HomeMy WebLinkAboutColleyville Economic Development Corporation (CEDC)-Agenda Packets-8/27/2013City 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 27, 2013
7:00 p.m.
City Council Chambers
Third Floor, City Hall
1. CALL TO ORDER
2. CONSENT: READING AND PUBLIC HEARING - Resolution R-13-123
2a Approval of the minutes of the Colleyville Economic Development
Corporation Board of Directors meeting of August 28, 2012
2b Approval of the minutes of the Colleyville Economic Development
Corporation Board of Directors worksession meeting of August 15,
2013
2c Approval of the annual review of the Colleyville Economic
Development Corporation's Investment Policy
3. RESOLUTION(S): READING AND PUBLIC HEARING
3a Resolution R-13-124
Adopting the Economic Development Capital Improvement Program
(EDCIP) for the Fiscal Years 2014-2018 (FY 2014-2018) of the
Colleyville Economic Development Corporation
3b Resolution R-13-125
Adopting the Fiscal Year 2014 (FY 2014) Budget
3c Resolution R-13-126
Approving amendments to the Bylaws of the Colleyville Economic
Development Corporation
3d Resolution R-13-127
Appointing a Colleyville Economic Development Corporation Board
President and Vice President
4. REPORTS
4a Annual Activity Report
4b Annual investment report
5. CITIZENS COMMENTS/PRESENTATIONS REGARDING ITEMS NOT
ON THE AGENDA
Colleyville Economic
Development Corporation Agenda August 27, 2013
City of Colleyville Page 2
6. ADJOURNMENT
I hereby certify this agenda was posted on City Hall bulletin boards Friday, August
23, 2013, by 5:00 p.m.
Amy Shelley, TRMC
City Secretary
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-13-123
A RESOLUTION APPROVING ACTION UNDER CONSENT ITEMS AT THE
COLLEYVILLE ECONOMIC DEVELOPMENT CORPORATION BOARD
MEETING OF AUGUST 27, 2013
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 28, 2012
b.Approval of the minutes of the Colleyville Economic
Development Corporation Board of Directors Worksession
meeting of August 15, 2013
c.Approval of the annual review of the Colleyville Economic
Development Corporation's Investment Policy
AND IT IS SO RESOLVED.
APPROVED BY A VOTE OF _ AYES, _ NAYS, AND _ ABSTENTIONS ON THIS
27TH DAY OF AUGUST 2013.
ATTEST:COLLEYVILLE ECONOMIC
DEVELOPMENT CORPORATION
Amy Shelley David Kelly
Secretary President
City of Colleyville
Colleyville Economic
Development Corporation
Board Minutes - Draft
City Hall
100 Main Street
Colleyville, Texas 76034
817. 503.1000
www.colleyville.com
Tuesday, August 28, 2012
7:00 p.m.
City Council Chambers
Third Floor, City Hall
The Colleyville Economic Development Corporation Board meeting was called to order
by President David Kelly on August 28, 2012, at 7:01 p.m.
ROLL CALL: Directors Stan Hall, Tom Hart, Mark Slosson, Carel Tornes, and Timothy
Kelso were present. President David Kelly, General Manager Jennifer Fadden,
Finance Manager Terry Leake, Economic Development Director Marty Wieder, Parks
Superintendent Tim Hightshoe, Library Director Mary Rodne, Colleyville Center
Manager Lin Przybyl, and City Secretary Cynthia Singleton were also present.
Vice President Carol Wollin was absent.
2. CONSENT: READING AND PUBLIC HEARING - Resolution R-12-117
2a Approval of the minutes of the Colleyville Economic Development Corporation
Board of Directors meeting of August 23, 2011
2b Approval of the minutes of the Colleyville Economic Development Corporation
Board of Directors meeting of August 14, 2012
2c Approval of a Pledge Agreement with the Federal Reserve Bank of Boston for
bank depository collateral
President Kelly read Resolution R- 12-117 in its entirety.
Finance Manager Terry Leake stated as a part of depository services for a public
entity, a bank must provide collateral for all public deposits above the statutory
Federal Deposit Insurance Corporation limit. Periodically, the Federal Reserve Bank
of Boston requires the Corporation to update the agreement.
President Kelly opened the public hearing.
There was no one present wishing to speak concerning this item and President Kelly
closed the public hearing.
Director Hall moved to approve Resolution R-12-117.
Director Hart seconded the motion.
City of Colleyville Page 1
Colleyville Economic
Development Corporation
Minutes - Draft August 28, 2012
The motion carried by the following vote:
Aye: Carel Tornes, Tom Hart, Stan Hall, David Kelly, Timothy Kelso, Mark Slosson
Absent: 1 – Carol Wollin
3. RESOLUTION(S): READING AND PUBLIC HEARING
3a Resolution R-12-118
Adopting the Economic Development Capital Improvement Program (EDCIP)
for FY 2013-2017
President Kelly read Resolution R-12-118 in its entirety.
Finance Manager Terry Leake stated the Colleyville Economic Development
Corporation (CEDC) Board bylaws require the Board to adopt an EDCIP Program
annually and provided an overview of the Economic Development Capital
Improvement Program for Fiscal Years 2013-2017. Manager Leake stated, as
directed by the Board, the replacement of the main air conditioning unit in the
Colleyville Center was moved from FY 2015 to FY 2013 and the description of the
proposed FY 2013 improvements to L.D. Lockett Park was changed from “Playground
at L.D. Lockett Park Trail Node” to “Improvements to the Cotton Belt Trail at the L.D.
Lockett Park Trailhead” and further outlined CEDC revenues and expenditures.
Manager Leake stated CEDC funds may be used for park improvements, park land,
the Colleyville Center, the Colleyville Public Library and economic development
marketing expenses.
President Kelly opened the public hearing.
There was no one present wishing to speak concerning this item and President Kelly
closed the public hearing.
General Manager Jennifer Fadden spoke regarding the process for the development of
improvements to the L.D. Lockett property.
President Kelly moved to approve Resolution R-12-118.
Director Tornes seconded the motion.
The motion carried by the following vote:
Aye: Carel Tornes, Tom Hart, Stan Hall, David Kelly, Timothy Kelso, Mark Slosson
Absent: 1 – Carol Wollin
City of Colleyville Page 2
Colleyville Economic
Development Corporation
Minutes - Draft August 28, 2012
3b Resolution R-12-119
Adopting the Fiscal Year 2013 (FY 2013) Budget
President Kelly read Resolution R-12-119 in its entirety.
President Kelly opened the public hearing.
Finance Manager Terry Leake stated the CEDC Board of Directors must adopt an
annual budget. The Fiscal Year 2013 CEDC budget replicates the EDCIP Program just
adopted by the Board. Manager Leake reviewed the operating budget expenditures.
There was no one present wishing to speak concerning this item and President Kelly
closed the public hearing.
Director Hart moved to approve Resolution R-12-119.
President Kelly seconded the motion.
The motion carried by the following vote:
Aye: Carel Tornes, Tom Hart, Stan Hall, David Kelly, Timothy Kelso, Mark Slosson
Absent: 1 – Carol Wollin
3c Resolution R-12-120
Replacing Resolution R-03-59 to update the Colleyville Economic Development
Corporation's, (CEDC) Investment Policy
President Kelly read Resolution R-12-120 in its entirety.
Finance Manager Terry Leake stated recent legislative session changes approved
updates to the Public Funds Investment Act, which governs the CEDC’s investment
process and investment policy. The major changes are in sections Objectives-Safety;
Permissible Investments; Unacceptable Investments; Effect of Loss of Required
Rating; Investment Strategy; Collateral Securities for Certificates of Deposit and
Demand Accounts; Reporting Requirements; and Training Requirements. Manager
Leake further stated the proposed policy also includes information suggested by the
Government Treasurers of Texas Investment Policy Certification program.
President Kelly opened the public hearing.
There was no one present wishing to speak concerning this item and President Kelly
closed the public hearing.
City of Colleyville Page 3
Colleyville Economic
Development Corporation
Minutes - Draft August 28, 2012
Director Hall moved to approve Resolution R-12-120.
Director Tornes seconded the motion.
The motion carried by the following vote:
Aye: Carel Tornes, Tom Hart, Stan Hall, David Kelly, Timothy Kelso, Mark Slosson
Absent: 1 – Carol Wollin
3d Resolution R-12-121
Approval of Colleyville Economic Development Corporation (CEDC) authorized
depository signatures
President Kelly read Resolution R-12-121 in its entirety.
President Kelly opened the public hearing.
There was no one present wishing to speak concerning this item and President Kelly
closed the public hearing.
Director Hart moved to approve Resolution R-12-121.
Director Slosson seconded the motion.
The motion carried by the following vote:
Aye: Carel Tornes, Tom Hart, Stan Hall, David Kelly, Timothy Kelso, Mark Slosson
Absent: 1 – Carol Wollin
3e Resolution R-12-122
Appointing a Colleyville Economic Development Corporation Board President
and Vice President
President Kelly read Resolution R-12-122 in its entirety.
President Kelly opened the public hearing.
There was no one present wishing to speak concerning this item and President Kelly
closed the public hearing.
Director Hart nominated Director Kelly as President and Director Wollin as Vice
President.
There were no other nominations.
City of Colleyville Page 4
Colleyville Economic
Development Corporation
Minutes - Draft August 28, 2012
Director Hart moved to approve Resolution R-12-122, appointing Director Kelly as
President and Director Wollin as Vice President.
Director Hall seconded the motion.
The motion carried by the following vote:
Aye: Carel Tornes, Tom Hart, Stan Hall, David Kelly, Timothy Kelso, Mark Slosson
Absent: 1 – Carol Wollin
4. REPORTS
4a Annual Activity Report
There was no discussion of this item.
4b Annual Investment Report
There was no discussion of this item.
5. ADJOURNMENT
There being no further business before the Colleyville Economic Development
Corporation Board, Director Tornes moved to adjourn and Director Hall seconded the
motion.
The motion carried by the following vote:
Aye: Carel Tornes, Tom Hart, Stan Hall, David Kelly, Timothy Kelso, Mark Slosson
Absent: 1 – Carol Wollin
President Kelly adjourned the meeting at 7:28 p.m.
APPROVED BY A VOTE OF __ AYES, __ NAYS, AND __ ABSTENTIONS ON THIS THE
27TH DAY OF AUGUST 2013.
Minutes taken by: Cynthia Singleton, TRMC, CMC, City Secretary
Minutes prepared and recorded by:
Amy Shelley
Secretary
City of Colleyville Page 5
City of Colleyville Page 1
City of Colleyville
Agenda
Colleyville Economic
Development
Corporation Board
Worksession
City Hall
100 Main Street
Colleyville, Texas 76034
817. 503.1000
www.colleyville.com
Thursday, August 15, 2013
7:00 p.m.
Executive Conference Room
3rd Floor - City Hall
The Colleyville Economic Development Corporation Board Worksession was called
to order by President David Kelly on August 15, 2013, at 7:00 p.m.
ROLL CALL: President David Kelly, Vice President Carol Wollin, Directors Stan
Hall, Tom Hart, Mark Slosson, Carel Tornes, and Timothy Kelso.
General Manager Jennifer Fadden, Finance Manager Terry Leake, Colleyville Center
Manager Leslie Hill, Economic Development Director Marty Wieder, Parks and
Recreation and Library Director Mary Rodne, Recreation and City Events Manager
Lisa Escobedo, Parks Superintendent Tim Hightshoe, Strategic Services Manager
Adrienne Lothery, Communications and Marketing Director Mona Gandy, and
Assistant City Secretary Christine Loven.
Councilmember Chuck Mogged was also present.
2. PRESENTATION AND DISCUSSION
2a Discussion of the FY 2014 - 2018 Economic Development Capital
Improvement Program (EDCIP) priorities
Finance Manager Terry Leake presented the proposed EDCIP for FY 2014-2018 and
stated the annual development of the EDCIP is required by the CEDC Board
Bylaws, and sets forth long and short-term goals.
Director Wollin stated there was no money allocated in 2014 for construction at
Colleyville Center. Finance Manager Leake stated $500,000 has been allocated for
future projects over the next four years, and that funding would be allocated to
Colleyville Center as needed, based on the recommendation in the proposed Site
Master Plan.
Director Hall questioned staff regarding what formula is used to determine the
amount of the available cash to be used. Finance Manager Leake stated available
cash is the difference between revenue and expenditures in the previous year,
combined with the 2013 funding from projects, which were not completed, and the
coverage ratio.
Colleyville Economic
Development Corporation Minutes - Draft August 15, 2013
City of Colleyville Page 2
Director Hall questioned staff regarding how many personnel positions were
funded at the Senior Center and the Library. Finance Manager Leake responded
one at the Senior Center and four, part-time positions at the Library.
Director Hart questioned staff regarding why funding for the Colleyville Center roof
was allocated in the Fiscal Year 2015 budget. Finance Manager Leake stated the
metal roof, which is the green sloped roof, is not in good condition and there is
currently only $6,000 left in the previous roofing settlement for repairs. She
added this allowed the Board to be aware of any future needs.
President Kelly asked if the Board would consider moving the Colleyville Center
roof repair to Fiscal Year 2014, in an effort to avoid the potential of further
damage or the need for a budget amendment in 2014. The Board agreed the
funding for the roof repair, replacement of the stage curtain, and refinish of the
stage should be moved from Fiscal Year 2015 to Fiscal Year 2014.
Director Hall questioned staff regarding who would oversee the roofing project, will
that be Public Works or Colleyville Center Manager Leslie Hill. President Kelly
stated a certified roofing inspector will oversee the roofing project, however,
Manager Hill will schedule and oversee the curtain replacement and stage
refinishing.
Director Hart noted the City had the same roofing scenario and concerns with the
roof at City Hall, not that long ago.
Director Hall noted the $300,000 budgeted in Fiscal Year 2018 for the Pleasant
Run Trail construction and questioned staff regarding if the railroad crossing at
Pleasant Run will be addressed or if there is an anticipated completion timeline?
General Manager Jennifer Fadden stated funding for the quad gates at Pleasant
Run and Bransford Road are provided for in the Fiscal Year 2015 Capital
Improvement Plan, and the design of the quiet zone is currently in the design
process. Director Kelly noted the funding allocated from fiscal years 2015 through
2018 serves as a placeholder.
Director Tornes stated he serves on the Colleyville Sidewalks Committee and there
is not enough funding in the sidewalks budget to allow connectivity to McPherson
Park from the major subdivisions in the area. Director Tornes asked if CEDC
funding for sidewalks could be used to provide the connectivity. President Kelly
stated CEDC funds are designated for specific uses by law and that staff is
checking on what “trail” means, and the viability of using CEDC funding for
providing some of that connectivity. General Manager Jennifer Fadden stated the
Parks and Recreation Open Space Master Plan prioritizes new trail segments, and
Colleyville Economic
Development Corporation Minutes - Draft August 15, 2013
City of Colleyville Page 3
the City will be following the priority recommendations within the plan. President
Kelly noted the City Council is also trying to enhance trail connectivity.
Director Tornes asked if the Senior Center study indicated a need for increased
staffing; would that be funded from the $125,000? President Kelly stated funding
would be provided either from the City budget, or in a future year EDCIP, if
needed.
Director Wollin noted the increase in promotions funding in economic development
and stated she liked seeing the breakdown of the events. Finance Manager Leake
noted an increase in sales tax allows more money to be placed in the promotions
budget; however, 10 percent of the revenue is the most that may be allocated.
Director Hall clarified the Fiscal Year 2015 Colleyville Center funding of $25,000 for
the stage curtain; $4,000 for the stage refinishing; and $48,000 for the roof repair
will be moved to Fiscal Year 2014. Finance Manager Leake stated yes and the
funding will be reflected in the Fiscal Year 2014 CEDC budget to be adopted by the
Board on August 27, 2013.
Director Tornes questioned staff regarding if the Senior Center funding of
$125,000 in Fiscal Year 2014 is for the design only as no construction is scheduled
until 2015. Finance Manager Leake concurred.
3.ADJOURNMENT
There being no further business before the Board, President Kelly adjourned the
meeting at 7:35 p.m.
APPROVED BY A VOTE OF __ AYES, __ NAYS, AND __ ABSTENTIONS ON THIS THE
27TH DAY OF AUGUST 2013.
Minutes taken and prepared by:
Christine Loven
Assistant 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 2c Agenda Date 08/27/2013 Number
Type Resolution
Department City Manager
Title
Approval of the annual review of the Colleyville Economic Development Corporation's
Investment Policy
Explanation
Reading and Public Hearing
A section in the Public Funds Investment Act requires that the governing body of a
public entity review the investment strategy annually. The Corporation's investment
strategy is contained in the section of the attached Colleyville Economic Development
Corporation Investment Policy entitled "Investment Strategy", and is presented for the
Board's review. There are no changes proposed in the existing policy.
Attachments
1.Colleyville Economic Development Corporation Investment Policy
COLLEYVILLE ECONOMIC DEVELOPMENT CORPORATION
INVESTMENT POLICY
Policy
It is the policy of the Colleyville Economic Development Corporation (the
Corporation) to invest public funds in a manner which will provide the
highest investment return with the maximum security while meeting the
daily cash flow demands of the entity and conforming to all State of Texas
statutes and City ordinances.
Scope
This investment policy applies to all financial assets of the Corporation
including:
General Fund
Debt Service Fund
Capital Projects Fund
and any new fund created by the governing body, unless specifically
exempted by the governing body.
Objectives
The primary objectives, in priority order, of the Corporation’s investment
activities shall be:
Safety: Safety of principal is the foremost objective of the Corporation in
managing its portfolio. Investments of the Corporation shall be undertaken
in a manner that seeks to ensure the preservation of capital in the overall
portfolio. To attain this objective the Corporation will diversify its
investments by investing funds among a variety of securities offering
independent returns and financial institutions. The Corporation will also take
into account the marketability of the investment if the need arises to
liquidate the investment before maturity.
Liquidity: The Corporation will also maintain sufficient liquidity to provide
adequate and timely working funds.
Return on Investments: The investment portfolio shall be designed with the
objective of obtaining a rate of return throughout budgetary and economic
cycles, commensurate with the investment risk constraints and cash flow
needs. The Corporation investment strategy is passive and the portfolio
shall be designed with the objective of regularly exceeding the weighted
average return on thirteen-week Treasury bills. This is considered a
benchmark for riskless investment transactions, and therefore, is a minimum
standard for the portfolio's rate of return. For bond funds that fall under the
arbitrage provisions of the Tax Reform Act of 1986, the Corporation will
attempt to earn allowable bond yield with market conditions permitting.
Delegation of Authority
The Corporation designates the Investment Officers to be the Corporation
Manager with overall responsibilities to see that investment objectives are
accomplished and the Finance Manager of the Corporation and Finance
Manager of the City of Colleyville with the specific day-to-day performance
of managing the funds of the Corporation.
