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1999-05-24 Memorandum Date: Monday,May 24, 1999 To: Southlake Park Development Corporation Shana Yelverton Phone: 817-481-5581 ext. 705 Fax:817-481-1747 From: First Southwest Company Jim Sabonis Phone: 214-953-4195 Fax:214-953-4050 Subject: Southlake Park Development Corporation's(SPDC) Current and Five-Year Additional Funding Capacity and Proposed Debt Issuance Program to Fund Land Acquisition Per your request, this memo summarizes an analysis of the immediate and total five-year additional funding capacity of the Southlake Park Development Corporation (SPDC). Also, this memo outlines a program to fund SPDC's currently proposed land acquisitions of S9,319,959 and related cost contingencies of 10 percent plus associated costs of debt issuance. The key funding constraints and assumptions utilized in projecting the SPDC 4-B sales tax Corporation's additional funding capacity are: 1) Historical and projected sales tax revenues, 2) Existing debt outstanding(amount,structure and legal covenants),and 3) Structure and type of new additional proposed debt. Historical and Projected Sales Tax Revenues For the 12 months ended February, 1999 the SPDC 4-B sales tax corporation's '/cent sales tax collections totaled S1,355,573. SPDC's sales tax collections have grown at a compound annual growth rate of 34.6 percent from its first full year of collections in fiscal 1995 to S1,260,821 in fiscal year 1998. Year-to-date- February, 1999 sales tax collections have increased 19.2 percent over the previous year period. Southlake Park Development Corporation (SPDC) Historical Sales Tax Collections Actual Annual Fiscal Year Ending Collections Growth Rate 1995 $516,750 N/A 1996 S738,354 42.9% 1997 $965,509 30.8% 1998 - $I,260,821 30.6% 12 months -Feb.,99 S 1,355,573 1 -D ' ,' a � ej a , �ditiiie" t � %ow Actual Projected 1990 1999 1999 2000 2001 2002 2003 2004 Last 12 months LSales Tax Growth Rate As of Feb..99 15.0% 15.0% 15.0% 15.0% 15.0% 15.0% Sales Tax Revenue 51.260.821 , S1,355.573 S1,449,944 $1,667,436 $1917.551 S2.205.131 52.535.961 , 52.916J56 As the table above illustrates, for purposes of internal financial planning both SPDC and the City of Southlake project 15.0 percent per year sales tax growth rate. For purposes of this analysis,the same 15.0 percent annual growth rate assume ion is utilizedom kcal Year 1999 through 2004 to project SPDC's future sales tax collections. Existing Debt Outstanding Currently, the SPDC 4-B sales tax corporation has S 14,225.000 of senior lien debt outstanding that has an underlying rating froiii M ody s vestor ervices, Inc of�'_ and an "Aaa" insured rating due to e A purchase of municipal bond insurance from Ambac Assurance Corporation. The two key bond legal covenants of SPDC's senior lien debt are as follows: ('e ei� �� 1) Additional Bond Test—1.40 times maximum annual combined debt service,and ‘11 41-ti",( ' Vi" --=> 2) Debt Service Reserve — Maximum annual debt service reserve funded at issuance E (Funded with Surety bond). St, 1�� / / New Additional Proposed Debt L411, Three types of new additional debt are proposed as options for the SPDC 4-B sales tax corporation, as 7 follows: 1) Senior Lien Debt, 2) Junior Lien Debt,and 3) Self-supported City Certificates of Obligation. Senior Lien Debt - SPDC has the ability and option to issue additional senior lien parity debt 7 based on existing bond legal covenants of its outstanding debt. Junior Lien Debt - SPDC has the ability junior lien debt that is subordinated to its senior lien debt. The key differences between the proposed junior lien and outstanding senior lien debt is that 7. the junior lien debt would only meet a 1.0 times coverage of existing revenues and would not fund Ea reserve fund at issuance. Generally, the issuance of junior lien debt involves a plan to refund into senior lien at the time revenues grow to meet the additional bonds test. The SPDC has previously implemented this type of funding program by issuing junior lien debt that was latter refunded with senior lien debt as sales tax revenue grew to meet senior lien covenant requirements. Self-supported City Certificates of Obligation —The City of Southlake has the ability to issue Certificates of Obligation to fund 4-B type programs and repay the resulting debt service with 2 transfers from the 4-B corporation. This type of issuance allows the City/Corporation to match the debt service with projected cashflows (sales tax collections), instead of historical sales tax collections. It is important to note, that if the cashflow does not meet projections, the City may ciw have to levy an ad valorem tax to makeup any shortfall. This is similar to the funding program I .., I E that the City and the Southlake Crime Prevention District have jointly undertaken to fund the LPublic Safety Facilities. lir The following tables detail SPDC's additional debt capacity,based on three scenarios corresponding to the Ltype of debt issued and using the sales tax growth assumptions detailed earlier in this memo. Southlake Park Development Corporation (SPDC) Projected Debt Issuance Capacity Scenario 1 —Senior Lien Debt Issuance Capacity I Projected 2000 2001 2002 2003 2004 Total Total Funding Capacity $0 $3,535,000 $0 $5,435,000 $3,345,000 $12,315,000 Senior Lien Debt(1) Scenario 2—Combined Senior Lien and Junior Lien Debt Issuance Capacity Projected 2000 2001 2002 2003 2004 Total Senior Lien Debt(I) SO $3,535,000 $0 $5,435,000 $3,345,000 S12,315,000 s Junior Lien Debt(2) S6,315,000 S0 S2,835,000 S0 $1,500,000 510,650,000 411111, Total Funding Capacity S6,315,000 $3,535.000 $2,835,000 S5,435,000 $4,845,000 $22.965,000 Senior and Junior Lien Scenario 3—Combined Senior Lien and Certificates of Obligation Debt Issuance Capacity Projected 1999 2000 2001 2002 2003 2004 Total Senior Lien Debt" SO SO S3,535,000 SO S5,435,000 S3,345,000 S12,315,000 Self-supported C/O(3) 510,485,000 SO SO SO SO SO 510,485,000 Total Funding Capacity 510,485,000 SO $3,535,000 SO S5,435,000 $3,345,000, S22,800,000 Senior Lien and Self-Supported C/O's I 1) Senior Lien Debt—1.25x Debt Service Coverage and 25 Year Wrap-around Amortization, _. 2) Junior Lien Debt—1.0x Debt Service Coverage and 25 Year Wrap-around Amortization,and 3) Self-supported Certificates of Obligation—1.0x Debt Service Coverage and 20 Year Wrap-around Amortization. c., L L .., Proposed Program to Fund Proposed Land Acquisition Program Mar Based on information provided by the City of Southlake Staff, the following table indicates the land acquisitions that have been proposed by SPDC: Committed and Proposed SPDC Land Acquisition Actual or Estimated Purchase Cost Property T S2,739,713 Less:Down Payment (.7_52 01 S1,989,713 Property C 5,834,440 Property S 1,074,000 Property M 421,806 Total Cost S9,319,959 Contingency at 10% 931,996 Total Potential Land Acq. S10,251,955 Based on the needs indicated above and the debt capacity analysis summarized on the previous page, Scenario 3 is the only funding process that enables SPDC to immediately fully fund S9,319,959 of capital needs and$931,996 of potential cost contingencies. The funding process would require the City of Southlake to issue Certificates of Obligation that would be repaid by a transfer of sales tax proceeds from SPDC. The timeframe to implement the debt issuance and "4111'' funding program would take approximately 80 days, with the key SPDC and City Council action items outlined in the following table: Days Day Event 0 Direction by SPDC Board and City Council to Proceed 10 Tuesday Regular City Council Meeting City Approves Resolution to Authorize Notice of Intent to Issue Certificates of Obligation,Series 1999-C 12 Thursday First Publication of Notice of Intent to Issue Certificates of Obligation,Series 1999-C 19 Thursday Second Publication ofNotice of Intent to Issue Certificates of Obligation,Series 1999-C 31 Tuesday Regular City Council Meeting �• 1st Reading of Ordinance to Issue Certificates of Obligation.Series 1999-C 45 Tuesday Regular City Council Meeting 2nd Reading and Approval of Ordinance to Issue Certificates of Obligation,Series 1999-C 48 Friday Attorney General Approves Certificate Sak 72 Monday it 80 Tuesday Closing of Debt Issue and Delivery of Funds f' 4 I I The following table summarizes the proposed debt program and corresponding financial impact of fully funding both the committed or being considered land acquisition costs and a cost contingency of 10 Oar percent: Financial Summary co,Series 1999 20 Year Amort. Sources of Funds Par Amount of Issue $10,485,000 Accrued Interest 0 Total Sources S10,485,0011 Uses of Funds Deposit to Project Fund S9,319,959 Deposit to I&S Fund(Accrued Interest) 0 Costs of Issuance 125,000 Underwriter's Discount($10.00 per bond) 104,850 Contingency- 10% of Project Cost 931,996 Bond Rounding 3,195 Total Uses of Funds SI0,485,000 Total Estimated Debt Service $19,087,440 Average Annual Debt Service S954,372 I .rW Average Life(Years) 13.674 Years True Interest Cost 6.00% Projected Debt Service and Sales Tax Revenue Coverage Projected auuu atul Alta 20Us 2Ut4 Projected Sales Tax Revenue S1.667,436 S1,917551 S2,205,184 S2,535,961 S2,916,356 Existing Senior Lien Debt Service S880,583 S941,358 S944,358 S941,378 S942,648 Self-supported C/O.1999 Debt Service S601,140 S629,100 S629,100 S629,100 S1,039,100 Total Annual Debt Service S1,481,723 S1,570,458 S1,573,458 S1,570,478 S1,981,748 Debt Service Coverage 1.13 1.22 1.40 1.61 1.47 For additional information, please refer to the attached corresponding transaction sizing schedules for each of the scenarios summarized above. Please call me if you have any questions or comments,or would like to discuss this analysis. As always, First Southwest Company and I are committed to assisting the Community in any and all ways possible. L L5 I Southlake Park Development Corporation . fir• Senior Lien Sales Tax Revenue Bonds, Series 2001 Scenario 1A L • NET DEBT SERVICE SCHEDULE Date Principal Coupon Interest Total P+I Existing DIS Net New DIS , 9(30/2001 - - - - - - . 9/3012002 - - 202,673 33 202,673 33 944,357 50 1,147,030 83 9/30/2003 35,000 00 6 00016 212,100 00 247,100 00 941,377 50 1,188,477 50 9/30/20U4 :ib,0 0.00 6000% 110,000.0U 245,000.00 942,e47.50 1,187,647.50 9/30/2005 35,000.00 6.000% 207,500 00 242,900.00 942,922.50 1.185,822.50 9202006 40,000 00 6 000% 205,800 00 245,800 00 942,197 50 1,187,997.50 i 9/30/2307 40,00000 6000% 203,40000 243,400.00 945,417.50 1,188,817.50 9/30/2008 40,000.00 6000% 201,000.00 241,000.00 947,337.50 1,188,337.50 9/302009 40,000 00 6.000% 198,600 00 238,600.00 948,002.50 1,186.602.50 9/30/2010 45,000.00 6.000% 196.23000 241,200.00 947,292.50 1,188,492.50 9/302011 50,00000 6.000% 193,500-00 243,50000 945,072.50 1,188,572.50 9/302012 50,000 00 6.000% 190,500 00 240,500 00 946,367 50 1,186,867.50 9/302013 55,00000 6.000% 187,500.00 242,500.00 946,192.50 1,188,692.50 9/30/2014 60,000 00 6 000% 184,200 00 244,200 00 944,475 CO 1,188,675.00 9/30/2015 60,000 00 6 000% 180,600 00 240,600 00 946,137 50 1,186,737 50 9(302016 65,000 00 6 000% 177,000 00 242,000 00 945,931 26 1,187,93126 • 9/302017 70,00000 6000% 173,10000 243,10000 944,13126 1,187,23126 E. 9/302018 75,000 00 6 000% 168,900 00 243,900.00 945,718 76 1,189,618.76 • 9/302019 80,00000 6.000% 164,400.00 244,400.00 945,462.50 1,189,862.50 920/2020 85,00000 6.000% 159,600.00 244,600.00 943,343.76 1,187,943.76 9202021 90,000 00 6.000% 154,500.00 244,500 00 944.362.50 1,188,862.50 it 9/302022 95,000 00 6 000% 149,100 00 244,100 00 943,250 00 1,187,350.00 9/302023 100,00000 6.000% 143,400.00 243,40000 942,50000 1,185,900.00 9/302024 110,000 00 6.000% 137,400 00 247,400.00 939,750.00 1,187,150 00 E ..