From
Cheryl Davenport
Title
Resolution Approving Capital Expenditure Funds for improvements at Lone Star Park
Presenter
Scott Wells, President and General Manager, Global Gaming LSP
Lisle Justice, Director of Finance, Global Gaming LSP
Recommended Action
Approve
Analysis
The Sports Corporation has approved a total of $2,000,000 for capital improvements at Lone Star Park. The funds were approved as part of the following fiscal year budgets
FY14 $500,000 approved, $500,000 spent, $0 remaining
FY15 $500,000 approved, $302,357 spent, $197,643 remaining
FY16 $500,000 approved, $0 spent, $500,000 remaining
FY17 $500,000 approved, $0 spent, $500,000 remaining
Attached is the list of capital projects submitted by Lone Star Park for the Board to consider for the joint CAPEX program. The total CAPEX program for Lone Star Park as shown on the attachment totals $1,000,220. Lone Star Park is requesting 50-50 participation from the Sports Corp. If the Board approves participation in these projects, the Sports Corp commitment would be $500,110.
Financial Consideration
The current year approved Capital Commitment Budget for Lone Star Park is $1,291,219. Of that amount, Lone Star has requested $93,576 payment for the fire suppression system, leaving a balance of $1,197,643.
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A RESOLUTION OF THE GRAND PRAIRIE SPORTS FACILITIES DEVELOPMENT CORPORATION, INC. APPROVING THE ALLOCATION OF $434,610 OF CAPITAL EXPENDITURE FUNDS FOR THE IMPROVEMENTS AT LONE STAR PARK
WHEREAS, the Grand Prairie Sports Facilities Development Corporation, Inc. (the “Corporation”) has determined that the Lone Star Park is proposing improvements to Lone Star Park as shown on Exhibit A and has agreed to spend at least $500,110 on the projects and the Sports Corporation has a total of $1,197,643 remaining budgeted funds available for capital improvements;
NOW THEREFORE, BE IT RESOLVED, by the GRAND PRAIRIE SPORTS FACILITIES DEVELOPMENT CORPORATION, INC.
RESOLVED, that the Co...
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