Ethics and Conflict of Interest
All investment Officers and employees involved in the investment process
shall refrain from personal business activity that could conflict with proper
execution of the investment program, or that could impair their ability to
make impartial investment decisions. Employees shall disclose to the
Colleyville Economic Development Corporation and Texas Ethics Commission
a statement under the following conditions:
A. If they have a personal business relationship with a business
organization offering to engage in an investment transaction with the
entity. Under the Public Funds Investment Act, a personal business
relationship is defined as:
1. The investment officer owns 10 percent or more of the voting
stock or shares of the business organization or owns $5,000 or
more of the fair market value of the business organization:
2. Funds received by the investment officer from the business
organization exceed 10 percent of the investment officer's gross
income for the previous year; or
3. The investment officer has acquired from the business
organization during the previous year, investments with a book
value of $2,500 or more for the personal account of the
investment officer.
B. If they are related within the second degree by affinity or
consanguinity, as determined by Chapter 573 V.A.T.C.S. to an
individual seeking to sell an investment to the Corporation.
Prudence
Investments shall be made with judgement and care – under circumstances
then prevailing – which persons of prudence, discretion, and intelligence
exercise in the management of their own affairs, not for speculation, but for
investment, considering the probable safety of their capital as well as the
probable income to be derived.
The standard of prudence to be used by investment officials shall be the
"prudent person", which means the officer may not be an expert but is
obligated to act responsibly and shall be applied in the context of managing
an overall portfolio. Investment officers acting in accordance with written
procedures and exercising due diligence shall be relieved of personal
responsibility for an individual security's credit risk or market price changes,
provided deviations from expectations are reported in a timely fashion and
appropriate action is taken to control adverse developments.
Investment officers shall notify the Corporation in writing of any conflicts of
interest, as defined by the Public Funds Investment Act, no later than the
next regularly scheduled Board meeting.
It is the policy of the Corporation that the Investment Officers perform their
duties in accordance with the policies and procedures set forth in this policy.
The Investment Officers of the Corporation (General Manager and Finance
Manager and the Finance Manager of the City of Colleyville) shall be
personally indemnified in the event of investment loss provided the
Investment Policy is followed.
Internal Controls
The Finance Manager shall establish a system of written internal controls
which shall be reviewed annually by the independent auditor. The controls
shall be designed to prevent the loss of public funds due to fraud, error,
misrepresentation, unanticipated market changes or imprudent actions.
Permissible Instruments
The following is a list of permissible instruments as authorized by the 70th
Texas Legislature in the Public Funds Investment Act (TEX. REV. CIV. STAT.
ANN. ACT 842A-2) and amended by the 71st Legislature:
1. Obligations of the United States or its agencies or instrumentalities;
2. Direct obligations of the State of Texas or its agencies;
3. Other obligations, the principal of and interest on which are
unconditionally guaranteed or insured by the State of Texas or the
United States or its agencies or instrumentalities;
4. Obligations of states, agencies, counties, cities, and other political
subdivisions of any state having been rated as to investment quality
by nationally recognized investment rating firm and having received a
rating of not less than "A" or its equivalent;
5. Certificates of deposit issued by state and national banks and
domiciled in the state that are:
a. Guaranteed or insured by the Federal Deposit Insurance
Corporation, FSLIC or its successors; or
b. Secured by obligations that are described by subdivisions (1)
through (4) of this subsection, which are intended to include
all direct federal agency or instrumentality issued mortgage
backed securities, and which have a market value of not less
than the principal amount of the certificates or in any other
manner and amount provided by law for deposits of the
investing entities;
6. Invest in a local government investment pool as authorized by the
Interlocal Cooperation Act (TEX. REV. CIV. STAT. ANN. ACT. 4413
(32c), as amended, and the Public Funds Investment Act (TEX. REV.
CIV. STAT. ACT. 842a-2), as amended. The investment pool must
comply with the requirements of the Public Funds Investment Act, as
amended, as follows:
a. The investment pool maintains a stable asset value as defined
in the Public Funds Investment Act;
b. The investment pool maintains a AAA rating by one of the
nationally recognized rating agencies;
c. The investment pool's maximum average dollar weighted
maturity does not exceed 90 days; and
d. The investment pool's continued compliance with the
remaining provisions of the Public Funds Investment Act.
e. The eligible investments of the pool are as follows: obligations
of the United States or its agencies and instrumentalities,
other obligations, the principal of and interest on which are
unconditionally guaranteed or insured by the United States,
fully collateralized repurchase agreements with a defined
termination date secured by obligations of the United States
or its agencies and instrumentalities, other obligations, the
principal of and interest on which are unconditionally
guaranteed or insured by the United States, and SEC
registered money market funds authorized by the Public
Funds Investment Act and rated in the highest category by at
least one nationally recognized rating agency, reverse
repurchase agreements with a term of no longer than 90
days.
f. Include in its investment policy and/or operating procedures
the following information: a description of eligible investment
securities and unacceptable investments, a written statement
on investment policy and objectives, a description of interest
calculations, distribution, and treatment of gains and losses,
security safeguarding, valuation collateralization and auditing,
and a fee schedule.
7. Direct repurchase agreements with primary security dealers or
financial institutions doing business in the State of Texas having a
defined termination date, and secured by U.S. Government or federal
agency securities, provided that the ownership of collateral for the
repurchase agreement is transferred to the Corporation, and deposited
with a safekeeping agent for the duration of the contract and a signed
master repurchase agreement has been executed with the
counterparty.
8. SEC-registered no-load money market mutual funds with a dollar
weighted average portfolio of 90 days or less whose assets consist
exclusively of United States Government Securities whose investment
objectives include seeking to maintain a stable net asset value of
$1.00 per share. Investment in mutual funds shall be limited to a
maximum of ten percent (10%) of the Corporation's available funds.
The Corporation is not required to liquidate an investment that was
authorized at the time of its purchase.
Unacceptable Investment Instruments
The following securities, although authorized by the Public Funds Investment
Act, are not eligible investments for the Corporation:
1. Collateralized mortgage obligations and/or obligations of the
following structure
a) obligations whose payment represents the coupon payments
on the outstanding principal balance of the underlying mortgage-
backed security collateral and pays no principal;
b) obligations whose payment represents the principal stream of
cash flow from the underlying mortgage-backed security
collateral and bears no interest;
c) collateralized mortgage obligations that have a stated final
maturity date of greater than 10 years; and
d) collateralized mortgage obligations the interest rate of which
is determined by an index that adjusts opposite to the changes
in a market index.
2. Commercial paper
3. Banker's acceptances
4. Reverse repurchase agreements (Local Government Investment
Pools which the Corporation participates in may engage in
reverse repurchase agreements if the term is 90 days or less)
5. No-load mutual funds other than SEC-registered no-load money
market mutual funds with a dollar weighted average portfolio of
90 days or less whose assets consist exclusively of United States
Government Securities whose investment objectives include
seeking to maintain a stable net asset value of $1.00 per share.
6. Guaranteed investment contracts
7. Share certificates of qualifying credit unions
Effect of Loss of Required Rating
An investment that requires a minimum rating does not qualify as an
authorized investment during the period the investment does not have a
minimum rating. The Investment Officer shall take all prudent measures that
are consistent with the Corporation’s investment policy to liquidate the
investment(s) that does not have the minimum rating (2256.021). In
accordance with Section (2256.005(b)), the Investment Officer shall monitor
rating changes in current investments by keeping a monthly record of
ratings issued by three nationally recognized rating agencies.
Investment Strategy
The investment strategy by type of fund is as follows:
(1) Operating Funds
The investment strategy for operating fund(s) is to assure that anticipated
cash flows are matched with adequate investment liquidity. A secondary
objective is to create a portfolio, which will experience minimum volatility
during economic cycles. These funds shall not have an investment with a
stated maturity greater than two years and the weighted average maturity
shall not exceed eighteen months.
(2) Debt Service Funds
The investment strategy for debt service fund(s) is the assurance of
investment liquidity to cover the debt service obligations on the required
payment date. Investments purchased shall not have a stated final maturity
date which exceeds the corresponding debt service payment date. The
weighted average maturity shall not exceed one year.
(3) Reserve Funds
The investment strategy for reserve fund(s) is the assurance of investment
liquidity adequate to cover the debt service obligations not funded by debt
service funds on the required payment date. Investment of reserve funds
are controlled by their ordinance, resolution or indenture, and Federal and
State law. Bond documents must be examined for each issue, for potential
differences with this policy concerning investment instruments, maximum
maturity or average life restrictions, call dates or sinking fund redemptions,
and applicable arbitrage yields and rebate liability. Provisions contained in
the bond documents will supersede provisions of this policy. Weighted
average maturity shall be incompliance with bond requirements, as stated.
Reserve funds will be invested using a more conservative approach than the
current standard investment strategy when arbitrage rebate rules require
refunding excess earnings. All excess earnings received will be segregated
to allow a proper determination of interest income to be used in the
arbitrage calculation.
Maturity limitations for single issue reserve funds shall not exceed the
sooner of five (5) years, the call provisions of the bond ordinance, or the
final maturity of the bond issue.
Annually, the Board of the Corporation shall formally review the Investment
Policy and investment strategy contained with the Policy and record in
writing that is has reviewed the Policy and record any changes to either the
policy or strategy.
A. Diversification
The Corporation will attempt to limit the risk of loss through diversification of
its portfolio and to achieve the aforementioned investment strategies by
diversification of instruments.
Maximum Percent
Diversification by Instrument of Portfolio
U.S. Treasury Obligations (Bills, Notes and Bonds), 100%
U.S. Government Agency Securities,
and Instrumentalities of Government
Sponsored Corporations 75%
Certificates of Deposit (CD's)
Commercial Bank's 75%
Local Government Investment Pool 75%
Tri-Party Repurchase Agreement 75%
SEC registered, no-load mutual fund 10%
Investment Procedures
The Corporation shall enter the following agreements (if applicable):
safekeeping, PSA repurchase agreements, wire transfer agreements,
banking services contracts, and collateral/depository agreements. These
contracts shall include the explicit delegation of authority to persons
responsible for the transactions involving these agreements. No person
except those designated in the contract may engage in any investment
transactions.
On all funds invested in instruments as listed in "Permissible Investments"
numbers one through five, oral bids shall be requested from at least two
broker/dealers or national banks. The Corporation will accept the bid that
provides the highest rate of return within the maturity required and within
the parameters of this policy. Records will be kept of the bids offered, bids
accepted, and a brief explanation of the decision that was made regarding
the investment.
Qualified Institutions
As the Corporations investments are managed by the investment officers of
the City of Colleyville, the Corporation shall utilize the broker/dealers
selected by the City of Colleyville. All firms shall answer the Broker/Dealer
questionnaire (Appendix A) and submit their most recent audited financial
statements to the City for evaluation of credit worthiness. All personnel in
the firms who will be trading or quoting securities to the Corporation must
maintain a current NASD license and be registered to deal securities in the
State of Texas. An investment certification form (Appendix B) on the firm's
letterhead signed by a principal of the firm must be on file with the
Corporation.
Safekeeping
All marketable securities purchased by the Corporation shall be held in third
party safekeeping by an institution designated as primary agent. All
securities will be delivered to the third party institution by seller. Personnel
in the third party institution will verify the correct security was delivered by
the seller ("delivery vs payment"). The third party institution shall issue a
safekeeping receipt to the Corporation listing the specific instrument,
rate/yield, maturity, CUSIP, and other pertinent information. Collateral on
deposit type securities which exceed the FDIC coverage shall be held in a
third party safekeeping institution. In the event a third party safekeeping
institution is used, a collateral agreement shall be executed between the
Corporation, depository which pledged the collateral, and the third party
custodian of the collateral. The Corporation will retain possession of all
original safekeeping receipts and the receipts will state the security is
pledged to the Corporation. Either the Corporation Manager or the Finance
Manager must approve release of collateral in writing prior to its removal
from the safekeeping account.
Collateral Securities for Certificates of Deposit and Demand Accounts
The Corporation will accept as collateral for its Certificates of Deposit and
demand accounts the following securities:
A. FDIC coverage
B. U.S. Treasury bills, notes and bonds
C. United States Agency and instrumentalities bills or notes
D. GNMA mortgage backed fully modified pass through securities
E. Texas state, city county or school bonds with a remaining maturity
of seven years or less and a rating of "A" or better by Moody's,
Fitch, and Standard and Poor's.
F. Surety Bond
G. Federal Home Loan Bank Letter of Credit issued to the Corporation
Collateral shall be "marked to market" monthly by the Finance Manager. The
following percentages constitute the minimum market value for collateral
instruments that are pledged for the Corporation's Certificates of Deposit
and demand deposits.
Form of Collateral Pledged Collateral Ratio
1. U.S. Treasury bills, notes, and bonds
a. maturing within 1 year 102%
b. maturing in 1-5 years 105%
c. maturing in more than 5 years 110%
2. Actively traded U.S. Government Agency securities
a. maturing in less than 1 year 103%
b. maturing in 1-5 years 107%
c. maturing in more than 5 years 115%
3. GNMA mortgage pass through securities 115%
4. Entities in the State of Texas bonds
General Obligation Bonds
a. maturing in less than 1 year 102%
b. maturing in 1-5 years 105%
c. maturing in more than 5 years 107%
Revenue Bonds
a. maturing in less than 1 year 105%
b. maturing in 1-5 years 110%
c. maturing in more than 5 years 115%
Collateral shall be audited annually be the Corporation's independent auditor
and may be audited by the Corporation at anytime during normal business
hours of the safekeeping bank.
Arbitrage
The Tax Reform Act of 1986 places limitations on the Corporation's yield
from investing certain tax-exempt bond proceeds, debt service funds and
reserve funds. The rebate provisions require that the Corporation compute
earnings on investments from certain issues of bonds on a periodic basis to
determine if rebate is required.
To determine the Corporation's arbitrage position, the Corporation is
required to calculate the actual yield earned on the investment of the funds
and compare it to the yield that would have been earned if the funds had
been invested at a rate equal to the yield on the applicable bonds sold by
the Corporation. The rebate provisions state that periodically (not less than
once every five years and not later than sixty days after maturity of the
bonds), the Corporation is required to pay the United States Treasury a
rebate of any excess earnings. These restrictions require extreme precision
in the monitoring and record keeping of investments, particularly in
computing yields to ensure compliance. Failure to comply can dictate that
the bonds become taxable, retroactively from the date of issuance.
The investment strategy for bond funds which fall under the arbitrage
provisions of the Tax Reform Act of 1986, is that the Corporation will
attempt to earn maximum allowable bond yield with market conditions
permitting.
Reporting Requirements
Included as a part of the City of Colleyville’s quarterly investment report,
Finance Manager shall issue a written report concerning the Corporation's
investment transactions for the preceding quarter and describing in detail
the investment position of the Corporation as of the end of the quarter
indicating the market values of all investments held during the quarter. The
report shall list for each investment held during the quarter: the purchase
price of the investment, the par value of the investment, the market value of
the investment at the beginning of the quarter, market value of the
investment at the end of the quarter, and fully accrued interest for the
period. The portfolio shall be marked to market monthly and market pricing
information is to be obtained through the use of appropriate external third
party software, third party safekeeping service, or a third party independent
pricing service. This report shall state its compliance with provisions of the
Public Funds Investment Act, as amended, and adopted investment policy
strategy. The report shall be signed by the General Manager and Finance
Manager and be reviewed annually by the City of Colleyville’s external audit
firm as a part of the City of Colleyville’s and Colleyville Economic
Development Corporation’s annual audit and reported to the City Council.
Training Requirements
In accordance with the Act (2256.005 and 2256.008), the Finance Manager
and Finance Manager of the City of Colleyville shall attend 10 hours of
investment training within 12 months of assuming duties and 10 hours not
less than once in a two-year period that begins on the first day of the
Corporation’s fiscal year and consists of the two consecutive fiscal years
after that date. This training may be obtained from the following sources:
North Central Texas Council of Governments, Government Treasurer's
Organization of Texas, Government Finance Officer's of Texas, Texas
Municipal League or the University of North Texas Center for Public
Management. The training must include education in investment controls,
security risks, strategy risks, market risks, and any other topics as required
by the Public Funds Investment Act.
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 08/27/2013 Number Resolution R-13-124
Type Resolution
Department City Manager
Title
Adopting the Economic Development Capital Improvement Program (EDCIP) for the
Fiscal Years 2014-2018 (FY 2014-2018) 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 15, 2013, the Board met in a worksession and reviewed and discussed the
proposed projects for FY 2014 through 2018 from the attached EDCIP (Exhibit A). The
changes directed by the Board to move the Colleyville Center projects (replacement of
the original stage curtain, refininsh stage, and repairs to original sloped metal roof)
from FY 2015 to FY 2014 are reflected in the FY 2014 - FY 2018 EDCIP. The proposed
changes from the attached adopted FY 2013 - FY 2017 EDCIP (Exhibit B) are as
follows:
Revenues:
The projected sales tax for FY 2014 replicates the FY 2014 City sales tax budget
projection. For the remaining years, in FY 2015 there is a projected increase of eight
percent to account for new business in the Village Park shopping center, and a one
percent growth for FY 2016 - 2018. There is a slight change from year to year in
interest income, due to the annual changes in investable cash from beginning fund
balance in the two different EDCIP plans. There is the use of available cash from the
.4 times bond coverage ratio in all years of the plan, with the ending target fund
balance in 2018 at a level slightly above $850,000.
City of Colleyville Page 1
CEDC Board Agenda Briefing 3a
Expenditures:
FY 2014:
Carry forward of funding for incomplete projects - completion of Pleasant Run
Trail (Bogart Drive to Mission Lane) right-of-way acquisition for the trail ($168,000)
and construction of the trail ($277,000), and improvements at the Cotton Belt - L.D.
Lockett Park trailhead ($100,000). There is $125,000, included for the design of
renovations to the Senior Center. There is a study of the Senior Center for future use,
programs, and renovations, currently in process, which is a FY 2013 CEDC funded
project. This study was recommended in the Parks, Recreation and Trails Master Plan,
which was adopted by City Council on December 6, 2011. Funding in the amount of
$175,000 is included for the update of City Park, which opened in 1998, to provide for
more efficient property irrigation, lower water use landscaping, and an update of the
dugout and spectator areas. There is funding for a site master plan of the Colleyville
Center and the surrounding grounds ($25,000), to provide for improved utilization of
the surrounding grounds. Funding is also included for repairs to the original sloped
seamed metal roof of the Colleyville Center ($48,000), with additional information in
the attached memorandum regarding the history of the roof. Funding for the
replacement of the original stage curtain ($25,000), that has been in use since 1998
was moved forward from FY 2017 in the prior EDCIP. Also, funding of $4,000 is
included to refinish the stage at the Colleyville Center, in conjunction with the stage
curtain replacement. The future projects allocation of $425,000 was removed and
reallocated through the future years of the plan.
FY 2015:
Carry forward of funding for incomplete projects - the Cotton Belt II spur at Webb
House - $165,000. The future projects allocation is increased from $425,000 to
$500,000. There is also funding included for future trail projects ($150,000).
FY 2016:
The future projects allocation is increased from $425,000 to $500,000. Funding is
added for future trail projects in the amount of $150,000.
FY 2017:
The future projects allocation is increased from $425,000 to $500,000. Funding is
added for future trail projects in the amount of $150,000.
FY 2018:
The future projects funding allocation is $500,000. Funding is included for the
construction of a trail on Pleasant Run Road from the Cotton Belt railroad crossing to
John McCain Road ($300,000).