• 9l302025 1,060 000 00 6.000% 130,800 00 1,190,800 00 1,190,800 00 9/302026 1,120 000 00 6 000% 67,200 00 1,187,200 00 • 1 187,200 00 Total 3 535,000 CO - 4,399,373 33 7,934,373 33 21,724.247 54 29.658,620 87 _ ________ ___.. _____.... ..._ _ First Southwest Company File=C 1Munezw\DATA1SOUTHLAK\Spdc.sf-spdc2001 Public Finance 524/1999 3.52 AM C 1,4„, 1. Page 6 I i Southlake Park Development Corporation vow l Senior Lien Sales Tax Revenue Bonds, Series 2001 Scenario 1A • L COVERAGE RATIO Lj Date Total Revenues Total DIS Coverage 9/30/2001 - 9/30/2002 1,667,436 00 1,147,030.83 1.4536976x 9/30/2003 1,667,436 CO 1,188,477 50 1 4030017x 9r302004 1,667,43600 1,187,647.50 14039822x 9/30/2005 1,667,436.00 1,185,822.50 1.4061430x 9/30/2006 1,667,436.00 1,187,997.50 1 4035686x E9/30r2007 1,667,436.00 1,188,81750 1 4026005x 9/30/2008 1,667,436.00 1,188,337.50 1.4031670x 9/30/2009 1,667,436.00 1,186,602.50 1 4052187x 91302010 1,667,436.00 1,188,492.50 1.4029840x 9/302011 1,667,436 CO 1,188,572.50 1.4028896x 9f30/2012 1,667,436.00 1,186,867 50 14049049x 9/302013 1,667,436.00 1,188,692.50 1.4027480x 9/30/2014 1,667,436.00 1,188,675.00 1 4027686xE . • 9/302015 1,667,436 00 1,186,737 50 1 40505588x • • 9/30/2016 1,667,43600 1,187,931.26 14036469x • 9/302017 1.667,436 00 1,187,231.26 1 4044745x E , 9/302018 1,667,436 CO 1,189,618.76 1 4016558x j 9f30/2019 1,667,436.00 1,189,862.50 1.4013686x 9f302020 1,667,436.00 1,187,943.76 1.4036321x / 9/302021 1,667,436.00 1,188,862.50 1.4025474x L i' j 9/30/2022 1,667,436 00 1,187,350 CO 1 4043340x 9/302023 1,667,436 00 1,185,900.00 1 4060511x 9/302024 1,667,436.00 1,187,150 00 1 4045706x E . 9f30f2025 1,667,436 00 1,190,800 00 1 4002654x 9/302026 1,667,436 00 1.187,200 CO 1 4045115x Total 41,685,900 00 29,658,620 87 - E First Southwest Company File=C\Munexw\DATA\SOUTHLAK\Spdc sf-spdc2001 Public Finance 524/1999 3 52 AM C E . 1, Page 7 L. L LSouthtake Park Development Corporation 'rrr Senior Lien Sales Tax Revenue Bonds, Series 2003 Scenario 18 L NET DEBT SERVICE SCHEDULEE- Date Principal Coupon Interest Total P+I Existing D/S Net New D/S 9I30r2003 - - - - - - - 9/30/2004 - - 311,60667 311,606.67 1,187,64750 1,499,254.17 9/30/2005 60,000 00 6 000% 326,100 00 386,100 00 1,185,822 50 1.571,922 50 9/30(2006 60,000.00 6.000% 322,500.00 382,500.00 1,187,997.50 1,570,497.50 9/3012007 65,000.00 6.000% 318,900.00 383,900.03 1,188,817.50 1,572,717.50 9/30r2008 70,000.00 6 000% 315,00000 385,00000 1,188,33750 1,573,337.50 9/302009 75,000.00 6.000% 310,800.00 385,800.00 1,186,602.50 1,572,4132.50 9/302010 80,000.00 6.000% 306,300.00 3E6,300.00 1,188,492.50 1,574,792.50 9/302011 80,000.00 6.000% 301,500.00 381,50000 1,188,572.50 1,570,072.50 91302012 90,000.00 6.000% 296,700.00 386,700.00 1,186,867.50 1,573,567.50 9E302013 95,030.00 6.000% 291,300.00 386,300.00 1,188,692.50 1,574,992.50 9/30/2014 100,000.00 6.000% 285,60000 385,600.00 1,188,67500 1,574,27500 9/30/2015 105,00000 6.000% 279,600.00 384,600.00 1,186,73750 1,571,337.50 . 9/30/2016 110,000.00 6.000% 273,300.00 383,300.00 1,187,931 26 1,571,231 26 9/30/2017 120,000 00 6 000% 266,700 CO 386,700.00 1,187,231.26 1,573,93126 9(302018 125.00000 6000% 259,500.00 384,50000 1,189,61876 1,574,118.76 9/302019 130,000 00 6 000% 252.000.00 382,000.00 1,189,862 50 1,571,862 50 E . 9/302020 140,00000 6000% 244,20000 384,200.00 1,187,943.76 1,572,143.76 9/302021 150,00000 6.000% 235,800.00 385,800.00 1,188,862.50 1,574,662.50 ' 9/302022 160,00000 6.000% 226,80000 386,80000 1,187,350.00 1,574,150.03 • 9/302023 170,000.00 6.000% 217,200,00 3137,20000 1,185,930.00 1,573,100.00 411111, 9/302024 180,000 00 6 000% 207,000 CO 387,000.00 1,187,150.00 1,574,150 00• 9/302025 185,000.00 6.000% 196,200.00 381,200.00 1,190,800 00 1,572,000.00 •c . 9/302026 200,000.00 6.000% 185,100 00 385,100 00 1,187,200.00 1,572,300 00 • 9/302027 1,400,000 00 6.000% 173,100 00 1,573,100 CO - 1,573,100 00 9/302028 1.485 000 00 6 000% 89,100 00 1,574,100 00 - 1,574,100 00 } Total 5.435,000 00 - 6,491,906 67 11,926,906 67 27,323,112 54 39.250,019 21 , First Southwest Company File=C 1Munexw\DATA\SOUTHLAK\Spdc.sf-spdc2003 Public Finance 524/1999 3:52 AM I ,.. . •1, Page 8 I L Southiake Park Development Corporation lbw ' Senior Lien Sales Tax Revenue Bonds, Series 2004 Scenario iC L ! NET DEBT SERVICE SCHEDULE I Date Principal Coupon Interest Total P+I Existing 0/S Net New US 9/30/2004 . . 9/30/2005 - - 191,780.00 191,780.00 1,571,97250 1,763,702.50 9/300006 35,000 00 6 000% 200,700.00 235,700 00 1,570.497 50 1,806,197 50 9/302007 40,00000 6.000% 198,600.00 238,600.00 1,572,717.50 1,811,31750 913012008 40,00000 6.000% 196,20000 236,200.00 1,573,337.50 1,809,53750 9/30/2009 40,000.00 6000% 193,800.00 233,80000 1,572,402-50 1,806,202.50 9/302010 40,000.00 6.000% 191,400.00 231,400.00 1,574,792.50 1,806,192.50 9/30/101 t 50,000 CO 6-000% 189,000.00 239,000.00 1,570,072.50 1,809,072.50 9/30/2012 50,000.00 6.000% 186,000.00 236,000 00 1,573.567 50 1,809,567.50E 9/30/2013 50,000.00 6.000% 183,000.00 233,000.00 1,574,992.50 1,807,992.50 i 9/302014 55,000.00 6.000% 180,00000 235,000.00 1,574,275.00 1,809,275.00 9/302015 60,00000 6.000% 176,700.00 236,700.00 1,571,33750 1,808,037.50 9/30/2016 65,00000 6.000% 173,100.00 238,100.00 1,571,23126 1,809,331.26 9/302017 65,000 00 6.000% 169,200.00 234,200 00 1,573,931.26 1,808,13126 950/2018 70,00000 6000% 165,300.00 235,30000 1,574,118.76 1,809,418-76 9/302019 75 000 00 6.000% 161,100-00 236,100 00 1,571,862 50 1,807,962.50 9/302020 80000 00 6.000% 156,600 00 236,600 00 1,572,143 76 1,808,743 76 9/302021 80,000 00 6 000% 151,800 00 231,800 00 1,574,662 50 1,806,462.50 9/302022 85,000.00 6000% 147,000.00 232,000.00 1,574,150.00 1,806,150.00 9/30/2023 95,000.00 6 000% 141,930.00 235,900.00 1,573,100.00 1,810,000.00 9/30/2024 100,00000 6.000% 136,200.00 236,20000 1,574,150,00 1,810,350.00 L,AirI 9/302025 105,000 CO 6.000% 130,200.00 235,200 00 1,572,000 00 1,807,200 CO 9/302026 115,000.00 6.000% 123,900.00 238,90000 1,572,30000 1,811,200.00 9/30/2027 120,00000 6.000% 117,000.00 237,00000 1,573,100.00 1,810,10000 9/30/2028 125,000 00 6 000% 109,800 00 234.800 00 1,574,100 00 1,808,900.00 E9/302029 1 705 000 00 6 000% 102,300 00 1.807,300 00 - 1,807,300 00 • Total 3,345,000 00 - 4 072.580 CO 7.417 580 CO 37,750,765 04 45,168.345 04 First Southwest Company File=C 1Munexw\DATA1SOUTHIAK1Spdc.sf-spdc2004 Public Finance 5/24/1999 3:53 AM C C Ei,.., I, Page 10 E Southlake Park Development Corporation Mew Junior Lien Sales Tax Revenue Bonds,Series 2000 Scenario 2A COVERAGE RATIO Date Total Revenues Total DM Coverage • 9(30/1000 - - - . 91302001 - 1,303,417.50 - 9(302002 1,449,944 00 1,448,257 50 1 0011645x 91302003 1,449,944.00 1,447,777.50 1 0014964x 9/302004 1,449,944.00 1,445,947.50 1.0027639x • 9/302005 1,449,944 00 1,447,822.50 1 0014653x 9I302006 1,449,944.00 1,448,097 50 1.0012751x 9/33/2007 1,449,944.00 1,446,717.50 1.0022302( 9/30/2008 1,449,944.00 1,448,737 50 1.0008328x 9/30(2009 1,449,944.00 1,448,902.50 1.0007188x i 9/30/2010 1,449,944.00 1,447,092.50 1.0019705x 9/302011 1,449,944.00 1,448,172.50 1.0012233x 9/30/1012 1,449,944.00 1,446,867.50 1.0021263x ! 9(30/2013 1,449,944.00 1,448,492.50 1.0010021x c , 9202014 1,449,944.00 1,447,675 00 1 0015673x 9202015 1,449,944 00 1,449,337 50 1 0004185x . • 9/302016 1,449,944.00 1.448,231 26 1 0011826x 9/30/2017 1,449,944.00 1,449,631.26 1.0)02157x ' 9/33/2018 1,449,944.00 1,448,218.76 1 0011913x 9/302019 1,449,944.00 1,449,062.50 1.0006083x 9/30/2020 1,449,944.00 1,446,84376 10021428x ' ''r' I 9/302021 1,449,944.00 1,446,562.50 1 0023376x • 920/2022 1,449,944 00 1,447,950 00 1 0013771x 9/302023 1,449,944.00 1,448,200.00 1 0012043x 920/2024 1,449,944 00 1,444,950 00 10034562x 920.2025 500,000.00 498.200 00 1 0036130x 9202026 500.000 00 - - ' Total 34,348,712.00 35,101,165 04 - First Southwest Company File=C 1Munexw\DATA1SOUTHLAK1Spdc.sf-s2000 Public Finance 5/24/1999 3:53 AM C Li..., Page 13 I L Southlake Park Development Corporation lowSenior Lien Sales Tax Revenue Bonds, Series 2004 Scenario IC COVERAGE RATIO Date 9202004 Total Revenues - Total D/S - Coverage . - 9/30/2005 2,535,961.00 1,763,702.50 1 4378621x i 9(30(2006 2,535.961 00 1,806,197 50 1 4040331x 9/30/I007 2,535,961.00 1,81 t,317.50 1 4000643x 9(30r2008 2,535,961.00 1,809,537.50 1 4014415x 9(302009 2,535,961.00 1,806,202.50 1 4040292x 9/302010 2,535,961.00 1,806,192.50 1.4040369x 920r2011 2,535,961.03 1,809,072.50 1.4018018x 9/30/2012 2,535,961.00 1,809,567.50 1.4014183x 920r2013 2,535,961.00 1,807,992.50 1.4026391x 920/2014 2,535,961.00 1,809,275.00 1.4016449x 9/30/2015 2,535,961.00 1,808,037.50 1 4026042x 9(302016 2,535,961.00 1,809,331.26 1.4016013x 920(2017 2,535,961.00 1,808,131.26 1.4025315x 9302018 2,535,961 00 1,809,418.76 1 4015335x 9(302019 2,535,96100 1,807,962.50 1 4026624x ' 9/302020 2,535,961 00 1,808,743 76 1 4020565x • 9(30/2021 2,535,961.00 1,806,462 50 1 4038271x E , 9/30/2022 2,535,961.00 1,806,150.00 1 4040700x • 93112023 2,535,961.00 1,810,000.00 1.4010834x 9/302024 2,535,961.00 1,810,350.00 1 4008126x L i ear i 9/302025 2,535,961.00 1,807,200.00 - 1 4032542x 9/302026 2,535,961.00 1,811,200.00 1 4001551x 9/30/2027 2,535,961.00 1,810,100.00 1 4010060x 9(30/2028 2,535,96100 1,808,900.00 1 4019354xL .. • 9/302029 2,535 96100 1,807.300 00 1 4031766x Total 63.399,025 00 45 168.345 04 - First Southwest Company File=C Munexw\DATA1SOUTHLAK1Spdc sf-spdc2004 Public Finance 524/1999 3:53 AM C E.,...„, LPage 11 } r. Southiake Park Development Corporation LIN Vow Junior Lien Sales Tax Revenue Bonds, Series 2000 Scenario 2A Ll NET DEBT SERVICE SCHEDULE i Date Principal Coupon Interest Total P+I Existing DMNet New DIS 9/X/2000 - - - - - 9/302001 - - 362,06000 362,06000 941,357.50 1,303,41750 9/302002 125,000 00 6 000% 378,900 00 503.900 00 944,357 50 1,448,257 50 9(30/2003 135,000.00 6.000% 371,40000 506,40000 941,37750 1,447.777.50 9/30/2004 140,000.00 6 000% 363,300.00 503,300 00 942,647 50 1,445,947.50 9/30(2005 150,030 00 6.000% 354,900 CO 504,900 00 942,922 50 1,447.822.50 9/3012006 160,000.005 6.000% 16 345,90000 505,900.00 942,197.50 1,448,097.50 9/302007 ,000.00 6000% 336,30000 501,300.00 945,417.50 1,446,717.50 9/30/2008 175 000 00 6 000% 326.400 00 501.400 00 947,337 50 1,448,737 50 9(3012009 185,000.00 6.000% 315,900.00 500,900.00 948,002.50 1,448,902.50 9202010 195,00000 6.000% 304,800.00 499,800.00 947,292.50 1,447,092.50 91,02011 210,000.00 6000% 293,100.00 503,103.00 945,072.50 1,448,172.50 9202012 220,000.00 6 000% 280,500 00 500,500.00 946,367 50 1,446,867.50 E • 9/302013 235,00000 6.000% 267,30000 502,300.00 946,192.50 1,448,492.50 9/�/2014 250,000 00 6 000% 253,200 00 503,200 00 944,475.00 1,447,675 00 , 9202015 265,000 00 6.000% 238,200 00 503,200 00 946,137 50 1,449,337 50 9/,3c2016 280,000 00 6 000% 222,300 00 502,300 00 945,93126 1.448,23126 9(30(2017 300,000 CO 6 000% 205,500 00 505,500 00 944,13126 1,449,63126 E • 9(302018 315,00000 6.000% 187,500.00 502,50000 945,718.76 1,448,218.76 1 • 9/302019 335,000.00 6.000% 168,600.00 503,60000 945,462.50 1,449,062.50 9(30(2020 355,000.00 6.000% 148,500.00 533,500.00 943,34376 1,446,843.76 4111r 9/30/2021 375,000 00 6 000% 127,200.00 502,200 00 944,362.50 1,446,562.50 t 9202022 400.000.00 6 000% 104,700 00 504,700 00 943,250 00 1,447,950 00 i 9/30/2023 425.000 00 6 000% 80,700 00 505,700 00 942,500 00 1,448,200 00 • 9/302024 450,000 00 6 000% 55 200 00 505.200 00 939,750 00 1,444,950 00 ./302025 470 000 00 6 000% 28 200 00 498,200 00 - 498 200 00 . Total 6.315 000 00 - 6,120,560 00 12,435.560 00 22.665,605 04 35,101.165 04 First Southwest Company File=C 1Munexw\DATA\SOUTHLAK1*lc sf-s2000 Public Finance 5/24/1999 3 53 AM C 14,..... 1, .... Page 12 C E. LSouthlake Park Development Corporation lir,,,,, Senior Lien Sales Tax Revenue Bonds, Series 2003 Scenario 1B COVERAGE RATIO Date Total Revenues Total DM Coverage I 9/302003 - - - . 9/3012004 2,205,184.00 1,469,254 17 1 4708540x L1 9/30/2005 2,205,18403 1,571,922.53 1 4028580x 9130/2006 2,205,184 00 1,570,497 50 1 4041309x 9(3012007 2,205,184.00 1,572,717.50 1.4021488x 9130(2008 2,205,184.00 1,573,337 50 1 4015963x 9/30(2039 2,205,184.00 1,572,402.50 1 4024297x 9/30/2010 2,205,184.00 1,574,792.50 1.4003013x 9/30/2011 2,205,184.00 1,570,072.50 1.4045109x 9(302012 2,205,184.00 1,573,567.50 1.4013914x 9/302013 2,205,184.00 1,574,992.50 1.4001235x 9/302014 2,205,184.00 1,574,275.00 1.4007616x ] 9/30(2015 2,205,184.00 1,571,33750 1.4033802x t , 9(30(2016 2,205,184.00 1,571,231.26 1 4034751x 9(aC(1017 2,205,184.00 1.573 931.26 1 4010675x 9(302018 2,205,184 00 1,574,118 76 1 4009007x 9/3C2019 2,205,184.00 1,571.862 50 1 4029115x L . 