HomeMy WebLinkAboutColleyville Economic Development Corporation (CEDC) Resolutions (R-01-45)-09/11/2001
RESOLUTION R-01-45
A RESOLUTION ADOPTING THE ECONOMIC DEVELOPMENT CAPITAL
IMPROVEMENT PROGRAM (EDCIP) FOR 2002 - 2006
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 11, 2001.
ATTEST:
COLLEYVILLE ECONOMIC DEVELOPMENT COPRORATION
ECONOMIC DEVELOPMENT CAPITAL IMPROVEMENT PROGRAM FY 2001 FY 2006
EXHIBIT A
FISCAL YEAR
PROJECTED
2001
2002
2003
2004
2005
2006
~~GINNING FUND BALANCE
$1.091.438
$824.017
$491.469
$304,534
$362.320
$400016
PROJECTED 1/2 CENT SALES TAX REVENUE $850,000 $871 ,250 $897,388 $924.309 $952,038 $980.600
INTEREST INCOME $43.658 $28.841 $17.201 $10,659 $21.739 $24.001
USE OF FUND BALANCE $508,181 $572.744 $0 $0 $0 $0
REMAINING FY 97 BOND PROCEEDS' $0 $422,915 $0 $0 $0 $0
TOTAL REVENUES $1.401.839 $1.895.750 $914.589 $934.968 $973.778 $1.004.601
OPERATING
ADMINISTRATIVE $7.400 $ 7.400 $7.400 $7.400 $7.400 $7.400
1997 DEBT SERVICE & 1.4 TIMES COVERAGE $678,206 $677.018 $668.093 $666.044 $665,606 $666.306
2000 DEBT SERVICE & 1.4 TIMES COVERAGE $164.455 $163.667 $176.267 $174,517 $179,549 $177.360
CAPIT AL:
BRANSFORD PARK RESTORATION $14.940 $240.060 $0 $0 $0 $0
,y ENTRANCE MARKERS $0 $0 $0 $50,000 $0 $0
COMMUNITY CENTER STARTUP $0 $0 $0 $0 $0 $0
KI MZEY PARK DEVELOPMENT $427,618 $0 $0 $0 $0 $0
LIBRARY STARTUP' $0 $500,000 $0 $0 $0 $0
MC PHERSON LAND PARK PLAN $0 $0 $0 $125,000 $0 $0
PARK PARK LAND PURCHASE $0 $0 $0 $0 $325,000 $500,000
PLEASANT RUN PARK $3,950 $205.965 $0 $0 $0 $0
SCHOOL/SOCCER FIELD PARK LAND NOTE $105,270 $101.640 $98,010 $94,380 $0 $0
TRAILS GRANT MATCH $0 $0 $393,000 $0 $0 $0
TOTAL EXPENDITURES $1,401.839 $1,895.750 $1.342,770 $1,117,341 $1,177,555 $1,351,067
EXCESS REVENUES OVER EXPENDITURES $0 $0 ($428,181) ($182,374) ($203.777) ($346.466 )
ADD BACK .4 TIMES BOND COVERAGE RATIO $240,760 $240,196 $241,246 $240,160 $241.473 $241.048
.."DING FUND BALANCE
$824,017
$491.469
$304,534
$362,320
$400,016
$294,597
ASSUMPTIONS 3% SALES TAX REVENUE INCREASE IN FY 2003 . FY 2006
* THE REMAINING 1997 BOND PROCEEDS ($422,915) ARE ALLOCATED TO
LIBRARY START.UP ($300.000 . FY 2002). AND PLEASANT RUN PARK ($122,915. FY 200112002)