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oRaFr <br />2/95 <br />CIP FINANCES <br />PARK DEDICATION • <br />Funds are generated in this category through the platting and development <br />process. Monies can be used only for park capital improvements and not for <br />annual maintenance items. The Park and Recreation Commission annually <br />reviews how funds in this category are proposed to be spent. The City <br />Council has fmal approval over use of these monies. <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). No large scale projects have been financed <br />through this fund. The City will need to use some of this park dedication <br />money as our local match for the State grant that was received for the <br />Woodland Trails Park improvements. Additionally, other park grants are <br />submitted annually that require local matches. If the City is successful in <br />these grants, some of the park dedication monies may be needed to match the <br />State funds. <br />In addition to the Woodland Trails Park expenditure in 1995, there are two <br />other possible expenditures that may come from this fund. One of these <br />expenditures is the development of youth soccer fields, either at Lion's Park • <br />or on the west Orono Park (E&0 Tool land). Another expenditure may be the <br />purchase of the Waco Street land. This expenditure may eventually be <br />financed with MSA monies, but we also may use just park dedication monies <br />as this area will be eventually utilized for park and recreation purposes. If <br />the bridge is actually constructed at this location, we may then recapture this <br />capital outlay expenditure into this fund. <br />Approx. 1/95 Balance (Cash & Fund Balance) $155,000 <br />The current park fee is $500 per residential lot. The commercial fee is $1,000 <br />per unsewered acre and $1,500 per sewered acre. There is no fee on plats for <br />industrial property. <br />The 1/95 balance is much higher than the 1/94 balance of $76,000 due to the <br />high level of commercial building activity in 1994. <br />• <br />Page 6 of 13 <br />