HomeMy WebLinkAboutCity Council Resolutions (R-02-2030)-09/17/2002
RESOLUTION R-02-2030
A RESOLUTION APPROVING THE ECONOMIC DEVELOPMENT CAPITAL
IMPROVEMENT PLAN FOR FY 2003 - 2007 FOR THE COLLEYVILLE ECONOMIC
DEVELOPMENT CORPORATION
WHEREAS, the by-laws of the Colleyville Economic Development Corporation require that
an Economic Development Capital Improvement Plan 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 that the
plan be approved by the City Council; and
WHEREAS, the Board of Directors has developed and approved an Economic
Development Capital Improvement Plan.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
COLLEYVILLE:
Sec. 1.
THAT the Economic Development Capital Improvement Plan of the
Colleyville Economic Development Corporation (Exhibit A) is hereby
approved.
AND IT IS SO RESOLVED.
Passed by a vote of ..J ayes, c.2 nays and
Of~rt-ZJ 2002.
o abstentions on this the /y>>S day
.
n~
Cynthia Singleton, TRMC
City Secretary
CITY OF COLLEYVILLE:
~~
Mayor
ATTEST:
COLLEYVILLE ECONOMIC DEVELOPMENT COPRORATION
ECONOMIC DEVELOPMENT CAPITAL IMPROVEMENT PROGRAM FY 2003 - FY 2007
EXHIBIT A
FISCAL YEAR
PROJECTED
2002
2003
2004
2005
2006
2007
BEGINNING FUND BALANCE
$910,875
$961,253
$273,907
$274,698
$199,403
$182,014
PROJECTED 1/2 CENT SALES TAX REVENUE $797,500 $788,227 $819,756 $852,546 $886,648 $922,114
INTEREST INCOME $57,631 $53,838 $8,217 $8,241 $5,982 $5,460
USE OF FUND BALANCE $190,938 $928,626 $0 $0 $0 $0
REMAINING FY 97 BOND PROCEEDS' $122,915 $300,000 $0 $0 $0 $0
TOTAL REVENUES $1,168,984 $2,070,690 $827,973 $860,787 $892,630 $927,574
OPERATING:
ADMINISTRATIVE $7,400 $7,400 $7,400 $7,400 $7,400 $7,400
1997 DEBT SERVICE & 1.4 TIMES COVERAGE $677,018 $668,093 $666,044 $665,606 $666,306 $666,306
2000 DEBT SERVICE & 1.4 TIMES COVERAGE $163,667 $176,267 $174,517 $179,549 $177,360 $175,174
CAPITAL:
BRANSFORD PARK RESTORATION $32,167 $207,893 $0 $0 $0 $0
LIBRARY STARTUP' $0 $500,000 $0 $0 $0 $0
MC PHERSON LAND PARK PLAN $0 $0 $125,000 $0 $0 $0
PARK PARK LAND PURCHASE $0 $0 $0 $325,000 $300,000 $300,000
PLEASANT RUN PARK $185,972 $19,993 $0 $0 $0 $0
SCHOOUSOCCER FIELD PARK LAND NOTE $101,640 $98,010 $94,380 $0 $0 $0
TRAILS GRANT MATCH $0 $393,000 $0 $0 $0 $0
TOTAL EXPENDITURES $1,167,863 $2,070,656 $1,067,341 $1,177,555 $1,151,067 $1,148,880
EXCESS REVENUES OVER EXPENDITURES $1,121 $34 ($239,369) ($316,768) ($258,437) ($221,306)
ADD BACK.4 TIMES BOND COVERAGE RATIO $240,196 $241 ,246 $240,160 $241,473 $241,048 $240,423
ENDING FUND BALANCE
$961,253
$273,907
$274,698
$199,403
$182,014
$201,131
ASSUMPTIONS: 4% ANNUAL SALES TAX INCREASE (FOR FY 2005 - 2007 GROWTH WILL BE MONITORED DUE TO COLLEYVILLE BLVD.CONSTRUCTION)
. THE REMAINING 1997 BOND PROCEEDS ($422,915) ARE ALLOCATED TO
LIBRARY START-UP ($300,000 - FY 2003), AND PLEASANT RUN PARK ($122,915 - FY 2002)