HomeMy WebLinkAboutColleyville Economic Development Corporation (CEDC)-Minutes-8/25/2020City of Colleyville Page 1
City of Colleyville
Colleyville Economic
Development Corporation
Board Agenda
City Hall
100 Main Street
Colleyville, Texas 76034
817.503.1000
www.colleyville.com
Tuesday, August 25, 2020
6:00 p.m.
City Council Chambers
Third Floor, City Hall
1.CALL TO ORDER
2.CONSENT: READING AND PUBLIC HEARING RESOLUTION R20
154
2a Approval of the minutes of the Colleyville Economic Development
Corporation Board of Directors meeting of August 27, 2019
2b Approval of the minutes of the Colleyville Economic Development
Corporation Board of Directors Worksession of August 11, 2020
3.RESOLUTION(S): READING AND PUBLIC HEARING
3a Resolution R20155
Adopting the Economic Development Capital Improvement Program
(EDCIP) for the Fiscal Years 20212025 of the Colleyville Economic
Development Corporation
3b Resolution R20156
Adopting the Fiscal Year 2021 Budget
3c Resolution R20157
Electing a Colleyville Economic Development Corporation Board
President and Vice President
4.REPORTS
Annual Activity Report
Annual Investment Report
5.CITIZEN COMMENTS
6.ADJOURNMENT
I hereby certify this agenda was posted on City Hall bulletin boards August 21,
2020 by 5:00 p.m.
Colleyville Economic
Development Corporation Agenda August 25, 2020
City of Colleyville Page 2
Christine Loven, TRMC
City Secretary
A quorum of the Colleyville City Council and/or any other Colleyville Board,
Commission, or Committee may be in attendance at this meeting.
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
817.503.1130, and reasonable accommodations will be made to assist you.
City of Colleyville Page 1
City of Colleyville
Colleyville Economic
Development
Corporation Board
Minutes
City Hall
100 Main Street
Colleyville, Texas 76034
817. 503.1000
www.colleyville.com
Tuesday, August 25, 2020
President George Dodson called the Colleyville Economic Development Corporation
Board meeting to order on August 25, 2020, at 5:42 p.m.
ROLL CALL: President George Dodson, Vice President Richard Newton, and
Directors Ralph Hunkins, Bobby Lindamood, Mark Slosson, and Kathy Wheat, and
via Webex: John Terhoeve.
ALSO PRESENT: City Manager Jerry Ducay, Assistant City Manager Mark Wood,
Finance Director Kyle Lester, and City Secretary Christine Loven.
2. CONSENT: READING AND PUBLIC HEARING- RESOLUTION R-20-154
2a Approval of the minutes of the Colleyville Economic Development
Corporation Board of Directors meeting of August 27, 2019
2b Approval of the minutes of the Colleyville Economic Development
Corporation Board of Directors Worksession of August 11, 2020
President Dodson read Resolution R-20-154 in its entirety.
President Dodson opened the public hearing at 5:44 p.m. There was no one
wishing to speak and President Dodson closed the public hearing at 5:44 p.m.
Vice President Richard Newton made a motion to approve Resolution R-
20-154, and Director Kathy Wheat provided the second.
The motion was approved by the following vote:
Ayes: 7 – President Dodson, Vice President Newton, Directors Hunkins,
Lindamood, Terhoeve, Slosson, and Wheat.
3. RESOLUTION(S): READING AND PUBLIC HEARING
3a Resolution R-20-155
Adopting the Economic Development Capital Improvement Program
(EDCIP) for the Fiscal Years 2021-2025 of the Colleyville Economic
Development Corporation
President Dodson read Resolution R-20-155 in its entirety.
Colleyville Economic
Development Corporation Minutes August 25, 2020
City of Colleyville Page 2
Finance Director Kyle Lester presented this item and answered questions of the
Board.
Finance Director Kyle Lester presented items 3a and 3b together, noting the EDCIP
and the Fiscal Year 2021 Budget are interconnected. Director Lester gave an
overview of the continued Fiscal Year 2021 projects, which included staffing
movement, focus on special events, and Parks and Recreation projects.
