HomeMy WebLinkAboutColleyville Economic Development Corporation (CEDC)-Agenda Packets-8/23/2022City 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 23, 2022
4:30 p.m.
City Council Chambers
Third Floor, City Hall
1.CALL TO ORDER
2.CONSENT: READING AND PUBLIC HEARING - RESOLUTION R-22-
162
2a Approval of the minutes of the Colleyville Economic Development
Corporation Board of Directors meeting of August 24, 2021
2b Approval of the minutes of the Colleyville Economic Development
Corporation Board of Directors Worksession of August 2, 2022
3.RESOLUTION(S): READING AND PUBLIC HEARING
3a Resolution R-22-163
Adopting the Economic Development Capital Improvement Program
(EDCIP) for the Fiscal Years 2023-2027 of the Colleyville Economic
Development Corporation
3b Resolution R-22-164
Adopting the Fiscal Year 2023 Budget
3c Resolution R-22-165
Electing a Colleyville Economic Development Corporation Board
President and Vice President
4.REPORTS
Annual Activity Report
Annual Investment Report
5.ADJOURNMENT
I hereby certify this agenda was posted on City Hall bulletin boards Friday, August
19, 2022 by 5:00 p.m.
Colleyville Economic
Development Corporation
Agenda August 23, 2022
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.
RESOLUTION R-22-162
A RESOLUTION APPROVING ACTION UNDER CONSENT ITEMS AT
THE COLLEYVILLE ECONOMIC DEVELOPMENT CORPORATION
BOARD MEETING OF AUGUST 23, 2022
WHEREAS,the Board has taken action on certain items on the agenda
under Consent items.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS
OF THE COLLEYVILLE ECONOMIC DEVELOPMENT CORPORATION:
Sec. 1. THAT the agenda decisions approved by Colleyville Economic
Development Corporation Board action under Consent items as
follows are hereby adopted:
a. Approval of the minutes of the Colleyville Economic
Development Corporation Board of Directors meeting of
August 24, 2021
b. Approval of the minutes of the Colleyville Economic
Development Corporation Board of Directors Worksession
of August 2, 2022
AND IT IS SO RESOLVED.
APPROVED BY A VOTE OF _ AYES, _ NAYS, ON THIS 23RD DAY OF AUGUST
2022.
President George Dodson Aye Director Scotty Richardson Aye
Director Bobby Lindamood Aye Director John Terhoeve Aye
Director Ralph Hunkins Aye Director Kathy Wheat Aye
Director Callie Rigney Absent
ATTEST: COLLEYVILLE ECONOMIC
DEVELOPMENT CORPORATION
Christine Loven, TRMC George Dodson
Secretary President
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 24, 2021
President Dodson called the Colleyville Economic Development Corporation Board
meeting to order on August 24, 2021, at 4:30 p.m.
ROLL CALL: President George Dodson, Vice President Richard Newton, and
Directors Ralph Hunkins, Scotty Richardson, John Terhoeve, and Kathy Wheat.
ABSENT: Director Bobby Lindamood
Also present: Finance Director Kyle Lester, City Manager Jerry Ducay, Assistant
City Manager Adrienne Lothery, Assistant City Manager Mark Wood, and City
Secretary Christine Loven.
2. CONSENT: READING AND PUBLIC HEARING- RESOLUTION R-21-158
2a Approval of the minutes of the Colleyville Economic Development
Corporation Board of Directors meeting of August 25, 2020
2b Approval of the minutes of the Colleyville Economic Development
Corporation Board of Directors Worksession of August 10, 2021
President Dodson read Resolution R-21-158 in its entirety.
There was no discussion.
There were no speakers and President Dodson opened and closed the public
hearing at 4:32 p.m.
Director Wheat made a motion to approve Resolution R-21-158, seconded by
Director Richardson.
The motion was approved by the following vote:
Ayes: 6 – President Dodson, Vice President Newton, Directors Hunkins,
Richardson, Terhoeve, and Wheat.
Absent: 1 – Director Lindamood
Colleyville Economic
Development Corporation Minutes August 24, 2021
City of Colleyville Page 2
3. RESOLUTION(S): READING AND PUBLIC HEARING
3a Resolution R-21-159
Adopting the Economic Development Capital Improvement Program
(EDCIP) for the Fiscal Years 2022-2026 of the Colleyville Economic
Development Corporation
President Dodson read Resolution R-21-159 in its entirety.