9302020 2,205,184.00 1,572,143.76 1 4026605x 9/30(2021 2,205,184.00 1,574,662.50 1.4004169x 9(302022 2,205,184.00 1,574,150.00 1.4008729x 9332023 2,205,184 00 1,573,100 00 1 4018079x L Are 90.2024 2,205,184.00 1,574,150 00 1 4038729x 9(302025 2,205,184.00 1,572,00000 14027888x 9302026 2,205,184.00 1,572,300.00 1 4025211x 9(302027 2,205.18400 1,573,10000 1 4018079x , • 9/X2028 2,205,184 00 1,574,100 00 1 4009173x Total 55,129,600 00 39,250 019 21 - . First Southwest Company File=C 1Munexw\DATA\SOUTHLAK\Spdc.sf-spdc20C3 Public Finance 524/1999 3 52 AM C C 1 . . , Page 9 . . Southlake Park Development Corporation C,...... Junior Lien Sales Tax Revenue Bonds,Series 2002 Scenario 28 E . COVERAGE RATIO E ! Date Total Revenues Total D/S Coverage 9/30002 - - - 9/302003 1,917,551.00 1,912,417 50 1 0026843x 960/2004 1,917,551.00 1.912,747 50 1 0025113x 9/30/2005 1,917,551.00 1,914,222.50 10017388x 9/302006 1,917,551.00 1,913,797.50 1 0019613x 9/30/2007 1,917,551.00 1,916,417.50 1.0005915x 1 9/30/2006 1,917,55100 1,916,837 50 1.0003722x i s/30/2009 1,917,551.00 1,915,102.50 1.0012715x 9/30/2010 1,917,551.00 1,916,092.50 1.0007612x 9602011 1,917,551.00 1,914,372.50 1.0016603x y 9/302012 1,917,551.00 1,914,967.50 1 0013491x 9/302013 1,917,551.00 1912,892.50 1 0024353x ! 9/302014 1,917,551.00 1,913,075.00 1 0023397x 9/302015 1,917,551.00 1,915,13750 1.0012602x 91 02016 1,917,551.00 1,913,831 26 1 0019436x 9602017 1,917,55100 1,914,43126 1 0016296x 9/.30/2018 1 917,551 00 1,916,618.76 1 0004864x E , 9/30/2019 1,917,551 00 1,915,162.50 1.0012472x 9/30/1020 1,917,551.00 1,915,043.76 10013092x • 9/302021 1,917,55100 1,915,96250 1 0008291x • 9/302022 1,917,551.00 1,912,650 CO 1 0025624x 'IOW 9/302023 1,917,551 00 1,912,600 00 1 0025886x 9/302024 1,917,551.00 1,913,150.00 1.0023C04x 960/2025 1,917,55100 1,914,000 00 1 0018553x E ; 9/302026 1,305,000 00 1,300,600 00 10034602x 9(3012027 225,000 00 222, 00 00 10107817x 9/302028 225,000 00 - - Total 45,858,673 00 45,554,630 04 - E . c . First Southwest Company File=C\Munexw\DATA\SOUTHLAK'Spdc.sf-s2002 Public Finance 524/1999 3-54 AM EN,..., Page 15 E. .. Southlake Park Development Corporation 'lbw Junior Lien Sales Tax Revenue Bonds, Series 2004 Scenario 2C L . NET DEBT SERVICE SCHEDULE L. Date Principal Coupon Interest Total P+I Existing DIS Net New DIS 9/30/2004 - - - - - - . 9/30/2005 - - 86,000.00 86,000 CO 2,488,502 50 2,574,502 50 9/302006 - 90,000 00 90,000 CO 2.538,397 50 2.628.397 50 9/302007 90,000.00 90,000 00 2,539,717 50 2,629,717.50 92012008 - - 90,000 00 90.000 00 2,538,537 50 2,628,537 50 9/302009 • - 90,000 00 90.000 00 2,534,902.50 2,624,902.50 9/302010 90,000 00 90,000 CO 2,528,692.50 2,618,692.50 9/30/1011 90,000.00 90,000.00 2,539,772.50 2,629,77250 9202012 - - 90,000.00 90,000.00 2,531,96750 2,621,967.50 L 9r302013 - - 90,000.00 90,000.00 2,531,492.50 2,621,492.50 9/302014 90,000.00 90,000.00 2,537,675.00 2,627,675.00 9/302015 - - 90,000.00 90.000.00 2,534,837.50 2,624,937.50 9/302016 - - 90,000.00 90,000 00 2,533,331.26 2,623,331.26 L • 9/302017 - - 90,00000 90,000.00 2,538,13126 2,628,13126 9/3012018 93,000.00 90.000 00 2.533,618 76 2,623,618.76 913C2019 - - 90,000 00 90,000 00 2,535,162.50 2,625,162_50 9/3C/2020 - - 90,000 00 90,000 00 2,537,143 76 2,627,143 76 I.. . 9/30/2021 90,000.00 90,000 00 2,529,262.50 2,619,262.50 9/302022 90,000.00 90,000.00 2,531,850 00 2,621,850.00 9/30/2023 - - 90,000.00 90,000 00 2,536,500 00 2,626,500.00 9/302024 - - 90,000.00 90,000.00 2,540,550.00 2,630,550.00 '•' 9/302025 - 90,000.00 90,000 00 2,418,700 00 2,508,700.00 9/30/2026 180,000 00 6 000% 90,000.00 270,000 00 2,033,800.00 2,303,800.00 9/302027 415,000.00 6 000% 79,200.00 494.200 00 1,810,100 00 2,304,300.00 L . 9/30/2028 440,000.00 6 000% 54,300 00 494,300 00 1,808,900 00 2,303,200.00 9/3G2029 465,000.00 fi 000% 27.900 00 492,900 00 1,807 300 CO 2.300,200 00 • • Total 1,500,000 00 - 2,137,400 00 3,637 400 00 60,538,845 04 64,176,245 04 1 _..._______ ____ First Southwest Company File=C 1Munexw\DATAISOUTHLAK1Spdc.sf-s2004 1 Public Finance 524/1999 4 02 AM C C E [.., ,...... L .... Page 16 C Southlake Park Development Corporation lb„ i Junior Lien Sales Tax Revenue Bonds, Series 2002 Scenario 28 E NET DEBT SERVICE SCHEDULE Date Principal Coupon Interest Total P+I Existing D/S Net New DDS 9202002 - - - - - - j 9/30/2003 55,00000 6.000% 162,54000 217,54000 1,694,87750 1,912,41750 91130/2004 55.000 00 6.000% 166,800 00 221,800 00 1,690,947 50 1,912,747 50 9/30(2005 60,00000 6.000% 163,500.00 223,50000 1,690,722.50 1,914,222.50 9/30/2006 60,000.00 6.000% 159,900.00 219,900.00 1,693,897 50 1,913,797.50 960(2007 - 70,00000 6000% 156,30000 226,300.00 1,690,117.50 1,916,417.50 1 9602008 75,00000 6.000% 152,100.00 227,10000 1,689,73750 1,916,83750 9(302009 80,000.00 6.000% 147,600.00 227,600.00 1,687,502.50 1,915,102.50 9/302010 85.000 00 6.000% 142.800.00 227.800.00 1:688,292 50 1,916,092.50 9/302011 85,000.00 6.000% 137,700.00 222,703.00 1,691,672.50 1,914,372.50 960(2012 95,00000 6.000% 132,600.00 227,600.00 1,687,367.50 1,914,967.50 9(302013 95,000-00 6.000% 126,900.00 221,900.00 1,690,992.50 1,912,892.50 9202014 100,00000 6.000% 121,20000 221,20000 1,691,875.00 1,913,075.00 L 9/30(1015 110,000.00 6.000% 115,203.00 225,200-00 1,689,937.50 1,915,13750 9 02016 115 000 00 6.000% 108,600 00 223.600 00 1,690,231 26 1,913,831 26 9e3C(2017 120.000 CO 6.000% 101,700 00 221,700 00 1,692,731 26 1,914,431 26 913c2018 130 000 00 6 000% 94,500 00 224,500 00 1,692,118 76 1,916,618 76 E , 960R019 135,000 00 6 000% 86,700 00 221,700 00 1,693,462.50 1,915,162.50 9raC/2020 145,00000 6.000% 78,60000 223,600.00 1,691,443.76 1,915,043.76 920/2021 155,000 00 6.000% 69,900.00 224,900 00 1,691,062.50 1,915,962.50 9/30(2022 160 000 00 6.000% 60,600.00 220,600 00 1,692,050.00 1,912,650.00 Le. , • 9/30/2023 170,00000 6 000% 51,000.00 221,00000 1,691,60000 1,912,60000 • 9(.302024 180,000 CO 6.000% 40,800 00 220,800 00 1,692,350.00 1,913,150 00 9/30/2025 195.000 00 6 000% 30,000.00 225,000 00 1,689,000.00 1,914,000.00 • 960/2026 95,000 00 6 000% 18,300 00 113,300 00 1,187,200 00 1,300,500 00 • 30/2027 210 000 00 6 000% 12,600 00 222.600 00 - 222,600 00 — - • Total 2.835 000 00 - 2,638,440 CO 5,473,440 CO 40.081,190 04 45.554.630 04 • First Southwest Company File=C.1Munexw\DATA\SOUTHLAK\Spdc sf-s2002 Public Finance 524/1999 3 53 AM C C Liompor LPage 14 L E _ , Southlake Park Development Corporation ` Now { Junior Lien Sales Tax Revenue Bonds, Series 2004 Scenario 2C L COVERAGE RATIO EDate Total Revenues Total DIS Coverage 9/30/2004 - - - 9/30/2005 2,535,961.00 2,574,502.50 0 9850295x 9/3012006 2,535,961 00 2 628.397 50 0 9648316x 9/302007 2,535,961.00 2,629,717.50 09643473x 9/30/2008 2,535,961.00 2,628.537 50 0 9647802x 9/30/2009 2,535,961.00 2,624,902.50 0.9661163x I 9/30/2010 2,535,961.00 2,618,692.50 0.9684073x 9/302011 2,535,961.00 2,629,77250 0 9643271x 9/30/2012 2,535,961.00 2,621,967.50 0.9671977x 9/30/2013 2,535,961.00 2,621,492.50 0.9673730x 9/30 2014 2,535,961.00 2,627,675.00 0.9650969x 9/30/2015 2,535,961.00 2,624,837 50 0 9661402 r 9/30/2016 2,535,961.00 2,623,331.26 0.9666949x 9/30/2017 2,535,961 00 2,628,131.26 0.9649294x E : • 9/30/2018 2,535,96100 2,623,618 76 0.9665890x • 9/302019 2,535,961 00 2,625,162.50 0.9660206x 9/302020 2,535,96100 2,627,143.76 0 9652921x E . 9/302021 2,535,961 00 2,619,262.50 0 9681966x • 9/302022 2,535,961.00 2,621,850.00 0 9672411x / • 9/302023 2,535,961.00 2,626,500.00 0.9655282x • 9/30/2024 2,535,961.00 2,630,550.00 0 9640421x L 41110' • i 9/302025 - 2,535,961.00 2,508,700.00 1.0108666x • 9/302026 2,535,961.00 2,303,800.00 11007731x , 9/302027 2535,961.00 2.304 300.00 1.1005342c 9/302028 2,535,96100 2,303,200 00 1 1010598x 9/302029 2,535,961 00 2 300,200 00 1 1024959x • Total 63.399,025 00 64.176 245.04 - First Southwest Company File=C\Munexw\DATA\SOUTHLAK\Spdc.sf-s2004 Public Finance 524/1999 4:04AM C C C ri,..... , IPage it I 1 City of Southlake `, ! Certificates of Obligation, Series 2000(Self-Supporting) Scenario 3 ' NET DEBT SERVICE SCHEDULE .' Date Principal Coupon Interest Total P+I Existing DIS Net New D/S • • • • 9/30/1999 - - - - - 930r2000 - - 601.140 00 601,140 00 880 582 50 1 481,722 50 ' • 9/30/2001 - - 629.100 00 629.100 00 941.357 50 1.570,457 50 t . 9/302002 - - 629.100 00 629,100.00 944,357 50 1,573,457 50 9/30/2003 - - 623,100 CO 629,100 00 941,377 50 1,570,477 50 . 9/30/2004 410 000 00 6 000% 629,100 00 1,039,100 CO 942,647 50 1,981,747 50 : . 9/302005 435,00000----5".0000 1,039,500.00 942,922.50 1,982,422.50 9/302006 460,000.00 6.000% 578,40000 1,038,400.00 942,19750 1,980,597.50 9/302007 485,000.00 6.000% 550,800.00 1,035,800.00 945,417 50 1,981,217.50 9202008 515,000.00 6.000% 521,700.00 1,036,700.00 947,337.50 1,984,037.50 9/30/2009 545,00003 6.000% 490,80000 1,035,800.00 948,002.50 1,983,802.50 9/30/2010 58000000 6.000% 458,100.00 1,038,10000 947,292.50 1,985,392.50 9/30/2011 615,000.00 6.000% 423,300.00 1,038,30300 945,07250 1,983,372.50 920/2012 650,000 00 6 000% 386,400 00 1,036,400.00 946,367 50 1,982,767 50 c . 9/30/2013 690,000 00 6.000% 347,400 00 1,037,400 00 946,192 50 1,983,592.50 .• 960/2014 730 000 CO 6.000% 306,000 00 1,036,000 00 944,475 00 1,980,475.00 9/30/2015 775,000 CO 6 000% 262,200 00 1,037,200 CO 946,137 50 1,983,337 50 E • 9/30/2016 820 000 00 6 000% 215,700 00 1,035,700 00 945,931 26 1,981,631 26 • 9/302017 870.000.00 6.000% 166,500.00 1,036,500.00 944,131.26 1,980,631.26 i 920/2018 925,000 00 6 000% 114,300.00 1,039,300 00 945,718 76 1,985,018 76 ` 9/30/2019 980,000 00 6 000% 58,800 00 1,038,800 00 945,492 50 1,984,262.50 ' L 1111, • 9/30/2020 943,343 76 943,343 76 • 9/302021 944,362 50 944,362.50 9/302022 - - - - 943.250 00 943,250 00 . 9/302023 - 942,500 00 942,500 00 , 913012024 - - 939,750 00 939,750 00 Total 10,485 000 00 - 8,602.440 00 19,087,440 00 23,546,187 54 42,633,627 54 First Southwest Company File=C 1Munexw\DATA\SOUTHLAK\Spdc sf-co2000 Public Finance 524/1999 3:54 AM C C C Eli., . Page 18 E E City of Southlake ' Nowj Certificates of Obligation,Series 2000(Self-Supporting) Scenario 3 COVERAGE RATIO Date Total Revenues Total MSCoverage 91i0/1999 - 9/302000 1,667,436 00 1.481,722 50 1 1253362x , 9/332001 1,917,551 40 1,570,45750 1 2210145x ' 9/302002 2,205,18411 1,573,457 50 1 4014895x 9/302003 2,535,96173 1,570,477 50 16147711x ' 9/30/2004 2,916,35599 1,981,74750 1 4716083x ' j 9r30r2005 3, , 78 1,982,422.50 15446625x 9/30/2006 3,215,282.47 1,980,597.50 1.6233901x 9/302007 3,376,046.60 1,981,217.50 1.7040262c 9/302008 3,544,848.93 1,964,03750 1.7866844x 9/30/2009 3,722,091.37 1,983,802.50 1 8762409x 9/302010 3,908,195 94 1,985,392.50 19684752x 9/30(2011 4,103,605 74 1,983,372.50 2.0690041x E • 9/302012 4,308,786.03 1,982,767.50 2.1731171x 9/302013 4,524,225 33 1,983,592.50 2.2808240x 9/30/2014 4,750,436 59 1,980,475 00 2.3986350x .• 9/302015 4,987,958 42 1,983,337 50 2 5149317x E . 1 9/302016 5,237,35635 1,981,63126 26429520x 9/302017 5,499,224.16 1,980,63126 2.7765007x . 9/302018 5,774,195 37 1,985,018 76 2 9086820x Lf 9/30/2019 6,062,894.64 1,984,262.50 3 0554902( am i 9/302020 6,366,039 37 943,343.76 6 7483770x 9/30/2021 6,684,341.34 944,362.50 7.0781520x 9/302022 7,018,558 41 943,250 00 7 4408252x 9/302023 7,369,486 33 942,500 00 7 8190836x 9/302024 7,737.960 64 939,750 00 8 2340629x 9/302025 8,124,858 68 •. 