Appointing a Colleyville Economic Development Corporation (CEDC) Board President and Vice
President
Attachments: Colleyville Economic Development Corporation Board roster.pdf CEDC bylaws excerpt.pdf
Resolution R-10-112.pdf
History of Legislative File
Version: Date: Acting Body: Action Text:
1 08/24/2010 Economic Development
Corporation Board
Title
Appointing a Colleyville Economic Development Corporation (CEDC) Board President and
Vice President
Explanation
Reading and Public Hearing
On August 25, 2009, the Colleyville Economic Development Corporation (CEDC) Board of
Directors elected Director David Kelly as President and Director Tom Hart 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 L
This item provides for the Board of Directors to elect a President and Vice President of the
CEDC.
Financial Impact
There is no financial impact.
Recommendation
Approval
City of Colleyville Page 1 Printed on 8/20/2010
Colleyville Economic Development Corporation
PRESIDENT
David Kelly
905 Inwood Lane
Colleyville, TX 76034
H: (817) 656-1862
dkellvCa2collevville.com
TERM:Jun 2010 -May 2013
VICE PRESIDENT
Tom Hart
1717 Avondale
Colleyville, TX 76034
H: (817) 540-1171
thartCcD.colleyville.com
TERM:Aug 2009 -May 2012
DIRECTOR
Greg Appel
404 Lloyd Circle
Colleyville, TX 76034
H: (817) 428-1337
gappel(a)sbcglobal.net
TERM:Sep 2009 -Sep 2011
DIRECTOR
Sue Kijowski
6603 Carriage Drive
Colleyville, TX 76034
H: (817) 251-4438
suekiiowski(a)gmail.com
TERM:Sep 2009 -Sep 2011
DIRECTOR
Carol Wollin
4600 Dartmoore Lane
Colleyville, TX 76034
H: (817) 281-3058
cwollin c(~.colleyville.com
TERM:Jun 2010 -May 2013
GENERAL MANAGER
Jennifer Fadden
100 Main Street
Colleyville, TX 76034
IfaddenCc~colleyville.com
DIRECTOR
Stan Hall
6100 Hillbrook Drive
Colleyville, TX 76034
H: (817) 488-2996
shall ancolleyville.com
TERM:JuI 2009 -May 2011
DIRECTOR
Carel Tornes
6712 Hillier Court
Colleyville, TX 76034
H: (817) 788-5611
careltornesCa)gmail.com
TERM:Sep 2009 -Sep 2011
FINANCE MANAGER
Terry Leake
100 Main Street
Colleyville, TX 76034
H: (817) 379-5014
tleaketa7.colleyville.com
SECRETARY
Cynthia Singleton
100 Main Street
Colleyville, TX 76034
W: (817) 58-1-3600
csinpleton~colleyville.com
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-
CEDC bylaws excerpt
A. call both regular and special meetings of the Board and establish the agenda
for such;
B. shall endorse and countersign, on behalf of the Corporation, for collection or
issuance, checks, notes and otherobligations in ordrawn upon such bank or
banks or depositories as shall be designated by the City Council consistent
with these Bylaws.
C. have the authority to appoint standing or study committees to aid and assist
the Board in its business undertaking or other matters incidental to the
operation and functions of the Board;
D. perform all duties incident to the office, and such other duties as shall be
prescribed from time to time by the Board, subject to approval by the City
Council;
E. appear before the City Council on a periodic basis to give a report on the
status of activities of the Corporation; and
F. appear before the City Council, or be represented by his designee, regarding
any item being considered by the City Council concerning the Corporation.
SECTION 3. VICE PRESIDENT
The Vice President shall exercise the powers of the President during that officer's
absence or inability to act. The Vice President shall also perform other duties as
from time to time may be assigned by the President or the Board.
SECTION 4. ATTENDANCE
Directors must be present in order to vote at any meeting. Regular attendance at
the Board meetings is required of all directors. The following number of absences
shall constitute the basis for replacement of a director. Three (3) consecutive
unexcused absences from .meetings of the Board shall cause the position to be
considered vacant.
In addition, the position of any director who has four (4) unexcused absences in a
twelve (12) month period shall also be considered vacant.
-5-
RESOLUTION R-10-112
A RESOLUTION APPOINTING A COLLEYVILLE ECONOMIC DEVELOPMENT
CORPORATION BOARD 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 24, 2010.
COLLEYVILLE ECONOMIC
DEVELOPMENT CORPORATION
David Kelly
President
ATTEST:
Cynthia Singleton
Secretary
~~ <„
~ City of Colleyville City Hall
100 Main Street
Colleyville, Texas 76034
rt.~.~w Agenda Briefing 817.503.1000
www.colleyville.com
File Number:
Version: 1
File Type: Report
Agenda Date: 08/24/2010
Requester: Office of the City Agenda No.: 4a
Manager
File Name: Annual Activity Report
Attachments: Annual Activity Report.pdf
History of Legislative File
Status: Reports
Controlling Body: Economic
Development
Corporation Board
Final Action:
Version: Date: Acting Body: Action Text:
1 08/24/2010 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, 2011 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 21, 2010 City Council meeting.
