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r-Q <br /> O \;4Item #: 5. <br /> ity of <br /> ElkRiver MEMORANDUM <br /> TO: Park and Recreation Commission <br /> FROM: Michele McPherson, Director of Planning <br /> DATE: December 27, 1999 <br /> SUBJECT: Planning Retreat— Discuss 5-year Capital <br /> Improvement Plan for Park Development <br /> Request <br /> The Commission is asked to review preliminary budget and spending policies for <br /> development of a 5-year Capital Improvements Plan for park development. <br /> Attachments <br /> • March 3, 1999 Memo from Phil Hals, 1999 Proposed Expenditures <br /> • • Draft Park Capital Improvement Plan <br /> • Park Development Budget— Projected Revenues <br /> • List of Proposed Park Improvements <br /> Analysis <br /> Available Funds <br /> As of mid-December, there was $634,094.25 in the park dedication fund. This fund is <br /> used for the development of parks and trails in the City. When the park dedication fees <br /> were increased in 1999, $200 of each residential fee collected was to be earmarked for <br /> trail development, including reimbursement to developers for trail construction. Staff <br /> has divided the fund into two parts and will be tracking trail monies separate from park <br /> development monies. The current breakdown of funds is as follows: <br /> Park Development: $488,094.25 <br /> Trail Development: $146,000.00 <br /> Of the monies available for park development, $163,598.00 is dedicated solely to the <br /> development of amenities in Trott Brook Park. <br /> Proposed Expenditures <br /> To develop the 5-year CIP plan, staff divided the remaining funds available for park <br /> • development ($324.496.25) by five, leaving approximately $65,000.00 ($64,899.25) to <br /> spend each year. (Monies in the park dedication fund are invested and will accrue <br /> interest income on an annual basis, this is not included in staffs calculations.) <br /> 13065 Orono Parkway • P.O. Box 490 • Elk River, MN 55330 • TDD &Phone: (612) 441-7420 • Fax: (612) 441-7425 <br />