Finance Director Kyle Lester presented this item and the FY 2022 CEDC budget as
one item. Finance Director Kyle Lester 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 and includes an
interaction with the Tax Increment Financing District (TIF). He explained the TIF
district, and 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 proposed 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,
but he is confident the projection will be surpassed.
Director Richardson asked staff why there is such a large difference in the cost of
repairs at Colleyville Center and the insurance payout for the damage. Assistant
City Manager Adrienne Lothery noted stated other upgrades had been planned,
but it was best to do the entire project at one time, therefore, incorporating an
approximate $40,000 worth of upgrades to the building repairs.
There were no speakers and President Dodson opened and closed the public
hearing at 4:50 p.m.
Director Richardson made a motion to approve Resolution R-21-159, seconded by
Director Hunkins.
The motion was approved by the following vote:
Ayes: 6 – President Dodson, Vice President Newton, Directors Hunkins,
Richardson, Terhoeve, and Wheat.
Absent: 1 – Director Lindamood
Colleyville Economic
Development Corporation Minutes August 24, 2021
City of Colleyville Page 3
3b Resolution R-21-160
Adopting the Fiscal Year 2022 Budget
President Dodson read Resolution R-21-160 in its entirety.
There was no discussion as Finance Director Kyle Lester had presented the
information in conjunction with Resolution R-21-159.
There were no speakers and President Dodson opened and closed the public
hearing at 4:54 p.m.
Director Wheat made a motion to approve Resolution R-21-160, seconded by
Director Newton.
The motion was approved by the following vote:
Ayes: 6 – President Dodson, Vice President Newton, Directors Hunkins,
Richardson, Terhoeve, and Wheat.
Absent: 1 – Director Lindamood
3c Resolution R-21-161
Electing a Colleyville Economic Development Corporation Board President
and Vice President
President Dodson read Resolution R-21-161 in its entirety.
There was no discussion.
There were no speakers and President Dodson opened and closed the public
hearing at 4:57 p.m.
Director Newton made a motion to approve Resolution R-21-161, electing George
Dodson President, and Kathy Wheat Vice President, seconded by Director
Richardson.
The motion was approved by the following vote:
Ayes: 6 – President Dodson, Vice President Newton, Directors Hunkins,
Richardson, Terhoeve, and Wheat.
Absent: 1 – Director Lindamood
Colleyville Economic
Development Corporation Minutes August 24, 2021
City of Colleyville Page 4
4. REPORTS
Annual Activity Report
Annual Investment Report
Finance Director Kyle Lester gave a high-level review of both reports as they were
provided in written form in the agenda packet.
There was general discussion regarding the City’s investments and the proposed
towers to be constructed in FY2022 and FY2023.
5. CITIZEN COMMENTS
There was no one present wishing to speak.
6. ADJOURNMENT
There being no further business President Dodson adjourned the meeting without
objection at 5:12 p.m.
APPROVED BY A VOTE OF _ AYES, _ NAYS, ON THIS THE ____ DAY OF _______
2022.
Minutes taken and prepared by:
Christine Loven, TRMC
City Secretary
City of Colleyville Page 1
City of Colleyville
Colleyville Economic
Development Corporation
Board Worksession Minutes
City Hall
100 Main Street
Colleyville, Texas 76034
817. 503.1000
www.colleyville.com
Tuesday, August 2, 2022
4:30 p.m.
Executive Conference Room
Third Floor – City Hall
President Dodson called the Colleyville Economic Development Corporation Board
meeting to order on August 2, 2022, at 4:30 p.m.
ROLL CALL: President George Dodson, Vice President Bobby Lindamood, and
Directors Ralph Hunkins, Scotty Richardson, Callie Rigney via Webex, and Kathy
Wheat.
Absent: Director John Terhoeve
Also Present: Finance Director Kyle Lester, City Manager Jerry Ducay, Assistant
City Manager Adrienne Lothery, Parks and Recreation Director Lisa Escobedo,
Community Relations Manager Ronni Orr, and City Secretary Christine Loven
2. PRESENTATION AND DISCUSSION
2a Discussion of the FY 2023 proposed Colleyville Economic Development
Corporation (CEDC) budget and the FY 2023 Economic Development Capital
Improvement Program (EDCIP) priorities
Finance Director Kyle Lester presented this item. To begin, Director Lester noted
there were some significant changes from last year, but the initiatives to balance
all eligible costs between the CEDC Fund, the Crime Control and Prevention
District Fund, the Hotel/Motel Fund, and General Fund, are still in place.
