Page 264 - Southlake FY23 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 its 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 on the next page shows the City’s outstanding CEDC bond debt, including principal and interest
amounts as well as the bond maturity date.

BUDGET BOOK | FY 2023 City of Southlake 263
WWW.CITYOFSOUTHLAKE.COM