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09-27-04 4B ED Agenda PacketNotice of Westlake Development Corporation meeting Page 1 of 1 TOWN OF WESTLAKE, TEXAS-' WESTL 'XE NOTICE OF MEETING TO THE CITIZENS OF THE TOWN OF WESTLAKE, TEXAS: Notice is hereby given that the Board of Directors of the Westlake Development Corporation of the Town of Westlake, Texas, will meet at 6:15 p.m. on Monday, September 27, 2004, in the Board room located at 2650 J.T. Ottinger Road, Westlake, Texas. The Board will consider the following agenda: 1. Meeting called to order. 2. Review and approve minutes of the meetings held on July 14, 2003. 3. Conduct a Public Hearing to consider approving capital projects using 4B funds in the FY 2004/05 budget, in furtherance of the economic development projects of the Town of Westlake as authorized in Section 4B of the Texas Revised Civil Statutes, Ann. Sec. 5190.6. 4. Adjournment. CERTIFICATION I certify that the above notice was posted at Town Hall of the Town of Westlake, 2650 J.T. Ottinger Road, Westlake, Texas, on Friday, September 24, 2004, at 5:00 p.m., under the Open Meetings Act, Chapter 551 of the Texas Government Code. mge Crosswy, Town SZcretary The Board of Directors may at any time convene into executive session as authorized by Chapter 551 of the Texas Government Code to discuss any item posted on the agenda. If you plan to attend this public meeting and have a disability that requires special needs, please advise the Town Secretary 48 hours in advance at 817-430-0941 and reasonable accommodations will be made to assist you. htrn-//www_westlake-tx.oriz/agendas/4ba092704.htm 9/23/2004 Minutes of the Board of Aldermen meeting TOWN OF WESTLAKE, TEXAS MINUTES OF THE MEETING OF THE BOARD OF DIRECTORS OF THE WESTLAKE DEVELOPMENT CORPORATION July 14, 2003 Present: Scott Bradley, Chairman Dr. Joseph Bonola, Member Buddy Brown, Member David Brown, Member Trent Petty, Town Manager Stan Lowry, Town Attorney Ginger Crosswy, Town Secretary Absent: Randal Reed, Member Fred Held, Member - excused on vacation Don Redding, Member - excused on vacation Page 1 of 2 FEWestlake, Texas Item 41: Chairman Bradley called the meeting to order at 6:48 p.m. by announcing a quorum consisting of Dr. Bonola, Mr. Buddy Brown, Mr. David Brown, and himself. Item 92: Review and approve minutes of the meetings held on January 27, 2003. There was a motion by Mr. Buddy Brown, seconded by Mr. David Brown, to approve the minutes as presented. There was no discussion and the motion carried unanimously. Item #3: Conduct a Public Hearing to consider amending the 2002/03 budget to increase funding for the Westlake/Keller overhead storage tank connection to Dove Road from $401,000.00 to $411,000.00, in furtherance of the economic development projects of the Town as authorized in Section 4B of the Texas Revised Civil Statutes, Ann. Sec. 5190.6. Mr. Petty presented this item to the Board. After a short question and answer session the Public Hearing was opened at 6:51 p.m. No one wished to address the Board and the Public Hearing was closed. There was a motion by Mr. Buddy Brown, seconded by Dr. Bonola, to approve the budget amendment presented by the Town Manager. There was no discussion and the motion carried unanimously. Item 44: Motion by Mr. Buddy Brown, seconded by Mr. David Brown, to adjourn. The motion carried unanimously. The meeting was adjourned at 7:03 p.m. Approved on ATTEST: Ginger Crosswy, Town Secretary Scott Bradley, Chairman \T.o4.__ 9/21/2004 WESTLAKE 4B DEVELOPMENT CORPORATION MEMO TO: Chairman and Members of the Board of the Westlake 4B Development Corporation FROM: Trent Petty, Town Manager DATE: September 22, 2004 SUBJECT: September 27, 2004 meeting ITEM Consider adopting the proposed FY 2004//2005 budget including final amendments to FY 2003/2004 for 4B Corporation. RECOMMENDATIONS Staff recommends approval. BACKGROUND The attached detail represents the approved budget for FY 04-05 and amendments to FY 03-04 budget as approved by the Board of Aldermen on August 23, 2004. 