Director Lester provided a review of the CEDC budget line items, noting projects
planned throughout EDCIP. He stated the sales tax projections are conservative,
although he is confident the projection will be surpassed.
There was general discussion of the beautification programs, renovation to the
Colleyville Center sign, remote lockers for library material holds, sales tax, and
plans for Heroes Park. The Board also discussed the success of the gift card
programs.
3. ADJOURNMENT
There being no further business to discuss, President Dodson adjourned the
Worksession without objection at 5:04 p.m.
Colleyville Economic
Development Corporation
Minutes August 2, 2022
City of Colleyville Page 2
APPROVED BY A VOTE OF ____ AYES, ____ NAYS, ON THIS THE 23RD DAY OF
AUGUST 2022.
Minutes taken and prepared by:
Christine Loven, TRMC
City Secretary
City of Colleyville Page 1
City of Colleyville
Colleyville Economic
Development Corporation
Board
Agenda Briefing
City Hall
100 Main Street
Colleyville, Texas 76034
www.colleyville.com
Agenda Number 3a Agenda Date 8/23/2022 Number Resolution R-22-163
Type Resolution
Department Finance
Title
Adopting the Economic Development Capital Improvement Program (EDCIP) for the
Fiscal Years 2023-2027 of the Colleyville Economic Development Corporation
Explanation
Reading and Public Hearing
The Colleyville Economic Development Corporation Bylaws require the Board to
develop a combined Economic Development Capital Improvement Program (EDCIP)
annually, which sets forth long and short-term goals. This program "shall be one that
addresses the development needs of the City within the financial constraints available
to the Corporation.” The "EDCIP shall identify the projects to be undertaken by the
Corporation and include proposed methods and the expected cost of the
implementation.” After the EDCIP is developed, it must be approved by the City
Council.
On August 2, 2022, the Board met in a worksession and reviewed and discussed the
proposed projects included in the FY 2023-2027 EDCIP. The attached resolution
approves the FY 2023-2027 EDCIP.
Attachments
1. CEDC Presentation
2. Resolution R-22-163
Colleyville Economic Development
Corporation (CEDC)
August 23, 2022
•Colleyville Economic Development Corporation approved
by voters in 1996
•“The adoption of an additional one-half cent sales and use
tax to provide for parks and parks facilities, a library, a
community center, open space improvements, and other
facilities and improvements only as authorized by Section
4B of Article 5190.6, Vernon’s Texas Civil Statues, as
amended.”
CEDC Overview
CEDC FY23 Budget
Revenues
Sales tax - $2,400,000
Interest income - $10,000
Potential Grant Proceeds - $225,000
Total - $2,635,000
Expenditures
Operating - $1,700,951
•Library, Senior Center, Colleyville Center staff
•Technology replacements, Park maintenance
•Special events
Capital - $1,050,000
•Restroom renovations
•Landscaping / Beautification
•Senior Center
•Sidewalk/trail construction/grant match
•Parks design
•Security Cameras
*Keeping very conservative on sales tax despite
major gains due to recession conditions
CEDC FY23 Budget
*Intent is to draw from
existing fund balance for
Heroes Park
$5 million in balance
initially budgeted to
transfer to TIF in FY22,
likely not needed.
Major operating additions
include two new Parks
positions:
-Parks Maintenance Tech I
-Beautification/Landscape
Supervisor
Other Increases:
-Colleyville Center Sign
-Library Remote Lockers
-Library Automated
Materials Handling System
CEDC FY23 Budget
QUESTIONS / COMMENTS
CEDC Overview
RESOLUTION R-22-163
A RESOLUTION ADOPTING THE ECONOMIC DEVELOPMENT CAPITAL
IMPROVEMENT PROGRAM (EDCIP) FOR FISCAL YEARS 2023-2027
WHEREAS, the bylaws of the Colleyville Economic Development
Corporation require that an Economic Development Capital
Improvement Program (EDCIP) 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 projects to be undertaken by the
Corporation 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.
APPROVED BY A VOTE OF _ AYES, _ NAYS, ON THIS 23RD DAY OF AUGUST
2022.
