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HomeMy WebLinkAboutColleyville Economic Development Corporation (CEDC)-Agenda Packets-8/20/2024  City of Colleyville Page 1 CITY OF COLLEYVILLE COLLEYVILLE ECONOMIC DEVELOPMENT CORPORATION BOARD AGENDA 100 Main Street, Colleyville, Texas, 76034 TUESDAY, AUGUST 20, 2024 - 5:00 PM 1. CALL TO ORDER 2. CONSENT: READING AND PUBLIC HEARING - RESOLUTION R-24-171 2a Approval of the minutes of the Colleyville Economic Development Corporation Board of Directors meeting of August 22, 2023 2b Approval of the minutes of the Colleyville Economic Development Corporation Board of Directors Worksession of August 6, 2024 3. RESOLUTION(S): READING AND PUBLIC HEARING 3a Resolution R-24-172 Adopting the Economic Development Capital Improvement Program (EDCIP) for the Fiscal Years 2025-2029 of the Colleyville Economic Development Corporation 3b Resolution R-24-173 Adopting the Fiscal Year 2024 Budget 4. ADJOURNMENT   I hereby certify this agenda was posted on City Hall bulletin boards Friday, August 16, 2024 by 5:00 p.m. Christine Loven, TRMC City Secretary A quorum of any Colleyville board, commission, or committee may be present at this meeting. Any matter on this agenda may, at the discretion of the governing body, be opened for public comment and discussion. If you plan to attend this public meeting and have a disability that requires special accommodations, please advise the City Secretary at least 48 hours in advance at 817.503.1133, and reasonable accommodations will be made to assist you.   RESOLUTION R-24-171 A RESOLUTION APPROVING ACTION UNDER CONSENT ITEMS AT THE COLLEYVILLE ECONOMIC DEVELOPMENT CORPORATION BOARD MEETING OF AUGUST 20, 2024 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 22, 2023 b. Approval of the minutes of the Colleyville Economic Development Corporation Board of Directors Worksession of August 6, 2024 AND IT IS SO RESOLVED. APPROVED BY A VOTE OF _ AYES, _ NAYS, ON THIS 20TH DAY OF AUGUST 2024. President Bobby Lindamood Aye Director Brandi Elder Aye Director George Dodson Aye Director Scotty Richardson Aye Director Ralph Hunkins Absent Director John Terhoeve Aye ATTEST: COLLEYVILLE ECONOMIC DEVELOPMENT CORPORATION Christine Loven, TRMC Bobby Lindamood Secretary President City of Colleyville Page 1 CITY OF COLLEYVILLE COLLEYVILLE ECONOMIC DEVELOPMENT CORPORATION BOARD MINUTES 100 Main Street, Colleyville, Texas, 76034 City Council Chambers TUESDAY, AUGUST 22, 2023 President Bobby Lindamood called the Colleyville Economic Development Corporation Board meeting to order on August 22, 2023, at 5:00 p.m. ROLL CALL: President Bobby Lindamood, Directors Brandi Elder, Callie Rigney, Scotty Richardson, and John Terhoeve. ABSENT: Director Ralph Hunkins. ALSO PRESENT: City Manager Jerry Ducay, Finance Director Kyle Lester, and City Secretary Christine Loven. 2. CONSENT: READING AND PUBLIC HEARING - RESOLUTION R-23-166 2a Approval of the minutes of the Colleyville Economic Development Corporation Board of Directors meeting of August 23, 2022 2b Approval of the minutes of the Colleyville Economic Development Corporation Board of Directors Worksession of August 1, 2023 President Lindamood read Resolution R-23-166 in its entirety. There was no discussion. President Lindamood opened and closed the public hearing without any speakers. Director Rigney made a motion to approve Resolution R-23-166, seconded by Director Elder. The motion to approve passed by the following vote: Ayes: 5 – President Lindamood and Directors Elder, Rigney, Richardson, and Terhoeve. City of Colleyville Page 2 Colleyville Economic Development Corporation Minutes August 22, 2023 3. RESOLUTION(S): READING AND PUBLIC HEARING 3a Resolution R-23-167 Adopting the Economic Development Capital Improvement Program (EDCIP) for the Fiscal Years 2024-2028 of the Colleyville Economic Development Corporation President Lindamood read Resolution R-23-167 in its entirety. Finance Director Kyle Lester presented this item for the EDCIP and the following item for the FY24 CEDC Budget simultaneously. He began with an overview of the CEDC and the proposed FY24 budget. Director Lester provided a review of the CEDC budget line items, noting projects planned throughout the EDCIP. He stated the sales tax projections are conservative, although he is confident the projection will be surpassed. There was discussion regarding the flag poles having been purchased and needing to be removed from the 2027 project plans and the cost and process for dredging a pond. President Lindamood opened and closed the public hearing without any speakers. Director Elder made a motion to approve Resolution R-23-167, seconded by Director Richardson. The motion to approve passed by the following vote: Ayes: 5 – President Lindamood and Directors Elder, Rigney, Richardson, and Terhoeve. 