City of Colleyville Page 2
CEDC Board Agenda Briefing 3a
Attachments
1. EDCIP FY 2014 - 2018 Exhibit A
2. EDCIP FY 2013 - 2017 Exhibit B
3. Memorandum - Colleyville Center sloped seamed metal roof history
4. Resolution R-13-124
City of Colleyville Page 3
COLLEYVILLE ECONOMIC DEVELOPMENT CORPORATION EXHIBIT A
ECONOMIC DEVELOPMENT CAPITAL IMPROVEMENT PROGRAM FY 2014 - FY 2018
FISCAL YEAR 2013 2014 2015 2016 2017 2018
BEGINNING FUND BALANCE $1,974,664 $2,013,612 $1,388,431 $1,157,498 $1,095,830 $1,044,475
REVENUES:
PROJECTED 1/2 CENT SALES TAX REVENUE $1,335,000 $1,437,500 $1,551,875 $1,567,394 $1,583,068 $1,598,898
INTEREST INCOME $3,895 $4,027 $2,777 $2,315 $2,192 $2,089
USE OF AVAILABLE CASH $1,062,844 $883,033 $489,086 $321,835 $311,249 $442,901
TOTAL REVENUES $2,401,739 $2,324,560 $2,043,738 $1,891,544 $1,896,508 $2,043,888
EXPENDITURES:
OPERATING:
ADMINISTRATIVE $2,000 $2,000 $2,000 $2,000 $2,000 $2,000
2005 DEBT SERVICE & 1.4 TIMES COVERAGE $907,711 $902,482 $903,536 $910,584 $909,629 $900,956
WATER / WASTEWATER- MC PHERSON PARK $1,615 $17,750 $18,283 $18,831 $19,396 $19,978
PERSONNEL - SENIOR CENTER $65,025 $64,975 $66,924 $68,932 $71,000 $73,130
PERSONNEL - LIBRARY $71,095 $76,448 $77,977 $79,536 $81,127 $82,750
OPERATIONS - LIBRARY $4,292 $4,421 $4,553 $4,690 $4,831 $4,976
PROMOTIONAL:
OLD TYME BBQ EVENT $15,000 $15,000 $15,000 $15,000 $15,000 $15,000
HOLLY COLLEY HOLIDAY EVENT $40,000 $36,000 $36,000 $36,000 $36,000 $36,000
RED, WHITE & SOUSA EVENT $30,000 $36,000 $36,000 $36,000 $36,000 $36,000
ECONOMIC DEVELOPMENT PROMOTIONAL $48,889 $57,153 $68,465 $69,971 $71,526 $73,099
CAPITAL:
INTERFUND LOAN - COLLEYVILLE CENTER RENOVATIONS $165,331 $165,332 $0 $0 $0 $0
($661,325 REPAID OVER 4 YEARS)
CITY PARK - LANDSCAPE AND AMENITIES $0 $175,000 $0 $0 $0 $0
COLLEYVILLE CENTER - REPLACEMENT TABLES $9,580 $0 $0 $0 $0 $0
COLLEYVILLE CENTER - REPLACEMENT CHAIRS $38,400 $0 $0 $0 $0 $0
COLLEYVILLE CENTER - REPLACEMENT MAIN AIR CONDITIONER UNIT $30,000 $0 $0 $0 $0 $0
COLLEYVILLE CENTER - REPLACEMENT FLAT ROOFS $49,732 $0 $0 $0 $0 $0
COLLEYVILLE CENTER - REPLACEMENT ORIGINAL STAGE CURTAIN $0 $25,000 $0 $0 $0 $0
COLLEYVILLE CENTER - REFINISH STAGE $0 $4,000 $0 $0 $0 $0
COLLEYVILLE CENTER - REPAIRS TO ORIGINAL SLOPED METAL ROOF $0 $48,000 $0 $0 $0 $0
COLLEYVILLE CENTER - SITE MASTER PLAN $0 $25,000 $0 $0 $0 $0
CITYWIDE TRAIL SYSTEM -
COTTON BELT II SPUR @ WEBB HOUSE CONSTRUCTION-CARRY FORWARD $0 $0 $165,000 $0 $0 $0
PLEASANT RUN TRAIL DESIGN (BOGART TO MISSION)-CARRY FORWARD $41,340 $0 $0 $0 $0 $0
PLEASANT RUN TRAIL ROW ACQUISITION (BOGART TO MISSION)-CARRY FORWARD $0 $168,000 $0 $0 $0 $0
PLEASANT RUN TRAIL CONSTRUCTION (BOGART TO MISSION)-CARRY FORWARD $0 $277,000 $0 $0 $0 $0
IMPROVEMENTS AT COTTON BELT - LD LOCKETT PARK TRAILHEAD $0 $100,000 $0 $0 $0 $0
FUTURE TRAIL CONSTRUCTION $0 $0 $150,000 $150,000 $150,000 $0
PLEASANT RUN TRAIL CONSTRUCTION (COTTON BELT TO JOHN MCMCAIN)$0 $0 $0 $0 $0 $300,000
SENIOR CENTER
REBRANDING STUDY $35,000 $0 $0 $0 $0 $0
RENOVATION - DESIGN $0 $125,000 $0 $0 $0 $0
TABLE AND CHAIR REPLACEMENTS $4,283 $0 $0 $0 $0 $0
FUTURE PROJECTS $0 $0 $500,000 $500,000 $500,000 $500,000
TOTAL EXPENDITURES $1,559,293 $2,324,561 $2,043,738 $1,891,544 $1,896,509 $2,043,888
EXCESS REVENUES OVER EXPENDITURES $842,446 $0 $0 $0 $0 $0
ADD BACK .4 TIMES BOND COVERAGE RATIO $259,346 $257,852 $258,153 $260,167 $259,894 $257,416
ENDING FUND BALANCE $2,013,612 $1,388,431 $1,157,498 $1,095,830 $1,044,475 $858,991
ASSUMPTIONS: FY 2014: 1/2 OF CITY SALES TAX BUDGET PROJECTION / FY 2015: 1/2 OF LONG RANGE CITY SALES TAX PROJECTION / FY 2016-2018: 1% GROWTH
COLLEYVILLE ECONOMIC DEVELOPMENT CORPORATION EXHIBIT B
ECONOMIC DEVELOPMENT CAPITAL IMPROVEMENT PROGRAM FY 2013 - FY 2017
FISCAL YEAR 2012 2013 2014 2015 2016 2017
BEGINNING FUND BALANCE $1,854,880 $1,945,474 $1,141,977 $952,523 $935,125 $920,488
REVENUES:
PROJECTED 1/2 CENT SALES TAX REVENUE $1,382,500 $1,335,000 $1,348,350 $1,361,834 $1,375,452 $1,389,206
INTEREST INCOME $3,905 $3,891 $2,284 $1,905 $1,870 $1,841
USE OF AVAILABLE CASH $168,041 $1,062,844 $447,307 $275,551 $274,805 $316,048
TOTAL REVENUES $1,554,446 $2,401,735 $1,797,940 $1,639,289 $1,652,127 $1,707,095
EXPENDITURES:
OPERATING:
ADMINISTRATIVE $2,000 $2,000 $2,000 $2,000 $2,000 $2,000
2005 DEBT SERVICE & 1.4 TIMES COVERAGE $905,223 $907,711 $902,482 $903,536 $910,584 $909,629
PROMOTIONAL $129,368 $133,889 $135,063 $136,374 $137,732 $139,105
WATER / WASTEWATER- MC PHERSON PARK $16,480 $16,974 $17,483 $18,008 $18,548 $19,104
PERSONNEL - SENIOR CENTER $70,095 $72,198 $73,642 $75,851 $78,127 $80,471
PERSONNEL - LIBRARY $69,024 $71,095 $72,517 $73,967 $75,447 $76,956
OPERATIONS - LIBRARY $4,167 $4,292 $4,421 $4,553 $4,690 $4,831
CAPITAL:
INTERFUND LOAN - COLLEYVILLE CENTER RENOVATIONS $165,331 $165,331 $165,332 $0 $0 $0
($661,325 REPAID OVER 4 YEARS)
COLLEYVILLE CENTER - REPLACEMENT TABLES $0 $12,000 $0 $0 $0 $0
COLLEYVILLE CENTER - REPLACEMENT CHAIRS $0 $41,000 $0 $0 $0 $0
COLLEYVILLE CENTER - REPLACEMENT MAIN AIR CONDITIONER UNIT $0 $30,000 $0 $0 $0 $0
COLLEYVILLE CENTER - REPLACEMENT FLAT ROOF $0 $50,000 $0 $0 $0 $0
COLLEYVILLE CENTER - REPLACEMENT STAGE CURTAIN $0 $0 $0 $0 $0 $25,000
LIBRARY - BALANCE OF UNUSED 2011 SALARIES (FF&E)$46,532 $0 $0 $0 $0 $0
LIBRARY - SECOND FLOOR, TEEN ROOM AND FIRST FLOOR-TECHNOLOGY / FF&E $78,566 $0 $0 $0 $0 $0
LIBRARY TECHNOLOGY REPLACEMENTS $51,000 $0 $0 $0 $0 $0
CITYWIDE TRAIL SYSTEM
COTTON BELT II SPUR @ WEBB HOUSE CONSTRUCTION $0 $165,000 $0 $0 $0 $0
PLEASANT RUN TRAIL DESIGN (BOGART TO MISSION)-CARRY FORWARD $16,660 $41,340 $0 $0 $0 $0
PLEASANT RUN TRAIL ROW ACQUISITION (BOGART TO MISSION)-CARRY FORWARD $0 $168,000 $0 $0 $0 $0
PLEASANT RUN TRAIL CONSTRUCTION (BOGART TO MISSION)$0 $277,000 $0 $0 $0 $0
IMPROVEMENTS AT COTTON BELT - LD LOCKETT PARK TRAILHEAD $0 $100,000 $0 $0 $0 $0
SENIOR CENTER
REBRANDING STUDY $0 $35,000 $0 $0 $0 $0
RENOVATIONS $0 $99,905 $0 $0 $0 $0
TABLE AND CHAIR REPLACEMENTS $0 $9,000 $0 $0 $0 $0
FUTURE PROJECTS $0 $0 $425,000 $425,000 $425,000 $450,000
TOTAL EXPENDITURES $1,554,446 $2,401,735 $1,797,940 $1,639,289 $1,652,127 $1,707,095
EXCESS REVENUES OVER EXPENDITURES $0 $0 $0 $0 $0 $0
ADD BACK .4 TIMES BOND COVERAGE RATIO $258,635 $259,346 $257,852 $258,153 $260,167 $259,894
ENDING FUND BALANCE $1,945,474 $1,141,977 $952,523 $935,125 $920,488 $864,334
ASSUMPTIONS: FY 2013: 1/2 OF CITY SALES TAX BUDGET PROJECTION / FY 2014 - 2017: 1% GROWTH
MEMORANDUM
Date: August 9, 2013
From: Terry Leake, Assistant City Manager / Chief Financial Officer
To: Colleyville Economic Development Corporation Board of Directors
Subject: Colleyville Center sloped seamed metal roof history
In January 1998, the Colleyville Center opened, however there were issues
with the main roof of the building (green sloped metal seamed roof), due to
improper installation by the roofing subcontractor. Various roofing repairs
were made in 1999, while the final retainage payment was withheld from the
contractor, R. C. Small & Associates. The contractor pursued legal means to
obtain the roofing warranty from the roofing contractor, but was unable to
resolve the situation and obtain a warranty.
In June 2000, City Council authorized Resolution R-00-1663 remitting the
final retainage payment to the contractor. By this resolution, the City
retained $25,000 of the final retainage payment for future roof repairs, and
eliminated the roof warranty in exchange for retaining the $25,000. Since
June 2000, various roof repairs have been made to the sloped metal roof,
and a limited amount of the withheld retainage funding remains. As the roof
is over 15 years old, staff recently sought information detailing the cost to
repair all of the sloped metal roof deficiencies. This cost is approximately
$42,000, and is included in the EDCIP in FY 2015 at a total of $48,000, to
allow for a 15% contingency. The majority of the items requiring repairs
would include a 20 year warranty, with the remainder having a 10 year
warranty.
RESOLUTION R-13-124
A RESOLUTION ADOPTING THE ECONOMIC DEVELOPMENT CAPITAL
IMPROVEMENT PROGRAM (EDCIP) FOR FISCAL YEARS 2014-2018
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 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.
APPROVED BY A VOTE OF _ AYES, _ NAYS, AND _ ABSTENTIONS ON THIS
27TH DAY OF AUGUST 2013.
ATTEST:COLLEYVILLE ECONOMIC
DEVELOPMENT CORPORATION
Amy Shelley David Kelly
Secretary President
COLLEYVILLE ECONOMIC DEVELOPMENT CORPORATION EXHIBIT A
ECONOMIC DEVELOPMENT CAPITAL IMPROVEMENT PROGRAM FY 2014 - FY 2018
FISCAL YEAR 2013 2014 2015 2016 2017 2018
BEGINNING FUND BALANCE $1,974,664 $2,013,612 $1,388,431 $1,157,498 $1,095,830 $1,044,475
REVENUES:
PROJECTED 1/2 CENT SALES TAX REVENUE $1,335,000 $1,437,500 $1,551,875 $1,567,394 $1,583,068 $1,598,898
INTEREST INCOME $3,895 $4,027 $2,777 $2,315 $2,192 $2,089
USE OF AVAILABLE CASH $1,062,844 $883,033 $489,086 $321,835 $311,249 $442,901
TOTAL REVENUES $2,401,739 $2,324,560 $2,043,738 $1,891,544 $1,896,508 $2,043,888
EXPENDITURES:
OPERATING:
ADMINISTRATIVE $2,000 $2,000 $2,000 $2,000 $2,000 $2,000
2005 DEBT SERVICE & 1.4 TIMES COVERAGE $907,711 $902,482 $903,536 $910,584 $909,629 $900,956
WATER / WASTEWATER- MC PHERSON PARK $1,615 $17,750 $18,283 $18,831 $19,396 $19,978
PERSONNEL - SENIOR CENTER $65,025 $64,975 $66,924 $68,932 $71,000 $73,130
PERSONNEL - LIBRARY $71,095 $76,448 $77,977 $79,536 $81,127 $82,750
OPERATIONS - LIBRARY $4,292 $4,421 $4,553 $4,690 $4,831 $4,976
PROMOTIONAL:
OLD TYME BBQ EVENT $15,000 $15,000 $15,000 $15,000 $15,000 $15,000
HOLLY COLLEY HOLIDAY EVENT $40,000 $36,000 $36,000 $36,000 $36,000 $36,000
RED, WHITE & SOUSA EVENT $30,000 $36,000 $36,000 $36,000 $36,000 $36,000
ECONOMIC DEVELOPMENT PROMOTIONAL $48,889 $57,153 $68,465 $69,971 $71,526 $73,099
CAPITAL:
INTERFUND LOAN - COLLEYVILLE CENTER RENOVATIONS $165,331 $165,332 $0 $0 $0 $0
($661,325 REPAID OVER 4 YEARS)
CITY PARK - LANDSCAPE AND AMENITIES $0 $175,000 $0 $0 $0 $0
COLLEYVILLE CENTER - REPLACEMENT TABLES $9,580 $0 $0 $0 $0 $0
COLLEYVILLE CENTER - REPLACEMENT CHAIRS $38,400 $0 $0 $0 $0 $0
COLLEYVILLE CENTER - REPLACEMENT MAIN AIR CONDITIONER UNIT $30,000 $0 $0 $0 $0 $0
COLLEYVILLE CENTER - REPLACEMENT FLAT ROOFS $49,732 $0 $0 $0 $0 $0
COLLEYVILLE CENTER - REPLACEMENT ORIGINAL STAGE CURTAIN $0 $25,000 $0 $0 $0 $0
COLLEYVILLE CENTER - REFINISH STAGE $0 $4,000 $0 $0 $0 $0
COLLEYVILLE CENTER - REPAIRS TO ORIGINAL SLOPED METAL ROOF $0 $48,000 $0 $0 $0 $0
COLLEYVILLE CENTER - SITE MASTER PLAN $0 $25,000 $0 $0 $0 $0
CITYWIDE TRAIL SYSTEM -
COTTON BELT II SPUR @ WEBB HOUSE CONSTRUCTION-CARRY FORWARD $0 $0 $165,000 $0 $0 $0
PLEASANT RUN TRAIL DESIGN (BOGART TO MISSION)-CARRY FORWARD $41,340 $0 $0 $0 $0 $0
PLEASANT RUN TRAIL ROW ACQUISITION (BOGART TO MISSION)-CARRY FORWARD $0 $168,000 $0 $0 $0 $0
PLEASANT RUN TRAIL CONSTRUCTION (BOGART TO MISSION)-CARRY FORWARD $0 $277,000 $0 $0 $0 $0
IMPROVEMENTS AT COTTON BELT - LD LOCKETT PARK TRAILHEAD $0 $100,000 $0 $0 $0 $0
FUTURE TRAIL CONSTRUCTION $0 $0 $150,000 $150,000 $150,000 $0
PLEASANT RUN TRAIL CONSTRUCTION (COTTON BELT TO JOHN MCMCAIN)$0 $0 $0 $0 $0 $300,000
SENIOR CENTER
REBRANDING STUDY $35,000 $0 $0 $0 $0 $0
RENOVATION - DESIGN $0 $125,000 $0 $0 $0 $0
TABLE AND CHAIR REPLACEMENTS $4,283 $0 $0 $0 $0 $0
FUTURE PROJECTS $0 $0 $500,000 $500,000 $500,000 $500,000
TOTAL EXPENDITURES $1,559,293 $2,324,561 $2,043,738 $1,891,544 $1,896,509 $2,043,888
EXCESS REVENUES OVER EXPENDITURES $842,446 $0 $0 $0 $0 $0
ADD BACK .4 TIMES BOND COVERAGE RATIO $259,346 $257,852 $258,153 $260,167 $259,894 $257,416
ENDING FUND BALANCE $2,013,612 $1,388,431 $1,157,498 $1,095,830 $1,044,475 $858,991
ASSUMPTIONS: FY 2014: 1/2 OF CITY SALES TAX BUDGET PROJECTION / FY 2015: 1/2 OF LONG RANGE CITY SALES TAX PROJECTION / FY 2016-2018: 1% GROWTH
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 08/27/2013 Number Resolution R-13-125
Type Resolution
Department City Manager
Title
Adopting the Fiscal Year 2014 (FY 2014) 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 2014 budget replicates the
FY 2014 revenues and expenditures contained in the proposed FY 2014 - 2018 EDCIP
(Agenda item 3a). The sales tax portion of the revenue estimate ($1,437,500) is one-
half of the sales tax revenue estimate in the City's proposed FY 2014 budget. Total
proposed expenditures include the following:
Capital:
· Interfund loan - Colleyville Center renovations $165,332
· City Park Update – Landscape and amenities $175,000
· Colleyville Center – Replacement original stage curtain $ 25,000
· Colleyville Center – Refinish stage $ 4,000
· Colleyville Center – Repairs to original sloped metal roof $ 48,000
· Colleyville Center – Site Master Plan $ 25,000
· Pleasant Run Trail right-of-way acquisition (Mission to Bogart)
FY 2013 carry forward
$168,000
· Pleasant Run Trail construction (Mission to Bogart) FY 2013
carry forward
$277,000
· Improvements at Cotton Belt – L.D. Lockett Park Trailhead FY
2013 carry forward
$100,000
· Senior Center – Renovation - Design $125,000
Operating:
· Administrative $ 2,000
· Debt service - 2005 sales tax refunding bonds $644,630
· Water/wastewater McPherson Park $ 17,750
· Personnel - Senior Center $ 64,975
· Personnel - Library $ 76,448
· Operations – Library $ 4,421
CEDC Board Agenda Briefing 3b
City of Colleyville Page 2
Promotional:
· Old Tyme BBQ event $ 15,000
· Holly Colley Holiday event $ 36,000
· Red, White & Sousa event $ 36,000
· Economic Development promotional $ 57,153
The budget also utilizes $883,033 in available cash balance, from the projected ending
Fiscal Year 2013 Fund Balance being $2,013,612.