President George Dodson Aye Director Callie Rigney Aye
Director Ralph Hunkins Aye Director John Terhoeve Aye
Director Bobby Lindamood Aye Director Kathy Wheat Aye
Director Scotty Richardson Absent
ATTEST: COLLEYVILLE ECONOMIC
DEVELOPMENT CORPORATION
Christine Loven, TRMC George Dodson
Secretary President
COLLEYVILLE ECONOMIC DEVELOPMENT CORPORATION Exhibit A
ECONOMIC DEVELOPMENT CAPITAL IMPROVEMENT PROGRAM FY 2023 - FY 2027
Budget Projection Projection Projection Projection Projection Projection
FISCAL YEAR 2022 2022 2023 2024 2025 2026 2027
BEGINNING FUND BALANCE $5,693,943 $5,693,943 $6,122,495 $6,006,545 $5,985,993 $5,710,643 $5,947,943
REVENUES:
PROJECTED 1/2 CENT SALES TAX REVENUE $2,150,000 $2,455,739 $2,400,000 $2,448,000 $2,509,200 $2,565,657 $2,616,970
GRANT PROCEEDS $225,000 $0 $225,000 $227,250 $229,523 $231,818 $234,136
INTEREST INCOME $10,000 $15,000 $10,000 $10,500 $10,605 $10,711 $10,818
TOTAL REVENUE $2,385,000 $2,470,739 $2,635,000 $2,685,750 $2,749,328 $2,808,186 $2,861,924
EXPENDITURES:
ADMINISTRATIVE:$2,000 $2,000 $2,000 $2,060 $2,122 $2,185 $2,251
LOAN-BACK TO TIF*$5,000,000 $0 $0 $0 $0 $0 $0
PARKS:
BEAUTIFICATION/LANDSCAPE SUPERVISOR &
PARKS MAINTENANCE TECH I $0 $0 $177,319 $183,998 $190,934 $198,688 $206,786
WATER / WASTEWATER- MC PHERSON PARK $5,628 $1,350 $5,628 $5,684 $5,770 $5,856 $5,944
MAINTENANCE $310,942 $322,967 $310,942 $314,051 $318,762 $323,544 $328,397
LIBRARY:
PERSONNEL $386,642 $318,764 $408,953 $423,709 $439,003 $455,128 $471,863
OPERATIONS $53,376 $36,251 $34,875 $36,070 $37,389 $38,766 $40,205
OFFICE EQUIPMENT/FURNITURE MAINTENANCE $0 $0 $32,756 $33,084 $33,580 $34,084 $34,595
TECHNOLOGY - HARDWARE REPLACEMENT $30,600 $16,000 $30,600 $30,906 $31,370 $31,840 $32,318
SENIOR CENTER:
PERSONNEL $100,880 $105,737 $106,996 $110,990 $115,135 $119,713 $124,488
OPERATIONS $500 $0 $500 $500 $500 $500 $500
TECHNOLOGY - HARDWARE REPLACEMENT $3,100 $0 $3,100 $3,136 $3,191 $3,246 $3,302
COLLEYVILLE CENTER:
PERSONNEL $136,717 $90,912 $141,268 $146,520 $151,971 $157,959 $164,200
OPERATIONS $2,000 $0 $5,000 $5,050 $5,126 $5,203 $5,281
ADVERTISING $45,000 $30,000 $45,000 $45,450 $46,132 $46,824 $47,526
FURNITURE REPLACEMENT $49,000 $56,438 $0 $0 $0 $0 $0
BALL ROOM LIGHTING $25,000 $25,000 $0 $0 $0 $0 $0
MONUMENT SIGN $0 $0 $16,500 $0 $0 $0 $0
TECHNOLOGY- SOFTWARE & MAINTENANCE CONTRACTS $7,241 $7,000 $7,241 $7,313 $7,423 $7,534 $7,647
TECHNOLOGY - HARDWARE REPLACEMENT $3,850 $0 $3,850 $3,889 $3,947 $4,006 $4,066
SPECIAL EVENTS:
MOVIES IN THE VILLAGE $15,375 $15,375 $15,375 $15,375 $15,375 $15,375 $15,375
STARS & GUITARS $95,000 $95,000 $95,000 $95,000 $95,000 $95,000 $95,000
TREE LIGHTING / CHRISTMAS EVENT $60,000 $60,000 $65,000 $65,000 $65,000 $65,000 $65,000
HARVEST FESTIVAL $20,500 $20,500 $21,000 $21,000 $21,000 $21,000 $21,000
FARMERS MARKET $10,250 $10,250 $10,000 $10,000 $10,000 $10,000 $10,000
FINE ARTS EVENT $10,250 $10,250 $10,250 $10,250 $10,250 $10,250 $10,250