3b Resolution R-23-168 Adopting the Fiscal Year 2024 Budget President Lindamood read Resolution R-23-168 in its entirety. Finance Director Kyle Lester presented this item and provided a brief overview the revenues and expenditures. He noted the FY24 major operating increases are for three full time recreation specialists, two full time and four part-time recreation coordinators, to staff the new Recreation Center. President Lindamood opened and closed the public hearing without any speakers. Director Richardson made a motion to approve Resolution R-23-168, seconded by Director Elder. City of Colleyville Page 3 Colleyville Economic Development Corporation Minutes August 22, 2023 The motion to approve passed by the following vote: Ayes: 5 – President Lindamood and Directors Elder, Rigney, Richardson, and Terhoeve. 3c Resolution R-23-169 Amending the bylaws of the Colleyville Economic Development Corporation to change the annual board meeting date to the date of the second City Council meeting in August President Lindamood read Resolution R-23-169 in its entirety. President Lindamood noted this item was self-explanatory and was discussed at the Worksession earlier in the month. President Lindamood opened and closed the public hearing without any speakers. Director Rigney made a motion to approve Resolution R-23-169, seconded by Director Terhoeve. The motion to approve passed by the following vote: Ayes: 5 – President Lindamood and Directors Elder, Rigney, Richardson, and Terhoeve. 3d Resolution R-23-170 Electing a Colleyville Economic Development Corporation Board President and Vice President President Lindamood read Resolution R-23-170 in its entirety. Director Richardson nominated Bobby Lindamood to serve as President, and Director Brandi Elder to serve as Vice President. President Lindamood opened and closed the public hearing without any speakers. Director Richardson made a motion to approve Resolution R-23-170, electing Bobby Lindamood, President, and Brandi Elder, Vice President, seconded by Director Rigney. The motion to approve passed by the following vote: Ayes: 5 – President Lindamood and Directors Elder, Rigney, Richardson, and Terhoeve. City of Colleyville Page 4 Colleyville Economic Development Corporation Minutes August 22, 2023 4. REPORTS Annual Activity Report Annual Investment Report Finance Director Kyle Lester gave a brief review of both reports. There was not discussion and no action taken. 5. ADJOURNMENT There being no further business to come before the Board, President Lindamood adjourned the meeting at 5:39 p.m. APPROVED BY A VOTE OF ____ AYES, ____ NAYS, ON THIS THE ________ DAY OF AUGUST 2024. Minutes taken and prepared by: Christine Loven, TRMC City Secretary City of Colleyville Page 1 CITY OF COLLEYVILLE COLLEYVILLE ECONOMIC DEVELOPMENT CORPORATION BOARD WORKSESSION MINUTES 100 Main Street, Colleyville, Texas, 76034 Executive Conference Room - Third Floor TUESDAY, AUGUST 6, 2024 - 5:00 PM President Lindamood called the Colleyville Economic Development Corporation Board meeting to order on August 6, 2024, at 5:00 p.m. ROLL CALL: President Lindamood, and Directors Brandi Elder, Ralph Hunkins, Scotty Richardson, and George Dodson. Also Present: Finance Director Matt Poston, Accounting Manager Karen Hines, City Manager Jerry Ducay, Assistant City Manager Mark Wood, Parks and Recreation Director Lisa Escobedo, Library Director Jack Pawlowski, and City Secretary Christine Loven. 2. PRESENTATION AND DISCUSSION 2a Discussion of the FY 2025 proposed Colleyville Economic Development Corporation (CEDC) budget and the FY 2025 Economic Development Capital Improvement Program (EDCIP) priorities Finance Director Matt Poston presented this item which began with an overview of the CEDC and the proposed FY25 operating and capital budgets. Director Poston provided a review of the CEDC budget line items, and notable highlights. He stated the sales tax and interest projections are budgeted flat, however, he is confident the projection will be surpassed. There was discussion of the miscellaneous revenue which was not realized due to a grant not being secured in FY24. There was general discussion regarding the notable change toward enhancing