HomeMy WebLinkAboutColleyville Economic Development Corporation (CEDC) Resolutions (R-00-39)-09/26/2000
RESOLUTION R-00-39
A RESOLUTION ADOPTING THE ECONOMIC DEVELOPMENT CAPITAL
IMPROVEMENT PROGRAM (EDCIP) FOR 2001 - 2005
WHEREAS,
the by-laws of the Colleyville Economic Development
Corporation require that an Economic Development Capital
Improvement Program 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 Board of Directors has developed and approved an
Economic Development Capital Improvement Plan.
NOW THEREFORE BE IT RESOLVED BY THE COLLEYVILLE ECONOMIC
DEVELOPMENT BOARD OF DIRECTORS OF THE CITY OF
COLLEYVILLE, TEXAS:
Sec. 1. THAT the Economic Development Capital Improvement Program of
the Colleyville Economic Development Corporation (Exhibit A) is
hereby adopted.
AND IT IS SO RESOLVED.
PASSED AND ADOPTED, this September 26, 2000.
CITY OF COLLEYVILLE
DEVELOPMENT CORPORATION
COLLEYVILLE ECONOMIC DEVELOPMENT COPRORATION
ECONOMIC DEVELOPMENT CAPITAL IMPROVEMENT PROGRAM FY 2000 . FY 2005
EXHIBIT A
FISCAL YEAR
PROJECTED
2000
2001
2002
2003
2004
2005
BEGINNING FUND BALANCE
$778,006
$1,091,438
$835,481
$649,614
$574,626
$443,860
PROJECTED 1/2 CENT SALES TAX REVENUE $853,091 $895,746 $940,533 $987,559 $1,036,937 $1,088,784
INTEREST INCOME $92,500 $65,486 $50,129 $38,977 $34,478 $26,632
USE OF FUND BALANCE $372,267 $199,715 $226,986 $254,846 $0 $0
REMAINING FY 97 BOND PROCEEDS * $72,085 $122,915 $300,000 $0 $0 $0
TOTAL REVENUES $1,389,943 $1,283,861 $1,517,648 $1,281,382 $1,071,415 $1,115,416
OPERATING:
ADMINISTRATIVE $7,400 $7,400 $7,400 $7,400 $7,400 $ 7,400
1997 DEBT SERVICE & 1.4 TIMES COVERAGE $685,661 $678,206 $677,018 $668,093 $666,044 $665,606
2000 DEBT SERVICE & 1.4 TIMES COVERAGE $62,871 $164,455 $163,667 $176,267 $174,517 $179,549
CAPITAL:
BRANSFORD PARK RESTORATION $0 $75,000 $180,000 $0 $0 $0
CITY ENTRANCE MARKERS $30,785 $0 $0 $0 $0 $0
COMMUNITY CENTER STARTUP $19,308 $0 $0 $0 $0 $0
KIMZEY PARK DEVELOPMENT $0 $427,618 $0 $0 $0 $0
LIBRARY STARTUP * $0 $0 $500,000 $0 $0 $0
MC PHERSON LAND PARK PLAN * $22,085 $0 $0 $0 $125,000 $0
PARK PARK LAND PURCHASE $0 $0 $0 $0 $375,000 $500,000
PLEASANT RUN PARK $0 $122,915 $87,000 $0 $0 $0
SCHOOL/SOCCER FIELD PARK LAND * $90,000 $105,270 $101,640 $98,010 $94,380 $0
SPARGER. NATURE CENTER TRAIL $0 $0 $0 $393,000 $0 $0
TOTAL EXPENDITURES $918,110 $1,580,864 $1,716,725 $1,342,770 $1,442,341 $1,352,555
EXCESS REVENUES OVER EXPENDITURES $471,833 ($297,002) ($199,077) ($61,387) ($370,926) ($237,139)