SPECIAL EVENTS $3,625 $3,625 $10,000 $12,266 $15,700 $19,184 $22,669
TOTAL OPERATING EXPENDITURES $6,377,476 $1,227,419 $1,559,154 $1,581,302 $1,624,677 $1,670,885 $1,718,663
EXCESS REVENUES OVER EXPENDITURES ($3,992,476)$1,243,320 $1,075,846 $1,104,448 $1,124,650 $1,137,301 $1,143,261
CAPITAL:
SIDEWALK/TRAIL CONSTRUCTION/GRANT MATCH $300,000 $139,616 $550,000 $100,000 $100,000 $100,000 $100,000
RESTROOM FACILITY RENOVATIONS $75,000 $0 $150,000 $0 $0 $0 $0
SOFTBALL - SHADE STRUCTURE $260,152 $150,152 $0 $0 $0 $0 $0
SENIOR CENTER $500,000 $500,000 $100,000 $200,000 $0 $0 $0
KIMZEE PARK IMPROVEMENTS $0 $0 $0 $250,000 $0 $0 $0
WOODBRIAR PARK IMPROVEMENTS $0 $0 $0 $100,000 $0 $0 $0
FIRE STATIONS 2 & 3 LANDSCAPING $50,000 $0 $50,000 $0 $0 $0 $0
LIBRARY EQUIPMENT AND CAPITAL $0 $0 $141,797 $0 $0 $0 $0
SAND VOLLEYBALL PITS $0 $0 $0 $50,000 $0 $0 $0
SECURITY CAMERAS $0 $0 $100,000 $100,000 $100,000 $0 $0
LD LOCKETT NEW AMENITY $0 $0 $0 $200,000 $0 $0 $0
FLAGPOLE AT MCPHERSON PARK $25,000 $25,000 $0 $0 $0 $0 $0
MCPHERSON PARK RESTROOM $0 $0 $0 $125,000 $0 $0 $0
CAPITAL PROJECTS FUNDED THROUGH EXISTING BALANCE:
HEROES PARK $0 $0 $100,000 $0 $1,200,000 $800,000 $0
TOTAL CAPITAL EXPENDITURES $1,210,152 $814,768 $1,191,797 $1,125,000 $1,400,000 $900,000 $100,000
TOTAL EXPENDITURES (OPERATING & CAPITAL)$7,587,628 $2,042,187 $2,750,951 $2,706,302 $3,024,677 $2,570,885 $1,818,663
ENDING FUND BALANCE $491,315 $6,122,495 $6,006,545 $5,985,993 $5,710,643 $5,947,943 $6,991,205
*Initially, the CEDC had planned to loan this money to the City's TIF district to assist with cashflow in the capital improvement plan. This action has not been necessary in FY22.
City of Colleyville Page 1
City of Colleyville
Colleyville Economic
Development Corporation
Board
Agenda Briefing
City Hall
100 Main Street
Colleyville, Texas 76034
www.colleyville.com
Agenda Number 3b Agenda Date 8/23/2022 Number Resolution R-22-164
Type Resolution
Department Finance
Title
Adopting the Fiscal Year 2023 Budget
Explanation
Reading and Public Hearing
Per the Colleyville Economic Development Corporation (CEDC) bylaws, the Board of
Directors must adopt an annual budget. The attached FY 2023 budget replicates the FY
2023 revenues and expenditures contained in the proposed FY 2023 - 2027 EDCIP,
which was reviewed at the CEDC budget worksession on August 2, 2022. Proposed
expenditures for FY 2023 total $2,750,951 as reflected in the attached FY 2023 CEDC
Budget.
Attachments
1. CEDC Presentation
2. Resolution R-22-164
Colleyville Economic Development
Corporation (CEDC)
August 23, 2022
•Colleyville Economic Development Corporation approved
by voters in 1996
•“The adoption of an additional one-half cent sales and use
tax to provide for parks and parks facilities, a library, a
community center, open space improvements, and other
facilities and improvements only as authorized by Section
4B of Article 5190.6, Vernon’s Texas Civil Statues, as
amended.”