413 Corporation Beginning Balance Balance Sheet Affect to Cash Revenues Transfers In Expenditures Transfers Out Ending Balance B Corporation - Transfers In WL/Keller Overhead Storage Tank Repz 4A Repayment Duct Bank (transferred from 4B - S/B Civic Campus Repayment for Civic Campus Site otal Transfers In 413 CORPORATION Program Summary Actual FY 02103 104,830 Adopted FY 03104 695,658 FY Am!543V,800 otped 04105 347,062 1,063,577 - 742,080 742,080 1,027,804 1,155,912 - 354,255 - 600,819 359,000 688,042 - 581,431 442,284 - 6,000 150,000 150,000 - 1,155,912 742,080 1,096,335 1,027,804 607,313 744,009 347,062 7,300 Actual Adopted Amended Adopted FY 02103 FY 03104 FY 03104 FY 04105 nt 37,259 - 1 442,284 1 - 544,172 581,4311 442,284 1- Actual Adopted Amended Adopted 413 Corporation - Transfers Out FY 02103 FY 03104 FY 03104 FY 04105 Debt Service for Civic Campus - 742,080 742,080 1,027,804 Civic Campus 1,155,912 - 354,255 - 1,155,912 742,080 1,096,335 1,027,804 Total Transfers Out * Balance sheet affect to cash represents balances between the fiscal years that affect cash and are reflected in current year revenues and expenditures, i.e. payables and receivables posted to current year's books but cash is not paid nor received until the subsequent year. Also included are inter -fund loans not yet paid or received. 413 CORPORATION - FUND 200 Fiscal Year 2004/2005 EXPENDITURES 0 Adopted Amendetl Adopted 44312 00 Interest Expense Actual Budget Budget Budget 47900 00 Park & Open Space Planning FY O?103 FY'03104 � FY U3104 FY 04/05 REVENUES 597,074 350,000 540,000 650,000 31310 00 Sales Tax Revenue 3,745 9,000 _ 3,800 2,500 36110 00 Interest Income 0 0 35,543 38805 00 Interfund Advance - Debt Receipt frorr ���.n�n rA-ARnn 688.042 EXPENDITURES 0 0 0 0 -- 44312 00 Interest Expense 1,063,577 0 0 0 47900 00 Park & Open Space Planning 2,000 0 150,000 _ 150,000 0 47901 00 Ottinger Road Overlay (6,000) ---0 0 0 X 00 Master Thoroughfare Update 2,000 581,431 (742,080) 0 0 X 00 Permanent DPS Facility 2,000 _ _ 0 17„ nnn;;. Rn nnn 0 TRANSFERS0 WL/Keller Overhead Storage Tank Repayment 0 37,259 0 284 0 0 442, Duct Bank (transferred from 4B - S/8 4A) 0 0 0 RPDavment for Civic Campus site 0 544,172 Debt Service for Civic Campus 0 742,080 742,080 1,027,804 Civic Campus 1,155,912 0 354,255 0 SUMMARY Projected Ending Fund Balance 104,830 695,658 607,3140 347,0620 Balance Sheet Affect to Cash 1,063,577 0 359,000 543,800 688,0420 Total Revenues 600,819 Total Expenditures (6,000) (150,000) (150,000) Transfers In Transfers Out 0 (1,155,912) 581,431 (742,080) 442,284 (1,096,336) 0 (1,027,804) SUMMARY 607,3'14 744,009 347,Ufi2 7,300 1 of 1 ottinger Road Overlay Project Description: The overlay is a safety need due to the immense traffic it will endure with the opening of the Westlake Academy non -mr T GYR1=111.1E, VARIANCE 0 0 0 0 1 68,4911 68,491 J 0 9/21/2004 3:31 PM BUQGET actual Op/07 _ _ 0 0 actual 01/02 0 0I actual 02/0.3 0I 0 actual 03/04 0 61,509 TOTAL 0 61,509 BALANCE I 45,000 43,491 Engineering Construction 45,000 105,0001 150,000 0 0 0 61,509 61,509 88,491 TOTAL VARIANCE 0 0 0 0 1 68,4911 68,491 J 0 9/21/2004 3:31 PM YKVJC�. ! r-vwunw actual actual Bt1D(%ET 0..0101 01/02.. I _ 0 0 150,000 0 0 actual' actual 02/03 03/04 OI 0 0 130,000 TOTAL 130,000 I BALANCE 68,491 20,000 Prior Year Remaining Fund Grant from 4B I II 150,000 1 0 0 0 130700 130,000 88,491 TOTAL VARIANCE 0 0 0 0 1 68,4911 68,491 J 0 9/21/2004 3:31 PM _ _. Y-KVJCtl"i ` INF i%.AL-, actual actual actual 03/04 :.,;,.. . Land Debt Service Issuance Cost Bank Service Charge Furniture Liability Insurance Interest Expense Misc Postage &Delivery Appraisal Fees Educational Materials Debt Settlement Legal Legal Fees Engineering Fees Water Utility Engineering Architect Fees Construction Expense Educational Consultant Utility Construction Inspection Fees Electric Utilities Water Utilities TOTAL LTD ..:031D4 1,475,000 603,049 2,300 12,354 32,219 1,081,326 10,461 286 2,300 23,768 94,340 22,545 277,914 29,805 1,164,606 15,589,819 148,864 68,839 700 11,409 39,032 20,698,095 actual 00101 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 actual. 