HomeMy WebLinkAboutColleyville Economic Development Corporation (CEDC) Resolutions (R-98-27)-09/14/1998
RESOLUTION R-98-27
A RESOLUTION APPROVING COUNCIL ACTION UNDER
BUSINESS AT THE MEETING OF THE BOARD OF
DIRECTORS OF THE COLLEYVILLE ECONOMIC
DEVELOPMENT CORPORATION
SEPTEMBER 14, 1998
WHEREAS, Council has taken action on certain items on the agenda under Business.
NOW, THEREFORE, BE IT RESOLVED BY THE COLLEYVILLE ECONOMIC
DEVELOPMENT CORPORATION BOARD OF DIRECTORS OF THE CITY OF
COLLEYVILLE, TEXAS:
Sec. 1.
THAT the agenda decisions approved by the Board of Directors of the
Colleyville Economic Development Corporation under Business this date and
not otherwise adopted by Ordinance and/or separate Resolution, as follows
are hereby adopted:
a. THAT the appointment of Nelson Thibodeaux as President of the
Colleyville Economic Development Corporation Board of Directors is
hereby approved.
b. THAT the appointment of Frank Carroll as Vice President of the
Colleyville Economic Development Corporation Board of Directors is
hereby approved.
c. THAT the adoption of the CEDCCIP, alternate #1 with amendments
is hereby approved.
AND IT 15 50 RESOLVED.
APPROVED THIS !~ DAY OF ~iembec ,1998, BY A VOTE OF ~
AYES, () NAYS, AND 0 ABSTE TIONS.
ATTEST:
;J~
DEVELOPMENT
Je n Harris, TRMC, CMC
Secretary
COLLEYVILLE ECONOMIC DEVELOPMENT COPRORATION EXHIBIT 1
ECONOMIC DEVELOPMENT CAPITAL IMPROVEMENT PROGRAM FY 1999 - FY 2003
FISCAL YEAR 1998 1999 2000 2001 2002 2003
BEGINNING FUND BALANCE $354,888 $567,900 $14,996 $90,276 $90,279 $112,729
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PROJECTED 1/2 CENT SALES TAX REVENUE $782,199 $836,428 $903,342 $975,609 $1,053,658 $1,137.950
INTEREST INCOME $220,000 $50,000 $30,000 $30,000 $30,000 $30,000
USE OF FUND BALANCE $0 $555,000 $0 $0 $0 $0
REMAINING FY 97 BOND PROCEEDS * $5,000 $80,000 $415.000 $0 $0 $0
TOTAL REVENUES $1,007,199 $1,521,428 $1,348,342 $1,005,609 $1,083,658 $1,167,950
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OPERATING:
ADMINISTRATIVE $7,400 $7,400 $7,400 $7,400 $7,400 $7,400
1997 DEBT SERVICE & 1.4 TIMES COVERAGE $503,096 $692,432 $685,661 $678,206 $676,808 $676,808
CAPITAL:
BRANSFORD PARK PLAN $870 $6,755 $0 $0 $0 $0
BRANSFORD PARK RESTORATION $0 $0 $75,000 $180,000 $0 $0
CITY ENTRANCE MARKERS $20,858 $179,142 $0 $0 $0 $0
CITY HALL PLAN $0 $0 $0 $50,000 $0 $0
CITY TRAILS PLAN $20,000 $0 $0 $0 $0 $0
CITY PARK SHADE STRUCTURES 0 45000 0 0 0 0
COMMUNITY CENTER STARTUP $200,000 $50,000 $0 $0 $0 $0
KIMZEY PARK PLAN $10,809 $0 $0 $0 $0 $0
KIMZEY PARK DEVELOPMENT $0 $250,000 $0 $0 $0 $0
LIBRARY STARTUP * $0 $0 $300,000 $0 $0 $0
MC PHERSON LAND PARK PLAN * $5,000 $30,000 $115,000 $0 $0 $0
PARK PARK LAND PURCHASE $0 $0 $0 $0 $287,000 $0
PARK MASTER PLAN UPDATE $0 $15,000 $0 $0 $0 $0
SCHOOL/SOCCER FIELD PARK LAND * $0 $90,000 $90,000 $90,000 $90,000 $90,000
SPARGER. NATURE CENTER TRAIL $0 $0 $0 $0 $0 $393,000
RESTROOMS FOR EXISTING PARKS $26,154 $153,603 $0 $0 $0 $0
TOTAL EXPENDITURES $794,187 $1,519,332 $1,273,061 $1,005,606 $1,061,208 $1,167,208
EXCESS REVENUES OVER EXPENDITURES $213,012 $2,096 $75,281 $3 $22,450 $743
ENDING FUND BALANCE $567,900 $14,996 $90,276 $90,279 $112,729 $113,472
* THE REMAINING 1997 BOND PROCEEDS ($500,000) ARE ALLOCATED TO SCHOOL/SOCCER FIELD PARK LAND ($50,000 _ FY 1999),
LIBRARY START-UP ($300,000 - FY 2000), AND MC PHERSON PARK ($150,000 - FY 1998, FY 1999, & FY 2000)