park amenities in the community, branding, and the synergy within the City. 3. ADJOURNMENT There being no further business to discuss, President Lindamood adjourned the Worksession at 5:25 p.m. APPROVED BY A VOTE OF _ AYES, _ NAYS, ON THIS THE 20TH DAY OF AUGUST 2024. Colleyville Economic Development Corporation Board Worksession Minutes August 6, 2024 City of Colleyville Page 2 Minutes taken and prepared by: Christine Loven, TRMC City Secretary City of Colleyville Page 1 CITY OF COLLEYVILLE COLLEYVILLE ECONOMIC DEVELOPMENT CORPORATION BOARD BRIEFING Agenda Number 3a Agenda Date 8/20/2024 Number Resolution R-24-172 Type Resolution Department Finance Title Adopting the Economic Development Capital Improvement Program (EDCIP) for the Fiscal Years 2025-2029 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 6, 2024, the Board met in a worksession and reviewed and discussed the proposed projects included in the FY 2025-2029 EDCIP. The attached resolution approves the FY 2025-2029 EDCIP. Attachments 1. CEDC Presentation 2. RESOLUTION R-24-172 Colleyville Economic Development Corporation (CEDC) FY 2025 Budget Colleyville Economic Development Corporation Board August 20, 2024 History •Approved by voters and incorporated on September 3, 1996 –“The adoption of an additional one-half cent sales and use tax to provide for parks and parks facilities, a library, a community center, open space improvements, and other facilities and improvements only as authorized...” •Established as a Type B EDC •Funded by ½ cent (0.50%) local sales tax Highlights •Currently funds 18.950 FTEs across Library, Parks & Recreation and the Colleyville Center. •Funds operational costs of those departments. •Funds special events held throughout the year. •Funds capital improvements of the related facilities. CEDC History/Highlights FY 2025 Operating Budget FY 2025 Capital Budget City of Colleyville Colleyville Economic Development Corporation Current Year and Five-year CIP Plan FY 2024 CEDC Kimzey Park Playground 250,000 McPherson Park Restroom Renovation 125,000 Sand Volleyball Pit Rehabilitation (McPherson & Kimzey Parks) 50,000 Woodbriar Park Improvements 200,000 $ 625,000 FY 2025 CEDC Awnings at Parks Facility 200,000 City Park 9 - 40'x206' along 3rd base extension 30,000 City Park field #2 - Infield renovation (laser grade & lip removal) 25,000 City Park Field #6 & #7 - 40'x135' backstop net extensions 30,000 FY25 Security Cameras in Parks 100,000 Park Signage Replacement 150,000 Rec Center Master Plan Study 200,000 $ 735,000 FY 2026 CEDC Park Signage Replacement 150,000 $ 150,000 FY 2027 CEDC Dredging of Ponds 150,000 $ 150,000 FY 2028 CEDC Senior Center Land Improvement 400,000 $ 400,000 FY 2029 CEDC N/A - $ - Five-year Total CIP (FY25 - FY 29) $ 1,435,000 QUESTIONS? 5 RESOLUTION R-24-172 A RESOLUTION ADOPTING THE ECONOMIC DEVELOPMENT CAPITAL IMPROVEMENT PROGRAM (EDCIP) FOR FISCAL YEARS 2025-2029 WHEREAS, the bylaws of the Colleyville Economic Development Corporation require that an Economic Development Capital Improvement Program (EDCIP) be developed, setting forth long and short- term goals that address the needs of the City within the financial constraints of revenues available to the Corporation; and WHEREAS, the EDCIP shall identify projects to be undertaken by the Corporation and the expected cost of the implementation. NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE COLLEYVILLE ECONOMIC DEVELOPMENT CORPORATION: Sec. 1. THAT the Economic Development Capital Improvement Program of the Colleyville Economic Development Corporation (Exhibit A) is hereby adopted. Sec. 2. THAT once approved, the EDCIP will be forwarded to the City Council for their subsequent approval. Sec. 3. THAT this Resolution shall become effective on the date of passage. AND IT IS SO RESOLVED. APPROVED BY A VOTE OF _ AYES, _ NAYS, ON THIS 20TH DAY OF AUGUST 2024. President Bobby Lindamood Aye Director Brandi Elder Aye Director George Dodson Aye Director Scotty Richardson Aye Director Ralph Hunkins Absent Director John Terhoeve Aye ATTEST: COLLEYVILLE ECONOMIC DEVELOPMENT CORPORATION Christine Loven, TRMC Bobby Lindamood Secretary President Exhibit “A” Colleyville Economic Development Corporation Current Year and Five-year CIP Plan FY 2024 CEDC Kimzey Park Playground 250,000 McPherson Park Restroom Renovation 125,000 Sand Volleyball Pit Rehabilitation (McPherson & Kimzey Parks) 50,000 Woodbriar Park Improvements 200,000 $ 625,000 FY 2025 CEDC Awnings at Parks Facility 200,000 City Park 9 - 