9/30/2026 8,531,10161 - - Total 129,152,147 33 42,633,627 54 - First Southwest Company File=C 1Munexw\DATA1SOUTHLAKcSpdc.sf-co2000 Public Finance 5/24/1999 3:54 AM C C C • El.. I - Page 19 t City of Southlake, Texas MEMORANDUM May 20, 1999 TO: Curtis E. Hawk, City Manager FROM: Kevin Hugman, Director of Community Services SUBJECT: Election of Officers Action Requested: Election of officers by the newly seated Southlake Parks Development Corporation. Background Information: Section 3.1 of the SPDC by-laws states: " officers shall be elected for terms of one year, to expire on May 31." As such, SPDC will need to elect a President, Vice-President, and Secretary at this meeting. The past officers were: Scott Martin, President; Ralph Evans, Vice- President; and Bethann Scratchard, Secretary. None of the officers are currently on the board, therefore, it may be appropriate for the Mayor to preside over the meeting until new officers are elected. This action can be considered immediately (even before Executive Session) so that the new President can preside over all of the Board's activities during the meeting. Financial Considerations: N/A Citizen Input/ Board Review: N/A Legal Review: N/A Alternatives: N/A Supporting Documents: By-laws Staff Recommendation: SPDC elect new officers for one year terms in accordance with the Corporation by-laws. Approved for Submittal to Southlake Park Development Corporation: L City Manager's Office BYLAWS OF SOUTHLAKE PARKS DEVELOPMENT CORPORATION ARTICLE I PURPOSE AND POWERS Section 1.1 Purpose. The Corporation is incorporated for the purposes set forth in Article Four of its Articles of Incorporation, the same to be accomplished on behalf of the City of Southlake, Texas (the "City") as its duly constituted authority and instrumentality in accordance with the Development Corporation Act of 1979, Article 5190.6 Vernon's Texas Civil Statutes, (the "Act"), and other applicable laws. Section 1.2 Powers. In the fulfillment of itscorporate purpose, the Corporation shall be governed by Section 4B of the Act, and shall have all the powers set forth and conferred in its Articles of Incorporation, in the Act, and in other applicable law, subject to the limitations prescribed therein and herein and to the provisions thereof and hereof. ARTICLE II BOARD OF DIRECTORS Section 2.1 Powers, Number and Term of Office. (a) The property and affairs of the Corporation shall be managed and controlled by a Board of Directors (the "Board") under the guidance and direction of the Southlake City Council and, subject to the restrictions imposed by law, by the Articles of Incorporation, and by these Bylaws, the Board shall exercise all of the powers of the Corporation. (b) The Board shall consist of seven (7) directors, each of whom shall be appointed by the City Council (the "City Council") of the City. Each director shall occupy a place (individually, "Place" and collectively, the "Places") as designated herein. Places 1-4 are designated for Councilmember directors and Places 5-7 are designated for the Park Board member director, and two citizen directors. These appointments will be classified as citizen member directors. (c) The directors constituting the first Board shall be those directors named in the Articles of Incorporation. Successor directors shall have the qualifications, shall be of the classes of directors, and shall be appointed to the terms set forth in the Articles of Incorporation. (d) Any director may be removed from office by the City Council at will. Section 2.2 Meetings of Directors. The directors mayhold their meetings at such S g place or places in the City as the Board may from time to time determine; provided, however, in the absence of any such determination by the Board, the meetings shall be held at the principal office of the Corporation as specified in Section 5.1 of these Bylaws. B:\BYLAWS\SPDC\kb 1 Section 2.3 Open Meetings Act. All meetings and deliberations of the Board shall be called, convened, held, and conducted, and notice shall be given to the public, in accordance with the Texas Open Meeting Act. Article 6252-17, Vernon's Ann. Civ. St., as amended. Section 2.4 Quorum. A majority of the entire membership of the Board shall constitute a quorum to conduct official business of the Corporation. The act of a majority of the directors present at a meeting at which a quorum is in attendance shall constitute the act of the Board and of the Corporation, unless the act of a greater number is required by law. Section 2.5 Conduct of Business. (a) At the meetings of the Board, matters pertaining to the business of the Corporation shall be considered in accordance with rules of procedure as from time to time prescribed by the 3 Board. (b) At all meetings of the Board, the president shall preside. In the absence of the president, the vice president shall preside. (c) The president shall be a voting member of the Board. (d) The secretary of the Corporation shall act as secretary of all meetings of the Board, but in the absence of the secretary, the presiding officer may appoint any person to act as secretary of the meeting. Any assistant secretary may, at the option of the Board, be employees of the City. r.. Section 2.6 Committees of the Board. The Board may designate two (2) or more directors to constitute an official committee of the Board to exercise such authority, as approved by resolution of the Board. It is provided, however, that all final, official actions of the Corporation may be exercised only by the Board. Each committee so designated shall keep regular minutes of the transactions of its meetings and shall cause such minutes to be recorded in books kept for that purpose in the principal office of the Corporation. Section 2.7 Compensation of Directors. Directors shall not receive any salary or compensation for their services as directors. However, they shall be reimbursed for their 3 actual expenses incurred in the performance of their official duties as directors. ARTICLE III OFFICERS Section 3.1 Titles and Terms of Office. (a) The officers of the Corporation shall be a president, a vice president, a secretary and a treasurer, and such other officers as the Board may from time to time elect or appoint. Initial officers, appointed or elected in January 1994, will serve through May 31, 1995. Thereafter, terms of office shall be one (1) year with the term of office expiring on May 31 of each year. Upon the expiration of the terms each officer shall have the right to be reappointed -or reelected. I B:\BYLAWSSPDCIkb 2 (b) All officers shall be subject to removal from office at any time by a vote of a [. majority of the City Council. (c) A vacancy in the office of any elected officer shall be filled by a vote of a majority of the directors. Section 3.2 Powers and Duties of the President. The president shall be the chief operating executive officer of the Corporation, and subject to the authority of the Board, the president shall be in general charge of the properties and affairs of the Corporation, and execute all contracts, conveyances, franchises, bonds, deeds, assignments, mortgages, notes and other instruments in the name of the Corporation. The President shall preside over the meetings of the Corporation. Section 3.3 Vice President. The vice president shall have such powers and duties as may be prescribed by the Board and shall exercise the powers of the president during that officer's absence or inability to act, in their respective order. Any action taken by the vice president in the performance of the duties of the president shall be conclusive evidence of the absence or inability to act of the president at the time such action was taken. Section 3.4 Treasurer. The Treasurer shall be the Chief Fiscal Officer of the Corporation, and shall have the responsibility to see to the handling, custody, and security of all funds and securities of the Corporation in accordance with these bylaws. When necessary or proper, the treasurer may endorse and sign, on behalf of the Corporation, for collection or issuance, checks, notes, and other obligations in or drawn upon such bank, banks or depositories as shall be designated by the Board consistent with these bylaws. The treasurer shall see to the entry in the books of the Corporation full and accurate accounts of all monies received and paid out on account of the Corporation. The treasurer shall, at the expense of the Corporation, give such bond for the faithful discharge of his/her duties in such form and amount as the Board or the City Council may require. The Director of Finance of the City of Southlake shall serve as the Treasurer of the Corporation. All check writing authority will follow all applicable City policies concerning authorizations, signatures and disbursements. Section 3.5 Secretary. The secretary shall keep the minutes of all meetings of the Board and books provided for that purpose, shall give and serve all notices, may sign with the president in the name of the Corporation, and/or attest the signature thereto, all contracts, conveyances, franchises, bonds, deeds, assignments, mortgages, notes and other instruments of the Corporation, shall have charge of the corporate books, records, documents and instruments, except the books of account and financial records and securities, and such other books and papers as the Board may direct, all of which shall at all reasonable times be open to public inspection upon application at the office of the Corporation during business hours, and shall in general perform all duties incident to the office of secretary subject to the control of the Board. Section 3.6 Executive Director. The City Manager of the City of Southlake will serve as the Executive Director of the Corporation to provide administrative support services for the corporation, and perform duties as prescribed by Board and City Council. Section 3.7 Thepresident, vicepresident, and the secretaryshall be named from among the members of the Board. The treasurer shall be the Director of Finance for the s:\svuws\SPDC\kb 3 I City. Any assistant secretary may, at the option of the Board, be employees of the City. The legal counsel shall be the attorney for the City and he/she shall designate any other attorney needed by the Corporation. Section 3.8 Compensation. Officers who are members of the Board shall not receive any salary or compensation for their services, except that they shall be reimbursed for the actual expenses incurred in the performance of their official duties as officers. ARTICLE IV FUNCTIONAL CORPORATE DUTIES AND REQUIREMENTS Section 4.1 Southlake Parks Development Corporation Plan. (a) It shall be the duty and obligation of the Board to finance and implement the Southlake Parks Development Corporation Plan subject to approval or disapproval by City Council. (b) In carrying out its obligations under subsection (a), the Corporation shall be authorized to exercise all rights and powers granted under the act, including, but not limited to Section 4B. (c) The Board shall periodically submit reports to the City Council as to the status of its activities in carrying out its obligations under this Section. New (d) Any and all agreements between the Corporation and other parties shall be authorized, executed, approved, and delivered in accordance with applicable law. Section 4.2 Annual Corporate Budget. Prior to the commencement of each fiscal year of the Corporation, the Board shall adopt a proposed budget of expected revenues from sources set out in Section 4.5 of this article and proposed expenditures for the next ensuing 3 fiscal year. The budget shall contain such classifications and shall be in such form as may be prescribed from time to time by the City Council. The budget shall not be effective until the same has been approved by the City Council. Section 4.3 Books, Records, Audits. (a) The Corporation shall keep and properly maintain, in accordance with generally accepted accounting principles, complete books, records, accounts, and financial statements pertaining to its corporate funds, activities, and affairs. (b) At the direction of the City Council, the books, records, accounts, and financial statements of the Corporation may be maintained for the Corporation by the accountants, staff and personnel of the City. (c) The Corporation, or the City if the option of subsection (b) is selected, shall cause its books, records, accounts, and financial statements to be audited at least once each fiscal year Nda 8:\BYLAWS\SPDC1kb 4 by an outside, independent auditing and accounting firm selected by the City Council and [, approved by the Board. Such an audit shall be at the expense of the Corporation. 