HomeMy WebLinkAboutColleyville Economic Development Corporation (CEDC) Resolutions (R-02-51)-09/10/2002
RESOLUTION R-02-51
A RESOLUTION ADOPTING THE COLLEYVILLE ECONOMIC DEVELOPMENT
CORPORATION CAPITAL IMPROVEMENT PLAN
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
WHEREAS, the Board of Directors has developed and approved an Economic
Development Capital Improvement Plan.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE
COLLEYVILLE ECONOMIC DEVELOPMENT CORPORATION:
Sec 1.
THAT the Economic Development Capital Improvement Plan of the
Colleyville Economic Development Corporation (Exhibit A) is hereby
adopted.
Sec. 2.
THAT this Resolution shall become effective on the date of passage.
AND IT IS SO RESOLVED.
PASSED AND ADOPTED, this September 10, 2002.
COLLEYVlLLE ECONOMIC
,9EVefoPMENT C9RPORA TION
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Joe Hocutt
President
ATTEST:
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Cynthia Singleton
Secretary
COLLEYVILLE ECONOMIC DEVELOPMENT COPRORA TION
ECONOMIC DEVELOPMENT CAPITAL IMPROVEMENT PROGRAM FY 2003 - FY 2007
EXHIBIT 1
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 & 14 TIMES COVERAGE $677,018 $668,093 $666,044 $665,606 $666,306 $666,306
2000 DEBT SERVICE & 14 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)