Nate Monahan, Recreation Manager
Title
RECOMMENDATION OF THE 2020 - 2024 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 then recommended to the city council. The City Council then makes all final decisions on capital improvement.
Revenue for the capital improvement plan comes from park dedication fees required of all new residential ($4,449)/unit), commercial ($8,704/acre), and industrial ($6,702/acre) development. The residential fee is split with 65% going to parks and 35% of the fee going to open space. 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.
In 2019, staff has accelerated the internal borrowing repayments from $450,000 up to $800,000 which will save the fund $19,000 in interest.
In 2020, staff has accelerated the internal borrowing repayments again from $450,000 up to $750,000 which will save the fund $24,000 in interest from the previous CIP which had the payments spread out until 2022.
Also in 2020, we will carry over the Lexington Athletic Complex Digital sign which will be designed and ordered with the Blaine Wetland Sanctuary and the first new City of Blaine Sign located in the Pheasant Ridge commercial area.
*New 2020 Parking Lot Expansion at Happy Acres has been added to the plan from the Parks Master Plan. ($800,000)
*New 2023 Parking Lot Expansion at Jim Peterson Athletic Complex ($150,000)
*New 2024 Splash Pad at Lexington Athletic Complex ($200,000)
Recommendation
By motion, recommend to City Council the 2020 - 2024 Capital Improvement Plan for Park Development Funds.