116, Section 4.4 Deposit and Investment of Corporation Funds. (a) All proceeds from loans or from the issuance of bonds, notes, or other debt instruments ("Obligations") issued by the Corporation shall be deposited and invested as provided in the resolution, order, indenture, or other documents authorizing or relating to their execution or issuance. (b) Subject to the requirements of contracts, loan agreements, indentures or other agreements securing Obligations, all other monies of the corporation, if any, shall be deposited, secured, and/or invested in the manner provided for the deposit, security, and/or investment of the public funds of the City. The Board, with City Council approval, shall designate the accounts and depositories to be created and designated for such purposes, and the methods of withdrawal of funds therefrom for use by and for the purposes of the corporation upon the signature of its treasurer and such other persons as the Board designates. The accounts, reconciliation, and investment of such funds and accounts shall be performed by the Department of Finance of the City. Section 4.5 Expenditure p e of Corporate Money. The sales and use taxes collected pursuant to Section 4B of the Act and the proceeds from the investment of funds of the Corporation, the proceeds from the sale of property, and the proceeds derived from the sale of Obligations, may be expended by the Corporation for any of the purposes authorized by the Act, subject to the following limitations: L IOW (i) Expenditures that may be made from a fund created with the proceeds of Obligations, and expenditures of monies derived from sources other than the proceeds of Obligations may be used for the purpose of financing or otherwise providing one or more "Projects," as defined in Section 4B of the Act; i (ii) All other proposed expenditures shall be made in accordance with and shall be set forth in the annual budget required by Section 4.2 or in contracts meeting the requirements of Section 4.1(d) of this Article. Section 4.6 Issuance of Obligations. No Obligations, including refunding Obligations, shall be authorized or sold and delivered by the Corporation unless the City Council approves such Obligations by action taken prior to the date of sale of the obligations. ARTICLE V MISCELLANEOUS PROVISIONS Section 5.1 Principal Office. (a) The office and the registered office of the Corporation shall be the principal g rP registered office of the Corporation specified in the Articles of Incorporation. B:\BYLAWS\SPDC1kb 5 (b) The Corporation shall have and shall continually designate a registered agent at its office, as required by the Act. Section 5.2 Fiscal Year. The fiscal year of the Corporation shall be the same as the vr/ fiscal year of the City. Section 5.3 Seal. The seal of the Corporation shall be determined by the Board. Section 5.4 Resignations.Any director or officer may resign at any time. Such resignation shall be made in writing and shall take effect at the time specified therein, or, if no time is specified, at the time of its receipt by the president or secretary. The acceptance of resignation shall not be necessary to make it effective, unless expressly so provided in the resignation. Section 5.5 Approval or Advice and Consent of the City Council. To the extent that these bylaws refer to any approval by the City or refer to advice and consent by the Council, such advice and consent shall be evidenced by a certified copy of a resolution, order or motion duly adopted by the City Council. Section 5.6 Services of City Staff and Officers. Subject to the authority of the City Manager under the Charter of the City, the Corporation shall utilize the services and the staff employees of the City. All requests for staff time or inquiries of staff will be requested through the City Manager's Office. The Corporation shall pay reasonable compensation to the City for such services, and the performance of such services shall not materially interfere with the other duties of such personnel of the City. Now j Section 5.7 Indemnification of Directors. Officers and Employees. (a) As provided in the Act, the Corporation is, for the purposes of the Texas Tort Claims Act (Subchapter A, Chapter 101, Texas Civil Practices and Remedies Code), a governmental unit and its actions are governmental functions. (b) The Corporation shall indemnify each and every member of the Board, its Officers and its employees and each member of the City Council and each employee of the City, to the fullest extent permitted by law, against any and all liability or expense, including attorneys fees, incurred by any of such persons by reason of any actions or omissions that may arise out of the functions and activities of the Corporation. The attorney for the Corporation is authorized to provide a defense for members of the Board, Officers, and employees of the Corporation. ARTICLE VI EFFECTIVE DATE, AMENDMENTS Section 6.1 Effective Date. These bylaws shall become effective upon the occurrence of the following events: J. B:VBYLAw5\SPDC11cb 6 (1) the approval of these bylaws by the City Council; and [, (2) the adoption of the bylaws by the Board fir.• Section 6.2 Amendments to Articles of Incorporation and Bylaws. T h e Articles of Incorporation of the Corporation and these bylaws may be amended only in the manner provided in the Articles of Incorporation and the Act. C C C C I L B:\BYLAWSISPDC\kb 7 City of Southlake, Texas MEMORANDUM May 18, 1999 TO: Southlake Parks Development Corporation FROM: Shana K. Yelverton, Assistant City Manager SUBJECT: Funding capacity for land acquisition program Action Requested: SPDC discussion of capacity for new additional debt to fund an expanded land acquisition program in addition to the senior lien debt used to finance the five-year parks CIP. Background Information: The SPDC approved a five-year capital projects budget on October 26, 1998, showing anticipated revenues (bond proceeds, grant proceeds, interest earnings, donations, etc.) and expenditures (land acquisition, park development projects, community matching funds, joint use projects). The plan allocated approximately $6.3 million for land acquistion during the five year period, of which $1.9 million would be available for "unspecified" acquisitions. After the first of the year, the SPDC began to contemplate the purchase of several large tracts of land which had unexpectedly become available. In doing so, the Board was faced with the dilemma of how to simultaneously pay for the property and continue to move forward with project development. The CIP projected senior lien debt issuance through the five year period, showing senior lien debt issuances approximately every other year. However, these funds were allocated within the approved CIP in October for expenses as described above. At the March 22, 1999 SPDC meeting, financial advisor Jim Sabonis discussed options for adding to the project fund by issuing additional debt. He suggested leveraging "excess funds" which have traditionally been appropriated from the operating fund and transferred to the SPDC project fund at the end of each fiscal year. These funds have been shown as revenues in the CIP under the category of "Operating Fund Transfer," and have been budgeted at a constant $500,000 for each of the program years. This money represents sales tax collections during a given fiscal year which exceed the amount needed for debt service and operating expenses. Mr. Sabonis has recently completed his evaluation of options for additional debt. He has outlined three options for the Board's review: (1) senior lien debt program continuation, which would require cutting back on projects in order to fund the expanded land acquisition program, (2) a combination of /74-I Southlake Parks Development Corporation May 18, 1999 caw Page 2 senior lien and junior lien debt, increasing the funding capacity for the upcoming fiscal year by about $6.3 million, or (3) a combination of senior lien debt and self-supported City certificates of obligation, increasing funding capacity for the upcoming fiscal year by about $10 million. Financial Considerations: Option One - Senior Lien Program - This program will yield approximately $12.3 million over the next five fiscal years. This is basically the program currently in place. The next available funding period would be FY2000-01. Option Two - Senior/Junior Combination - This program could immediately yield approximately $6.3 million, an additional $2.8 million in FY2001-02, and $1.5 million in FY2003-04, for an additional $10.65 million over the upcoming five year period, above the senior lien program already in place. Option Three - Senior/CO Combination - This program could potentially yield as much as $10 million during FY1999-00, or as quickly as the city moved through all the legal requirements. It would require the City of Southlake to issue the certificates of obligation, repaying the resulting debt service with sales tax collections from the SPDC. This is similar to the L—• arrangement the City currently has in place with the Southlake Crime Control and Prevention District for recently issued debt. Citizen Input/ Board Review: At the joint SPDC/Park Board meeting held on April 26, 1999, the Park Board and SPDC agreed that land acquisition was the highest priority. Legal Review: Bond counsel will be required to review final plans for debt issuance. Alternatives: Alternates have been described above. If SPDC does not wish to issue additional debt at this time, it may wish to reconsider the CIP to determine which, if any, projects should be delayed to facilitate the purchase of property that has recently become available. Supporting Documents: Five Year Parks Capital Improvements Plan r L Southlake Parks Development Corporation May 18, 1999 clir Page 3 Staff Recommendation: Staff recommends SPDC consideration of the additional funding capacity for an expanded land acquisition program at its May 24 meeting. Approved for Submittal to SPDC: C City Manager's Office I C C r L L 74-,� . . i: . c.9 ,r(). Memorandum ... Iteo-i. Date: Monday,May 24, 1999 / To: Southlake Park Development Corporation Lynn Martinson Jl hoc c 9 S Phone: 817-481-5581 / Fax: 817-481-1747 , d 3 C1 From: First Southwest Company -- goo& // )3 Jim Sabonis /.dyi Phone: 214-953-4195 _flr cP -C?.f C rs's Fax: 214-953-4050 c . a �/G 7 ��Opo ItT� Subject: Southlake Park Development Corporation's (SPDC) Proposed Debt Issuance Program and Additional Funding Capacity Per your request, this memo summarizes an updated projection of the five-year funding capacity of the Southlake Park Development Corporation(SPDC) Senior Debt Lien. Also,the memo details an option for funding SPDC's current capital needs in addition to the planned Senior Lien Debt Issuance. The following is a summary of SPDC's five-year senior lien funding capacity. Actual Budget Projected 1998 1999 1999 2000 2001 2002 200 2004 2005 Last 12 months Saks Tax Growth Rate As of July,1999 15.0% 15.0% 15.0% 15.0% .0% 15.0% 15.0% Sales Tax Revenue S1,260,821 S1,502,051 _S1©,525 S1,737,104 S1,997,669 S2,297,320 S2,641,918 S3,038,205 $3,493,936 Existing Senior Lien Debt Service $737,8960 S880,583 $941,3$8 $944,358 S941,378 S942,648 S942,923 Planned 200)Debt Issue SO S0 S210,500 S292,600 $295,200 S297,500 S294,500 Planned 2003 Debt Issue SO SO SO S0 SO S282,250 S398,700 Flannel 2004 Debt Issue S0 SO S0 S0 SO SO S174,250 Total Senior Lien Debt Service S737,896 S880,583 S1,151,858 S1,236,958 S1,236,578 S1,522,398 S1,810,373 Net Sales Tax Available after Debt Service $772,62 1� S856,521 $845,812 S1,060,362 S1,405,340 S1,515,808 $1,683,564 Coverage based on Previous Year's Revenue 2.04 ,, ) 1.72 1.51 1.61 1.86 1.74 1.68 Divided by:Senior Lien Coverage Ratio- C&i Ct—— ` 1.40 1.40 1.40 1.40 1.40 1.40 1.40 Total Maximum All wable Senior Lien Debt Servicecia 5551,87Ztt\ $611,801 S604,151 $757,402 S1,003,814 S1,082,720 $1,202,545 5 Year �Jt� , f, 1 I\, //l Planned �'' kO -l�ov��y`a-p``�� •jott �n� i�+ J I. ~ Oct.2000 Oct.2003 Oct.2004 funding Planned Senior Li'6n Capihl Fu ding{b 41965 l� NA S4,192,000 NA NA S5,627,000 S3,467,000 S13,286,000 ��c Additional Funding in Addition to the Issuance of Senior Lien Debt \‘ The City of Southlake has the ability to issue Certificates of Obligation to fund 4-B type programs and repay the resulting debt service with transfers from the 4-B corporation. This type of issuance allows the City / Corporation to match the debt service with current and / or projected cashflows (sales tax collections), instead of historical sales tax collections. It is important to note, that if the cashflow projections are used and the cashflow does not meet projections,the City may have to levy an ad valorem , tax to makeup any shortfall. This is similar to the funding program that the City and the Southlake Crime klimr Prevention District have jointly undertaken to fund the Public Safety Facilities. The following is a summary of SPDC's cumulative funding capacity for Self-Supporting Certificates of Obligation based on historical sales tax debt service coverage(not including projected growth). ^,) Budget Projected �J" 1999 2000 2001 2002 2003 2004 2005 ,..9.0 1 ?let Sales TaxAvailable after Debt Service S772,629 S856,521 S845,812 ::: :::: :':':: ::: ,9- • 61( 59,701,395 (` `` From issuance of Certificates of OM \ J L Certificates of Oblitation Funding Constraints J 1)Available wbflow based on previous year's excess revenue over debt service. 