HomeMy WebLinkAboutCity Council Resolutions (R-01-1839)-09/11/2001
RESOLUTION R-01-1839
A RESOLUTION APPROVING THE COLLEYVILLE ECONOMIC DEVELOPMENT
CORPORATION CAPITAL IMPROVEMENT PLAN
WHEREAS, the by-laws of the Colleyville Economic Development Corporation require that
an Economic Development Capital Improvement Plan 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 that the
plan be approved by the City Council; and
WHEREAS, the Board of Directors has developed and approved an Economic
Development Capital Improvement Plan.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
COLLEYVILLE:
Sec 1.
THAT the Economic Development Capital Improvement Plan of the
COlleyville Economic Development Corporation (Exhibit A) is hereby
approved.
AND SO IT IS RESOLVED.
Passed by a vote of ~ ayes, / nays, and
//lh day of~Mn~, 2001.
o abstentions on this
ATTEST:
~~~~
CITY OF COLLEYVILLE
Cynthia Singleton, TRMC
City Secretary
COLLEYVILLE ECONOMIC DEVELOPMENT COPRORATION
ECONOMIC DEVELOPMENT CAPITAL IMPROVEMENT PROGRAM FY 2001 ' FY 2006
EXHIBIT A
FISCAL YEAR
PROJECTED
2001
2002
2003
2004
2005
2006
BEGINNING FUND BALANCE
$1,091,438
$824,017
$491,469
$304,534
$362,320
$400,016
PROJECTED 1/2 CENT SALES TAX REVENUE $850,000 $871 ,250 $897,388 $924,309 $952,038 $980,600
INTEREST INCOME $43,658 $28,841 $17,201 $10,659 $21,739 $24,001
USE OF FUND BALANCE $508,181 $572,7 44 $0 $0 $0 $0
REMAINING FY 97 BOND PROCEEDS * $0 $422,915 $0 $0 $0 $0
TOTAL REVENUES $1,401,839 $1,895,750 $914,589 $934,968 $973,778 $1,004,601
OPERATING:
ADMINISTRATIVE $7,400 $7,400 $7,400 $7,400 $7,400 $7,400
1997 DEBT SERVICE & 1.4 TIMES COVERAGE $678,206 $677,018 $668,093 $666,044 $665,606 $666,306
2000 DEBT SERVICE & 1.4 TIMES COVERAGE $164,455 $163,667 $176,267 $174,517 $179,549 $177,360
CAPITAL:
BRANSFORD PARK RESTORATION $14,940 $240,060 $0 $0 $0 $0
CITY ENTRANCE MARKERS $0 $0 $0 $50,000 $0 $0
COMMUNITY CENTER STARTUP $0 $0 $0 $0 $0 $0
KIMZEY PARK DEVELOPMENT $427,618 $0 $0 $0 $0 $0
LIBRARY STARTUP * $0 $500,000 $0 $0 $0 $0
MC PHERSON LAND PARK PLAN $0 $0 $0 $125,000 $0 $0
PARK PARK LAND PURCHASE $0 $0 $0 $0 $325,000 $500,000
PLEASANT RUN PARK $3,950 $205,965 $0 $0 $0 $0
SCHOOL/SOCCER FIELD PARK LAND NOTE $105,270 $101,640 $98,010 $94,380 $0 $0
TRAILS GRANT MATCH $0 $0 $393,000 $0 $0 $0
TOTAL EXPENDITURES $1,401,839 $1,895,750 $1,342,770 $1,117,341 $1,177,555 $1,351,067
EXCESS REVENUES OVER EXPENDITURES $0 $0 ($428,181) ($182,374) ($203,777) ($346,466)
ADD BACK.4 TIMES BOND COVERAGE RATIO $240,760 $240,196 $241,246 $240,160 $241,473 $241,048
ENDING FUND BALANCE $824,017 $491,469 $304,534 $362,320 $400,016 $294,597
ASSUMPTIONS: 3% SALES TAX REVENUE INCREASE IN FY 2003, FY 2006
* THE REMAINING 1997 BOND PROCEEDS ($422,915) ARE ALLOCATED TO
LIBRARY START,UP ($300,000 ' FY 2002), AND PLEASANT RUN PARK ($122,915 ' FY 2001/2002)