ADMINISTRATION - Robert Therres, Public Services Manager/Asst. City Manager
Title
ADOPTING OF THE 2019 - 2023 FIVE YEAR 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 (approved 2019 $4,449/unit), commercial ($8,704/acre), and industrial ($6,702/acre) development. The residential fee will go back to 65% going to parks and 35% of the fee going to open space in 2019. All Commercial and industrial fees go to parks.
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 attached plan was reviewed and recommended for approval by the Park
Board at their November meeting.
In 2019 the internal borrowing payments will continue as scheduled with $450,000 payment and interest payment of $31,000 for the Land for Lexington Athletic Complex. Also the final WAC repayment of $45,505 and final Park Dedication Credits to Paxmar developer of $350,000 will be completed from LAC.
Also in 2019 the city will carry over the Parks Master Plan project ($75,000) as well as the development of Sanctuary Preserve Park ($140,000).
*New Digital Park Sign at Lexington Athletic Complex ($75,000).
*New Pickle Ball Courts (4) at Hidden Ponds Park ($75,000).
**In 2020 staff may explore the purchase of land for the final park West of Lexington and North of Main. This could get the city a better price on the land before development gets up in that area and a better piece of land instead of what a possible developer would give the city in the future. Currently in the area there are several five and ten acre parcels that the city could contact land owners to inquire about negotiating a possible sale if they are willing to sell the land.
Recommendation
By motion, adopt the 2019 - 2023 five year capital improvement plan for park development funds.