01102. .. 0I p 0 0 0 0 0 0 0 0 0 0 0 0 0 0 p 0 0 0 0 0 actual 02103.... 1,475,000 603,049 2,300 20,294 32,219 836,572 8,426 286 2,300 0 0 21,045 264,56713,347 29,805 1,164,606 12,904,460 148,864 68,839 7,860 11,409 26,320 17,628,220 actual 03/04 0 0 0 (7,940) 0 244,753 2,035 0 0 23,768 94'340 1,500 0 0 2,685,360 0 0 0 0 12,712 3,069,875 TOTAL 1,475,000 603,049 2,300 12,354 32,219 1,081,326 10,461 286 2,300 23,768 94,340 22,545 277,914 29,805 1,164,606 15,589,819 148,864 68,839 7,860 11,409 39,032 20,698,095 BALANCE 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 p 0 _ _. - _.._.., actual actual actual actual 03/04 TOTAL BALANCE "DO/D1.01102:-.02!03 0 0 0 0 12,400,097 6351612 0 0 12,400,097 6,351,612 0 0 Prior Year Remaining Fund Certificates of Obligation - 2002 Cert�cates of Obligation - 2003 12,400,097 6,351,612 0 0 225,000 0 225,000 0 Visitors Assoc 225,000 0 0 244,438 13,311 257,749 0 Interest Income 257,749 0 D 0 0 1,155,912 307,726 20,684,785 0 0 13,311 1,155,912 307,726 20,698,096 (0 p 0 4B Land Grant 1,155,912 4B Grant 307,726 I TOTAL 20,698,095 66 (3,056,564 VARIANCE 0 p p 3,05 0 9/21/2004 4:45 PM DEBT SERVICE FUND 2002 SERIES BOND AMORTIZATION SCHEDULE Pa Yrnent Principal Interest Total 09/30/03 09/30/04 09/30/05 09/30/06 09/30/07 09/30/08 09/30/09 09/30/10 09/30/11 09/30/12 09/30/13 09/30/14 09/30/15 09/30/16 09/30/17 09/30/18 09/30/19 09/30/20 09/30/21 09/30/22 09/30/23 09/30/24 09/30/25 09/30/26 09/30/27 09/30/28 09/30/29 09/30/30 09/30/31 09/30/32 0 0 210,000 225,000 235,000 250,000 265,000 280,000 295,000 315,000 330,000 350,000 365,000 385,000 405,000 425,000 445,000 470,000 495,000 520,000 550,000 580,000 610,000 640,000 675,000 710,000 750,000 790,000 830,000 $ 12,400,000 Five year disclosure for report purposes 2005 $ - 2006 210,000 2007 225,000 2008 235,000 2009 250,000 Thereafter 11,480,000 $ 12,400,000 $ 927,600 742,080 742,080 742,080 728,430 713,805 698,530 682,280 665,055 646,855 627,680 607,205 585,755 563,005 539,280 514,255 490,968 466,530 440,943 413,918 385,455 355,555 323,930 290,290 254,910 217,790 178,640 137,460 93,960 48,140 $ 14,824,464 $ 742,080 742,080 728,430 713,805 698,530 9,529,859 $ 13,154,784 $ 927,600 742,080 742, 080 952,080 953,430 948,805 948,530 947,280 945,055 941,855 942,680 937,205 935,755 928,005 924,280 919,255 915,968 911,530 910,943 908,918 905,455 905,555 903,930 900,290 894,910 892,790 888,640 887,460 883,960 878,140 $ 27,224,464 $ 742,080 952,080 953,430 948,805 948,530 21,009,859 $ 25,554,784 DEBT SERVICE FUND 2003 SERIES BOND AMORTIZATION SCHEDULE Payment Principal Interest T 09/30/05 09/30/06 09/30/07 09/29/08 09/29/09 09/29/10 09/29/11 09/28/12 09/28/13 09/28/14 09/28/15 09/27/16 09/27/17 09/27/18 09/27/19 09/26/20 09/26/21 09/26/22 09/26/23 09/25/24 09/25/25 09/25/26 09/25/27 09/24/28 09/24/29 09/24/30 09/24/31 09/23/32 140,000 145,000 145,000 150,000 155,000 160,000 165,000 170,000 175,000 185,000 190,000 200,000 210,000 220,000 230,000 240,000 250,000 260,000 275,000 290,000 300,000 315,000 335,000 350,000 365,000 385,000 405,000 $ 6,410,000 Five year disclosure for report purposes 2005 $ - 2006 140,000 2007 145,000 2008 145,000 2009 150,000 Thereafter 5,830,000 $ 6,410,000 $ 285,724 285,724 282,924 279,444 275,529 271,029 265,914 260,314 254,291 248,001 241,220 233,820 225,840 217,240 208,000 197,550 186,625 175,225 163,350 151,000 137,250 122,750 107,750 92,000 75,750 57,750 39,500 20,250 $ 5,361,764 $ 285,724 285,724 282,924 279,444 275,529 3,952,419 $ 5,361,764 $ 285,724 ...........................__. _. 425,724 427,924 424,444 425,529 426,029 425,914 425,314 424,291 423,001 426,220 423,820 425,840 427,240 428,000 427,550 426,625 425,225 423,350 426,000 427,250 422,750 422,750 427,000 425,750 422,750 424,500 425,250 $ 11,771,764 $ 285,724 425,724 427,924 424,444 425,529 9,782,419 $ 11,771,764