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4/97 <br /> <br />CIP FINANCES <br /> <br />PARK DEDICATION <br /> <br />Funds are generated in this category through the platting and development <br />process. By State law, monies can be used only for park capital <br />improvements and not for annual maintenance items. The Park and <br />Recreation Commission annually reviews how funds in this category are <br />proposed to be spent. The City Council has final approval over use of these <br />monies. <br /> <br />This fund has been traditionally used on an annual basis for smaller land <br />purchases and for smaller capital improvements in neighborhood parks <br />(approximately $25,000 per year). The City has used the park dedication <br />money as our local match for State grants and park grants are submitted <br />almost annually. If the City is successful in receiving these grants, more <br />park dedication monies may be needed to match the State funds. Most <br />recently (in 1996), the City used $45,000 from this fund for the local match <br />requirement of the Shiely land purchase project. <br /> <br />The major expenditure planned for 1997 is the development of recreation <br />fields on land owned by the City in the southeast part of the community. <br /> <br />Approx. 1/97 Balance (Cash) <br /> less field development <br /> less County Road I trail <br /> less annual P&R expenditures <br />Balance <br /> <br />$166,000 <br /> 60,000 <br /> 25,000 <br /> 25,O00 <br /> $ 56,OOO <br /> <br />Projects proposed for 1998 include the County Road 12 pedestrian trail and <br />the Lion's Park skating rink improvements. <br /> <br />The current park fee is $600 per residential lot. The commercial fee is $2,000 <br />per acre. There is no fee on plats for industrial property. It is uncertain how <br />much money will be added to the park dedication fund in 1997, as the City <br />may choose to accept land for parks or trails in lieu of cash when <br />development projects are approved. One scheduled revenue is $30,000 from <br />Phase II of Lafayette Woods subdivision. <br /> <br />Page 9 of 16 <br /> <br /> <br />