Attachments
1.FY 2014 Proposed Budget Summary
2.Resolution R-13-125
COLLEYVILLE ECONOMIC DEVELOPMENT CORPORATION
FY 2014 BUDGET SUMMARY
FY 2013 FY 2014
ANTICIPATED PROPOSED
BEGINNING FUND BALANCE 1,974,664$ 2,013,612$
REVENUES:
SALES TAX REVENUES 1,335,000$ 1,437,500$
INTEREST INCOME 3,895$ 4,028$
USE OF AVAILABLE CASH 1,062,844$ 883,033$
TOTAL REVENUES 2,401,739$ 2,324,561$
LESS EXPENSES:
OPERATING:
ADMINISTRATIVE EXPENSES 2,000$ 2,000$
PROMOTIONAL:
OLD TYME BBQ EVENT 15,000$ 15,000$
HOLLY COLLEY HOLIDAY EVENT 40,000$ 36,000$
RED, WHITE & SOUSA EVENT 30,000$ 36,000$
ECONOMIC DEVELOPMENT PROMOTIONAL 48,889$ 57,153$
PERSONNEL- SENIOR CENTER SUPERVISOR 65,025$ 64,975$
PERSONNEL- LIBRARY 71,095$ 76,448$
OPERATIONS - LIBRARY 4,292$ 4,421$
WATER-MC PHERSON PARK 1,615$ 17,750$
DEBT SERVICE - 2005 SALES TAX REFUNDING BONDS 648,365$ 644,630$
INTERFUND LOAN REPAYMENT - COLLEYVILLE CENTER RENOVATION 165,331$ 165,332$
CAPITAL PROJECTS:
CITY PARK - LANDSCAPE AND AMENITIES -$ 175,000$
COLLEYVILLE CENTER - REPLACEMENT TABLES 9,580$ -$
COLLEYVILLE CENTER - REPLACEMENT CHAIRS 38,400$ -$
COLLEYVILLE CENTER - REPLACEMENT MAIN AIR CONDITIONER UNIT 30,000$ -$
COLLEYVILLE CENTER - REPLACEMENT FLAT ROOF 49,732$ -$
COLLEYVILLE CENTER - ORIGINAL STAGE CURTAIN -$ 25,000$
COLLEYVILLE CENTER - REFINISH STAGE -$ 4,000$
COLLEYVILLE CENTER - REPAIRS TO ORIGINAL SLOPED METAL ROOF -$ 48,000$
COLLEYVILLE CENTER - REFINISH STAGE -$ 25,000$
TRAIL CONSTRUCTION - COTTON BELT II SPUR AT WEBB HOUSE -$ -$
TRAIL CONSTRUCTION - PLEASANT RUN (BOGART TO MISSION) DESIGN 41,340$ -$
TRAIL CONSTRUCTION - PLEASANT RUN (BOGART TO MISSION) ROW ACQUISITION -$ 168,000$
TRAIL CONSTRUCTION - PLEASANT RUN (BOGART TO MISSION) CONSTRUCTION -$ 277,000$
TRAIL IMPROVEMENTS AT COTTON BELT - L.D. LOCKETT PARK TRAILHEAD -$ 100,000$
SENIOR CENTER - REBRANDING STUDY 35,000$ -$
SENIOR CENTER - RENOVATIONS -$ -$
SENIOR CENTER - RENOVATION DESIGN -$ 125,000$
SENIOR CENTER - TABLE AND CHAIR REPLACEMENTS 4,283$ -$
TOTAL EXPENSES 1,299,947$ 2,066,709$
EXCESS REVENUES OVER EXPENSES 1,101,792$ 257,852$
ENDING FUND BALANCE 2,013,612$ 1,388,431$
NOTE: A COVERAGE RATIO OF 1.4 IS REQUIRED TO MEET THE SALES TAX BOND COVENANTS
FOR FY 2014, REVENUES MUST EXCEED EXPENDITURES BY AT LEAST $257,852.
RESOLUTION R-13-125
A RESOLUTION ADOPTING AN ANNUAL BUDGET FOR
FISCAL YEAR 2014 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 2014 budget amounts for the Colleyville
Economic Development Corporation are as follows:
Revenues $2,324,561
Expenditures $2,066,709
AND IT IS SO RESOLVED.
APPROVED BY A VOTE OF _ AYES, _ NAYS, AND _ ABSTENTIONS ON THIS
27TH DAY OF AUGUST 2013.
ATTEST:COLLEYVILLE ECONOMIC
DEVELOPMENT CORPORATION
Amy Shelley David Kelly
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 08/27/2013 Number Resolution R-13-126
Type Resolution
Department City Secretary
Title
Approving amendments to the Bylaws of the Colleyville Economic Development
Corporation
Explanation
Reading and Public Hearing
This item provides for the Board to consider amendments to the Colleyville Economic
Development Corporation (CEDC) Bylaws, which reflect current City policy and
procedure, branding (font and formatting), and punctuation and grammar.
The Articles of Incorporation of the CEDC, Article Nine state: The initial bylaws of the
Corporation shall be in the form and substance approved by the City Council in its
Resolution R-96-1238 approving these Articles. Such bylaws shall be adopted by the
Corporation's board and shall, together with these Articles, govern the internal affairs
of the Corporation until and unless amended in accordance with these Articles. Neither
the initial bylaws nor any subsequently effective bylaws of the Corporation may be
amended without the consent and approval of the City Council. The Board shall make
application to the City Council for the approval of any proposed amendments, but the
same shall not become effective until or unless the same shall be approved by
resolution adopted by the City Council.
The CEDC Bylaws have been amended twice since 1996. Resolution R-03-58, which
amended the established meeting date to be the fourth Tuesday in August each year,
was adopted by the CEDC Board on September 9, 2003 and ratified by Resolution R-
03-2224, adopted by the City Council on September 16, 2003. Resolution R-05-83,
which amended the physical location of the Corporation when City Hall moved to 100
Main Street, was adopted by the CEDC Board on August 23, 2005 and ratified by
Resolution R-05-2589, adopted by the City Council on September 6, 2005. The current
CEDC Bylaws adopted by Resolution R-05-83 and Resolution R-05-2589 are attached.
Following is a list of the proposed amendments as reflected in the attached proposed
amendments. If approved by the Board, the amendments will be forwarded to City
Council for approval and ratification.
Article II Board of Directors: Section 1. Number and Term of Office: add as item D. to
be moved from Article II, Section 1: A President and Vice President shall be
elected by the Board and shall serve a term of one (1) year. The President
CEDC Board Agenda Briefing 3c
City of Colleyville Page 2
and Vice President shall continue to serve until their successors are
appointed, as provided in Article II, Section 1., renumber previous D. to E.
Section 3. Meetings of Directors: delete “or committees”, from first line of paragraph
one.
Replace Citizens Forum with: Citizen Comments/Presentations Regarding Items
Not On The Agenda.
Add worksessions to meeting types.
Add as a last paragraph: Meeting agenda packets will be available to the public
on the City’s website, and will be distributed to each member 72 hours prior
to a meeting.
Section 5. Conduct of Business: add C. The President, or in the absence of the
President, the presiding officer, may recognize individuals wishing to speak
regarding an item on the agenda. Renumber previous C. to D.
Section 6. Committees of the Board: add Notice of all committee meetings shall
be provided and set forth in accordance with the Texas Open Meetings Act,
Chapter 551 of the Texas Local Government Code.
Article III: Change the title to: Article III, Officers and Directors Powers and
Duties, Section 1, Titles and Term of Office moved to Article II Board of Directors, D.
Renumber Sections 1. Through 7. accordingly.
Section 3. Attendance: strike The following number of absences shall constitute
the basis for replacement of a director. Add to last sentence: and constitutes
the replacement of a director.
Section 4. Conflict of Interest: combine paragraphs for the following statement: In the
event a director is aware that he, or another director, has a conflict of interest
or potential conflict of interest, with regard to any particular matter or vote
coming before the Board, the director shall bring the same to the attention of
the Board and the director(s) shall abstain from discussion and voting
thereof. Failure to conform to these requirements herein and policies as may
be adopted by the Board is cause for dismissal from the Board by action of the
City Council.
Section 7. Contracts for Service: second paragraph, strike Finance Department of
the City, the staff and employees of the Parks and Recreation Department and
other employees
Article IV. Functional Corporate Duties and Requirements. Section 1. General
CEDC Board Agenda Briefing 3c
City of Colleyville Page 3
Manager: move The General Manager shall be an employee of the City from the
end, to the beginning of the paragraph.
Section 2. Finance Manager: move The Finance Manager shall be an employee of
the City from the middle, to the beginning of the paragraph.
Section 3. Secretary: move The Secretary shall be an employee of the City from
the end, to the beginning of the paragraph.
Section 4. Duties of the Board: the second to the last paragraph reads: The required
annual report shall be made to the City Council no later than February 1 of each year.
Staff is proposing to amend this paragraph to read: 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. This
provides a formal process for the City Council to be informed of the Annual Report
through the City Council agenda.
Section 8. Debt, Deposit, and Investment of Corporate Funds: last sentence of the
first paragraph, strike of the City. Add Council to the ending of the first sentence, of
the second paragraph. The ending of the second sentence, of the second paragraph
shall read, ...upon the signature of the Corporation's Finance Manager, General
Manager, and/or the Secretary.
Article V. Miscellaneous Provisions: add SECTION 10. AMENDMENTS. These Bylaws
may be amended by a majority vote of the Board. Approved amendments will
be forwarded to the City Council for their subsequent approval.
Attachments
1.Current CEDC Bylaws
2.Proposed Bylaws Amendments
3.Resolution R-13-126
BYLAWS
OF THE
COLLEYVILLE ECONOMIC DEVELOPMENT CORPORATION
ARTICLE I.
PURPOSE AND POWERS
SECTION 1. REGISTERED OFFICE AND REGISTERED AGENT.
The COLLEYVILLE ECONOMIC DEVELOPMENT CORPORATION (the
"Corporation") shall have and continuously maintain in the State of Texas a
registered office, and a registered agent whose office is identical with such
registered office, as required by the Texas Non-Profit Corporation Act., and state
law. The Registered Agent for the Corporation shall be the City Secretary, subject
that the Board of Directors (the "Board") from time to time, may change the
registered agent and/or the address of the registered office, subject to City Council
approval, provided that such change is appropriately reflected in these Bylaws and
in the Articles of Incorporation (the "Articles").
The registered office of the Corporation is located at 100 Main Street, Colleyville,
Tarrant County, Texas 76034, and at such address is the Corporation, whose
mailing address is 100 Main Street, Colleyville, Texas 76034-0185. Said address
shall also serve as the principal office of the Corporation and Board.
SECTION 2. PURPOSE.
The Corporation is incorporated as a non-profit corporation for the purposes set
forth in the Articles the same to be accomplished on behalf of the City of Colleyville,
Texas (the "City") as its duly constituted authority and instrumentality in accordance
with the Texas Development Corporation Act of 1979, Article 5190.6, Section 4B
Tex. Rev. Civ. Stat. Ann., as amended, (the "Act"), other applicable laws, and by
Resolution R-96-1238 adopted by the City Council of the City on the third day of
September, 1996, including all permissible projects prescribed by the Act, and for
maintenance and operating costs of the publicly owned and operated projects. The
Corporation shall be a non-profit corporation as defined by the Internal Revenue
Code 1986, as amended, and the applicable regulations of the United States
Treasury Department and the rulings of the Internal Revenue Service of the United
States prescribed and promulgated thereunder.
-1-
Amended 08/23/05
SECTION 3. POWERS.
In the fulfillment of its corporate purpose, the Corporation shall be governed by the
Act, and shall have all of the powers set forth and conferred in Section 4B of the
Act, and in other applicable laws, subject to the limitations prescribed therein and
herein and to the provisions thereof and hereof.
ARTICLE II.
BOARD OF DIRECTORS
SECTION 1. NUMBER AND TERM OF OFFICE.
A. The property and affairs of the Corporation shall be managed and controlled
by a Board and, subject to the restrictions imposed by law, by the Articles
and these Bylaws, the Board shall exercise all of the powers of the
Corporation.
B. The Board shall consist of seven (7) directors, each of whom shall be
appointed by the City Council. Each of the directors shall be a resident of
the City.
C. Four (4) members of the first Board shall serve terms of one (1) year and
three (3) members shall serve terms of two (2) years. The respective terms
of the initial directors shall be determined by the City Council. Thereafter,
each successive member of the Board shall be appointed and serve for two
(2) years or until a successor is appointed as hereinafter provided. Three (3)
directors shall be persons who are not employees, officers of the City or
members of the City Council.
D. Any director may be removed from office by the City Council at will. A
vacancy of any director's position which occurs by reason of death,
resignation, disqualification, removal, or otherwise, shall be filled by the City
Council.
SECTION 2. VACANCIES AND RESIGNATIONS.
A vacancy in any position of director which occurs by reason of death, resignation,
disqualification, removal, or otherwise, shall be filled as prescribed in Article II,
Section 1. A vacancy in the office of President or Vice President which occurs by
reason of death, resignation, disqualification, removal, or otherwise, shall be filled
by election by the Board, from the remaining directors, for the unexpired portion of
the term of that office.
-2-
Amended 08/23/05
Any director may resign at any time. Such resignation shall be made in writing,
addressed to the Mayor and the City Secretary, and shall take effect at the time
specified therein, or if no time is specified, at the time of its receipt by the City
Secretary.
SECTION 3. MEETINGS OF DIRECTORS.
For meetings of the Board or committees, notice thereof shall be provided and set
forth in accordance with the Texas Open Meetings Act, Chapter 551 of the Texas
Local Government Code. Any member of the Board, officers of the Corporation or
Mayor, may have an item placed on the agenda by delivering the same in writing to
the Secretary of the Board no less than three (3) calendar days prior to the date of
the Board meeting. Each agenda of a Board meeting shall contain an item, titled
"Citizens Forum", to allow public comment to be made by the general public
concerning Board related matters. However, no official or formal action or vote may
be taken on any comment made by citizens during Citizens Forum.
The annual meeting of the Board shall be on the fourth Tuesday in August of each
year. The Board shall hold regular and special meetings, in the corporate limits of
the City, at such place or places as the Board may from time to time determine, and
in conformance with the Texas Open Meetings Act.
SECTION 4. QUORUM.
A quorum is a majority of the Board (being not less than four (4) members), and
shall be present for the conduct of the official business of the Corporation. The act
of four (4) or more directors at a meeting at which a quorum is in attendance shall
constitute the act of the Board and of the Corporation, unless the act of a greater
number is required by these Bylaws, policies/procedures of the Board, City Council
resolution/ordinance, or state law.
SECTION 5. CONDUCT OF BUSINESS.
A. At the meetings of the Board, matters pertaining to the business of the
Corporation shall be considered in accordance with the rules of procedure as
from time to time prescribed by the Board. Unless otherwise adopted by the
Board, the rules of procedures of the City Council shall be the rules of
procedures for the Board.
B. At all meetings of the Board, the President shall preside, and in the absence
of the President, the Vice President shall exercise the powers of the
President.
-3-
Amended 08/23/05
C. The Secretary of the Corporation shall act as Secretary of all meetings of the
Corporation, but in the absence of the Secretary, the presiding officer may
appoint any person to act as Secretary of the meeting. The Secretary shall
keep minutes of the transactions of the Board and committee meetings and
shall cause such official minutes to be recorded in books kept for that
purpose in the principal office of the Corporation.
SECTION 6. COMMITTEES OF THE BOARD.
An official committee of the Board shall consist of two (2) or more directors. It is
provided, however, that all final official actions of the Corporation may be exercised
only by the Board. Each committee so designated shall keep regular minutes of the
transactions of its meetings and shall cause such minutes to be recorded in books
kept for that purpose in the principal office of the Corporation.
SECTION 7. COMPENSATION OF DIRECTORS.
The directors, including the President and Vice President, shall not receive any
salary or compensation for their services. However, directors may be reimbursed
for their actual expenses incurred in the performance of their duties hereunder,
including but not limited to the cost of travel, lodging and incidental expenses
reasonably related to the corporate duties of the Board. Travel expenses incurred
by directors for both regular and special meetings are not eligible for
reimbursement.
ARTICLE III.
OFFICERS
SECTION 1. TITLES AND TERM OF OFFICE.
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 as provided in Article II, Section 1.
SECTION 2. POWERS AND DUTIES OF THE PRESIDENT.
The President shall be the chief executive officer of the Corporation, and shall
preside at all meetings of the Board, and absent any different designation by a
majority of the Board, shall sign and execute all contracts, conveyances, franchises,
bonds, deeds, assignments, mortgages, and notes in the name of the Corporation.
In addition the President shall:
-4-
Amended 08/23/05
A. call both regular and special meetings of the Board and establish the agenda
for such;
B. shall endorse and countersign, on behalf of the Corporation, for collection or
issuance, checks, notes and other obligations in or drawn upon such bank or
banks or depositories as shall be designated by the City Council consistent
with these Bylaws.
C. have the authority to appoint standing or study committees to aid and assist
the Board in its business undertaking or other matters incidental to the
operation and functions of the Board;
D. perform all duties incident to the office, and such other duties as shall be
prescribed from time to time by the Board, subject to approval by the City
Council;
E. appear before the City Council on a periodic basis to give a report on the
status of activities of the Corporation; and
F. appear before the City Council, or be represented by his designee, regarding
any item being considered by the City Council concerning the Corporation.
SECTION 3. VICE PRESIDENT.
The Vice President shall exercise the powers of the President during that officer's
absence or inability to act. The Vice President shall also perform other duties as
from time to time may be assigned by the President or the Board.
SECTION 4. ATTENDANCE.
Directors must be present in order to vote at any meeting. Regular attendance at
the Board meetings is required of all directors. The following number of absences
shall constitute the basis for replacement of a director. Three (3) consecutive
unexcused absences from meetings of the Board shall cause the position to be
considered vacant.
In addition, the position of any director who has four (4) unexcused absences in a
twelve (12) month period shall also be considered vacant.
SECTION 5. CONFLICT OF INTEREST.