ADD BACK .4 TIMES BOND COVERAGE RATIO $213,866 $240,760 $240,196 $241,246 $240,160 $241,473
ENDING FUND BALANCE
$1,091,438
$835,481
$649,614
$574,626
$443,860
$448,194
ASSUMPTIONS: 5% SALES TAX REVENUE INCREASE IN FY 2001 . FY 2005
* THE REMAINING 1997 BOND PROCEEDS ($495,000) ARE ALLOCATED TO SCHOOL/SOCCER FIELD PARK LAND ($50.000. FY 2000),
LIBRARY START.UP ($300,000. FY 2002), MC PHERSON PARK ($22,085. FY 2000), AND PLEASANT RUN PARK ($122,915. FY 2001)
COLLEYVILLE ECONOMIC DEVELOPMENT COPRORATION
ECONOMIC DEVELOPMENT CAPITAL IMPROVEMENT PROGRAM FY 2000 . FY 2005
EXHIBIT A
FISCAL YEAR
PROJECTED
2000
2001
2002
2003
2004
2005
BEGINNING FUND BALANCE
$778,006
$1,091,438
$835,481
$649,614
$574,626
$443,860
PROJECTED 1/2 CENT SALES TAX REVENUE $853,091 $895,746 $940,533 $987,559 $1,036,937 $1,088,784
INTEREST INCOME $92,500 $65,486 $50,129 $38,977 $34,478 $26,632
USE OF FUND BALANCE $372,267 $199,715 $226,986 $254,846 $0 $0
REMAINING FY 97 BOND PROCEEDS * $72,085 $122,915 $300,000 $0 $0 $0
TOTAL REVENUES $1,389,943 $1,283,861 $1,517,648 $1,281,382 $1,071,415 $1,115,416
OPERATING:
ADMINISTRATIVE $ 7,400 $7,400 $7,400 $7,400 $7,400 $ 7,400
1997 DEBT SERVICE & 1.4 TIMES COVERAGE $685,661 $678,206 $677,018 $668,093 $666,044 $665,606
2000 DEBT SERVICE & 1,4 TIMES COVERAGE $62.871 $164,455 $163,667 $176,267 $174,517 $179,549
CAPITAL:
BRANSFORD PARK RESTORATION $0 $75,000 $180,000 $0 $0 $0
CITY ENTRANCE MARKERS $30,785 $0 $0 $0 $0 $0
COMMUNITY CENTER STARTUP $19,308 $0 $0 $0 $0 $0
KIMZEY PARK DEVELOPMENT $0 $427,618 $0 $0 $0 $0
LIBRARY STARTUP * $0 $0 $500,000 $0 $0 $0
MC PHERSON LAND PARK PLAN' $22,085 $0 $0 $0 $125,000 $0
PARK PARK LAND PURCHASE $0 $0 $0 $0 $375,000 $500,000
PLEASANT RUN PARK $0 $122,915 $87,000 $0 $0 $0
SCHOOL/SOCCER FIELD PARK LAND' $90,000 $105,270 $101,640 $98,010 $94,380 $0
SPARGER. NATURE CENTER TRAIL $0 $0 $0 $393,000 $0 $0
TOTAL EXPENDITURES $918,110 $1.580,864 $1,716,725 $1,342,770 $1,442,341 $1.352,555
EXCESS REVENUES OVER EXPENDITURES $471,833 ($297,002) ($199,077) ($61,387) ($370,926) ($237,139)
ADD BACK.4 TIMES BOND COVERAGE RATIO $213.866 $240,760 $240,196 $241,246 $240,160 $241,473
ENDING FUND BALANCE
$1,091,438
$835,481
$649,614
$574,626
$443,860
$448,194
ASSUMPTIONS: 5% SALES TAX REVENUE INCREASE IN FY 2001 . FY 2005
. THE REMAINING 1997 BOND PROCEEDS ($495,000) ARE ALLOCATED TO SCHOOL/SOCCER FIELD PARK LAND ($50,000. FY 2000),
LIBRARY START.UP ($300,000. FY 2002), MC PHERSON PARK ($22,085. FY 2000), AND PLEASANT RUN PARK ($122,915. FY 2001)