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Res 053-2019 4A WFEDC General Liability Insurance 6/4/2019
Resolution No. 53-2019 Resolution approving the programs and expenditures of the Wichita Falls Economic Development Corporation (WFEDC) and amending the budget to include funding up to $10,000 to purchase general liability insurance coverage for property owned by the corporation WHEREAS, Texas Local Gov't. Code §501.073(a) provides "The corporation's authorizing unit will approve all programs and expenditures of a corporation and annually review any financial statements of the corporation"; and, WHEREAS, on May 16, 2019, the Wichita Falls Economic Development Corporation (WFEDC) approved the project listed below and as stated in its agenda. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF WICHITA FALLS, TEXAS, THAT: 1. The Wichita Falls Economic Development Corporation's approval and funding of the following programs and expenditures, in a total amount not to exceed $10,000 as described below and in said corporation's agenda, is approved: To procure general liability insurance coverage in the amount of $2 million general aggregate and $1 million per incident for the Wichita Falls Business Park, 2801 Production Blvd. (former Stanley Tools Property), and 2400 Burkburnett Road (former ATCO Structures Property). 2. The current fiscal year budget of the 4A Sales Tax Corporation is amended to provide for the aforementioned expenditures and changes thereto. PASSED AND APPROVED this the 4t" day of June, 2019. rW, I IS, �= 0. ATTEST: cam, B� City Clerk 4A Corporation Budget & Financial Statement 511612019 Prior Remaining FY 17 FY 18 FY 16 FY 19 FY 19 Budget Actual Budget Actual Budget YTD Actual Revenue Sales Taxes $ 3,735,556 $ 3,735,259 $ 3,976,836 $ 3,984,690 2,051,624 Other Rents (ATCO Lease) $ 17,800 $ - $ - - Reimburse (Amfuel, Carter, DEAAG, Chamber) $ 7,843 $ 1,500,000 $ 119,603 $ 1,500,000 1,522,581 Interest $ 113,244 $ 100,000 $ 209,617 $ 180,000 201,786 Total Revenues $ $ 3 874 443 Si5 335 259 $ 4 306 056 $ 5.664 690 3775991 Completed I Closed Projects Cryovac Iowa Park Water Project $ 300,000 $ 276,574 Eagle Rail Car -- Project II $ 428,800 $ 352,000 $ 76,800 Eagle Rail Car Services (10/2020) $ 20,400 $ 20,400 Bruce Facility Consulting Services $ 57,164 $ 57,164 Chantex Manufacturing $ 296,750 $ 296,750 Annual Programs Ad Valorem Tax $ 32,360 $ 72,284 $ 40,000 $ 81,309 $ 80,600 99,162 Professional Fees $ 30,000 $ 11,338 $ 30,000 $ 20,144 $ 30,000 27,079 CCI-Contract $ 560,907 $ 532,907 $ 601,716 $ 528,393 $ 610,144 449,608 Economic Development Marketing $ 225,000 $ 225,000 $ 325,000 $ 326,250 $ 370,000 277,500 SMAC $ 315,000 $ 315,000 $ 173,600 $ 166,736 $ 151,175 113,381 Downtown WF Devlpmt, Inc. $ 100,000 $ 100,000 $ 100,000 $ 100,000 $ 100,000 75,000 Business Plan Contest (Lalani) $ 30,000 $ 30,000 $ 30,000 $ 30,000 $ 30,000 - Business Park Maintenance $ 109,591 $ 89,695 $ 112,940 $ 103,708 $ 105,696 - WaterlSewer Sanitation $ 8,000 $ 13,705 $ 4,500 $ 4,957 $ 5,500 2,536 Gas $ - $ 6,692 Electricity $ 400 $ 22,944 $ 400 $ 6,331 $ 7,000 51 City Administrative Expense $ 50,000 $ 50,000 $ 50,000 $ 50,000 $ 50,000 - WF Regional Airport Facilities (2033) $ 140,000 $ 140,000 $ 140,000 $ 140,000 $ 140,000 - Choose Wichita Falls Program $ 200,000 $ 199,507 $ 59,191 $ 69,208 $ 5,000 3,750 Directors and Officers Insurance $ 5,000 ED Strategic Planning $ 10,000 $ - Labor Market Study $ 30,000 $ Best Practices Site Visits $ 15,000 $ Open Projects Pratt & Whitney Technology $ 1,815,000 $ 693,187 $ 156,793 $ 49,785 Gu€delT Project $ 463,000 $ 18,000 $ 80,500 $ - Stanley Building Improvement Project $ 2,773,016 $ 1,975,007 $ 100,000 $ 623,028 $ 100,000 67,363 USA800 $ 3,359,200 $ 775,200 $ 1,659,995 Vitro -Super Coater $ 3,000,000 $ 2,700,000 ATCO Structures Operating Expenses $ 144,000 $ 17,714 $ 105,000 $ 64,494 $ 105,000 41.155 Stanley ATCO Marketing Plan $ 38,105 $ 19,053 $ 2,714 5.812 Market Street ED Plan $ 91,750 $ 55,000 $ 27,996 MPECIHotel Parking Lot $ 497,500 SAFB Gate Project (Phase II) $ 3,000,000 282,345 Owens Corning $ 1,615,000 400,000 Eagle Rail - Project III $ 500,000 $ 350,000 Braun Intertec Enviornmental Study $ 146,770 $ 54,573 139,660 52,404 Sharp Iron Recruitment $ 24,000 $ 3,000 6,000 Cryovac (UPS and Printer Labeling) $ 1,250,000 Nexstar $ 175,000 Magic Aire $ 500,000 Opportunities Strategies $ 20,000 9,981 Eagle Rail - Project IV $ 600,000 Arconic RR Crossings $ 50,000 50,000 Total Expenditures $ 15.140.943 $ 6.344.721 $ 9.133.117 $ 7 447 329 $ 2.654 775 2.012 912 Revenues Less Expenses $ i2.470.2781 $ l3.797.858) $ (3.141.2731 $ 3.009 915 1.763 079 Beginning Cash Balance $ 17,948,287 $ 15,478,009 $ 15,478,009 $ 12,336,736 12,336,736 Ending Cash Balance $ 15 478 009 $ 11 680 151 $ 12 336 736 $ 15.346 651 14.099 815 Reserved For Encumbrances $ 8,725,610 $ 8,725,610 $ 10,371,087 $ 10,371,087 11,031,512 Unreserved Fund Balance $ 6.752.399 $ 2.954.541 $ 1.965.649 $ 4.975.564 3.068.303