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
Recommended Action
Approve
Analysis
The Sports Corporation FY 2018 Budget included $1,569,686 for capital improvements at Lone Star Park (LSP). In November, LSP submitted invoices for reimbursement of $440,004 and an additional $7,778 was requested in January from the Sports Corp, leaving a current balance of $1,121,904. The remaining funds were approved as part of the following fiscal year budgets
FY15 $500,000 approved, $500,000 spent, $0 remaining
FY16 $500,000 approved, $370,318 spent, $7,778 requested, $121,904 remaining
FY17 $500,000 approved, $0 spent, $500,000 remaining
FY18 $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 $1,823,377. 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 $881,659.
Financial Consideration
The current year approved Capital Commitment Budget for Lone Star Park is $1,569,686. Of that amount, Lone Star has requested $447,782 payment for various projects, leaving a balance of $1,121,904.
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A RESOLUTION OF THE GRAND PRAIRIE SPORTS FACILITIES DEVELOPMENT CORPORATION, INC. APPROVING THE ALLOCATION OF $881,659 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 $861,659 on the projects and the Sports Corporation has a total of $1,121,904 remaining budgeted funds availabl...
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