HomeMy WebLinkAboutColleyville Economic Development Corporation (CEDC) Resolutions (R-10-110)-08/24/2010RESOLUTION 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:
D~
Cynthia Singleton, TRMC, CMC
Secretary
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 % GROWTH