2)Interest Rate 6.0% ��,��V"`//��JJJ 3)Amortization Timeframe 20 Years -',)k,K)P I act of Using Certificates of Obligation for Funding It is important to note that SPDC's overall debt capacity, as based on historical revenues, is indicated in tfr Certificates of Obligation table above. Therefore, as future Senior Lien Revenue Bonds are issued, the c.... Certificates of Obligations' funding capacity would be reduced accordingly. For instance,the overall debt capacity in 2001 is$9.7 million,but the issuance of the$4.2 million of planned Senior Lien Bonds in 2000 would decrease the Certificate of Obligation debt capacity to$5.5 million. Please call me if you have any questions or comments, or would like to discuss this analysis. As always, First Southwest Company and I are committed to assisting the C ity in any and all ways possible. , te 4t01/), I Pi k '4 ' • 1 t A',If i ' (. /s.' fly c'' y�l . C ;1: l 0,- 0 ,,, i , ,,y,„ ,. Qa Ilicl\Cfi---c) .,, ,,:,.: L 2 SOUTHLAKE PARKS DEVELOPMENT CORPORATION ' 41 1/2% SALES TAX REPORT 1 1 Qiic‘i 1998-99 collected budget balance OC) budget to date balance percent $1.510.525 $1.289.903 $220.622 14.61% FISCAL FISCAL FISCAL YEAR % Inc YEAR % Inc YEAR % Inc MONTH 96-97 -Dec 97-98 -Dec 98-99 -Dec October $80,946 25.8% $118,582 46.5% $155,384 31.0% November 67,684 21.0% 96,832 43.1% 103,444 6.8% December 57,542 10.7% 81,935 42.4% 94,247 15.0% January 99,437 41.7% 133,219 34.0% 156,915 17.8% February 62,836 31.9% 84,457 34.4% 99,787 18.2% March 52,366 1.5% 80,074 52.9% 97,318 21.5% April 91,192 33.1% 107,650 18.0% 155,959 44.9% May 76,289 39.5% 108,880 42.7% 128,839 18.3% June 85,906 53.0% 100,117 16.5% 124,662 24.5% July 111,927 24.5% 137,036 22.4% 173,349 26.5% August 92,426 39.7% 112,063 21.2% - n/a September 86.958 42.0% 100.085 15.1% - n/a TOTAL $965,508 30.8% $1,260,929 30.6% $1,289,903 23.0% Actual Budget Actual Estimated (budget-est.) ok 1997-98 1998-99 1998-99 1998-99 Difference Change October $ 118,582 $ 142,061 $ 155,384 $ 155,384 $ 13,322 9.38% November 96,832 116,005 103,444 103,444 (12,561) -10.83% December 81,936 98,159 94,247 94,247 (3,912) -3.99% January 133,219 159,596 156,915 156,915 (2,680) -1.68% February 84,457 101,179 99,787 99,787 (1,393) -1.38% March 80,074 95,928 97,318 97,318 1,390 1.45% April 107,650 128,964 155,959 155,959 26,995 20.93% May 108,880 130,438 128,839 128,839 (1,599) -1.23% June 100,117 119,940 124,662 124,662 4,722 3.94% July 137,036 164,169 173,349 173,349 9,180 5.59% August 112,063 134,251 - 134,251 - 0.00% September 100,085 119,835 - 119,835 - 0.00% $ 1,260,928 $ 1,510,525 $ 1,289,903 $ 1,543,989 $ 33,464 2.22% 19.79% 22.45% SIstx99.xls Southlake Parks Development Corporation CMO Follow up I ?4/4 9 Meeting Date 7/20? Executive Session - Certified Agenda to City Secretary's office ' /2-efy' Original, approved, minutes to City Secretary's office w/copy of packet information r ��ee. y• ' Executed Documents needed: 1 I. Follow up items: 1 I r I I Southlake Parks Development Corporation FY1998/99 Capital Projects Budget Presented May 24,1999 I1 1 A] B , D I E F I G f H 1 2 _ j Total Actual ! Actual 3 __ FY1997-98 FY1998-99 FY1998-99; Transactions ! Transactions 4 ___ Carry-over Approved Approved ! Fiscal YTD Project To Date 5 Budget 1 Budget Budget Apr-99 as of 4-99 6 I7 REVENUES/OTHER SOURCES 8 Fund Balance $ - $ (447,000)!$ 5,405,038 $ j$ 5,405,038 9 (unaudited) (unaudited) 10 Interest Earnings $ - $ 175,000 $ 175,000 $ 49,319 $ 49,319 11 Donations-Matching Funds $ - $ - $ - $ 12,463 $ - I 2 TPW Grant Proceeds $ -I$ 250,000 $ 250,000 I$ -I $ - 13 Texas Forest Service Grant-Tree Farm#2(Shady Oaks) $ $ - I$ 8,400 !$ $ - 14 Operating Fund Transfer $ -j$ 500,000 $ 500,000 i $ 291,667 $ - 15 Bond Proceeds $ -i$ 4,500,000 $ 4,500,000 I$ - $ I 16 Total Revenue/Other Sources(excluding fund balance carried forward) $ $ 5,425,000 $ 5,433,400 I $ 353,449 I$ 49,319 17 18 REVENUES and FUND BALANCE in excess of/ $ -i$ 565,241 $ 722,899 $ (3,067,005)($ (308,975) 19: (Less than)EXPENDITURES 1 I 20 21 EXPENDITURES 22 RESERVE FOR UNANTICIPATED PROJECTS $ - $ - $ - $ - $ - 23 1, I 24 LAND ACQUISITION: $ -1 $ 1,900,000 1 $ 1,900,000($ - $ 25 TRANSFER TO DEBT SERVICE TO LIQUIDATE NOTES $ - I$ 450,000 $ 450,000 I $ -.i$ - I 27 NEIGHBORHOOD PARKS: $ -1 $ - $ -j $ -, $ - 29 I I 29 COMMUNITY PARKS: I 30 Southwest $ - $ -I $ - $ -I$ - 31 Southeast $ - $ - $ -,$ -I$ - 32 i I 33 CITY PARKS: 111.111,34 Bicentennial Park-adjacent tracts $ 300,000 $ - $ 300,000 $ 389,852 $ 389,852 35 Bob Jones Park-lots(West Beach) $ 1,621,600 $ - $ 1,621,600 $ 858,883 '$ 2,070,684 36 Bob Jones Park-adjacent tracts $ -I $ - $ -I$ - $I - 37 I 38 SPECIAL PARKS: _____I 3 9 !Teen Center site $ - ' $ -I $ - $ -I$ _ 40 I41 LINEAR PARKS AND TRAILS: $ $ $ . $ r-- 42 Park land acquisition 43 Trail system development(additional ROW) 44 I 45 OPEN SPACE LAND ACQUISITION $ 470,000 1$ - $ 470,000 $ 543,179 I$ 543,179 i I 46 47 PARK DEVELOPMENT: 48 'NEIGHBORHOOD PARKS: 49 Koalaty Park 1 50 PlanningI $ 10,000 I$ - $ 10,000 $ - $ 5,095 51 Phase I $ $ - $ - $ $ - 52 Phase 11 $ $ _I $ - $ $ - 53 I ' 54 Noble Oaks Park 55 Planning $ $ $ -I $ $ 56 Phase I $ - $ -I$ -1$ - $ 57 Phase II $ - $ - I$ -1$ - $ 58 j Ig Lonesome Dove Park _ 60 Planning $ - $ - $ - $ - $ 61 ; Phase I $ - '$ 60,000 $ 60,000 $ - $ 62 Phase II $ - $ - $ - $ -i $ - I 63 -- j 64 COMMUNITY PARKS: II 5 Royal and Annie Smith Park 6 cj - 6 Planning $ $ _ I$ -I$ -',$ I Prepared 5/20/99,3:22 PM Page 1 of 3 L:\fir'.ance\spdc\Spdc499.xls ISouthlake Parks Development Corporation FY1998/99 Capital Projects Budget Presented May 24,1999 I I AI B I D I E F I G j H 1 2 Total ; Actual Actual I 3 FY1997-98 FY1998-99 FY1998-99I Transactions Transactions 4 Carry-over I Approved Approved ! Fiscal YTD Project To Date 5 Budget Budget Budget Apr-99 j as of 4-99 67 . Phase I I$ - $ - $ -i $ -I $ I 68 Phase II $ - ,$ - $ -I $ - $ - 69 i • 70 Southeast Park 71 Planning $ - $ - $ - $ - $ 72 Phase I $ - $ - $ - $ - $ 73 Phase II I$ - $ - $ -I$ - $ - 74 75 'Southwest Park I I I I 76 Planning )$ - $ - , $ - $ - $ 77 • Phase I - 78 Phase II , $ - , $ - I$ -IS - 1$ 79 80 Teen Center I 81 Planning $ - $ 150,000 $ 150,000 $ - $ _ 82 Phase I $ - $ - $ - $ - $ 83 i Phase II $ - $ - $ - $ - $ 84 ' 85 Community Center/Recreation Center I 86 Planning $ - $ - $ - $ - $ 87 Phase I $ - $ - $ -1$ - $ i 33 . P,asa:: , $ - $ $ 89 I i ' 90 CITY PARKS: 91 ;Bicentennial Park 92 ;Phase II 93 !Bid Package#1,Earthwork,Utilities,Vehicular paving $ 597,263 $ - I$ 597,263 I$ 518,344 $ 518,600 94 4/98 Pittman Construction$590,646 -- $ I $ - I $ -1$ - $ 95 co#1-7/98 drainage=($5,217);co#2-7/98 concrete=$12,000141;__ $ $ $ - $ $ _ 96 Bid Package#2 Court Construction $ 851,019 $ - $ 851,019 $ 476 -,283 $ 476,283 97 8/98 American Tennis Court Contractors $ - $ - $ - $ - $ - 98 Bid Package#2a,Court Lighting IS 377,281 $ - $ 377,281 $ 294,127I$ 300,125 99 8/98 NEMA 3 Electric,w/Ballfields#1,#3 I$ - $ - $ - $ - $ - 100 Bid Package#3,Structures,McWilliams Enterprises $ - $ 443,259 ,$ 443,259 S $ 101 Tennis Facility $ $ $ -,$ -,$ - - 102 . Restroom/Storage I $ - i $ - , $ -I$ -; $ - 103 Design Contract(Mesa) i $ 161,910 j $ - $ 161,910 $ 3,478 I$ 151,608 I: 104 Landscape/Irrigation i$ - $ 70,000 I$ 70,000 ! ' $ - 105 Fence Extension-Adventure Alley I $ - $ 5,000 $ 5,000; $ -I$ - 106 ;Entry Road Patching I S - $ 5,000 $ 5,000 j $ -1 S - 107 j Fences-Fields#4&#5 I $ 16,805 $ - $ 16,805 $ - $ 15,482 I 108 I _ I 109 Phase III 110 ' Loop trail within park $ - $ 100,000 $ 100,000 $ - $ - 111 roofing for in-line hockey court I$ - $ 60,000 $ 60,000 $ - $ 112 Aquatics facility S $ I $ $ a 113 North Berm construction 114 Additional ballfield construction $ -- $ --I $ --I 5 $ -- $ - 115 i 116 CITY PARKS: I 117 Bob Jones Park -- 118 Phase) 119 Grading/Berm($369,718 awarded 8/97 J Arnold,CO#1-4/98) $ 369,718 $ - $ 369,718 $ 56,592 $ 371,518 120 ' Cultural Resource Survey $ 8,900 $ - $ 8,900 I $ - $ 8,753 I 121 Engineering Services($168,733 Cheatharn-part A and B) $ 166,733 $ $ 166,733 I$ 26,530 $ 181,661 122 6/98 irrigation(A New Deal Irrigation) $ 164,345 $ $ 164,345 $ 18,578 $ 162,771 123 Water well(JJ Biftle$89433 10/98) $ $ $ 89,433 $ 61,806 $ 61,806 124 Fence-12/97 Ratliff-c%o#1-3/98 gates=$2100;co#2-8/98 fence=$6512) I $ 45,437 $ - $ 45,437 $ 9,000 $ 42,195 125 Parking($248,970 awarded 12/97 Bertram) $ 248,970 $ + 126 par6/98 sod 14 soccer fields(Thomas Brothers)co#1-10/98$5604 !$ 53,762 $ - $ 59,366 $ 59,919 I$ 59,919 127 3 SnrrPr Fields w/o lights(GRANT)($93,000 part of 14 fields) $ - $ 248,970 S S 18,374 $ $ -I S $ 272,359 - '28 ' 15 Picnic Tables w/grills(15 in Phase II)$19,250 $ $ 19,250 i $ 19,250 I S $ I29 ''Fishing Dock$38,500 $ $ 38,500 $ 38,500 I$ $ - Prepared 5/20/99,3:22 PM Page 2 of 3 L:lfinance\spdc\Spdc499.xls I Southlake Parks Development Corporation FY1998/99 Capital Projects Budget • Presented May 24,1999 I ( IA B j D I E I F J G II H 2 i Total Actual Actual 114 3 ( FY1997-98 FY1998-99 FY1998-99 Transactions Transactions 1111 4 j Carry-over Approved Approved Fiscal YTD Project To Date 5 _ Budget Budget Budget Apr-99 j as of 4-99 130 • Playground$96,000 $ - $ 96,000 , $ 96,000 $ - $ - 131 * Practice Fields$38,500I $ - $ 38,500 $ 38,500 $ - $ - 132 ' Pavilion$85,000 $ $ 85,000 $ 85,000 $ $ - 313 134 Phase II 135 * Playground$96,000 $ - $ 96,000 $ 96,000 $ - $ - 136 • 15 Picnic Tables w/grills$19,250I $ $ 19,250 $ 19,250 $ $ 137 • Fishing Pond$102,500 $ - $ 102,500 $ 102,500 $ $ 138 • Day Camping Facilities$64,000 $ - $ 64,000 , $ 64,000 $ - $ 139 • Amphitheater$64,000 $ - $ 64,000 I $ 64,000 $ -j$ - 140 • Signage$1,000 $ - $ 1,000 $ 1,000 $ i$ I 141 • Lighting Soccer Fields$35,000 $ $ 35,000 $ 35,000 I$ 7,500 j $ 7,500 142 Loop Road-$500,000(in addition to grant money) $ $ $ I$ I $ - 143 ` Hike&Bike Trail$128,000 $ - $ 128,000 $ 128,000 $ - $ - 144 !Planning and Construction$45,500 $ - $ 45,500 1 $ 45,500 $I 145 146 CITY PARKS: 147 IBob Jones Park 148 Phase III I I 149 :Nature Center $ 20,000 $ $ 20,000 1$ 13,000 $ 150 151 Phase IV ' $ - $ -1$ -1 $ -I$ 152 {1 I ' 153 LINEAR PARKS AND TRAILS: -- 154 Signage for On-Road Trails $ $ 5,000 1 $ 5,000 $ - $ 155 I 156 Continental-Phase 1 $ 9,000 $ 150,000 $ 159,000 $ - $ 3,568 157 •Continental-Phase 2 $ - $ - $ - $ -1$ - kvi,156 159 Loop trail from Bicentennial to Durham/CJHS $ - $ $ - $ $ - 160 161 Fox Hollow equestrian trail $ - $ 12,000 $ 12,000 $ - $ - I 162 ` 163 .ISTEA Grant-Cottonbelt Trail$48,000 $ 48,000 $ -1 $ 48,000 $ 13,811 I$ 16,211 164' I 165 MATCHING FUNDS-COMMUNITY PROJECTS: 166 Adventure Alley Pavilion addl$10,000 10/98 I $ 15,000 1$ -1 $ 25,000 $ 25,000 $ 25,000 167 Tree Farm(app.12/97-donations FY98=$2,069+$1,500=$3,569) I$ 1,500 $ $ 1,500 $ 24 $ 3,288 168 Tree Farm#2(Shady Oaks-Grant) $ $ $ 4,200 $ 2,528 $ 2,528 169 Southlake Baseball Association(app.1/99) $ - I $ - $ 30,000 , $ 11,630 I1 $ 11,630 170 ;Remaining Balance $ - $ 100,000 $ 39,300 1 I$ _ - 1 171 I 172 SPECIAL PROJECTS: I $ - $ mood $ so,00a 1$ - $ 173 Senior Activity Center $ 55,000 $ - I $ 55,000 $ 9,910 I$ 59,611 174 I. ' 175 JOINT USE PROJECTS: •176 Equipment $ 5,000 $ - $ 5,000 i$ - $ 177 Signage-All Parks $ 7,000 $ - $ 7,000 i$ - $ _ 178 Gymnasiums I$ - $ - $ - $ - $ I179 Ball field development I$ - $ 20,000 : $ 20,000 1$ 2,106 $ 2,106 180 1 181 GRAND TOTAL EXPENDITURES $ 5,624,243 $ 4,412,759 I $ 10,115,539 $ 3,420,454 $ 5,763,332 182* TPW GRANT ELIGIBLE I I I IL Prepared 5/20/99,3:22 PM Page 3 of 3 L:\finance\spdc\Spdc499.xls I -7g ^3 I SOUTHLAKE PARKS DEVELOPMENT CORPORATION 1/2% SALES TAX REPORT 1998-99 collected budget balance 46 budget to date balance percent C $1,510,525 $863,053 $647,472 42.86% FISCAL FISCAL FISCAL YEAR % Inc YEAR % Inc YEAR % Inc MONTH 96-97 -Dec 97-98 -Dec 98-99 -Dec October $80,946 25.8% $118,582 46.5% $155,384 31.0% November 67,684 21.0% 96,832 43.1% 103,444 6.8% LDecember 57,542 10.7% 81,935 42.4% 94,247 15.0% January 99,437 41.7% 133,219 34.0% 156,915 17.8% il February 62,836 31.9% 84,457 34.4% 99,787 18.2% IMarch 52,366 1.5% 80,074 52.9% 97,318 21.5% April 91,192 33.1% 107,650 18.0% 155,959 44.9% IIMay 76,289 39.5% 108,880 42.7% - n/a June 85,906 53.0% 100,117 16.5% - n/a h''..July 111,927 24.5% 137,036 22.4% - n/a L August 92,426 39.7% 112,063 21.2% - n/a September 86,958 42.0% 100,085 15.1% - n/a LTOTAL $965,508 30.8% $1,260,929 30.6% $863,053 22.8% IActual Budget : Actual Estimated (budget-est.) % 1997-98 1998-99 1998-99 1998-99 Difference Change LOctober S 118,582 $ 142,061 $ 155,384 $ 155,384 $ 13,322 9.38% November 96,832 116,005 103,444 103,444 (12,561) -10.83% December 81,936 98,159 94,247 94,247 (3,912) -3.99% IJanuary 133,219 159,596 156,915 156,915 (2,680) -1.68% February 84,457 101,179 99,787 99,787 (1,393) -1.38% March 80,074 95,928 97,318 97,318 1,390 1.45% I April 107,650 128,964 155,959 155,959 26,995 20.93% May 108,880 130,438 130,438 0.00% June 100,117 119,940 119,940 - 0.00% July 137,036 164,169 - 164,169 - 0.00% f August 112,063 134,251 - 134,251 - 0.00% September 