In the event that a director is aware that he has a conflict of interest or potential
conflict of interest, with regard to any particular matter or vote coming before the
-5-
Amended 08/23/05
Board, the director shall bring the same to the attention of the Board and shall
abstain from discussion and voting thereof.
Any director shall bring to the attention of the Board any apparent conflict of interest
or potential conflict of interest of any other director in which case the Board shall
determine whether a true conflict of interest exists before any further discussion or
vote shall be conducted regarding that particular matter. The director about whom a
conflict of interest question has been raised shall refrain from voting with regard to
the determination as to whether a true conflict exists. Failure to conform to these
requirements herein and policies as may be adopted by the Board is cause for
dismissal from the Board by action of the City Council.
SECTION 6. IMPLIED DUTIES.
The Corporation is authorized to do that which the Board deems desirable, subject
to City Council approval, to accomplish any of the purposes or duties set out or
alluded to in the Articles, these Bylaws, and in accordance with State law.
SECTION 7. BOARD'S RELATIONSHIP WITH THE CITY.
In accordance with state law, the Board shall be responsible for the proper
discharge of its duties assigned herein. The Board shall determine its policies and
directives within the limitations of the duties herein imposed by applicable laws, the
Articles, these Bylaws, contracts entered into with the City, and budget and fiduciary
responsibilities. Any request for services made to the departments of the City shall
be made by the Board or its designee in writing to the City Manager. The City
Manager may approve such request for assistance from the Board when he finds
such requested services are available within the City and that the Board has agreed
to reimburse the City for the cost of such services so provided, as provided in Article
III, Section 8 of these Bylaws.
SECTION 8. CONTRACTS FOR SERVICE.
The Corporation may, with approval of the City Council, contract with any qualified
and appropriate person, association, corporation or governmental entity to perform
and discharge designated tasks which will aid or assist the Board in the
performance of its duties. However, no such contract shall ever be approved or
entered into which seeks or attempts to divest the Board of its discretion and policy -
making functions in discharging the duties herein set forth. An administrative
services contract shall be executed between the Board and the City Council for the
services provided by the General Manager, Finance Manager, Secretary, and other
City services/functions and compensated as provided for herein.
-6-
Amended 08/23/05
Subject to the authority of the City Manager under the Charter of the City, the
Corporation shall have the right to utilize the services of the staff and employees of
the Finance Department of the City, the staff and employees of the Parks and
Recreation Department and other employees of the City, provided (i) that the City
Manager approves of the utilization of such services, (ii) that the Corporation shall
pay, as approved by the City Manager, reasonable compensation to the City of such
services, and (iii) the performance of such services does not materially interfere with
the other duties of such personnel of the City. Utilization of tile aforesaid city staff
shall be solely by a contract approved by the City Council.
ARTICLE IV.
FUNCTIONAL CORPORATE DUTIES AND REQUIREMENTS
SECTION 1. GENERAL MANAGER.
The General Manager shall be the chief administrative officer of the Corporation
and be in general charge of the properties and affairs of the Corporation, shall
administer all work orders, requisitions for payment, purchase orders, contract
administration/oversight, and other instruments or activities as prescribed by the
Board in the name of the Corporation. The General Manager shall be an employee
of the City.
SECTION 2. FINANCE MANAGER.
The Finance Manager shall have the responsibility to see to the handling, custody,
and security of all funds and securities of the Corporation. When necessary or
proper, the Finance Manager shall endorse and sign, on behalf of the Corporation,
for collection or issuance, checks, notes and other obligations drawn upon such
bank or banks or depositories as shall be designated by the City Council consistent
with these Bylaws. The Finance Manager shall see to the entry in the books of the
Corporation of full and accurate accounts of all monies received and paid out on
account of the Corporation. The Finance Manager shall, at the expense of the
Corporation, give such bond for the faithful discharge of the duties in such form and
amount as the City Council shall require, by resolution. The Finance Manager shall
be an employee of the City. The Finance Manager shall provide financial reports to
the Board and to the City Council concerning activities of the Corporation in a format
consistent with other financial reports of the City and on a periodic basis as shall be
directed by the Board or the City Council.
SECTION 3. SECRETARY.
The Secretary shall keep the minutes of all meetings of the Board and committees
in books provided for that purpose, shall give and serve all notices, shall sign with
-7-
Amended 08/23/05
the President in the name of the Corporation, and/or attest the signature thereto, all
contracts, conveyances, franchises, bonds, deeds, assignments, mortgages, notes
and other instruments of the Corporation, shall have charge of the corporate books,
records, documents and instruments except the books of account and financial
records and securities, and such other books and papers as the Board may direct,
all of which shall at all reasonable times be open to public inspection upon
application at the office of the Corporation during business hours, and shall in
general perform all duties incident to the office of Secretary subject to the control of
the Board. The Secretary shall be an employee of the City.
SECTION 4. DUTIES OF THE BOARD.
The Board shall develop a combined Economic Development Capital Improvement
Program, ("the EDCIP"), including maintenance and operation costs thereof, for the
City which shall include and set forth short and long term goals. Such plan shall be
approved by the City Council. The EDCIP developed by the Board shall be one that
addresses development needs of the City within the financial constraints of
revenues available to the Corporation. The Board shall conduct a public hearing
concerning both the adoption and required annual updates to the EDCIP. A legal
notice shall be advertised as determined by the Board, at least three (3) days, prior
to the scheduled public hearing.
The Board shall review and update the EDCIP once a year to ensure the plan is up
to date with current community needs and is capable of meeting community
development needs of the City and consistent with the Act. The Board shall
expend, in accordance with State law and subject to City Council approval, the
funds received by it for projects defined in the Act where such expenditures will
have a benefit to the residents of the City. The Board shall make an annual report
to the City Council including, but not limited to the following:
A. A review of the accomplishments of the Corporation for the preceding year;
and
B. The activities of the Corporation for the budget year addressed in the annual
report.
The required annual report shall be made to the City Council no later than February
1st of each year.
The Board shall be accountable to the City Council for all activities undertaken by it
or on its behalf, and shall report on all activities of the Board, whether discharged
directly by the Board or by any person, firm, corporation, agency, association or
other entity on behalf of the Board.
-8-
Amended 08/23/05
SECTION 5. COMPONENTS OF THE EDCIP.
The Board shall submit to the City Council for its approval, the EDCIP which shall
identify the projects to be undertaken by the Corporation and include proposed
methods and the expected costs of implementation, and cost of operations and
maintenance of the projects.
SECTION 6. ANNUAL CORPORATE BUDGET.
Annually, the Board shall prepare and adopt a proposed budget of expected
revenues and proposed expenditures for each fiscal year. The fiscal year of the
corporation shall commence on October 1st of each year and end on September
30. The budget proposed for adoption shall include the projected operating
expenses, and such other budgetary information as shall be required by the City
Council for its approval and adoption. The budget shall be considered adopted
upon formal approval by the City Council.
SECTION 7. FINANCIAL BOOKS, RECORDS. AUDITS.
The Finance Manager shall keep and properly maintain, in accordance with
generally accepted accounting principles, complete financial books, records,
accounts, and financial statements pertaining to its corporate funds, activities, and
affairs.
The City shall cause the Corporation's financial books, records, accounts, and
financial statements to be audited at least once each fiscal year by an outside,
independent, auditing and accounting firm selected by the City Council. Such audit
shall be at the expense of the Corporation.
SECTION 8. DEBT, DEPOSIT AND INVESTMENT OF CORPORATE FUNDS.
All proceeds from the issuance of bonds, notes or other debt instruments (the
"Bonds") issued by the Corporation shall be deposited and invested as provided in
the resolution, order, indenture, or other documents authorizing or relating to their
execution or issuance, but no bonds shall be issued, including refunding bonds, by
the Corporation without the approval of the City Council of the City.
All monies of the Corporation shall be deposited, secured, and/or invested in the
manner provided for the deposit, security, and/or investment of the public funds of
the City and in accordance with investment policies adopted by the City. The
Finance Manager shall designate the accounts and depositories to be created and
designated for such purposes, and the methods of withdrawal of funds there from
for use by and for the purposes of the Corporation upon the signature of the
-9-
Amended 08/23/05
Finance Manager and the Secretary. The accounts, reconciliation, and investment
of such funds and accounts shall be performed by the Finance Director.
SECTION 9. EXPENDITURES OF CORPORATE MONEY.
The monies of the Corporation, including sales and use taxes collected pursuant to
the Act, the proceeds from the investment of funds of the Corporation, the proceeds
from the sale of property, monies derived from the repayment of loans, rents
received from the lease or use of property, the proceeds derived from the sale of
bonds, and other proceeds may be expended by the Corporation for any of the
purposes authorized by the Act, subject to the following limitations:
A. Expenditures from the proceeds of bonds shall be identified and described in
the orders, resolutions, indentures, or other agreements submitted to and
approved by the City Council.
B. Expenditures that may be made from a fund created from the proceeds of
bonds, and expenditures of monies derived from sources other than the
proceeds of bonds may be used for the purposes of financing or otherwise
providing one or more projects, as defined in the Act.
C. All other proposed expenditures shall be made in accordance with and shall
be set forth in the annual budget required by these Bylaws or in contracts
meeting the requirements of the Article.
No bonds, including refunding bonds, shall be authorized or sold and delivered by
the Corporation without the approval of the City Council.
SECTION 10. CONTRACTS.
As provided herein, the President and Secretary shall enter into any contracts or
other instruments which the Board has approved and authorized in the name and
on behalf of the Corporation. Such authority may be confined to specific instances
or defined in general terms. When appropriate, the Board may grant a specific or
general power of attorney to carry out some action on behalf of the Board, provided,
however that no such power of attorney may be granted unless an appropriate
resolution of the Board authorizes the same to be done.
-10-
Amended 08/23/05
ARTICLE V.
MISCELLANEOUS PROVISIONS
SECTION 1. SEAL.
The Board may obtain a corporate seal which shall bear the words "Corporate Seal
of the Colleyville Economic Development Corporation" and the Board may
thereafter use the corporate seal and corporate name; but these Bylaws shall not be
construed to require the use of the corporate seal.
SECTION 2. APPROVAL OR ADVICE AND CONSENT OF THE CITY COUNCIL.
To the extent that these bylaws refer to any action, approval, advice, or consent by
the City or refer to action, approval, advice or consent by the City Council, such
action, approval, advice or consent shall be evidenced by a motion, resolution or
ordinance duly passed by the City Council and reflected in the minutes of the City
Council.
SECTION 3. INDEMNIFICATION OF DIRECTORS, OFFICERS AND
EMPLOYEES.
As provided in the Act and in the Articles of Incorporation, the Corporation is, for the
purposes of the Texas Tort Claims Act (Subchapter A, Chapter 101, Texas Civil
Practices and Remedies Code), a governmental unit and its actions are
governmental functions.
The Corporation shall indemnify each and every member of the Board, its officers
and its employees, and each member of the City Council and each employee of the
City, to the fullest extent permitted by law against any and all liability or expense,
including attorneys fees, incurred by any of such persons by reason of any actions
or omissions that may arise out of the functions and activities of the Corporation.
This indemnity shall apply even if one or more of those to be indemnified was
negligent or caused or contributed to cause any loss, claim, action or suit.
Specifically, it is the intent of these Bylaws and the Corporation to require the
Corporation to indemnify those named for indemnification, even for the
consequences of the negligence of those to be indemnified which caused or
contributed to cause any liability.
The Corporation must purchase and maintain insurance on behalf of any director,
officer, employee, or agent of the Corporation, or on behalf of any person serving at
the request of the Corporation as a Board member, officer, employee, or agent of
another corporation, partnership, joint venture, trust, or other enterprise, against any
liability asserted against that person and incurred by that person in any such
-11-
Amended 08/23/05
capacity or arising out of any such status with regard to the Corporation, whether or
not the Corporation has the power to indemnify that person against liability for any
of those acts.
SECTION 4. GIFTS.
The Board may accept on behalf of the Corporation any contribution, gift, bequest,
or device for the general purpose or for any special purposes of the Corporation.
SECTION 5. CODE OF ETHICS.
Each director, including the President and Vice President, its officers, employees,
and agents shall abide by and be subject to the City's code of ethics. The code of
ethics shall be applicable to independent contractors of the Corporation, except to
the extent that such independent contractor is not performing work on behalf of the
Corporation.
SECTION 6. AMENDMENTS TO BYLAWS.
These Bylaws may be amended or repealed and new Bylaws may be adopted by an
affirmative vote of four (4) of the authorized directors serving on the Board, subject
to approval by the City Council. The City Council may amend these Bylaws at any
time. Such amendments by the City Council will be duly passed and adopted by
motion, resolution or ordinance duly reflected in the minutes of the City Council and,
thereafter, duly noted to the Board.
SECTION 7. DISSOLUTION OF THE CORPORATION.
Upon dissolution of the Corporation, titles to or other interest in any real or personal
property owned by the Corporation at such time shall vest in the City of Colleyville.
SECTION 8. APPLICABILITY OF CITY CHARTER, POLICIES AND
PROCEDURES.
The City Charter and all duly approved city policies and procedures shall apply
directly to the Corporation and the Board unless such charters, policies or
procedures are superseded by state law or not related to the functions of the Board.
The Board has the prerogative, subject to approval by the City Council, to adopt
other policies and procedures in addition to or in place of those of the City.
-12-
Amended 08/23/05
SECTION 9. EFFECTIVE DATE.
These Bylaws, having been approved by Resolution R-96-1238, adopted on the
third day of September, 1996, shall become effective upon the approval of such by
the Board.
-13-
Amended 08/23/05
PROPOSED AMENDMENTS
BYLAWS
OF THE
COLLEYVILLE ECONOMIC DEVELOPMENT CORPORATION
ARTICLE I.
PURPOSE AND POWERS
SECTION 1. REGISTERED OFFICE AND REGISTERED AGENT.
The COLLEYVILLE ECONOMIC DEVELOPMENT CORPORATION (the "Corporation") shall
have and continuously maintain in the State of Texas a registered office, and a
registered agent whose office is identical with such registered office, as required by
the Texas Non-Profit Corporation Act and state law. The Registered Agent for the
Corporation shall be the City Secretary, subject that the Board of Directors (the
"Board") from time to time, may change the registered agent and/or the address of
the registered office, subject to City Council approval, provided that such change is
appropriately reflected in these Bylaws and in the Articles of Incorporation (the
"Articles").
The registered office of the Corporation is located at 100 Main Street, Colleyville,
Tarrant County, Texas 76034, and at such address is the Corporation, whose mailing
address is 100 Main Street, Colleyville, Texas 76034-0185. Said address shall also
serve as the principal office of the Corporation and Board.
SECTION 2. PURPOSE.
The Corporation is incorporated as a non-profit corporation for the purposes set forth
in the Articles. The same to be accomplished on behalf of the City of Colleyville,
Texas (the "City"), as its duly constituted authority, and instrumentality in accordance
with the Texas Development Corporation Act of 1979, Article 5190.6, Section 4B Tex.
Rev. Civ. Stat. Ann., as amended, (the "Act"), other applicable laws, and by
Resolution R-96-1238 adopted by the City Council of the City on the third day of
September, 1996, including all permissible projects prescribed by the Act, and for
maintenance and operating costs of the publicly owned and operated projects. The
Corporation shall be a non-profit corporation as defined by the Internal Revenue Code
1986, as amended, and the applicable regulations of the United States Treasury
Department and the rulings of the Internal Revenue Service of the United States
prescribed and promulgated thereunder.
SECTION 3. POWERS.
In the fulfillment of its corporate purpose, the Corporation shall be governed by the
Act, and shall have all of the powers set forth and conferred in Section 4B of the Act,
and in other applicable laws, subject to the limitations prescribed therein and herein,
and to the provisions thereof and hereof.
ARTICLE II.
BOARD OF DIRECTORS
SECTION 1. NUMBER AND TERM OF OFFICE.
A. The property and affairs of the Corporation shall be managed and controlled by
a Board and, subject to the restrictions imposed by law, by the Articles, and
these Bylaws, the Board shall exercise all of the powers of the Corporation.
B. The Board shall consist of seven (7) directors, each of whom shall be appointed
by the City Council. Each of the directors shall be a resident of the City.
C. Four (4) members of the first Board shall serve terms of one (1) year and three
(3) members shall serve terms of two (2) years. The respective terms of the
initial directors shall be determined by the City Council. Thereafter, each
successive member of the Board shall be appointed and serve for two (2) years
or until a successor is appointed as hereinafter provided. Three (3) directors
shall be persons who are not employees, officers of the City, or members of the
City Council.
D. A 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, as provided in
Article II, Section 1.
ED. Any director may be removed from office by the City Council at will. A
vacancy of any director's position, which occurs by reason of death, resignation,
disqualification, removal, or otherwise, shall be filled by the City Council.
SECTION 2. VACANCIES AND RESIGNATIONS.
A vacancy in any position of director, which occurs by reason of death, resignation,
disqualification, removal, or otherwise, shall be filled as prescribed in Article II,
Section 1. A vacancy in the office of President or Vice President which occurs by
Amended 08/27/2013 Page 2 of 13 CEDC Bylaws
reason of death, resignation, disqualification, removal, or otherwise, shall be filled by
election by the Board, from the remaining directors, for the unexpired portion of the
term of that office.
Any director may resign at any time. Such resignation shall be made in writing,
addressed to the Mayor and the City Secretary, and shall take effect at the time
specified therein, or if no time is specified, at the time of its receipt by the City
Secretary.
SECTION 3. MEETINGS OF DIRECTORS.
For meetings of the Board or committees, notice thereof shall be provided and set
forth in accordance with the Texas Open Meetings Act, Chapter 551 of the Texas Local
Government Code. Any member of the Board, officers of the Corporation, or Mayor,
may have an item placed on the agenda by delivering the same in writing to the
Secretary of the Board no less than three (3) calendar days prior to the date of the
Board meeting. Each agenda of a Board meeting shall contain an item, titled "Citizens
Forum Citizen Comments/Presentations Regarding Items Not On The
Agenda"; to allow public comment to be made by the general public concerning
Board related matters. However, no official or formal action or vote may be taken on
any comment made by citizens during Citizens Forum Comments.
The annual meeting of the Board shall be on the fourth Tuesday in August of each
year. The Board shall hold regular, worksession, and special meetings, in the
corporate limits of the City, at such place or places as the Board may from time to
time determine, and in conformance with the Texas Open Meetings Act.
Meeting agenda packets will be available to the public on the City’s website,
and will be distributed to each member 72 hours prior to a meeting.
SECTION 4. QUORUM.
A quorum is a majority of the Board (being not less than four (4) members), and shall
be present for the conduct of the official business of the Corporation. The act of four
(4) or more directors at a meeting at which a quorum is in attendance shall constitute
the act of the Board and of the Corporation, unless the act of a greater number is
required by these Bylaws, policies/procedures of the Board, City Council
resolution/ordinance, or state law.
Amended 08/27/2013 Page 3 of 13 CEDC Bylaws
SECTION 5. CONDUCT OF BUSINESS.
