10. SR 04-25-1995 - Laserfiche WebLink

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oRAFr 2/95 CIP FINANCES NSP CONTRIBUTIONS • Beginning in 1991, NSP began contributing funds to the City of Elk River. The contribution was negotiated between the City and NSP and was offered by NSP to finance improvements in the City to help offset any negative effects or opinions which may inadvertently be directed at Elk River due to the RDF Plant. The contribution is approximately $200,000 per year. Of this amount, $20,000 goes directly into the City General Fund to help pay for a police officer associated with monitoring garbage truck traffic on the highway. Half of the balance, approximately $90,000 per year, is designated for part of the City Hall/Police Station bond repayment plan. Approximately $90,000 per year is available for other activities at the discretion of the City Council. Of the amount that remains under the discretion of the City Council, the 1991-1994 funds were spent on the Oak Knoll recreation fields, park-like improvements at the EDA site, and the purchase of the land at the City Hall site. Beginning in 1995, approximately $90,000 per year will be available to be spent on projects at the discretion of the City Council. One known expenditure that is planned for 1995 is about $100,000 for the • purchase of the Waco Street land. No definite funding source has been identified for this purchase and this NSP money is one possibility that needs to be examined. Ideally, NSP money will be saved in a reserve for future large scale projects. These projects could include the purchase of land for youth recreation fields, the development of youth recreation fields, for other community facilities or structures such as a senior center, teen center, arts facility, etc. Saving this NSP money for a number of years until a larger pool of funds develops could be a significant benefit to the City in the future. • Page 8 of 13