ADMINISTRATION - Nate Monahan, Recreation Manager
Title
ADOPTING THE 2016 - 2020 CAPITAL IMPROVEMENT PLAN FOR PARK DEVELOPMENT FUNDS
Background
The City maintains a five-year Capital Improvement Plan for Park Development Funds. The Capital Improvement Plan is a flexible plan based upon long-range physical planning and financial projections. Flexibility is achieved through annual review and revisions as necessary. All improvements listed in the plan are proposed and must come back to the Park Board for review and recommendation to the City Council. The City Council then makes all final decisions on capital improvements. Revenue for the capital improvement plan comes from park dedication fees required of all new residential, commercial and industrial development. The residential fee is split with 80% of the fee going to parks development and 20% of the fee going to open space development. (In 2018 the residential split is scheduled to return to 65% to parks and 35% to open space.) 100% of the commercial and industrial fees go to parks development. Revenue from park dedication fees can only be used for development of new parks and trails, for new improvements to community parks used by all residents and for improvements to neighborhood parks that serve new growth. It cannot be used for park maintenance. The plan has been reviewed by the Finance Department and the Park Board has reviewed the plan and recommended the attached plan.
Recommendation
By motion, adopt the 2016 to 2020 Capital Improvement Plan for Park Development Funds.