A. At the meetings of the Board, matters pertaining to the business of the
Corporation shall be considered in accordance with the rules of procedure as
from time to time prescribed by the Board. Unless otherwise adopted by the
Board, the rules of procedures of the City Council shall be the rules of
procedures for the Board.
B. At all meetings of the Board, the President shall preside, and in the absence of
the President, the Vice President shall exercise the powers of the President.
C. The President, or in the absence of the President, the presiding officer,
may recognize individuals wishing to speak regarding an item on the
agenda.
CD. The Secretary of the Corporation shall act as Secretary of all meetings of the
Corporation, but in the absence of the Secretary, the presiding officer may
appoint any person to act as Secretary of the meeting. The Secretary shall
keep minutes of the transactions of the Board and committee meetings and
shall cause such official minutes to be recorded in books kept for that purpose
in the principal office of the Corporation.
SECTION 6. COMMITTEES OF THE BOARD.
An official committee of the Board shall consist of two (2) or more directors. It is
provided, however, that all final official actions of the Corporation may be exercised
only by the Board. Notice of all committee meetings shall be provided and set
forth in accordance with the Texas Open Meetings Act, Chapter 551 of the
Texas Local Government Code. Each committee so designated shall keep regular
minutes of the transactions of its meetings and shall cause such minutes to be
recorded in books kept for that purpose in the principal office of the Corporation.
SECTION 7. COMPENSATION OF DIRECTORS.
The directors, including the President and Vice President, shall not receive any salary
or compensation for their services. However, directors may be reimbursed for their
actual expenses incurred in the performance of their duties hereunder, including, but
not limited to the cost of travel, lodging, and incidental expenses reasonably related
to the corporate duties of the Board. Travel expenses incurred by directors for both
regular and special meetings are not eligible for reimbursement.
Amended 08/27/2013 Page 4 of 13 CEDC Bylaws
ARTICLE III.
OFFICERS AND DIRECTORS POWERS AND DUTIES
Section 1. TITLES AND TERM OF OFFICE.
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, as provided in Article II, Section 1.
SECTION 12. POWERS AND DUTIES OF THE PRESIDENT.
The President shall be the chief executive officer of the Corporation, and shall preside
at all meetings of the Board, and absent any different designation by a majority of the
Board, shall sign and execute all contracts, conveyances, franchises, bonds, deeds,
assignments, mortgages, and notes in the name of the Corporation. In addition, the
President shall:
A. call both regular and special meetings of the Board and establish the agenda for
such;
B. shall endorse and countersign, on behalf of the Corporation, for collection or
issuance, checks, notes and other obligations in or drawn upon such bank or
banks or depositories as shall be designated by the City Council consistent with
these Bylaws;
C. have the authority to appoint standing or study committees to aid and assist
the Board in its business undertaking or other matters incidental to the
operation and functions of the Board;
D. perform all duties incident to the office, and such other duties as shall be
prescribed from time to time by the Board, subject to approval by the City
Council;
E. appear before the City Council on a periodic basis to give a report on the status
of activities of the Corporation; and
F. appear before the City Council, or be represented by his designee, regarding
any item being considered by the City Council concerning the Corporation.
Amended 08/27/2013 Page 5 of 13 CEDC Bylaws
SECTION 23. VICE PRESIDENT.
The Vice President shall exercise the powers of the President during that officer's
absence or inability to act. The Vice President shall also perform other duties as from
time to time may be assigned by the President or the Board.
SECTION 34. ATTENDANCE.
Directors must be present in order to vote at any meeting. Regular attendance at the
Board meetings is required of all directors. The following number of absences shall
constitute the basis for replacement of a director. Three (3) consecutive unexcused
absences from meetings of the Board shall cause the position to be considered vacant
and constitutes the replacement of the director.
In addition, the position of any director who has four (4) unexcused absences in a
twelve (12) month period shall also be considered vacant.
SECTION 45. CONFLICT OF INTEREST.
In the event that a director is aware that he, or another director, has a conflict of
interest or potential conflict of interest, with regard to any particular matter or vote
coming before the Board, the director shall bring the same to the attention of the
Board and the director(s) shall abstain from discussion and voting thereof. Any
director shall bring to the attention of the Board any apparent conflict of interest or
potential conflict of interest of any other director in which case the Board shall
determine whether a true conflict of interest exists before any further discussion or
vote shall be conducted regarding that particular matter. The director about whom a
conflict of interest question has been raised shall refrain from voting with regard to
the determination as to whether a true conflict exists. Failure to conform to these
requirements herein and policies as may be adopted by the Board is cause for
dismissal from the Board by action of the City Council.
SECTION 56. IMPLIED DUTIES.
The Corporation is authorized to do that which the Board deems desirable, subject to
City Council approval, to accomplish any of the purposes or duties set out or alluded
to in the Articles, these Bylaws, and in accordance with Sstate law.
SECTION 67. BOARD'S RELATIONSHIP WITH THE CITY.
In accordance with state law, the Board shall be responsible for the proper discharge
of its duties assigned herein. The Board shall determine its policies and directives
Amended 08/27/2013 Page 6 of 13 CEDC Bylaws
within the limitations of the duties herein imposed by applicable laws, the Articles,
these Bylaws, contracts entered into with the City, and budget and fiduciary
responsibilities. Any request for services made to the departments of the City shall
be made by the Board or its designee in writing to the City Manager. The City
Manager may approve such request for assistance from the Board when he finds such
requested services are available within the City and that the Board has agreed to
reimburse the City for the cost of such services so provided, as provided in Article III,
Section 7 of these Bylaws.
SECTION 78. CONTRACTS FOR SERVICE.
The Corporation may, with approval of the City Council, contract with any qualified
and appropriate person, association, corporation, or governmental entity to perform
and discharge designated tasks, which will aid or assist the Board in the performance
of its duties. However, no such contract shall ever be approved or entered into which
seeks or attempts to divest the Board of its discretion and policy - making functions in
discharging the duties herein set forth. An administrative services contract shall be
executed between the Board and the City Council for the services provided by the
General Manager, Finance Manager, Secretary, and other City services/functions and
compensated as provided for herein.
Subject to the authority of the City Manager under the Charter of the City, the
Corporation shall have the right to utilize the services of the staff and employees of
the Finance Department of the City, the staff and employees of the Parks and
Recreation Department and other employees of the City, provided (i) that the City
Manager approves of the utilization of such services, (ii) that the Corporation shall
pay, as approved by the City Manager, reasonable compensation to the City for such
services, and (iii) the performance of such services does not materially interfere with
the other duties of such personnel of the City. Utilization of the aforesaid City staff
shall be solely by a contract approved by the City Council.
ARTICLE IV.
FUNCTIONAL CORPORATE DUTIES AND REQUIREMENTS
SECTION 1. GENERAL MANAGER.
The General Manager shall be an employee of the City. The General Manager
shall be the chief administrative officer of the Corporation and be in general charge of
the properties and affairs of the Corporation, shall administer all work orders,
requisitions for payment, purchase orders, contract administration/oversight, and
other instruments or activities as prescribed by the Board in the name of the
Corporation. The General Manager shall be an employee of the City.
Amended 08/27/2013 Page 7 of 13 CEDC Bylaws
SECTION 2. FINANCE MANAGER.
The Finance Manager shall be an employee of the City. The Finance Manager
shall have the responsibility to see to the handling, custody, and security of all funds
and securities of the Corporation. When necessary or proper, the Finance Manager
shall endorse and sign, on behalf of the Corporation, for collection or issuance,
checks, notes, and other obligations drawn upon such bank or banks, or depositories
as shall be designated by the City Council consistent with these Bylaws. The Finance
Manager shall see to the entry in the books of the Corporation of full and accurate
accounts of all monies received and paid out on account of the Corporation. The
Finance Manager shall, at the expense of the Corporation, give such bond for the
faithful discharge of the duties in such form and amount as the City Council shall
require, by resolution. The Finance Manager shall be an employee of the City. The
Finance Manager shall provide financial reports to the Board and to the City Council
concerning activities of the Corporation in a format consistent with other financial
reports of the City and on a periodic basis as shall be directed by the Board or the
City Council.
SECTION 3. SECRETARY.
The Secretary shall be an employee of the City. The Secretary shall keep the
minutes of all meetings of the Board and committees in books provided for that
purpose, shall give and serve all notices, shall sign with the President in the name of
the Corporation, and/or attest the signature thereto, all contracts, conveyances,
franchises, bonds, deeds, assignments, mortgages, notes and other instruments of
the Corporation, shall have charge of the corporate books, records, documents and
instruments except the books of account and financial records and securities, and
such other books and papers as the Board may direct, all of which shall at all
reasonable times be open to public inspection upon application at the office of the
Corporation during business hours, and shall in general perform all duties incident to
the office of Secretary subject to the control of the Board. The Secretary shall be an
employee of the City.
SECTION 4. DUTIES OF THE BOARD.
The Board shall develop a combined Economic Development Capital Improvement
Program, ("the EDCIP"), including maintenance and operation costs thereof, for the
City, which shall include and set forth short and long term goals. Such plan shall be
approved by the City Council. The EDCIP developed by the Board shall be one that
addresses development needs of the City within the financial constraints of revenues
available to the Corporation. The Board shall conduct a public hearing concerning
both the adoption and required annual updates to the EDCIP. A legal notice shall be
Amended 08/27/2013 Page 8 of 13 CEDC Bylaws
advertised as determined by the Board, at least three (3) days, prior to the scheduled
public hearing.
The Board shall review and update the EDCIP once a year to ensure the plan is up to
date with current community needs and is capable of meeting community
development needs of the City and consistent with the Act. The Board shall expend,
in accordance with state law and subject to City Council approval, the funds received
by it for projects defined in the Act where such expenditures will have a benefit to the
residents of the City. The Board shall make an annual report to the City Council
including, but not limited to the following:
A. A review of the accomplishments of the Corporation for the preceding year; and
B. The activities of the Corporation for the budget year addressed in the annual
report.
The required annual report shall be made 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.
The Board shall be accountable to the City Council for all activities undertaken by it or
on its behalf, and shall report on all activities of the Board, whether discharged
directly by the Board or by any person, firm, corporation, agency, association, or
other entity on behalf of the Board.
SECTION 5. COMPONENTS OF THE EDCIP.
The Board shall submit to the City Council for its approval, the EDCIP, which shall
identify the projects to be undertaken by the Corporation and include proposed
methods and the expected costs of implementation, and cost of operations and
maintenance of the projects.
SECTION 6. ANNUAL CORPORATE BUDGET.
Annually, the Board shall prepare and adopt a proposed budget of expected revenues
and proposed expenditures for each fiscal year. The fiscal year of the corporation
shall commence on October 1 of each year and end on September 30. The budget
proposed for adoption shall include the projected operating expenses, and such other
budgetary information as shall be required by the City Council for its approval and
adoption. The budget shall be considered adopted upon formal approval by the City
Council.
Amended 08/27/2013 Page 9 of 13 CEDC Bylaws
SECTION 7. FINANCIAL BOOKS, RECORDS, AUDITS.
The Finance Manager shall keep and properly maintain, in accordance with generally
accepted accounting principles, complete financial books, records, accounts, and
financial statements pertaining to its corporate funds, activities, and affairs.
The City shall cause the Corporation's financial books, records, accounts, and financial
statements to be audited at least once each fiscal year by an outside, independent,
auditing and accounting firm selected by the City Council. Such audit shall be at the
expense of the Corporation.
SECTION 8. DEBT, DEPOSIT, AND INVESTMENT OF CORPORATE FUNDS.
All proceeds from the issuance of bonds, notes, or other debt instruments (the
"Bonds") issued by the Corporation shall be deposited and invested as provided in the
resolution, order, indenture, or other documents authorizing or relating to their
execution or issuance, but no bonds shall be issued, including refunding bonds, by the
Corporation without the approval of the City Council of the City.
All monies of the Corporation shall be deposited, secured, and/or invested in the
manner provided for the deposit, security, and/or investment of the public funds of
the City and in accordance with investment policies adopted by the City Council. The
Finance Manager shall designate the accounts and depositories to be created and
designated for such purposes, and the methods of withdrawal of funds there from for
use by and for the purposes of the Corporation upon the signature of the
Corporation’s Finance Manager, the General Manager, and/or the Secretary. The
accounts, reconciliation, and investment of such funds and accounts shall be
performed by the Finance Director Department of the City.
SECTION 9. EXPENDITURES OF CORPORATE MONEY.
The monies of the Corporation, including sales and use taxes collected pursuant to the
Act, the proceeds from the investment of funds of the Corporation, the proceeds from
the sale of property, monies derived from the repayment of loans, rents received from
the lease or use of property, the proceeds derived from the sale of bonds, and other
proceeds may be expended by the Corporation for any of the purposes authorized by
the Act, subject to the following limitations:
A. Expenditures from the proceeds of bonds shall be identified and described in the
orders, resolutions, indentures, or other agreements submitted to and approved
by the City Council.
Amended 08/27/2013 Page 10 of 13 CEDC Bylaws
B. Expenditures that may be made from a fund created from the proceeds of
bonds, and expenditures of monies derived from sources other than the
proceeds of bonds may be used for the purposes of financing or otherwise
providing one or more projects, as defined in the Act.
C. All other proposed expenditures shall be made in accordance with and shall be
set forth in the annual budget required by these Bylaws or in contracts meeting
the requirements of the Article.
No bonds, including refunding bonds, shall be authorized or sold and delivered by the
Corporation without the approval of the City Council.
SECTION 10. CONTRACTS.
As provided herein, the President and Secretary shall enter into any contracts or other
instruments, which the Board has approved and authorized in the name and on behalf
of the Corporation. Such authority may be confined to specific instances or defined in
general terms. When appropriate, the Board may grant a specific or general power of
attorney to carry out some action on behalf of the Board, provided, however, that no
such power of attorney may be granted unless an appropriate resolution of the Board
authorizes the same to be done.
ARTICLE V.
MISCELLANEOUS PROVISIONS
SECTION 1. SEAL.
The Board may obtain a corporate seal, which shall bear the words “Corporate Seal of
the Colleyville Economic Development Corporation,” and the Board may thereafter use
the corporate seal and corporate name; but these Bylaws shall not be construed to
require the use of the corporate seal.
SECTION 2. APPROVAL OR ADVICE AND CONSENT OF THE CITY COUNCIL.
To the extent that these Bylaws refer to any action, approval, advice, or consent by
the City or refer to action, approval, advice or consent by the City Council, such
action, approval, advice or consent shall be evidenced by a motion, resolution or
ordinance duly passed by the City Council and reflected in the minutes of the City
Council.
Amended 08/27/2013 Page 11 of 13 CEDC Bylaws
SECTION 3. INDEMNIFICATION OF DIRECTORS, OFFICERS AND EMPLOYEES.
As provided in the Act and in the Articles of Incorporation, the Corporation is, for the
purposes of the Texas Tort Claims Act (Subchapter A, Chapter 101, Texas Civil
Practices and Remedies Code), a governmental unit and its actions are governmental
functions.
The Corporation shall indemnify each and every member of the Board, its officers and
its employees, and each member of the City Council and each employee of the City,
to the fullest extent permitted by law against any and all liability or expense, including
attorneys fees, incurred by any of such persons by reason of any actions or omissions
that may arise out of the functions and activities of the Corporation. This indemnity
shall apply even if one or more of those to be indemnified was negligent or caused or
contributed to cause any loss, claim, action or suit. Specifically, it is the intent of
these Bylaws and the Corporation to require the Corporation to indemnify those
named for indemnification, even for the consequences of the negligence of those to
be indemnified which caused or contributed to cause any liability.
The Corporation must purchase and maintain insurance on behalf of any director,
officer, employee, or agent of the Corporation, or on behalf of any person serving at
the request of the Corporation as a Board member, officer, employee, or agent of
another corporation, partnership, joint venture, trust, or other enterprise, against any
liability asserted against that person and incurred by that person in any such capacity
or arising out of any such status with regard to the Corporation, whether or not the
Corporation has the power to indemnify that person against liability for any of those
acts.
SECTION 4. GIFTS.
The Board may accept on behalf of the Corporation any contribution, gift, bequest, or
device for the general purpose or for any special purposes of the Corporation.
SECTION 5. CODE OF ETHICS.
Each director, including the President and Vice President, its officers, employees, and
agents shall abide by and be subject to the City's code of ethics. The code of ethics
shall be applicable to independent contractors of the Corporation, except to the extent
that such independent contractor is not performing work on behalf of the Corporation.
Amended 08/27/2013 Page 12 of 13 CEDC Bylaws
SECTION 6. AMENDMENTS TO BYLAWS.
These Bylaws may be amended or repealed and new Bylaws may be adopted by an
affirmative vote of four (4) of the authorized directors serving on the Board, subject
to approval by the City Council. The City Council may amend these Bylaws at any
time. Such amendments by the City Council will be duly passed and adopted by
motion, resolution or ordinance duly reflected in the minutes of the City Council and,
thereafter, duly noted to the Board.
SECTION 7. DISSOLUTION OF THE CORPORATION.
Upon dissolution of the Corporation, titles to, or other interest in, any real or personal
property owned by the Corporation at such time shall vest in the City of Colleyville.
SECTION 8. APPLICABILITY OF CITY CHARTER, POLICIES, AND
PROCEDURES.
The City Charter and all duly approved City policies and procedures shall apply
directly to the Corporation and the Board unless such charters, policies, or procedures
are superseded by state law or not related to the functions of the Board. The Board
has the prerogative, subject to approval by the City Council, to adopt other policies
and procedures in addition to, or in place of, those of the City.
SECTION 9. EFFECTIVE DATE.
These Bylaws, having been approved by Resolution R-96-1238, adopted on the third
day of September 1996, shall become effective upon the approval of such by the
Board.
SECTION 10. AMENDMENTS.
These Bylaws may be amended by a majority vote of the Board. Approved
amendments will be forwarded to the City Council for their subsequent
approval.
Amended 08/27/2013 Page 13 of 13 CEDC Bylaws
RESOLUTION R-13-126
A RESOLUTION APPROVING AMENDMENTS TO THE BYLAWS OF THE
COLLEYVILLE ECONOMIC DEVELOPMENT CORPORATION
WHEREAS, the Articles of Incorporation of the Colleyville Economic
Development Corporation, Article Nine, requires that any Bylaw
amendments proposed be adopted by the Board with
subsequent approval by the City Council; and
WHEREAS, the Colleyville Economic Development Corporation Board of
Directors, desire to amend the Bylaws, to be consistent with
current City of Colleyville policies and procedures.
NOW, THEREFORE, BE IT RESOLVED BY THE COLLEYVILLE ECONOMIC
DEVELOPMENT CORPORATION:
Sec. 1. THAT the Bylaws of the Economic Development Corporation are
hereby amended and attached as Exhibit “A”.
Sec. 2. THAT the amended Colleyville Economic Development
Corporation Bylaws will be forwarded to the City Council for
their subsequent approval.
AND IT IS SO RESOLVED.
APPROVED BY A VOTE OF ___ AYES, ___ NAYS, AND ___ ABSTENTIONS ON
THIS THE 27TH DAY OF AUGUST 2013.