CEDC Overview
CEDC FY23 Budget
Revenues
Sales tax - $2,400,000
Interest income - $10,000
Potential Grant Proceeds - $225,000
Total - $2,635,000
Expenditures
Operating - $1,700,951
•Library, Senior Center, Colleyville Center staff
•Technology replacements, Park maintenance
•Special events
Capital - $1,050,000
•Restroom renovations
•Landscaping / Beautification
•Senior Center
•Sidewalk/trail construction/grant match
•Parks design
•Security Cameras
*Keeping very conservative on sales tax despite major gains
due to recession conditions
CEDC FY23 Budget
*Intent is to draw from
existing fund balance for
Heroes Park
$5 million in balance
initially budgeted to
transfer to TIF in FY22,
likely not needed.
Major operating additions
include two new Parks
positions:
-Parks Maintenance Tech I
-Beautification/Landscape
Supervisor
Other Increases:
-Colleyville Center Sign
-Library Remote Lockers
-Library Automated
Materials Handling System
CEDC FY23 Budget
QUESTIONS / COMMENTS
CEDC Overview
RESOLUTION R-22-164
A RESOLUTION ADOPTING AN ANNUAL BUDGET FOR
FISCAL YEAR 2023 FOR THE COLLEYVILLE ECONOMIC
DEVELOPMENT CORPORATION
WHEREAS,the bylaws of the Colleyville Economic Development
Corporation require that an annual budget be adopted by the
Board of Directors; and
WHEREAS,the bylaws require that the budget includes projected revenues
and proposed expenditures.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS
OF THE COLLEYVILLE ECONOMIC DEVELOPMENT CORPORATION:
Sec. 1. THAT the Fiscal Year 2023 budget amounts for the Colleyville
Economic Development Corporation are as follows:
Total Revenues $2,635,000
Operating Expenditures $1,559,154
Capital Expenditures $1,191,797
Total Expenditures $2,750,951
AND IT IS SO RESOLVED.
APPROVED BY A VOTE OF _ AYES, _ NAYS, ON THIS 23RD DAY OF AUGUST
2022.
President George Dodson Aye Director Scotty Richardson Aye
Director Bobby Lindamood Aye Director John Terhoeve Aye
Director Ralph Hunkins Aye Director Kathy Wheat Aye
Director Callie Rigney Absent
ATTEST: COLLEYVILLE ECONOMIC
DEVELOPMENT CORPORATION
Christine Loven, TRMC George Dodson
Secretary President
City of Colleyville Page 1
City of Colleyville
Colleyville Economic
Development Corporation
Board
Agenda Briefing
City Hall
100 Main Street
Colleyville, Texas 76034
www.colleyville.com
Agenda Number 3c Agenda Date 8/23/2022 Number Resolution R-22-165
Type Resolution
Department City Secretary
Title
Electing a Colleyville Economic Development Corporation Board President and Vice
President
Explanation
Reading and Public Hearing
As per the CEDC bylaws, the President and Vice President shall be elected by the Board
and shall serve a term of one (1) year. The President and Vice President shall continue
to serve until their successors are appointed.
This item provides for the Board of Directors to elect a President and Vice President of
the CEDC.
Attachments
1. Resolution R-22-165
RESOLUTION R-22-165
A RESOLUTION APPOINTING A COLLEYVILLE ECONOMIC
DEVELOPMENT CORPORATION BOARD
PRESIDENT AND VICE PRESIDENT
WHEREAS,the Bylaws of the Colleyville Economic Development
Corporation, state the President and the Vice President shall
be elected by the Board and shall serve a term of one year;
and
WHEREAS, the President and Vice President shall continue to serve until
their successors are appointed.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS
OF THE COLLEYVILLE ECONOMIC DEVELOPMENT CORPORATION:
Sec. 1. THAT Director _____________ is elected to serve as President
of the Colleyville Economic Development Corporation.
Sec. 2. THAT Director ________ is elected to serve as Vice President
of the Colleyville Economic Development Corporation.
AND IT IS SO RESOLVED.
APPROVED BY A VOTE OF _ AYES, _ NAYS, ON THIS 23RD DAY OF AUGUST
2022.
