Page 346 - CityofSouthlakeFY27Budget

TABLE OF CONTENTS

COMMUNITY ENHANCEMENT AND DEVELOPMENT
CORPORATION (CEDC)

Debt Service

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 are 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 (Phase II) 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 on the next page shows the City’s outstanding CEDC bond debt, including principal and
interest amounts as well as the bond maturity date.

346 FY 2027 City of Southlake | Budget Book FY 2027 City of Southlake | Budget Book 347