City of Colleyville Page 1 Printed on 8/20/2010
ANNUAL REPORT OF THE COLLEYVILLE ECONOMIC DEVELOPMENT CORPORATION
ACTIONS OF THE CORPORATION
On August 25, 2009, the Board held its annual meeting and approved the FY 2010 annual
budget for the Corporation with projected revenues of $2,806,872 and expenses of
$2,548,356. The Board also adopted the attached Exhibit "A" Economic Development Capital
Improvement Program (EDCIP) for Fiscal Years 2010 through 2014. This program provided
funding in FY 2010 for Economic Development marketing including funding for a
Comprehensive Merchandising Plan, to identify and recommend restaurants and retailers to
target using a "location optimization merchandising analytics software", with additional
marketing funding included in subsequent years. 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 bringing the annual total to $10,000. 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. Capital expenditures include
funding for entry markers, Library second floor expansion and a collection sorter for the
Library, Pleasant Run Trail, Citywide trail construction for Webb House Crossing and L.D.
Lockett house path, repayment of an interfund loan over a four year period to the Colleyville
Tomorrow Fund for the renovation of the Colleyville Center, Senior Center open area
development and future projects as determined by the future Parks Master Plan update.
On August 10, 2010, the Board held a worksession to discuss the FY 2011-2015 EDCIP prior
to the annual meeting to be held on August 24, 2010. The following changes were proposed:
Revenues:
Reduction of the projection of sales tax growth from 2% to 1 % annually throughout the next
five years, and reduction of projected interest income due to projected investment return rates
continuing to remain at record low levels.
Expenditures:
FY 2011:
Carry forward of funding for incomplete projects -Library second floor expansion $524,000,
Library collection sorter - $86,491, Cotton Belt II spur at L.D. Lockett Park - $100,000, and
Pleasant Run Trail design (Bogart to Mission) - $58,000. Promotional expenditures were
reduced to $120,000 from $144,400 due to recent changes in state law limiting those types of
expenses to 10% of revenues. The Keep Colleyville Beautiful agency agreement is proposed
to be funded in the City of Colleyville's General Fund budget in FY 2011 and is eliminated from
the all years of the EDCIP.
FY 2012:
Carry forward of funding for incomplete projects -Cotton Belt II spur at Webb House -
$165,000, and Pleasant Run Trail right-of-way acquisition (Bogart to Mission) - $168,000. A
portion of the Pleasant Run Trail right-of-way acquisition (Bogart to Mission) funding is
allocated from the future projects category. The $134,905 balance of the Senior Center Open
Area Phase I has been reallocated to a future parks project, pending the completion of the
Parks Master Plan in FY 2011.
FY 2013:
The Pleasant Run Trail construction (Bogart to Mission) funding, in the amount of $277,000, is
allocated from the future projects category. There is a possible federal grant that could reduce
the cost of this project.
FY 2014:
The future projects category was reduced to $50,000 from $215,000 primarily due to funding in
the prior year of the Pleasant Run Trail construction (Bogart to Mission) project.
FY 2015:
The future projects allocation is $300,000.
COLLEYVILLE ECONOMIC DEVELOPMENT CORPORATION EXHIBIT A
ECONOMIC DEVELOPMENT CAPITAL IMPROVEME NT PROGRAM FY 2010 - FY 2014
FISCAL YEAR 2009 2010 2011 2012 2013 2014
BEGINNING FUND BALANCE $1,881,856 $2,255,064 $1,015,584 $895,691 $863,575 $848,687
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 $28,188 $12,695 $11,196 $10,795 $10,609
USE OF AVAILABLE CASH $0 $1,497,996 $377,572 $290,751 $274,233 $249,545
TOTAL REVENUES $1,297,442 $2,806,872 $1,696,568 $1,634,375 $1,644,104 $1,646,411
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:
ENTRY MARKER $15,195 $293,521 $0 $0 $0 $0
INTERFUND LOAN - COLLEYVILLE CENTER RENOVATION $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 $1,181,513 $2,806,872 $1,696,568 $1,634,375 $1,644,104 $1,646,411
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 $1,015,584 $895,691 $863,575 $848,687 $856,995
ASSUMPTIONS: FY 2010: 1/2 OF CITY SALES TAX BUDGET PROJECTION / FY 2011 - 2014: 2% GROWTH
~.i15~<r,
'""~~^ ~ City of Colleyville 100 Main Street
w` %~~~~ ~H ,~~i ~" Colleyville, Texas 76034
,.;,_,- Agenda Briefing 817.503.1000
www.colleyville.com
File Number: File Type: Report Status: Reports
Version: 1 Agenda Date: 08/24/2010 Controlling Body: Economic
Development
Corporation Board
Requester: Office of the City Agenda No.: 4b Final Action:
Manager
File Name: Annual Investment Report
Attachments:
History of Legislative File
Version: Date: Acting Body: Action Text:
1 08/24/2010 Economic Development
Corporation Board
Title
Annual Investment Report
Explanation
From the period of October 1, 2009 through July 31, 2010, the Colleyville Economic
Development Corporation had an average $1,368,099 invested in the Local Government
Investment Cooperative (LOGIC) Pool, earning $2,619 during this period. From the period
of October 1, 2009 through April 15, 2010, the Corporation held a Treasury note with a par
value of $540,000, that earned $431. Currently, the Corporation holds a Treasury note with
a purchase price of $552,578 (par value $550,000) and a market value of $552,621,
yielding .435% which will mature May 31, 2011.
City of Colleyville Page 1 Printed on 8/20/2010