40'x206' along 3rd base extension 30,000 City Park field #2 - Infield renovation (laser grade & lip removal) 25,000 City Park Field #6 & #7 - 40'x135' backstop net extensions 30,000 FY25 Security Cameras in Parks 100,000 Park Signage Replacement 150,000 Rec Center Master Plan Study 200,000 $ 735,000 FY 2026 CEDC Park Signage Replacement 150,000 $ 150,000 FY 2027 CEDC Dredging of Ponds 150,000 $ 150,000 FY 2028 CEDC Senior Center Land Improvement 400,000 $ 400,000 FY 2029 CEDC N/A - $ - Five-year Total CIP (FY25 - FY 29) $ 1,435,000 City of Colleyville Page 1 CITY OF COLLEYVILLE COLLEYVILLE ECONOMIC DEVELOPMENT CORPORATION BOARD BRIEFING Agenda Number 3b Agenda Date 8/20/2024 Number Resolution R-24-173 Type Resolution Department Finance Title Adopting the Fiscal Year 2024 Budget Explanation Reading and Public Hearing Per the Colleyville Economic Development Corporation (CEDC) bylaws, the Board of Directors must adopt an annual budget. The FY 2025 budget replicates the revenues and expenditures contained in the proposed FY 2025 - 2029 EDCIP, which was reviewed at the CEDC budget worksession on August 6, 2024. Proposed expenditures for FY 2025 total $2,632,985, as reflected in the attached FY 2025 CEDC Budget. Attachments 1. CEDC FY25 Budget 2. RESOLUTION R-24-173 City of Colleyville 2019 2020 2021 2022 2023 2025 2026 2027 2028 2029 2030Colleyville Economic Development Corporation (CEDC) Fund ProjectionOriginal BudgetRevised EstimateProposed BudgetRevenues:Sales Tax 1,943,228$    2,096,882$    2,390,336$    2,583,813$    2,634,045$    2,586,555$    2,600,000$    2,600,000$    2,652,000$    2,705,040$    2,759,141$    2,814,324$    2,870,610$    Investment Income/(Losses) 44,900           36,446           13,658           28,053           283,046         60,000           250,000         60,000           60,000           60,000           60,000           60,000           60,000           Miscellaneous‐                   ‐                   ‐                  254                 1                     225,000          ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                  Event Donations/Revenues‐                   ‐                  4,617               ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                  Grant Proceeds 174,800          ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                  Transfer From Other Funds‐                   ‐                  5,518,968       ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                  Total Revenues 2,162,928      2,133,328      7,927,579      2,612,120      2,917,091      2,871,555      2,850,000      2,660,000      2,712,000      2,765,040      2,819,141      2,874,324      2,930,610      Expenses:Administration 2,000              2,000              2,000              2,000              2,000              2,000              2,000              2,000              2,040              2,081              2,122              2,165              2,208              Library 986,971         338,817         357,887         349,015         401,744         711,983         653,462         592,104         612,028         632,673         654,068         676,240         699,219         Engineering 251,408          ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                  Parks Maintenance 315,165         366,693         395,500         613,330         763,743         1,756,403      1,213,212      841,548         856,097         871,086         886,530         902,443         918,842         Recreation‐                   ‐                   ‐                   ‐                  3,358              411,033         277,817         379,159         394,325         410,098         426,502         443,562         461,305         Senior Center 86,438           93,830           299,478         900,535         177,954         115,985         191,782         268,128         276,281         284,759         293,574         302,741         312,273         Communications 98,137           171,780         223,192         304,502         284,813         284,625         284,625         314,000         320,280         326,686         333,219         339,884         346,681         Colleyville Center 464,606         253,728         95,763           234,100         227,291         157,336         198,458         236,046         243,178         250,573         258,240         266,190         274,435         Debt Service 602,176         604,144         4,818,166       ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                  Total Expenses 2,806,902      1,830,993      6,191,986      2,403,482      1,860,902      3,439,365      2,821,356      2,632,985      2,704,230      2,777,956      2,854,256      2,933,226      3,014,963      Operating Surplus/(Deficit) (643,974)        302,335         1,735,592      208,638         1,056,189      (567,810)        28,644           27,015           7,770              (12,916)          (35,115)          (58,902)          (84,353)          Capital ExpendituresAwnings at Parks Facility‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                  (200,000)         ‐                   ‐                   ‐                   ‐                   ‐                  Dredging of Ponds‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                  (120,000)         ‐                   ‐                   ‐                  Kimzey Park Playground‐                   ‐                   ‐                   ‐                   ‐                   ‐                  (250,000)         ‐                   ‐                   ‐                   ‐                   ‐                   ‐                  McPherson Park Restroom Renovation‐                   ‐                   ‐                   ‐                   ‐                   ‐                  (125,000)         ‐                   ‐                   ‐                   ‐                   ‐                   ‐                  Miscellaneous Park Improvements‐                   ‐                   ‐                   ‐                   ‐                   ‐                  (50,000)          (85,000)           ‐                   ‐                   ‐                   ‐                   ‐                  Park Signage Replacement‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                  (150,000)        (150,000)         ‐                   ‐                   ‐                   ‐                  Rec Center Master Plan Study‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                  (200,000)         ‐                   ‐                   ‐                   ‐                   ‐                  Security Cameras in Parks‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                  (100,000)         ‐                   ‐                   ‐                   ‐                   ‐                  Senior Center Land Improvement‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                   ‐                  (400,000)         ‐                   ‐                  Woodbriar Park Improvements‐                   ‐                   ‐                   ‐                   ‐                   ‐                  (200,000)         ‐                   ‐                   ‐                   ‐                   ‐                   ‐                  Total Capital Expenditures(625,000)        (735,000)        (150,000)        (120,000)        (400,000)         ‐                   ‐                  Net Change in Available Funds(643,974)        302,335         1,735,592      208,638         1,056,189      (567,810)        (596,356)        (707,985)        (142,230)        (132,916)        (435,115)        (58,902)          (84,353)          Available Funds, beginning7,518,652$    6,922,296$    6,214,311$    6,072,081$    5,939,165$    5,504,049$    5,445,148$    Available Funds, ending6,922,296      6,214,311      6,072,081      5,939,165      5,504,049      5,445,148      5,360,794      90‐day Operating522,989         575,896         593,707         612,139         631,214         650,956         671,391         Available Funds Above/(Below) Policy6,399,307      5,638,414      5,478,374      5,327,026      4,872,835      4,794,191      4,689,404      2024ActualProjected Budget RESOLUTION R-24-173 A RESOLUTION ADOPTING AN ANNUAL BUDGET FOR FISCAL YEAR 2025 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 2025 budget amounts for the Colleyville Economic Development Corporation are as follows: Total Revenues $2,660,000 Operating Expenditures $2,632,985 Capital Expenditures $ 735,000 Total Expenditures $3,367,985 AND IT IS SO RESOLVED. APPROVED BY A VOTE OF _ AYES, _ NAYS, ON THIS 20TH DAY OF AUGUST 2024. President Bobby Lindamood Aye Director Brandi Elder Aye Director George Dodson Aye Director Scotty Richardson Aye Director Ralph Hunkins Absent Director John Terhoeve Aye ATTEST: COLLEYVILLE ECONOMIC DEVELOPMENT CORPORATION Christine Loven, TRMC Bobby Lindamood Secretary President