HomeMy WebLinkAboutColleyville Economic Development Corporation (CEDC) Resolutions (R-11-114)-09/01/2011RESOLUTION R-11-114
A RESOLUTION ADOPTING THE ECONOMIC DEVELOPMENT CAPITAL
IMPROVEMENT PROGRAM (EDCIP) FOR FISCAL YEARS 2012-2016
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 23, 2011.
COLLEYVILLE ECONOMIC
DEVELOPMENT CORPORATION
~--~-~ ~
David Kelly
President
vy~ ~~~ ~~a v~~ ~y~c~v~ ~, ~ ~.~v~v, v~v~v
City Secretary
COLLEYV~LLE ECONOMIC DEVELOPMENT CORPORATION EXHIBIT A
ECONOMIC DEVELOPMENT CAPITAL IMPROVEMENT PROGRAM FY 2012 - FY 2016
FISCAL YEAR 2011 2012 2013 2014 2015 2016
BEGINNING FUND BALANCE $2,173,015 $1,702,334 $1,355,958 $1,100,004 $905,114 $874,215
REVENUES:
PROJECTED 1/2 CENT SALES TAX REVENUE $1,277,500 $1,290,275 $1,303,178 $1,316,210 $1,329,372 $1,342,665
INTEREST INCOME $3,900 $3,405 $2,712 $2,200 $1,810 $1,748
USE OF AVAILABLE CASH $728,360 $605,011 $515,301 $452,742 $289,053 $282,430
TOTAL REVENUES $2,009,759 $1,898,691 $1,821,190 $1,771,151 $1,620,234 $1,626,843
EXPENDITURES
OPERATING:
ADMINISTRATIVE $Z,000 $2,000
2005 DEBT SERVICE & 1.4 TIMES COVERAGE $901,873 $905,223
PROMOTIONAL $120,000 $129,368
WATER / WASTEWATER- MC PHERSON PARK $16,000 $16,480
PERSONNEI - SENIOR CENTER $70,095 $70,095
PERSONNEL - LIBRARY $21,649 $69,024
OPERATIONS - LIBRARY $4,046 $4,167
CAPITAL:
INTERFUND LOAN - COLLEYVILLE CENTER RENOVATIONS $165,331 $165,331
($661,325 REPAID OVER 4 YEARS)
COILEWILLE CENTER - REPLACEMENT TABLES $0 $0
COLLEYVILLE CENTER - REPLACEMENT CHAIRS $0 $0
LIBRARY SECOND FLOOR EXPANSION $522,274 $0
LIBRARY - COLLECTION SORTER $86,491 $0
LIBRARY - BALANCE OF UNUSED 2011 SALARIES (FF&E) $0 $46,532
LIBRARY - SECOND FLOOR, TEEN ROOM AND FIRST FLOOR-TECHNOLOGY / FFBE $78,566
LIBRARY TECHNOLOGY REPLACEMENTS $0 $51,000
CITYWIDE TRAIL SYSTEM
COTTON BELT II SPUR @ WEBB HOUSE CONSTRUCTION $0 $0
COTTON BELT II SPUR @ L.O. LOCKETT PARK CONSTRUCTION $100,000 $0
PLEASANT RUN TRAIL DESIGN (BOGART TO MISSION)-CARRV FORWARC $0 $58,000
PLEASANT RUN TRAIL ROW ACQUISITION (BOGART TO MISSION) $0 $168,000
PLEASANT RUN TRAIL CONSTRUCTION (BOGART TO MISSION) $0 $0
FUTURE PROJECTS - PARKS $0 $134,905
FUTURE PROJECTS $0 $0
TOTAL EXPENDITURES $2,009,759 $1,898,691
EXCESS REVENUES OVER EXPENDITURES $0 $0
ADD BACK .4 TIMES BOND COVERAGE RATIO $257,678 $258,635
$2,000 $2,000 $2,000 $2,000
$907,711 $902,482 $903,536 $910,584
$130,589 $131,841 $133,118 $134,441
$16,974 $17,484 $18,008 $18,548
$72,198 $74,364 $76,595 $78,893
$71,095 $73,227 $75,424 $77,687
$4,292 $4,421 $4,554 $4,690
$165,331 $165,332 $0 $0
$9,000 $0 $0 $0
$0 $0 $37.000 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$165,000 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$277,000 $0 $0 $0
$0 $0 $0 $0
$0 $400,000 $370,000 $400,000
1,821,191 $1,771,151 $1,620,235 $1.626,844
$0 $0 $0 $0
$259,346 $257,852 $258,153 $260,167
ENDING FUND BALANCE $1,702,334 $1,355,958
ASSUMPTIONS: FY 2012: 1/2 OF CITY SALES TAX BUDGET PROJECTION / FY 2013 - 2016: 1% GROWTH
$1,100,004 $905,114 $874,215 $851,953