Director Lester provided an update of the CEDC Fiscal Year 2021 Budget. He
stated that the projected revenues are 6% over budget and expenditures are
$15,000 over budget mostly due to special events. Director Lester noted that
there are personnel savings due to staffing at the library and Colleyville Senior
Center, but the largest administrative expense is the debt service which is callable
and to be paid off Fiscal Year of 2029.
President Dodson asked for the reason to retire the debt service. Director Lester
stated if the debt is retired the City will save about $650,000 in interest costs.
There was general discussion of retiring debt.
Vice President Newton asked for the reason the debt service in Fiscal Year 2021
and 2024 would decrease. Director Lester stated that the decrease is unknown,
but could look into the decline of debt service.
There was discussion of maintenance and operating costs regarding special events.
Director Lester noted there are savings from the Colleyville Center roof
replacement, and donated patio furniture, however the City park restroom facility
is over budget; the current capitol project spending is $185,000 less than
projected and should further decrease to $685,000 in Fiscal Year 2021.
President Dodson stated that the City’s finances are overall good news and in
tremendous shape.
President Dodson opened the public hearing at 5:57 p.m. There was no one
wishing to speak and President Dodson closed the public hearing at 5:58 p.m.
Director Kathy Wheat made a motion to approve Resolution R-20-155, and
Vice President Richard Newton provided the second.
The motion was approved by the following vote:
Ayes: 7 – President Dodson, Vice President Newton, Directors Hunkins,
Lindamood, Terhoeve, Slosson, and Wheat.
Colleyville Economic
Development Corporation Minutes August 25, 2020
City of Colleyville Page 3
3b Resolution R-20-156
Adopting the Fiscal Year 2021 Budget
President Dodson read Resolution R-20-156 in its entirety.
Finance Director Kyle Lester presented this item with item 3a.
President Dodson opened the public hearing at 6:01 p.m. There was no one
wishing to speak and President Dodson closed the public hearing at 6:01 p.m.
Director Mark Slosson made a motion to approve Resolution R-20-156,
and Director Ralph Hunkins provided the second.
The motion was approved by the following vote:
Ayes: 7 – President Dodson, Vice President Newton, Directors Hunkins,
Lindamood, Terhoeve, Slosson, and Wheat.
3c Resolution R-20-157
Electing a Colleyville Economic Development Corporation Board
President and Vice President
President Dodson read Resolution R-20-157 in its entirety.
There was no discussion.
President Dodson opened the public hearing at 6:04 p.m. There was no one
wishing to speak and President Dodson closed the public hearing at 6:04 p.m.
Director Kathy Wheat made a motion to approve Resolution R-20-157
electing President George Dodson and Vice President Richard Newton,
and Director Bobby Lindamood provided the second.
The motion was approved by the following vote:
Ayes: 7 – President Dodson, Vice President Newton, Directors Hunkins,
Lindamood, Terhoeve, Slosson, and Wheat.
4. REPORTS
Annual Activity Report
Finance Director Kyle Lester’s presentation provided an overview of the annual
activity report, noting the half cent sales tax revenue is 6% above projected
budget while the highest debt is the debt service.
Colleyville Economic
Development Corporation Minutes August 25, 2020
City of Colleyville Page 4
Annual Investment Report
Finance Director Lester presented the annual investment report noting the account
balance, interest earned, logic line item, and certificates of deposit. He also stated
the security rates are low and the City will continue to look into reinvestments.
Director Bobby Lindamood suggested the hotel occupancy fund should stay within
the CEDC fund.
President George Dodson asked if concert funds are considered fine arts. Director
Lester stated it is probably under the promotion of the arts.
President George Dodson thanked Director Lester for his hard work.
Director Bobby Lindamood thanked the citizens for their participation.
Vice President Richard Newton asked if the board feels everything is getting done
and if the board meeting has met its purpose. All board members agreed all is
done and the meeting has met its purpose.
5. CITIZEN COMMENTS
There was no one present wishing to speak.
6. ADJOURNMENT
There being no further business before the Board, President Dodson adjourned the
meeting without objection at 6:15 p.m.
APPROVED BY A VOTE OF 6 AYES, 0 NAYS ON THIS THE 24TH DAY OF AUGUST
2021.
Minutes prepared by:
Angela Larson
Assistant City Secretary