ATTEST: COLLEYVILLE ECONOMIC
DEVELOPMENT CORPORATION
Amy Shelley David Kelly
Secretary President
Exhibit “A”
BYLAWS
OF THE
COLLEYVILLE ECONOMIC DEVELOPMENT CORPORATION
ARTICLE I.
PURPOSE AND POWERS
SECTION 1. REGISTERED OFFICE AND REGISTERED AGENT.
The COLLEYVILLE ECONOMIC DEVELOPMENT CORPORATION (the "Corporation") shall
have and continuously maintain in the State of Texas a registered office, and a
registered agent whose office is identical with such registered office, as required by
the Texas Non-Profit Corporation Act and state law. The Registered Agent for the
Corporation shall be the City Secretary, subject that the Board of Directors (the
"Board") from time to time, may change the registered agent and/or the address of
the registered office, subject to City Council approval, provided that such change is
appropriately reflected in these Bylaws and in the Articles of Incorporation (the
"Articles").
The registered office of the Corporation is located at 100 Main Street, Colleyville,
Tarrant County, Texas 76034, and at such address is the Corporation, whose mailing
address is 100 Main Street, Colleyville, Texas 76034-0185. Said address shall also
serve as the principal office of the Corporation and Board.
SECTION 2. PURPOSE.
The Corporation is incorporated as a non-profit corporation for the purposes set forth
in the Articles. The same to be accomplished on behalf of the City of Colleyville,
Texas (the "City"), as its duly constituted authority, and instrumentality in accordance
with the Texas Development Corporation Act of 1979, Article 5190.6, Section 4B Tex.
Rev. Civ. Stat. Ann., as amended, (the "Act"), other applicable laws, and by
Resolution R-96-1238 adopted by the City Council of the City on the third day of
September, 1996, including all permissible projects prescribed by the Act, and for
maintenance and operating costs of the publicly owned and operated projects. The
Corporation shall be a non-profit corporation as defined by the Internal Revenue Code
1986, as amended, and the applicable regulations of the United States Treasury
Department and the rulings of the Internal Revenue Service of the United States
prescribed and promulgated thereunder.
SECTION 3. POWERS.
In the fulfillment of its corporate purpose, the Corporation shall be governed by the
Act, and shall have all of the powers set forth and conferred in Section 4B of the Act,
and in other applicable laws, subject to the limitations prescribed therein and herein,
and to the provisions thereof and hereof.
ARTICLE II.
BOARD OF DIRECTORS
SECTION 1. NUMBER AND TERM OF OFFICE.
A. The property and affairs of the Corporation shall be managed and controlled by
a Board and, subject to the restrictions imposed by law, by the Articles, and
these Bylaws, the Board shall exercise all of the powers of the Corporation.
B. The Board shall consist of seven (7) directors, each of whom shall be appointed
by the City Council. Each of the directors shall be a resident of the City.
C. Four (4) members of the first Board shall serve terms of one (1) year and three
(3) members shall serve terms of two (2) years. The respective terms of the
initial directors shall be determined by the City Council. Thereafter, each
successive member of the Board shall be appointed and serve for two (2) years
or until a successor is appointed as hereinafter provided. Three (3) directors
shall be persons who are not employees, officers of the City, or members of the
City Council.
D. A 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, as provided in Article II, Section 1.
E. Any director may be removed from office by the City Council at will. A vacancy
of any director's position, which occurs by reason of death, resignation,
disqualification, removal, or otherwise, shall be filled by the City Council.
SECTION 2. VACANCIES AND RESIGNATIONS.
A vacancy in any position of director, which occurs by reason of death, resignation,
disqualification, removal, or otherwise, shall be filled as prescribed in Article II,
Section 1. A vacancy in the office of President or Vice President which occurs by
reason of death, resignation, disqualification, removal, or otherwise, shall be filled by
election by the Board, from the remaining directors, for the unexpired portion of the
term of that office.
Any director may resign at any time. Such resignation shall be made in writing,
addressed to the Mayor and the City Secretary, and shall take effect at the time
Amended 08/27/2013 Page 2 of 12 CEDC Bylaws
specified therein, or if no time is specified, at the time of its receipt by the City
Secretary.
SECTION 3. MEETINGS OF DIRECTORS.
For meetings of the Board, notice thereof shall be provided and set forth in
accordance with the Texas Open Meetings Act, Chapter 551 of the Texas Local
Government Code. Any member of the Board, officers of the Corporation, or Mayor,
may have an item placed on the agenda by delivering the same in writing to the
Secretary of the Board no less than three (3) calendar days prior to the date of the
Board meeting. Each agenda of a Board meeting shall contain an item, titled "Citizen
Comments/Presentations Regarding Items Not On The Agenda"; to allow public
comment to be made by the general public concerning Board related matters.
However, no official or formal action or vote may be taken on any comment made by
citizens during Citizens Comments.
The annual meeting of the Board shall be on the fourth Tuesday in August of each
year. The Board shall hold regular, worksession, and special meetings, in the
corporate limits of the City, at such place or places as the Board may from time to
time determine, and in conformance with the Texas Open Meetings Act.
Meeting agenda packets will be available to the public on the City’s website, and will
be distributed to each member 72 hours prior to a meeting.
SECTION 4. QUORUM.
A quorum is a majority of the Board (being not less than four (4) members), and shall
be present for the conduct of the official business of the Corporation. The act of four
(4) or more directors at a meeting at which a quorum is in attendance shall constitute
the act of the Board and of the Corporation, unless the act of a greater number is
required by these Bylaws, policies/procedures of the Board, City Council
resolution/ordinance, or state law.
SECTION 5. CONDUCT OF BUSINESS.
A. At the meetings of the Board, matters pertaining to the business of the
Corporation shall be considered in accordance with the rules of procedure as
from time to time prescribed by the Board. Unless otherwise adopted by the
Board, the rules of procedures of the City Council shall be the rules of
procedures for the Board.
B. At all meetings of the Board, the President shall preside, and in the absence of
the President, the Vice President shall exercise the powers of the President.
Amended 08/27/2013 Page 3 of 12 CEDC Bylaws
C. The President, or in the absence of the President, the presiding officer, may
recognize individuals wishing to speak regarding an item on the agenda.
D. The Secretary of the Corporation shall act as Secretary of all meetings of the
Corporation, but in the absence of the Secretary, the presiding officer may
appoint any person to act as Secretary of the meeting. The Secretary shall
keep minutes of the transactions of the Board and committee meetings and
shall cause such official minutes to be recorded in books kept for that purpose
in the principal office of the Corporation.
SECTION 6. COMMITTEES OF THE BOARD.
An official committee of the Board shall consist of two (2) or more directors. It is
provided, however, that all final official actions of the Corporation may be exercised
only by the Board. Notice of all committee meetings shall be provided and set forth in
accordance with the Texas Open Meetings Act, Chapter 551 of the Texas Local
Government Code. Each committee shall keep regular minutes of the transactions of
its meetings and shall cause such minutes to be recorded in books kept for that
purpose in the principal office of the Corporation.
SECTION 7. COMPENSATION OF DIRECTORS.
The directors, including the President and Vice President, shall not receive any salary
or compensation for their services. However, directors may be reimbursed for their
actual expenses incurred in the performance of their duties hereunder, including, but
not limited to the cost of travel, lodging, and incidental expenses reasonably related
to the corporate duties of the Board. Travel expenses incurred by directors for both
regular and special meetings are not eligible for reimbursement.
ARTICLE III.
OFFICERS AND DIRECTORS POWERS AND DUTIES
SECTION 1. PRESIDENT.
The President shall be the chief executive officer of the Corporation, and shall preside
at all meetings of the Board, and absent any different designation by a majority of the
Board, shall sign and execute all contracts, conveyances, franchises, bonds, deeds,
assignments, mortgages, and notes in the name of the Corporation. In addition, the
President shall:
A. call both regular and special meetings of the Board and establish the agenda for
such;
Amended 08/27/2013 Page 4 of 12 CEDC Bylaws
B. shall endorse and countersign, on behalf of the Corporation, for collection or
issuance, checks, notes and other obligations in or drawn upon such bank or
banks or depositories as shall be designated by the City Council consistent with
these Bylaws;
C. have the authority to appoint standing or study committees to aid and assist
the Board in its business undertaking or other matters incidental to the
operation and functions of the Board;
D. perform all duties incident to the office, and such other duties as shall be
prescribed from time to time by the Board, subject to approval by the City
Council;
E. appear before the City Council on a periodic basis to give a report on the status
of activities of the Corporation; and
F. appear before the City Council, or be represented by his designee, regarding
any item being considered by the City Council concerning the Corporation.
SECTION 2. VICE PRESIDENT.
The Vice President shall exercise the powers of the President during that officer's
absence or inability to act. The Vice President shall also perform other duties as from
time to time may be assigned by the President or the Board.
SECTION 3. ATTENDANCE.
Directors must be present in order to vote at any meeting. Regular attendance at the
Board meetings is required of all directors. Three (3) consecutive unexcused
absences from meetings of the Board shall cause the position to be considered vacant
and constitutes the replacement of the director.
In addition, the position of any director who has four (4) unexcused absences in a
twelve (12) month period shall also be considered vacant.
SECTION 4. CONFLICT OF INTEREST.
In the event a director is aware that he, or another director, has a conflict of interest
or potential conflict of interest, with regard to any particular matter or vote coming
before the Board, the director shall bring the same to the attention of the Board and
the director(s) shall abstain from discussion and voting thereof. Failure to conform to
these requirements herein and policies as may be adopted by the Board is cause for
dismissal from the Board by action of the City Council.
Amended 08/27/2013 Page 5 of 12 CEDC Bylaws
SECTION 5. IMPLIED DUTIES.
The Corporation is authorized to do that which the Board deems desirable, subject to
City Council approval, to accomplish any of the purposes or duties set out or alluded
to in the Articles, these Bylaws, and in accordance with state law.
SECTION 6. BOARD'S RELATIONSHIP WITH THE CITY.
In accordance with state law, the Board shall be responsible for the proper discharge
of its duties assigned herein. The Board shall determine its policies and directives
within the limitations of the duties herein imposed by applicable laws, the Articles,
these Bylaws, contracts entered into with the City, and budget and fiduciary
responsibilities. Any request for services made to the departments of the City shall
be made by the Board or its designee in writing to the City Manager. The City
Manager may approve such request for assistance from the Board when he finds such
requested services are available within the City and that the Board has agreed to
reimburse the City for the cost of such services so provided, as provided in Article III,
Section 7 of these Bylaws.
SECTION 7. CONTRACTS FOR SERVICE.
The Corporation may, with approval of the City Council, contract with any qualified
and appropriate person, association, corporation, or governmental entity to perform
and discharge designated tasks, which will aid or assist the Board in the performance
of its duties. However, no such contract shall ever be approved or entered into which
seeks or attempts to divest the Board of its discretion and policy - making functions in
discharging the duties herein set forth. An administrative services contract shall be
executed between the Board and the City Council for the services provided by the
General Manager, Finance Manager, Secretary, and other City services/functions and
compensated as provided for herein.
Subject to the authority of the City Manager under the Charter of the City, the
Corporation shall have the right to utilize the services of the staff and employees of
the City, provided (i) that the City Manager approves of the utilization of such
services, (ii) that the Corporation shall pay, as approved by the City Manager,
reasonable compensation to the City for such services, and (iii) the performance of
such services does not materially interfere with the other duties of such personnel of
the City. Utilization of the aforesaid City staff shall be solely by a contract approved
by the City Council.
Amended 08/27/2013 Page 6 of 12 CEDC Bylaws
ARTICLE IV.
FUNCTIONAL CORPORATE DUTIES AND REQUIREMENTS
SECTION 1. GENERAL MANAGER.
The General Manager shall be an employee of the City. The General Manager shall be
the chief administrative officer of the Corporation and be in general charge of the
properties and affairs of the Corporation, shall administer all work orders, requisitions
for payment, purchase orders, contract administration/oversight, and other
instruments or activities as prescribed by the Board in the name of the Corporation.
SECTION 2. FINANCE MANAGER.
The Finance Manager shall be an employee of the City. The Finance Manager shall
have the responsibility to see to the handling, custody, and security of all funds and
securities of the Corporation. When necessary or proper, the Finance Manager shall
endorse and sign, on behalf of the Corporation, for collection or issuance, checks,
notes, and other obligations drawn upon such bank or banks, or depositories as shall
be designated by the City Council consistent with these Bylaws. The Finance Manager
shall see to the entry in the books of the Corporation of full and accurate accounts of
all monies received and paid out on account of the Corporation. The Finance Manager
shall, at the expense of the Corporation, give such bond for the faithful discharge of
the duties in such form and amount as the City Council shall require, by resolution.
The Finance Manager shall provide financial reports to the Board and to the City
Council concerning activities of the Corporation in a format consistent with other
financial reports of the City and on a periodic basis as shall be directed by the Board
or the City Council.
SECTION 3. SECRETARY.
The Secretary shall be an employee of the City. The Secretary shall keep the minutes
of all meetings of the Board and committees in books provided for that purpose, shall
give and serve all notices, shall sign with the President in the name of the
Corporation, and/or attest the signature thereto, all contracts, conveyances,
franchises, bonds, deeds, assignments, mortgages, notes and other instruments of
the Corporation, shall have charge of the corporate books, records, documents and
instruments except the books of account and financial records and securities, and
such other books and papers as the Board may direct, all of which shall at all
reasonable times be open to public inspection upon application at the office of the
Corporation during business hours, and shall in general perform all duties incident to
the office of Secretary subject to the control of the Board.
Amended 08/27/2013 Page 7 of 12 CEDC Bylaws
SECTION 4. DUTIES OF THE BOARD.
The Board shall develop a combined Economic Development Capital Improvement
Program, ("the EDCIP"), including maintenance and operation costs thereof, for the
City, which shall include and set forth short and long term goals. Such plan shall be
approved by the City Council. The EDCIP developed by the Board shall be one that
addresses development needs of the City within the financial constraints of revenues
available to the Corporation. The Board shall conduct a public hearing concerning
both the adoption and required annual updates to the EDCIP. A legal notice shall be
advertised as determined by the Board, at least three (3) days, prior to the scheduled
public hearing.
The Board shall review and update the EDCIP once a year to ensure the plan is up to
date with current community needs and is capable of meeting community
development needs of the City and consistent with the Act. The Board shall expend,
in accordance with state law and subject to City Council approval, the funds received
by it for projects defined in the Act where such expenditures will have a benefit to the
residents of the City. The Board shall make an annual report to the City Council
including, but not limited to the following:
A. A review of the accomplishments of the Corporation for the preceding year; and
B. The activities of the Corporation for the budget year addressed in the annual
report.
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.
The Board shall be accountable to the City Council for all activities undertaken by it or
on its behalf, and shall report on all activities of the Board, whether discharged
directly by the Board or by any person, firm, corporation, agency, association, or
other entity on behalf of the Board.
SECTION 5. COMPONENTS OF THE EDCIP.
The Board shall submit to the City Council for its approval, the EDCIP, which shall
identify the projects to be undertaken by the Corporation and include proposed
methods and the expected costs of implementation, and cost of operations and
maintenance of the projects.
Amended 08/27/2013 Page 8 of 12 CEDC Bylaws
SECTION 6. ANNUAL CORPORATE BUDGET.
Annually, the Board shall prepare and adopt a proposed budget of expected revenues
and proposed expenditures for each fiscal year. The fiscal year of the corporation
shall commence on October 1 of each year and end on September 30. The budget
proposed for adoption shall include the projected operating expenses, and such other
budgetary information as shall be required by the City Council for its approval and
adoption. The budget shall be considered adopted upon formal approval by the City
Council.
SECTION 7. FINANCIAL BOOKS, RECORDS, AUDITS.
The Finance Manager shall keep and properly maintain, in accordance with generally
accepted accounting principles, complete financial books, records, accounts, and
financial statements pertaining to its corporate funds, activities, and affairs.
The City shall cause the Corporation's financial books, records, accounts, and financial
statements to be audited at least once each fiscal year by an outside, independent,
auditing and accounting firm selected by the City Council. Such audit shall be at the
expense of the Corporation.
SECTION 8. DEBT, DEPOSIT, AND INVESTMENT OF CORPORATE FUNDS.
All proceeds from the issuance of bonds, notes, or other debt instruments (the
"Bonds") issued by the Corporation shall be deposited and invested as provided in the
resolution, order, indenture, or other documents authorizing or relating to their
execution or issuance, but no bonds shall be issued, including refunding bonds, by the
Corporation without the approval of the City Council.
All monies of the Corporation shall be deposited, secured, and/or invested in the
manner provided for the deposit, security, and/or investment of the public funds of
the City and in accordance with investment policies adopted by the City Council. The
Finance Manager shall designate the accounts and depositories to be created and
designated for such purposes, and the methods of withdrawal of funds there from for
use by and for the purposes of the Corporation upon the signature of the
Corporation’s Finance Manager, General Manager, and/or the Secretary. The
accounts, reconciliation, and investment of such funds and accounts shall be
performed by the Finance Department of the City.
SECTION 9. EXPENDITURES OF CORPORATE MONEY.
The monies of the Corporation, including sales and use taxes collected pursuant to the
Act, the proceeds from the investment of funds of the Corporation, the proceeds from
the sale of property, monies derived from the repayment of loans, rents received from
Amended 08/27/2013 Page 9 of 12 CEDC Bylaws
the lease or use of property, the proceeds derived from the sale of bonds, and other
proceeds may be expended by the Corporation for any of the purposes authorized by
the Act, subject to the following limitations:
A. Expenditures from the proceeds of bonds shall be identified and described in the
orders, resolutions, indentures, or other agreements submitted to and approved
by the City Council.
B. Expenditures that may be made from a fund created from the proceeds of
bonds, and expenditures of monies derived from sources other than the
proceeds of bonds may be used for the purposes of financing or otherwise
providing one or more projects, as defined in the Act.
C. All other proposed expenditures shall be made in accordance with and shall be
set forth in the annual budget required by these Bylaws or in contracts meeting
the requirements of the Article.
No bonds, including refunding bonds, shall be authorized or sold and delivered by the
Corporation without the approval of the City Council.
SECTION 10. CONTRACTS.
As provided herein, the President and Secretary shall enter into any contracts or other
instruments, which the Board has approved and authorized in the name and on behalf
of the Corporation. Such authority may be confined to specific instances or defined in
general terms. When appropriate, the Board may grant a specific or general power of
attorney to carry out some action on behalf of the Board, provided, however, that no
such power of attorney may be granted unless an appropriate resolution of the Board
authorizes the same to be done.
ARTICLE V.
MISCELLANEOUS PROVISIONS
SECTION 1. SEAL.
The Board may obtain a corporate seal, which shall bear the words “Corporate Seal of
the Colleyville Economic Development Corporation,” and the Board may thereafter use
the corporate seal and corporate name; but these Bylaws shall not be construed to
require the use of the corporate seal.
SECTION 2. APPROVAL OR ADVICE AND CONSENT OF THE CITY COUNCIL.
To the extent that these Bylaws refer to any action, approval, advice, or consent by
the City or refer to action, approval, advice or consent by the City Council, such
Amended 08/27/2013 Page 10 of 12 CEDC Bylaws
action, approval, advice or consent shall be evidenced by a motion, resolution or
ordinance duly passed by the City Council and reflected in the minutes of the City
Council.