100,085 119,835 - 119,835 0.00% r $ 1,260,928 $ 1,510,525 $ 863,053 $ 1,531,686 $ 21,161 1.40% 19.79% 21.47% SIstx99.xls I 8 ISOUTHLAKE PARKS DEVELOPMENT CORPORATION 1/2% SALES TAX REPORT li Corrected March Report 1998-99 collected budget balance lir budget to date balance percent I $1,510,525 $707,094 $803,431 53.19% FISCAL FISCAL FISCAL L. YEAR % Inc YEAR % Inc YEAR % Inc MONTH 96-97 -Dec 97-98 -Dec 98-99 -Dec IOctober $80,946 25.8% $118,582 46.5% $155,384 31.0% November 67,684 21.0% 96,832 43.1% 103,444 6.8% L. December 57,542 10.7% 81,935 42.4% 94,247 15.0% January 99,437 41.7% 133,219 34.0% 156,915 17.8% 1 February 62,836 31.9% 84,457 34.4% 99,787 18.2% I March 52,366 1.5% 80,074 52.9% 97,318 21.5% April 91,192 33.1% 107,650 18.0% - nia kMay 76,289 39.5% 108,880 42.7% - n/a June 85,906 53.0% 100,117 16.5% - n/a rI July 111,927 24.5% 137,036 22.4% - n/a LAugust 92,426 39.7% 112,063 21.2% - n/a September 86,958 42.0% 100,085 15.1% - n/a TOTAL $965,508 30.8% $1,260,929 30.6% $707,094 18.8% L. Actual Budget Actual Estimated (budget-est.) 1997-98 1998-99 1998-99 1998-99 Difference Change L October $ 118,582 $ 142,061 $ 155,384 $ 155,384 $ 13,322 9.38% November 96,832 116,005 103,444 103,444 (12,561) -10.83% December 81,936 98,159 94,247 94,247 (3,912) -3.99% January 133,219 159,596 156,915 156,915 (2,680) -1.68% I February 84,457 101,179 99,787 99,787 (1,393) -1.38% March 80,074 95,928 97,318 97,318 1,390 1.45% IApril 107,650 128,964 - 128,964 - 0.00% May 108,880 130,438 130,438 0.00% June 100,117 119,940 - 119,940 - 0.00% July 137,036 164,169 - 164,169 - 0.00% I August 112,063 134,251 - 134,251 - 0.00% September 100,085 119,835 119,835 0.00% 16 I $ 1,260,928 $ 1,510,525 $ 707,094 $ 1,504,691 $ (5,834) -0.39% 19.79% 19.33% Slstx99.xls SOUTHLAKE PARK DEVELOPMENT CORPORATION Capital Projects Status Report May 13, 1999 BICENTENNIAL PARK 1 Land Acquisition - Status: None. Phase II construction Design - Phase II Contract Began: June 17, 1997 Estimated Completion of Construction: August, 1999 Consultant: MESA Design Group Status: SPDC awarded bid package #1 to Pittman Construction for S590,646 and is complete. Change Order #1 (drainage reduction) was approved in July to deduct $5,127. Change Order #2 (concrete cost) was approved in July to add S12,000. A deduct change order is forthcoming to closeout the contract. SPDC awarded bid package #2 to American Tennis Court Contractors for S851,019.00 to include 13 tennis courts, 3 basketball courts, and 1 in-line hockey court. Change Order #1 (resurfacer) was approved in February to add$13,000. Change Order #2 resulted in a credit of S1,531. Change Order #3 resulted in a credit of S6,373. Tennis court surfacing is 95% complete. Center court seat walls and steps are substantially complete. Sidewalks will progress with establishment of grade. SPDC awarded bid package #2a to NEMA3 Electric for S377,281.00 to include lighting ballfields 1 and 3 with all Phase II court lighting with exception of the basketball courts which are unlighted. Ballfield lighting is complete. Phase II lighting has begun with exception of the in-line hockey, which is being held pending cover design options. SPDC awarded bid package #3 to McWilliams Enterprises, Inc.for S443,259.00 to include the Tennis Center and restroom/storage facility. All foreseeable issues have been addressed. Change Order discussions may not be resolved until the June SPDC meeting. Concrete piers are complete with plumbing and foundation progressing. Written estimates for Tennis windscreens were received and awarded to American Tennis Court Contractors Inc.for S14,433.00. Installation is expected in early June. Written estimates have been received for the installation of the pond surface aeration system. Bicentennial Park Phase II Project Timelines are on the next page. Page 1 1 7e- E ciswBicentennial Park Phase II ID Task Name 1666 II 1 Bid Package a1 Duration Dec Jan Feb Mar I' I May Jun Jul I Aug I Sep I Oa I Nov I Dec Jan I Feb I Mar I Apr 21d 2 Bid Package 02 122d --_--- __- __ __._ 3 Tennis Courts 72d --_-____ , E 4 Concrete 31d ' omplete I 5 Fencing 150• omPMeL -_ 6 Surfacing 7 Basketball Courts 30d i It Concrete Complete 150 i plate 9 SuRacng 15d illgerit I • 10 In-Un.Hockey Facility w/o cover SOO • . L .--- . 11 Concrete Complete 43d I --- . 12 Dasher Boards 350iliMilirMillil • 13 Bid Package 42A !id _- . L to Softball Lighting __. _..___ 37d Mini Complete 15 Tennis Lighting - 77d-- ---- __-- lip9 1 L 16 Installation __..__ ___ 15d ■Complete 17ing 10d I • 1e Bid Package 63 110dWINIMIIMIIMIIIIII1119, - -- Li6 Tennis Pro Shop and Restroom Facilities 1100 - 10% -- 20 Deduct Change Order too 21 SPDC Approval 0d 22 City Council Approval 11dC i V 23 Foundation 200 ar 1999 C ID Task Name Duration Dec Jan I Feb I Mar I Apr I May I Jun I Jul I Aug I Sep I Oct Nov I Dec Jan Feb I Mar I Apr 24 Phase II Remaining Items 77tl 25 Tennis Shade Structure20d 26 Written approval of estimates 100 -- Iliomplete i 27 Installation 10d 28 Tennis Wind Screens 23d I 29 Written approval of estimates 100VPNteL - - - 30 Installation 1J0 i 31 Pond Aeration NO 22d 1 72 Written approval of estimates - -- • 33 Installation 21d L34 Bid Package 4 1060 — _... 75 Irrigation106d • I- IIIWNINIIIIIIIMIIIIV ipiiiiiii 36 Design 15d i 77 Park Board and SPDC Approval 250 { 3a Receive Authorization to Bid from SPDC 1d I 39 Advertise 21d -- i 40 Tabulation and Award of Contract 7d -- at Obtain ContractDocuments 70 r r • • 42 Construction 30d L Cillo Page 3 S 7 _ �3 I 1,,, Al ID Task Name Duration Dec Jan I Feb I Mar I Apr I May Jun ! Ju Aug SEP Oft Nov oec Jan I Feb I Mr I Apr 43 Bid Package 5 106d 1.1MNIMINNINOWi 44 Landscaping 106d 45 Design i5tl • 46 Park Board and SPDC Approval 25d _— _ 47 Receive Authorization to Bid from SPDC Id 46 Advertise 21 d, 49 Tabulation and Award of Contract 7d 111\NM _- ----- 50 Obtain Contract Documents 7d ' 51 Construction 300 Adventure Alley Fence Extension -F.Y. 1998-99 I Status: The 45'pavilion constructed by Southlake Playgrounds, Inc. will incorporate a portion of the fence extension. Estimates are being sought to complete the I enclosure. 1999 I ID Task Name Duration Dec Jan I Feb I Mar I Apr j May I Jun 1 Jul I Aug I Sep I Oct j Nov I Dec Jan I Feb I Mar I Apr 71 Adventure Alley Fence Extension 56d Entrance Road Repair-F.Y. 1998-99 I Status: Staff will review options for repair of the entrance road 1999 "Mlle 1 ID Task Name Duration Dec Jan I Feb I Mar I Apr I May I Jun I Jul I Aug j Sep I Oct I Nov I Dec Jan I Feb I Mar I Apr 72 Entrance Road Repair e7d 73 -_—Design 15d I 74 Park Board and SPDC Approval 190 —1—%---- 75 Receive Approval to Bid from SPDC Id 76 Advertise --- 165 77 Tabulation and Award of Contract 6d • — I 79 Obtain Contract Documents 7d - 79 Construction 25d • Phase III IPark Trail -F.Y. 1998-99 , Status: Alignment of the park trail is being designed by staff and will be submitted .l when completed for Park Board approval. Staff is coordinating with Tom Thumb to ensure an acceptable transition across property lines. Site base information is being assembled to illustrate existing conditions and improvements. The portion of trail south .40 0 of Oak Hill Subdivision is anticipated to be improved within the month of June, 1999. • mid Page 4 ..sod it 1 76 wit — L 1999 Li ID Tuk Name Duration Dec Jan I Feb l Mar I Apr I May 1 Jun I Jul I Aug 1 sep l Oct I Nov 1 Dee Jan I Feb I Mar I Ap N Park Trail 174d 65 Design tSd II Park Board and SPDC Approval - 15d 67 Advertise —.— __. 25d L N Tabulation and Award of Contract ed t 69 Obtain Contract Documents 75 70 Construction Old — _--- —�—— ICover for In—line Hockey —F.Y. 1998-99 Status: Proposals from qualified design consultants have been received and reviewed for the cover of the in-line hockey facility. A proposal has been requested from Ron Hobbs Architects for three conceptual designs with cost estimates to construct. L Meetings are progressing to define a contract. 1999 I ID Task Name J Duration Dec Jan I Feb I Mar I Apr I May I Jun I Jul I Aug I Sep I Oct I Nov I Dec I Jan I Feb I Mar I Apr 52 Hockey Cover ]2N , S3 Consuaam Selection and Approval 97d 10,6 54 Conceptual Design with Estimates 44d • • SS Park Board and SPDC Approval — — 14d 56 Preliminary Design Approval 305 57 Park Board and SPDC Approval 15d N Construction Documents 30d L _. 59 Receive Authorization to Bid from SPDC 60 Advertise 165 +/ 30d 61 Tabulation and Award of Contract 7d I 62 ObtainContract Documents 7r1 _ 65 Construction B7d LBOB JONES PARK ILand Acquisition — Status: Progressing well through the City Manager's Office. IPhase I with TPWD Grant— Consultant: Cheatham and Associates Began: March 18, 1997 Status: Contracts are closed with: James Arnold Construction for Phase I earthwork. ' J.L. Bertram for vehicular paving. Thomas Bros. Grass for sodding soccer fields. ,I I'l'ir Ratliff Iron Works is progressing with closeout items. Page 5 I7e- 5 i m 1 SPDC awarded irrigation improvements to `A New Deal'Inc. Construction. Installation is complete with parking lot islands remaining. Closeout discussions are progressing. •.I 1 SPDC approved schematic plans for TPWD grant improvements as presented in April to J include the pavilion/boardwalk, playground, trails, and ballfields. Construction documents are being finalized. Authorization to bid will be requested from SPDC i pending approval of the TPWD contract. Issues remain concerning deed and boundary information submitted. Staff is awaiting a response from TPWD. 3 1999 ID Task Name Duration Dec Jan 1 Feb I Mar I Apr I May i Jun I Jul I Aug I Sep I Oct 'Nov I Dec i Jan I Feb I Mar I Apr I May 1 Phase --- - Old gpmmiimmil 2 Grass Sodding ---- 21tl -Complete 1 Pipe Fencing - _ -._. Sitl. —_..-- Complete 4 Tree Transplanting - _---_---21- d --- ___ Complete -- ME 5 Water Well ..--.. -_._—..--OOC Phase II with TPWD Grant- I I Status: To begin after substantial completion of Phase I. Nature Center Planning- I Status: A location has been recommended and approved by the Park Board. The donated facility is being stored until site conditions will allow for final placement. NEIGHBORHOOD PARKS I INoble Oaks Park-F.Y. 2000-01 Status: Design has been held e I p nding coordination of adjacent improvements I with CISD. Staff is progressing with the development of a designated parking area to deter vehicular traffic through the park. I Koalaty Park-F.Y. 2000-01 Status: A public hearing was held February 5, 1998 with Park Board. The layout I of the Master Plan was approved with the inclusion of relocating the restroom facility, creating a berm south of the school,providing a natural barrier to Country Walk Estates, I and providing 25 additional parking spaces. Primary elements include four unlighted ballfields and two practice soccer fields, both ii sized for elementary-age use; one larger practice soccer field and adult practice ballfield A trail loop is planned which would tie in with the anticipated Continental ' Blvd. trail. J Page 6 J/ t1 7e- , 1 w r ,.` Problems continue with parking along the Country Walk entrance. "No Parking"signs were installed but have been of little benefit to resolve the conditions. v IRoyal and Annie Smith Park-F.Y. 1999-00 Status: Apublic hearingwas held5, I I February 1998 with Park Board. Approval was tabled. KISD is constructing a library and parking lot that will necessitate I redesign of the park. A temporary trail is constructed along the right-of-way from Ridgewood Subdivision to Florence Elementary. ILonesome Dove Park-F.Y. 1998-99 Status: All requirements ofthe I 9 developer's agreement are being addressed. I As-built information is being gathered to progress with considered improvements. LINEAR PARKS AND TRAILS ISTEA Grant- Cottonbelt Trail - F.Y. 1997-98 I I. Status: Southlake, Colleyville, and NRH entered into an interlocal agreement with each other to design and construct the trail under one contract with a more cost effective efcient approach. MESA Design Group has been contracted as consultants by the Land + three cities and TxDOT. Preliminary plans with alternatives are being reviewed. The City of Grapevine has agreed to assist through the City of Southlake portion of the trail. 