| | | | | | | |  | CITY OF PLANO
COUNCIL AGENDA ITEM |
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| | | | | | | | Council Meeting Date: 10/14/2019
Department: Gov Relations
Department Head: Brandi Youngkin
Agenda Coordinator: Michelle Wariner |
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CAPTION
First Reading of an Ordinance to amend Section 3 of Ordinance No. 2003-6-3, Section I of Ordinance No. 2008-4-42, and Section I of Ordinance No. 2015-10-17 to extend the non-exclusive franchise granted to Denton County Electric Cooperative, Inc., d/b/a CoServ Electric, a Texas electric cooperative corporation, to use the present and future streets, avenues, alleys, roads, highways, sidewalks, easements and other public rights-of-way in the City of Plano, Collin County, Texas, for the purposes of constructing and operating an electric distribution system in the City of Plano which expired on June 9, 2018; and providing a repealer clause, a severability clause, and an effective date. First reading conducted.
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FINANCIAL SUMMARY Revenue
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FISCAL YEAR: 2019-20 thru 2022-23
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Prior Year
(CIP Only) |
Current
Year
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Future
Years
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TOTALS |
| Budget |
0 |
0 |
0 |
0 |
| Encumbered/Expended Amount |
0 |
0 |
0 |
0 |
| This Item |
0 |
0 |
0 |
0 |
| Balance |
0 |
0 |
0 |
0 |
FUND(S): General Fund
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COMMENTS: The extension of this Franchise Agreement will produce an indeterminable amount of revenue, attributable to a quarterly franchise fee based on 4% of the Gross Revenues during the preceding quarter, as defined in the agreement. As a point of reference, anticipated CoServ Electric Franchise Fee Revenue to be received in FY 2019-20 is approximately $975,000. |
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SUMMARY OF ITEM
Extend the terms of the CoServ Electric Franchise Agreement.
Strategic Plan Goal:
Financially Strong City with Service Excellence
Plano Tomorrow Plan Pillar:
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| ATTACHMENTS: | | Description | Upload Date | Type | | Ordinance | 10/9/2019 | Ordinance |
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