Item 4J
Approving the resolution of the Community Enhancement and Development Corporation authorizing the issuance of the Community Enhancement and Development Corporation Sales Tax Revenue
Bonds, Series 2016
Resolution 16-028
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Background
February 17, 2015 called a special election;
May 9, 2015 special election approved 72.8% by Southlake voters;
October 20, 2015 Certificate of Formation and Bylaws for Community Enhancement
and Development Corporation “CEDC”;
October 2015 CEDC began collection of 3/8¢ sales tax.
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Additional Information
Bond proceeds ($26.2M) used for construction of Phase II of The Marq;
Debt repaid through the CEDC sales tax revenue;
CEDC Board is scheduled to approve 5:00pm June 7, 2016.
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Resolution 16-028
Legal requirement to obtain bond proceeds;
Texas Attorney General Office review;
Funding received early July.
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Item 4C
Questions?
Sharen Jackson
817-748-8042
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