Page 335 - Southlake FY22 Budget

DEBT SErVICE FUnDS EXPEnDITUrES

COmmuniTy enhanCemenT and develOPmenT COrPOraTiOn

The Community Enhancement and Development Corporation (CEDC) was formed when Southlake voters approved the
special levy of a 3/8 cent sales tax in 2015. The funds are dedicated toward the construction of Phase II of The Marq
Southlake, known as Champions Club. Funds will also be used to support operational expenses related to The Marq as
well as special economic development projects.

In December 2015, the City opened Phase I of The Marq Southlake, Legends Hall. Legends Hall includes amenities
such as a ballroom, multipurpose conference and meeting space, club lounge, full catering kitchen, and an outdoor
amphitheater. The Senior Center is also included in Legends Hall. Phase I was paid for with cash, primarily from the
General Fund.

Champions Club held it’s grand opening in April 2019, and is funded through the CEDC sales tax revenue bonds. The
84,000 square foot, state-of-the-art facility includes amenities such as an indoor pool, outdoor turf training field,
spaces for fitness, performance training, gymnasium, indoor jog/walk track, indoor aquatics, indoor playground, party
rooms, early learning classroom, child watch and multipurpose classrooms for programs.

The schedule at right shows the City’s outstanding CEDC bond debt, including principal and interest amounts as well
as the bond maturity date.

334 FY 2022 City of Southlake | BUDGET BOOK
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