ADMINISTRATION- Nate Monahan, Recreation Manager
Title
ADOPTING THE 2017 - 2021 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 an 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 ($4,114), commercial ($8,704), and industrial ($6,702) development. The residential fee is currently split 80% of the fee going to parks and 20% of the fee going to open space. All commercial and industrial fees go to parks.
*In 2018 the residential split is scheduled to return to 65% to parks and 35% to open space.
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.
This plan has been reviewed and recommended by the park board at their October meeting.
*Revenue Update for 2016:
Park Dedication Fees came in $72,750 higher than projected.
Interest earnings came in $4,700 higher than projected.
Fogerty repayment came in $30,000 less than projected.
*Expenditure Update for 2016:
Internal borrowing repayment from LAC (Principal): $450,000
Internal borrowing repayment from LAC (Interest): $59,000
WAC repayment from LAC Land: $59,000 ($68,000 less than projected)
Lakeside Common Parking Lot Land repayment: $100,000
Revenue Plan Elements for 2017:
Park Dedication Fees: $900,000
Interest Earnings: $8,800
Fogerty repayment for the moving of Aquatore Field #1: $18,000
Expenditure Plan Elements for 2017:
Internal borrowing repayment from LAC (Principal): $450,000
Internal borrowing repayment from LAC (Interest): $50,000
WAC repayment from LAC Land: $151,600
Lakeside Common Parking Lot Land repayment: $100,000
** New Expansion of the Lexington Athletic Complex Playground: $150,000
Staff is recommending the Lexington Athletic Complex playground be expanded to accommodate the nearly 500 additional households that will be moving just north of the park. Also the Parks and Recreation Department holds many programs including Play-net which has up to 75 kids using the playground. Staff heard many complaints from current Woodland (280 households) residents about the size of the playground. There is no additional park planned north of Lexington Athletic Complex.
Recommendation
By motion, adopt the 2017 to 2019 Capital Improvement Plan for Park Development Funds.