President George Dodson Aye Director Callie Rigney Aye
Director Ralph Hunkins Aye Director John Terhoeve Aye
Director Bobby Lindamood Aye Director Kathy Wheat Aye
Director Scotty Richardson Absent
ATTEST: COLLEYVILLE ECONOMIC
DEVELOPMENT CORPORATION
Christine Loven, TRMC George Dodson
Secretary President
City of Colleyville Page 1
City of Colleyville
Colleyville Economic
Development Corporation
Board
Agenda Briefing
City Hall
100 Main Street
Colleyville, Texas 76034
www.colleyville.com
Agenda Number Agenda Date 8/23/2022 Number
Type Report
Department Finance
Title
Annual Activity Report
Explanation
The Colleyville Economic Development Corporation bylaws require that the Board make
an annual report to the City Council "reviewing the accomplishments of the
Corporation for the preceding year and the activities of the Corporation for the budget
year". The "required annual report shall be forwarded to the City Council no later than
February 1 of each year, after the close of the fiscal year, in the Reports section of the
City Council agenda." Attached is the draft annual report that will be submitted to the
City Council at a future City Council meeting.
Attachments
1. Annual Activity Report of the CEDC FY22
FY 2022 ANNUAL REPORT
OF THE COLLEYVILLE ECONOMIC DEVELOPMENT CORPORATION
Accomplishments and activities for FY 20 22 are described below.
Revenues:
Sales tax revenue from a half -cent sales tax approved by Colleyville voters in 1996
is the primary source of revenue for the Colleyville Economic Development
Corporation (CEDC). The FY 2022 budgeted sales tax revenue was $2,150,000.
Through August 2022, actual sales tax revenue is $1,920,950. The Fund is expected
to end with collections over $2.45 million.
Operating Expenditure/Activities:
In FY 2022, the CEDC provided funding for the following operating expenditures and
activities.
The City held some successful special events this year, including the Stars &
Guitars , the Harvest Festival, Christmas Tree Lighting, and various concerts
throughout the summer.
Funding for economic development promotional activities has provided for
marketing of City events and activities as well.
In FY 2022, the CEDC provided funding for 13 part -time library positions, one
full-time library coordinator, a recreation specialist for t he senior center, and
partial funding for Colleyville Center positions .
Technology costs for the Library, Senior Center, and Colleyville Center
including software licenses, computer replacements, and network switch es
The Corporation was initially slated to loan $5m back to the Tax Increment
Reinvestment Zone district to assist with capital improvement plan cash flow,
but this was unnecessary in FY22
Capital Expenditure/Activities:
In FY 2022, the CEDC provided funding for the following capital expenditures and
activities.
City Park – shade structures w/seating and playground improvements
completed with $110,000 in savings
Flag Pole at McPherson Park installed
Sidewalk/Trail improvements
Senior Center renovations
Fire stations 2 & 3 landscaping and Sp arger Park restroom renovations were
delayed due to heat and bid price considerations, respectively.
City of Colleyville Page 1
City of Colleyville
Colleyville Economic
Development Corporation
Board
Agenda Briefing
City Hall
100 Main Street
Colleyville, Texas 76034
www.colleyville.com
Agenda Number Agenda Date 8/23/2022 Number
Type Report
Department Finance
Title
Annual Investment Report
Explanation
As of July 31, 2022, the total funds held by the Colleyville Economic Development
Corporation equaled $5,911,634 and were allocated as follows:
• Cash $ 470,575
• Government Issues $3,914,745
• LOGIC (Local Government Investment Pool) $16.00
• Certificates of Deposit $1,532,003
The Corporation had a certificate of deposit with Spirit of Texas Bank in the par
amount of $1,025,023 that matured on April 24, 2021. This CD came with an interest
rate of 1.85%, for a total return of $18,963 and a maturity length of 365 days. Upon
maturity, the CEDC reinvested with Spirit of Texas Bank at the same par amount for a
548 day return of 0.3%, which was competitive in the market place at that time. This
CD matures in October of this year. The Fund more recently invested in two brokered
CD’s for $250,000 each, with returns of 2.95% and 3%.
The Corporation has been heavily invested in local government pools as well, which
held a total return of about 1.5% as of the end of July.
Attachments
1. CEDC Investment Report
CEDC Board Agenda Briefing
City of Colleyville Page 2
Colleyville Economic Development
Corporation (CEDC)
August 23, 2022
•$5,911,637 in Balance:
Annual Investment Report
Cash $ 470,575
Investment Pools $ 3,914,745
Certificate of Deposit $ 1,532,003
CD’s:
•$1.032 million at 0.3%, matures October 2022
•$250,000 at 2.95%, matures June 2023
•$250,000 at 3%, matures July 2023