SECTION 3. INDEMNIFICATION OF DIRECTORS, OFFICERS AND EMPLOYEES.
As provided in the Act and in the Articles of Incorporation, the Corporation is, for the
purposes of the Texas Tort Claims Act (Subchapter A, Chapter 101, Texas Civil
Practices and Remedies Code), a governmental unit and its actions are governmental
functions.
The Corporation shall indemnify each and every member of the Board, its officers and
its employees, and each member of the City Council and each employee of the City,
to the fullest extent permitted by law against any and all liability or expense, including
attorneys fees, incurred by any of such persons by reason of any actions or omissions
that may arise out of the functions and activities of the Corporation. This indemnity
shall apply even if one or more of those to be indemnified was negligent or caused or
contributed to cause any loss, claim, action or suit. Specifically, it is the intent of
these Bylaws and the Corporation to require the Corporation to indemnify those
named for indemnification, even for the consequences of the negligence of those to
be indemnified which caused or contributed to cause any liability.
The Corporation must purchase and maintain insurance on behalf of any director,
officer, employee, or agent of the Corporation, or on behalf of any person serving at
the request of the Corporation as a Board member, officer, employee, or agent of
another corporation, partnership, joint venture, trust, or other enterprise, against any
liability asserted against that person and incurred by that person in any such capacity
or arising out of any such status with regard to the Corporation, whether or not the
Corporation has the power to indemnify that person against liability for any of those
acts.
SECTION 4. GIFTS.
The Board may accept on behalf of the Corporation any contribution, gift, bequest, or
device for the general purpose or for any special purposes of the Corporation.
SECTION 5. CODE OF ETHICS.
Each director, including the President and Vice President, its officers, employees, and
agents shall abide by and be subject to the City's code of ethics. The code of ethics
shall be applicable to independent contractors of the Corporation, except to the extent
that such independent contractor is not performing work on behalf of the Corporation.
Amended 08/27/2013 Page 11 of 12 CEDC Bylaws
SECTION 6. AMENDMENTS TO BYLAWS.
These Bylaws may be amended or repealed and new Bylaws may be adopted by an
affirmative vote of four (4) of the authorized directors serving on the Board, subject
to approval by the City Council. The City Council may amend these Bylaws at any
time. Such amendments by the City Council will be duly passed and adopted by
motion, resolution or ordinance duly reflected in the minutes of the City Council and,
thereafter, duly noted to the Board.
SECTION 7. DISSOLUTION OF THE CORPORATION.
Upon dissolution of the Corporation, titles to, or other interest in, any real or personal
property owned by the Corporation at such time shall vest in the City of Colleyville.
SECTION 8. APPLICABILITY OF CITY CHARTER, POLICIES, AND
PROCEDURES.
The City Charter and all duly approved City policies and procedures shall apply
directly to the Corporation and the Board unless such charters, policies, or procedures
are superseded by state law or not related to the functions of the Board. The Board
has the prerogative, subject to approval by the City Council, to adopt other policies
and procedures in addition to, or in place of, those of the City.
SECTION 9. EFFECTIVE DATE.
These Bylaws, having been approved by Resolution R-96-1238, adopted on the third
day of September 1996, shall become effective upon the approval of such by the
Board.
SECTION 10. AMENDMENTS.
These Bylaws may be amended by a majority vote of the Board. Approved
amendments will be forwarded to the City Council for their subsequent approval.
Amended 08/27/2013 Page 12 of 12 CEDC Bylaws
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 3d Agenda Date 08/27/2013 Number Resolution R-13-127
Type Resolution
Department City Secretary
Title
Appointing a Colleyville Economic Development Corporation Board President and Vice
President
Explanation
Reading and Public Hearing
On August 28, 2012, the Colleyville Economic Development Corporation (CEDC) Board
of Directors elected Director David Kelly as President and Director Carol Wollin as Vice
President.
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.Colleyville Economic Development Corporation Board roster
2.Resolution R-13-127
Colleyville Economic Development Corporation
PRESIDENT
David Kelly
905 Inwood Lane
Colleyville, TX 76034
H: (817) 656-1862
dkelly@colleyville.com
TERM:Jun 2013 - May 2016
VICE PRESIDENT
Carol Wollin
4600 Dartmoore Lane
Colleyville, TX 76034
H: (817) 281-3058
cwollin@colleyville.com
TERM:Jun 2013 - May 2016
DIRECTOR
Stan Hall
6229 Cimmaron Trail
Colleyville, TX 76034
H: (817) 488-2996
shall@colleyville.com
TERM:May 2011 - May 2014
DIRECTOR
Tom Hart
1717 Avondale
Colleyville, TX 76034
H: (817) 540-1171
thart@colleyville.com
TERM:Jul 2012 - May 2015
DIRECTOR
Timothy Mark Kelso
504 Bandit Trail
Colleyville, TX 76034
W: (817) 269-4600
timkelso@verizon.net
TERM:Oct 2011 - Sep 2013
DIRECTOR
Mark Slosson
2407 Poplar Court East
Colleyville, TX 76034
W: (817) 455-6900
H: (817) 540-3144
slosson@verizon.net
TERM:Sep 2011 - Sep 2013
DIRECTOR
Carel Tornes
6712 Hillier Court
Colleyville, TX 76034
H: (817) 788-5611
careltornes@gmail.com
TERM:Sep 2011 - Sep 2013
FINANCE MANAGER
Terry Leake
100 Main Street
Colleyville, TX 76034
W: (817) 503-1115
tleake@colleyville.com
GENERAL MANAGER
Jennifer Fadden
100 Main Street
Colleyville, TX 76034
W: (817) 503-1116
jfadden@colleyville.com
SECRETARY
Amy Shelley
100 Main Street
Colleyville, TX 76034
W: (817) 503-1133
ashelley@colleyville.com
RESOLUTION R-13-127
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, AND _ ABSTENTIONS ON THIS
27TH DAY OF AUGUST 2013.
ATTEST:COLLEYVILLE ECONOMIC
DEVELOPMENT CORPORATION
Amy Shelley David Kelly
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 4a Agenda Date 08/27/2013 Number
Type Resolution
Department City Manager
Title
Annual Activity Report
Explanation
The Colleyville Economic Development Corporation bylaws require that the Board make
an annual report by February 1, 2014 to the City Council "reviewing the
accomplishments of the Corporation for the preceding year and the activities of the
Corporation for the budget year". Attached is the annual report that will be submitted
to the City Council at the September 3, 2013 City Council meeting.
Attachments
1.Annual Activity Report
2.Memorandum - Colleyville Center sloped seamed metal roof history
ANNUAL REPORT OF THE COLLEYVILLE ECONOMIC DEVELOPMENT
CORPORATION
ACTIONS OF THE CORPORATION
On August 28, 2012, the Board held its annual meeting and approved the FY 2013
annual budget for the Corporation with projected revenues of $2,401,735 and
expenses of $2,142,389. The Board also adopted the attached Exhibit “A”
Economic Development Capital Improvement Program (EDCIP) for Fiscal Years
2013 through 2017. Projection of sales tax growth conservatively remains at 1%
annually throughout the next five years. There is a slight change from year to
year due to the annual changes in investable cash from beginning fund balance in
the two different EDCIP plans. There is the use of available cash from the .4 times
bond coverage ratio in all years of the plan, with the ending target fund balance in
2017 at a level slightly above $850,000. In FY 2013, there is a carry forward of
funding for incomplete projects - completion of Pleasant Run Trail design (Bogart
Drive to Mission Lane) - $41,340 and the right-of-way acquisition for the trail
($168,000). As was included in the approved FY 2012 - 2016 EDCIP, there is
funding for the construction of the following trails: Pleasant Run Trail (Bogart Drive
to Mission Lane) - $277,000 and the Cotton Belt II spur at Webb House -
$165,000. Funding is included for the replacement of tables ($12,000) and chairs
($41,000) at the Colleyville Center. These are used at over 600 events annually,
and are replacements of the original tables purchased when the Colleyville Center
opened in 1998, and replacements for the chairs acquired in 2005. The
replacement of the chairs was moved in the EDCIP from FY 2015 to FY 2013 with a
cost increase of $4,000 due to the inclusion of delivery costs and an increase in
price. There was an increase of $3,000 for replacement of additional tables that
was scheduled for FY 2013 in the prior EDCIP. Additionally, funding is included for
the replacement of the original flat roof area of the Colleyville Center ($50,000)
and the main air conditioning unit ($30,000), which is the original unit that has
been in service since 1998. The $134,905, which was allocated to a future parks
project, pending the completion of the Parks Master Plan in FY 2012, has been
allocated to a rebranding study of the Senior Center ($35,000) and renovations to
the Senior Center ($99,905). The rebranding study was recommended in the
Parks Master Plan, which was adopted by City Council on December 6, 2011,
and will propose additional uses for the Senior Center. It is anticipated there will
be renovations needed to accommodate the additional uses, and there is a need
for replacement of air conditioning components. There is also $9,000 included for
the replacement of tables and chairs, which have been in use since the Senior
Center opened in 2006. Lastly, there is funding in the amount of $100,000
for improvements to the Cotton Belt Trail at the L.D. Lockett Park trailhead. This
funding would be used for removal of the existing house from the property, and
possible improvements such as a covered shelter area, a picnic area, bike racks,
and play elements. For FY 2014, the future projects category was increased from
$400,000 to $425,000. For FY 2015, the future projects allocation is increased
from $370,000 to $425,000. For FY 2016, the future projects allocation is
increased from $400,000 to $425,000. For 2017, the future projects allocation is
$450,000 and funding, in the amount of $25,000, is included for the replacement
of the original stage curtain that has been in use since 1998.
On August 15, 2013, the Board held a worksession to discuss the FY 2014-2018
EDCIP prior to the annual meeting to be held on August 27, 2013. The proposed
changes from the attached adopted FY 2013 - FY 2017 EDCIP are as follows:
Revenues:
The projected sales tax for FY 2014 replicates the FY 2014 City sales tax budget
projection. For the remaining years, in FY 2015 there is a projected increase of
eight percent to account for new business in the Village Park shopping center, and
a one percent growth for FY 2016 - 2018. There is a slight change from year to
year in interest income, due to the annual changes in investable cash from
beginning fund balance in the two different EDCIP plans. There is the use of
available cash from the .4 times bond coverage ratio in all years of the plan, with
the ending target fund balance in 2018 at a level slightly above $850,000.
Expenditures:
FY 2014:
Carry forward of funding for incomplete projects - completion of Pleasant Run
Trail (Bogart Drive to Mission Lane) right-of-way acquisition for the trail
($168,000) and construction of the trail ($277,000), and improvements at the
Cotton Belt - L.D. Lockett Park trailhead ($100,000). There is $125,000, included
for the design of renovations to the Senior Center. There is a study of the Senior
Center for future use, programs, and renovations, currently in process, which is a
FY 2013 CEDC funded project. This study was recommended in the Parks,
Recreation and Trails Master Plan, which was adopted by City Council on
December 6, 2011. Funding in the amount of $175,000 is included for the update
of City Park, which opened in 1998, to provide for more efficient property
irrigation, lower water use landscaping, and an update of the dugout and
spectator areas. There is funding for a site master plan of the Colleyville Center
and the surrounding grounds ($25,000), to provide for improved utilization of the
surrounding grounds. Funding is also included for repairs to the original sloped
seamed metal roof of the Colleyville Center ($48,000), with additional information
in the attached memorandum regarding the history of the roof. Funding, for the
replacement of the original stage curtain ($25,000) that has been in use since
1998, was moved forward from FY 2017 in the prior EDCIP. Also, funding of
$4,000 is included to refinish the stage at the Colleyville Center, in conjunction
with the stage curtain replacement. The future projects allocation of $425,000 was
removed and reallocated through the future years of the plan.
FY 2015:
Carry forward of funding for incomplete projects - the Cotton Belt II spur at Webb
House - $165,000. The future projects allocation is increased from $425,000 to
$500,000. There is also funding included for future trail projects ($150,000).
FY 2016:
The future projects allocation is increased from $425,000 to $500,000. Funding is
added for future trail projects in the amount of $150,000.
FY 2017:
The future projects allocation is increased from $425,000 to $500,000. Funding is
added for future trail projects in the amount of $150,000.
FY 2018:
The future projects funding allocation is $500,000. Funding is included for the
construction of a trail on Pleasant Run Road from the Cotton Belt railroad crossing
to John McCain Road ($300,000).
COLLEYVILLE ECONOMIC DEVELOPMENT CORPORATION EXHIBIT A
ECONOMIC DEVELOPMENT CAPITAL IMPROVEMENT PROGRAM FY 2013 - FY 2017
FISCAL YEAR 2012 $2,013 2014 2015 2016 2017
BEGINNING FUND BALANCE $1,854,880 $1,945,474 $1,141,977 $952,523 $935,125 $920,488
REVENUES:
PROJECTED 1/2 CENT SALES TAX REVENUE $1,382,500 $1,335,000 $1,348,350 $1,361,834 $1,375,452 $1,389,206
INTEREST INCOME $3,905 $3,891 $2,284 $1,905 $1,870 $1,841
USE OF AVAILABLE CASH $168,041 $1,062,844 $447,307 $275,551 $274,805 $316,048
TOTAL REVENUES $1,554,446 $2,401,735 $1,797,940 $1,639,289 $1,652,127 $1,707,095
EXPENDITURES:
OPERATING:
ADMINISTRATIVE $2,000 $2,000 $2,000 $2,000 $2,000 $2,000
2005 DEBT SERVICE & 1.4 TIMES COVERAGE $905,223 $907,711 $902,482 $903,536 $910,584 $909,629
PROMOTIONAL $129,368 $133,889 $135,063 $136,374 $137,732 $139,105
WATER / WASTEWATER- MC PHERSON PARK $16,480 $16,974 $17,483 $18,008 $18,548 $19,104
PERSONNEL - SENIOR CENTER $70,095 $72,198 $73,642 $75,851 $78,127 $80,471
PERSONNEL - LIBRARY $69,024 $71,095 $72,517 $73,967 $75,447 $76,956
OPERATIONS - LIBRARY $4,167 $4,292 $4,421 $4,553 $4,690 $4,831
CAPITAL:
INTERFUND LOAN - COLLEYVILLE CENTER RENOVATIONS $165,331 $165,331 $165,332 $0 $0 $0
($661,325 REPAID OVER 4 YEARS)
COLLEYVILLE CENTER - REPLACEMENT TABLES $0 $12,000 $0 $0 $0 $0
COLLEYVILLE CENTER - REPLACEMENT CHAIRS $0 $41,000 $0 $0 $0 $0
COLLEYVILLE CENTER - REPLACEMENT MAIN AIR CONDITIONER UNIT $0 $30,000 $0 $0 $0 $0
COLLEYVILLE CENTER - REPLACEMENT FLAT ROOF $0 $50,000 $0 $0 $0 $0
COLLEYVILLE CENTER - REPLACEMENT STAGE CURTAIN $0 $0 $0 $0 $0 $25,000
LIBRARY - BALANCE OF UNUSED 2011 SALARIES (FF&E)$46,532 $0 $0 $0 $0 $0
LIBRARY - SECOND FLOOR, TEEN ROOM AND FIRST FLOOR-TECHNOLOGY / FF&E $78,566 $0 $0 $0 $0 $0
LIBRARY TECHNOLOGY REPLACEMENTS $51,000 $0 $0 $0 $0 $0
CITYWIDE TRAIL SYSTEM
COTTON BELT II SPUR @ WEBB HOUSE CONSTRUCTION $0 $165,000 $0 $0 $0 $0
PLEASANT RUN TRAIL DESIGN (BOGART TO MISSION)-CARRY FORWARD $16,660 $41,340 $0 $0 $0 $0
PLEASANT RUN TRAIL ROW ACQUISITION (BOGART TO MISSION)-CARRY FORWARD $0 $168,000 $0 $0 $0 $0
PLEASANT RUN TRAIL CONSTRUCTION (BOGART TO MISSION)$0 $277,000 $0 $0 $0 $0
IMPROVEMENTS AT COTTON BELT - LD LOCKETT PARK TRAILHEAD $0 $100,000 $0 $0 $0 $0
SENIOR CENTER
REBRANDING STUDY $0 $35,000 $0 $0 $0 $0
RENOVATIONS $0 $99,905 $0 $0 $0 $0
TABLE AND CHAIR REPLACEMENTS $0 $9,000 $0 $0 $0 $0
FUTURE PROJECTS $0 $0 $425,000 $425,000 $425,000 $450,000
TOTAL EXPENDITURES $1,554,446 $2,401,735 $1,797,940 $1,639,289 $1,652,127 $1,707,095
EXCESS REVENUES OVER EXPENDITURES $0 $0 $0 $0 $0 $0
ADD BACK .4 TIMES BOND COVERAGE RATIO $258,635 $259,346 $257,852 $258,153 $260,167 $259,894
ENDING FUND BALANCE $1,945,474 $1,141,977 $952,523 $935,125 $920,488 $864,334
ASSUMPTIONS: FY 2013: 1/2 OF CITY SALES TAX BUDGET PROJECTION / FY 2014 - 2017: 1% GROWTH
MEMORANDUM
Date: August 9, 2013
From: Terry Leake, Assistant City Manager / Chief Financial Officer
To: Colleyville Economic Development Corporation Board of Directors
Subject: Colleyville Center sloped seamed metal roof history
In January 1998, the Colleyville Center opened, however there were issues
with the main roof of the building (green sloped metal seamed roof), due to
improper installation by the roofing subcontractor. Various roofing repairs
were made in 1999, while the final retainage payment was withheld from the
contractor, R. C. Small & Associates. The contractor pursued legal means to
obtain the roofing warranty from the roofing contractor, but was unable to
resolve the situation and obtain a warranty.
In June 2000, City Council authorized Resolution R-00-1663 remitting the
final retainage payment to the contractor. By this resolution, the City
retained $25,000 of the final retainage payment for future roof repairs, and
eliminated the roof warranty in exchange for retaining the $25,000. Since
June 2000, various roof repairs have been made to the sloped metal roof,
and a limited amount of the withheld retainage funding remains. As the roof
is over 15 years old, staff recently sought information detailing the cost to
repair all of the sloped metal roof deficiencies. This cost is approximately
$42,000, and is included in the EDCIP in FY 2015 at a total of $48,000, to
allow for a 15% contingency. The majority of the items requiring repairs
would include a 20 year warranty, with the remainder having a 10 year
warranty.
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 4b Agenda Date 08/27/2013 Number
Type Presentation
Department City Manager
Title
Annual investment report
Explanation
From the period of October 1, 2012 through July 31, 2013, the Colleyville Economic
Development Corporation had an average of $1,096,083 invested in the Local
Government Investment Cooperative (LOGIC) Pool, earning $1,298 during this
period. Since October 1, 2012, the Corporation held a Treasury note with a purchase
price of $554,469 (par value $550,000) and a market value of $551,611, yielding
0.164%, which will mature December 15, 2013. The interest earnings on the Treasury
note from October 1, 2012 through July 31, 2013, are $749.
Attachments