1999 1999 2000 00 ID CCotton Ben TimelineTimelineDuration Otr 2 I Otr 3 I Dr! On 1 i Qtr 2 I Qtr 3 I Otr! Do-1 1 Qtr 2 I Qtr 3 I Otr! Qtr 1 I QV 22710113 I QV! I Otr 1 I Car 22002 Otr 3 1 Cotton Belt Trails 632d 2 Data Collenoon and Site Analysis 145d CampMla [ 3 Schematic Design 170d 6X 4 Design Development 17y —_— Construction Documents 143dIS Continental Boulevard Trail (White Chapel to Davis) - F.Y. 1998-99 IDesign - Phase I Contract Completed: November 25, 1997 Consultant: Dunaway Associates, Inc. Status: Trail improvements are pending Phase I improvements to Continental I Boulevard COMMUNITY FACILITIES IRoyal and Annie Smith Park House- r lbw I Page 7 I 7C- 7 1 Status: Building Inspection has reviewed the house. Extensive work will be I necessary for public use. I Nature Center- Status: The facility has been located to Bob Jones Park and is currently staged I until site conditions allow for final placement. MATCHING FUNDS— COMMUNITY GROUPSI Total Budget-$100,000 I Adventure Alley Pavilion by Southlake Playgrounds,Inc.— I Approved by SPDC: August 17, 1998 Approved by Park Board: February 3, 1997 I Status: SPDC approved S15,000 at the August meeting to begin construction on the planned 20'and 45'pavilion. Funds received have allowed for the purchase and completion of six covered picnic tables. Funding has also allowed for substantial I completion of a 30'pavilion. A fourth pavilion (20) location was approved by Parks and Recreation Board near the Basketball courts of Bicentennial Park 1999 2 0 ID Task Name Duration Nov j Dec Jan I Feb I Mar I Apr 1 May l Jun I Jul 1 Aug I Sep 1 Oct I Nov I Dec Jan I Feb I Mar I Apr i May I Jun 1 Park Pavilions 61d lip 2 45'Pavilion 21d ®complete I 3 Covered Tables 31d complete 4 30'Pavilion 30d complete 5 20'Pavilion ---- 30d ®25% 3 Senior Tree Farm#1 - Approved by SPDC: January 16, 1998 Approved by Park Board: December 8, 1997 Status: All trees have been planted. The drip irrigation is 100% complete. ii Senior Tree Farm#2 — j Approved by SPDC: Approved by Park Board: Status: The Texas Forest Service Grant of S8,400 ($4,200 Grant Award with a 1 $4,200 Required Match) began on October 1, 1998. All grow bags have been installed. ,..1 Planting is complete with 403 seedlings. 1999 2 ID Task Name Duration Nov Dec Jan Feb Mar Apr j May Jun Jul Aug j Sep Oct Nov Dec Jan Feb Mar Apr May Jun ,,,il 6 Senior Tree Farm 12 39d 7 Irrigation --- -- 14d Page--�---- ' complete 8 Plant Seedlings 25d 95% 7e- F I i C Nlaw JOINT-USE PROJECTS 1 Soccer Practice Fields-F.Y. 1998-99 Status: Plans are being prepared for the layout of the irrigation system at St. Martin's in-the-Field. Minor earthwork will be needed to facilitate drainage. ' 10 Task Name 1 St Martin's in the Field Soccer Practice Fields 1999 Duration Sep I On f Nov I Dec l Jan I Feb I Mar Apr May I Jun I Jul I Aug I Sep I Ocl I Nov I Dec I Jan sy 2 Minor Grading 41d 2 lmpalion 160 I Pi Joint-Use Equipment- Status: Available as needed. Signage for all Parks - LStatus: Available as needed. SPECIAL PROJECTS Investigate options and costs for landscape and concrete near Adventure Alley. Bicentennial Park Phase II pond surface aeration system. Senior Activity Center irrigation system. Senior Activity Center concrete sidewalks and patio. Bicentennial Park pavilion tables and benches. C I Page 9 7c- 9 Southlake Parks Development Corporation Capital Projects Budget FY97/98 - FY02/03 A J B C J D E F G 1 2 3 FY1997-98 ---- ------ --- 4 --- -- ------------ Approved - - -- --- - - ---- 5 Budget FY1998-99 FY1999-00 FY2000-01 FY2001-02 7 REVENUES/OTHER SOURCES 8 Fund Balance — $ 464,656 $ (447,000) $ 597,750 $ (12,250) $ 3,072,750 9 10 Interest Earnings $ 200,000 $ 175,000 $ 125,000 $ 175,000 $ 125,000 11 Donations-Matching Funds $ 6,050 $ - $ - $ - $ - 12 TPN_Grant Proceeds $ - $ 250,000 $ 250,000 $ - $ - 13 Operating Fund Transfer $ 1,140,000 $ 500,000 $ 500,000 $ 500.000 $ 500,000 14 Bond Proceeds --_ —_-- $ 5,136,109 $ 4,500,000 $ - $ 4,400,000 $ - 15 Total Revenue/Other Sources(excluding fund balance carried forwar$ 6.482,159 $ 5.425,000 $ 875,000 $ 5.075,000 $ 625.000 9 16 17 REVENUES and FUND BALANCE in excess of/ $ (447,000) $ 597,750 $ (12,250) $ 3,072,750 $ 527,750 18 (Less than) EXPENDITURES 20 EXPENDITURES 21 RESERVE FOR UNANTICIPATED PROJECTS $ - $ - - 22 LAND ACQUISITION: _ $ - $ 1,900,000 $ - $ $ - 23 TRANSFER TO DEBT SERVICE TO LIQUIDATE NOTES $ - $ 450,000 $ - $ - $ _ - 24 NEIGHBORHOOD PARKS: $ - $ $ - $ - 25 26 COMMUNITY PARKS: 27 Smith Park-Joint-use/KISD $ 369,121 $ - $ - $ - $ - 28 Southwest $ - $ - $ - $ - $ - 29 Southeast $ - $ - $ - $ - $ - 30 31 CITY PARKS: 32 Bicentennial Park-Brunson/Bank $ 1,161,580 $ - $ - $ - $ - 33 Bicentennial Park-adjacent tracts $ 300,000 $ - $ - $ - $ _ 34 Bob Jones Park-lots(West Beach) $ 1,621,600 $ - $ - $ - $ - 35 Bob Jones Park-adjacent tracts $ - $ - $ - $ - $ - 36 Prepared 3/18/99, 3:06 PM Page 1 of 7 - Q CP - 1.1 NM MB — NM — EN I lb.1 — I I — NS UN III Southlake Parks Development Corporation Capital Projects Budget FY97/98 - FY02/03 A B C I D I E I F I G I 1 2 3 FY1997-98 4 Approved 5 Budget FY1998-99 FY1999-00 FY2000-01 FY2001-02 37 LAND ACQUISITION: 38 39 SPECIAL PARKS: 40 Lonesome Dove/COE entryway $ 63,135 $ - $ - $ - $ - 41 Teen Center site $ - $ - $ - $ - $ - 42 43 LINEAR PARKS AND TRAILS: $ - $ - $ - $ - $ - 44 Park land acquisition 45 Trail system development(additional ROW) 46 47 OPEN SPACE LAND ACQUISITION $ 470,000 $ - $ - $ - $ - 48 49 50 PARK DEVELOPMENT: 51 NEIGHBORHOOD PARKS: 52 Koalaty Park 53 Planning $ 10,000 $ - $ - $ - $ - 54 Phase I $ - $ - $ - $ 175,000 $ - 55 Phase II $ - $ - $ - $ - $ - 56 57 Noble Oaks Park 58 Planning $ - $ - $ - $ - $ - 59 Phase I $ - $ - $ - $ 100,000 $ - 60 Phase II $ - $ - $ - $ - $ _ 61 62 Lonesome Dove Park 63 Planning $ - $ - $ - $ - $ - 64 Phase I $ - $ 60,000 $ - $ - $ - 65 Phase II $ - $ - $ - $ - $ - 66 67, 68 Prepared 3/18/99, 3:06 PM Page 2 of 7 I I ) IA —A 4-___11 ..____I •—i .____I & A ...__11 -- _ A - A .......-I - A - .11 _ A _ I - A — A Southlake Parks Development Corporation Capital Projects Budget FY97/98- FY02/03 A B I C L D I E I F I G I 1 3 FY1997-98 4 - - - ----- -- -—_ _ Approved ---- -- 5 Budget FY1998-99 FY1999-00 FY2000-01 FY2001-02 69 PARK DEVELOPMENT: 70 71 COMMUNITY PARKS: 72 Royal and Annie Smith Park 73 Planning _ $ - $ - $ - $ - $ - 74 Phase I $ - $ $ 110.000 $ 115,000 $ - 1 75 Phase II $ - $ - $ - $ - $ - 77 COMMUNITY PARKS: 78 Southeast Park 79 Planning $ - $ - $ - $ - $ _ a 80 Phase I $ _ - $ - $ - $ - $ - 1, 81 Phase II $ - $ - $ - $ - $ - 9 82 83 Southwest Park 84 Planning $ - $ - $ - $ - $ - 85 Phase I $ - $ $ $ $ - 86 Phase II $ - $ $ $ $ - . 87 ---- ----- 88 — — --89 Teen Center _ 90 Planning $ - $ 150,000 $ - $ - $ - 91 Phase I $ - $ - $ 850,000 $ - 92 Phase II $ - $ - $ - $ - $ - 93 94 Community Center/Recreation Center 95 Planning $ - $ - $ - $ 200,000 $ - 96 Phase I $ - $ - $ - $ - _ $ 3,000,000 97 Phase II $ - $ - $ - $ - $ - 98 99 100 Prepared 3/18/99, 3:06 PM Page 3 of 7 1 ) 1 1 .-_ > ,-../ 1 I I 1 _ I I I . J . 1 1 _ I .. I _ I _ 1 . • Southlake Parks Development Corporation Capital Projects Budget FY97/98 -FY02/03 A B 1 C 1 D I E I F 1 G 1 2 3 - - --------- — ----- FY1997-98 4 Approved 5 Budget FY1998-99 FY1999-00 FY2000-01 FY2001-02 101 PARK DEVELOPMENT: '102 — _ 103 CITY PARKS 104 Bicentennial Park 105 _ Phase II — 106 _ Bid Package#1 , Earthwork, Utilities, Vehicular paving _ $ 597,519 $ - S - $ - S - 107 4/98 Pittman Construction $590,646 $ - $ - $ - $ - $ - - 108 co#1-7/98 drainage=($5,217); co#2-7/98 concrete=$12,00__0 $ $ - $ — - $ - $ - 109 Bid Package#2 Court Construction $ 851,019 $ - $ - $ - $ -_ 110 8/98 American Tennis Court Contractors $ - $ - $ - $ - S - 111 Bid Package#2a, Court Lighting $ 377,281 $ - $ - $ - $ - 112 8/98 NEMA 3 Electric, w/Ballfields#1,#3 __ S _ - $ - $ - $ - $ - 113 Bid Package#3, Structures(Mesa 9/22/97 est.): (FY1998-99) $ - $ 410,750 $ - $ - $ - 114 Tennis Facility($290,750) $ - $ - $ - $ - $ - 115 Restroom/Storage($120,000) $ - $ - $ - $ - $ - 116 _ Design Contract(Mesa) _ $ 161,910 $ - $ - $ _ - $ - 117 _ _ Landscape/Irrigation(FY1998-99$70,000) $ - $ 70,000 $ - $ - $ - 118 _ Fence Extension-Adventure Alley $ - $ 5,000 $ - $ - $ - 119 Entry Road Patching $ - $ _ 5,000 $ - $ _ - $ - 120 Resod Field#2 (General Fund) $ - $ - $ - $ - $ - 121 Fences - Fields#4&#5 $ 16,805 $ - $ - $ - $ - 122 123 Phase III 124 Loop trail within park $ - $ 100,000 $ - $ - $ 125 roofing for in-line hockey court $ - $ 60,000 $ - $ - $ - 126 Aquatics facility $ - $ - $ - $ - $ - 127 North Berm construction $ - $ - $ - $ - $ - 128 Additional ballfield construction $ - $ - $ - $ - $ - 129 130 Prepared 3/18/99, 3:06 PM Page 4 of 7 1 1 > ,__J ! 4 • i_A i i_J t.. 1 - 1 _ 1 . 1 _ > _ 1 _ 1 _ l . I 1 _ 1 Southlake Parks Development Corporation Capital Projects Budget FY97/98-FY02/03 A B I C I D I E I F I G 1 1 2 3 -- FY1997-98 4 Approved 5 Budget FY1998-99 FY1999-00 FY2000-01 FY2001-02 I 131 PARK DEVELOPMENT: 132 133 CITY PARKS: 134 Bob Jones Park 135 Phase I 136 Grading/Berm ($369,718 awarded 8/97 J Arnold, CO#1-4/98) $ 369,718 $ - $ - $ - $ - $ 137 • Cultural Resource Survey _ $ 8,900 $ - $ - $ - $ - $ 138 _ Engineering Services ($166,733 Cheatham-part A and B) $ 166,733 $ - $ - $ - $ - $ 139 6/98 irrigation (A New Deal Irrigation) $ 164,345 $ - $ - $ - $ - $ 140 Fence- 12/97 Ratliff-clo#1-3/98 gates=$2100;co#2-8/98 fence=$651 $ 45,437 $ - $ - $ - $ - $ 141 Parking ($248,970 awarded 12/97 Bertram) $ 248,970 $ - $ - $ - $ - $ 142 ' part 6/98 sod 14 soccer fields (Thomas Brothers) $ _ 53,762 $ - $ - $ _ - $ - $ 143 • 3 Soccer Fields w/o lights (GRANT) ($93,000 part of 14 fields) $ - $ - $ - $ - $ - $ 144 • 15 Picnic Tables w/grills (15 in Phase II) $19,250 $ - $ 19,250 $ - $ - $ - $ 145 • Fishing Dock$38,500 $ - $ 38,500 $ - $ - $ - $ 146 * Playground $96,000 $ _ - $ 96,000 $ - $ - $ - $ 147 • Practice Fields$38,500 _ $ - $ 38,500 $ - $ - $ - $ 148 Pavilion $85,000 $ - $ 85,000 $ - $ - $ - $ 149 150 Phase II 151 • Playground $96,000 $ - $ 96,000 $ - $ - $ - 9 152 • 15 Picnic Tables w/grills $19,250 $ - $ 19,250 $ - $ - $ - 9 153 Fishing Pond $102,500 $ - $ 102,500 $ - $ - $ - 9 154 Day Camping Facilities$64,000 $ - $ 64,000 $ - $ - $ - 9 155 Amphitheater$64,000 $ - $ 64,000 $ - $ - $ - 9 156 Signage$1,000 $ - $ 1,000 $ - $ - $ - 9 157 Lighting Soccer Fields$35,000 $ - $ 35,000 $ - $ - $ - 9 158 Loop Road-$500,000(in addition to grant money) $ - $ 100,000 $ 400,000 $ - 9 159 ' Hike& Bike Trail$128,000 $ - $ 128,000 $ - $ - $ - 160 Planning and Construction$45,500 $ - $ 45,500 $ - $ - $ - ° 161 Restroom/storage/concession facility $ - $ - $ 100,000 $ - $ - : 162 Prepared 3/18/99, 3:06 PM Page 5 of 7 ) Southlake Parks Development Corporation Capital Projects Budget FY97/98-FY02/03 A I B 1 C 1 D 1 E j F 1 G 1 1 3 FY1997-98 4 Approved 5 Budget FY1998-99 FY1999-00 FY2000-01 FY2001-02 I 163 PARK DEVELOPMENT: 164 165 CITY PARKS: 166 Bob Jones Park 167 Phase III 168 Nature Center $ 20,000 $ - $ 600,000 $ - 1 169 170 Phase IV $ - $ - $ $ $ - 9 171 172 173 LINEAR PARKS AND TRAILS: 174 Signage for On-Road Trails $ - $ 5,000 $ 5,000 $ - $ - 9 175 176 Continental-Phase 1 $ 9,000 $ 150,000 $ - $ - $ - 9 177 Continental-Phase 2 $ - $ - $ 150,000 $ - $ - 9 178 179 Loop trail from Bicentennial to Durham/CJHS $ - $ - $ 230,000 $ - a 180 _ — 181 Fox Hollow equestrian trail $ - $ 12,000 $ - $ - $ - 182 — ---- — 183 ISTEA Grant-Cottonbelt Trail $48,000 $ 48,000 $ - $ - $ - $ - 184 185 MATCHING FUNDS-COMMUNITY PROJECTS: 186 T-Ball Field# 10-SBA(swat spent Ito be paid by SBA$3980=82160.50) $ 6,141 $ - $ - $ - $ - , 187 KSB-Waterscape(added$7,000 12/97) $ 12,000 $ - $ - $ - $ 188 Adventure Alley Pavilion($25,000) $ 15,000 $ - $ - $ - $ - 189 Tree Farm(approved 12/97-donations FY98=$1742) $ 1,500 $ - $ - $ - $ - 190 Remaining Balance $ 65,359 $ 100,000 $ 100,000 $ 100,000 $ 100,000 191 - 192 SPECIAL PROJECTS: $ 55,000 $ 50,000 $ 50,000 $ 50,000 $ 50,000 193 194 Prepared 3/18/99, 3:06 PM Page 6 of 7 1 _ 1 i - J .. .> ,_.a ..._J 1 s.. J 1 _ i . 1 i&, i.AI INA i.,J oh..-1 rh....1 Illt.. .. Southlake Parks Development Corporation Capital Projects Budget FY97/98-FY02/03 A B I C [ D [ E T F I G I 1 2 3 FY1997-98 4 Approved 5 Budget FY1998-99 FY1999-00 FY2000-01 FY2001-02 195 i 196 JOINT USE PROJECTS: 197 CISD-Parking Lot CMS $ 85,980 • $ - $ - $ - • $ - 198 Equipment $ 5,000 • $ - $ - $ - i $ - I 199 Signage-All Parks $ 7,000 $ - $ - $ - $ - 200 Gymnasiums _ $ - $ - $ - $ - $ - 201 Ball field development $ 6,000 $ 20,000 $ 20,000 $ 20,000 $ 20,000 202 203 - -- --- 204 -- ---- — -- --205 — — - - -- — 206 GRAND TOTAL EXPENDITURES $ 7,393,815 $ 4,380,250 $ 1,485,000 $ 1,990,000 $ 3,170,000 207 * TPW GRANT ELIGIBLE Prepared 3/18/99, 3:06 PM Page 7 of 7 1 1 I I I