HomeMy WebLinkAboutColleyville Economic Development Corporation (CEDC) Resolutions (R-13-124)-08/28/2013 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 OF5AYES, 0 NAYS, AND OABSTENTIONS ON THIS
27TH DAY OF AUGUST 2013.
ATTEST: COLLEYVILLE ECONOMIC
DEVELOPMENT CORPORATION
k sit A
�—� .,
Am elley 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