HomeMy WebLinkAboutColleyville Economic Development Corporation (CEDC)-Minutes-8/10/2021City of Colleyville Page 1
City of Colleyville
Colleyville Economic
Development Corporation
Board Worksession
Agenda
City Hall
100 Main Street
Colleyville, Texas 76034
817. 503.1000
www.colleyville.com
Tuesday, August 10, 2021
4:30 p.m.
Executive Conference Room
Third Floor – City Hall
1. CALL TO ORDER
2.PRESENTATION AND DISCUSSION
2a Discussion of the FY 2022 proposed Colleyville Economic Development
Corporation (CEDC) budget and the FY 2022 Economic Development
Capital Improvement Program (EDCIP) priorities
3.ADJOURNMENT
I hereby certify this agenda was posted on City Hall bulletin boards Friday, August 6,
2021 by 5:00 p.m.
Christine Loven, TRMC
City Secretary
A quorum of any Colleyville board, commission, or committee may be present 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
Colleyville Economic
Development Corporation
Board Worksession Minutes
City Hall
100 Main Street
Colleyville, Texas 76034
817. 503.1000
www.colleyville.com
Tuesday, August 10, 2021
President George Dodson called the Colleyville Economic Development Corporation
Board Worksession to order on August 10, 2021, at 4:30 p.m.
ROLL CALL: President George Dodson, Vice President Richard Newton, and
Directors Ralph Hunkins, Bobby Lindamood, Scotty Richardson, John Terhoeve,
and Kathy Wheat.
ABSENT: Director Ralph Hunkins
Also Present: Finance Director Kyle Lester, Assistant City Manager Mark Wood,
Accounting Manager Karen Hines, and City Secretary Christine Loven
2. PRESENTATION AND DISCUSSION
2a Discussion of the FY 2022 proposed Colleyville Economic Development
Corporation (CEDC) budget and the FY 2022 - 2026 Economic
Development Capital Improvement Program (EDCIP) priorities
Finance Director Kyle Lester provided a presentation, which gave an overview of
the CEDC, highlighted 2021 projects, which included continued operations
(staffing, technology), re-aligning costs with funding sources, continuance of
moving eligible expenses through the fund, special events, and parks projects.
Director Lester also reviewed other projects being pursued that are above what is
typically budgeted, and includes an interaction with the Tax Increment Financing
District (TIF). He explained the TIF district, is a legal entity established to benefit a
specific commercial corridor of the City using that corridor’s tax dollars. Previously,
the CEDC used some bond proceeds to pay for projects that would have otherwise
been eligible to be paid for out of the TIF. As of the current fiscal year, the CEDC
owed $4.775 million in principle and $645,000 in interest on those bonds, which
were slated to extend into FY29. The total cost of TIF-eligible projects the TIF
incurred was $5.519 million, so TIF reimbursed the CEDC in the late 2020. The
CEDC used the proceeds to pay off the remainder of the bonds, savings a total of
$645,000 in interest through 2029. Director Lester noted the TIF is a large part of
the City’s cash-funded capital projects plan, and the cash-flow for this plan is
projected to be relatively tight. He stated the budget provides for the CEDC to loan
the TIF, up to $5 million to assist with that cash flow. The TIF will then pay back
the CEDC by 2026.
Director Lester provided a review of the CEDC budget line items, noting projects
planned throughout EDCIP. He stated the sales tax projections are conservative,
Colleyville Economic
Development Corporation Minutes August 10, 2021
City of Colleyville Page 2
although he is confident the projection will be surpassed. Director Lester stated
the item not within their contract and for which he has concern is the interest
income, as interest rates are bottoming out.
There was general discussion regarding the interaction of TIF with the CEDC,
planned projects, and the balancing of need with restricted funds.
3. ADJOURNMENT
There being no further business to discuss, President Dodson adjourned the
worksession without objection at 4:52 p.m.
APPROVED BY A VOTE OF 6 AYES, 0 NAYS, ON THIS THE 24TH DAY OF AUGUST
2021.
Minutes taken and prepared by:
Christine Loven, TRMC
City Secretary