Fiscal Note
The 2012 Adopted Parks Capital Budget provides funding of $300,000 for the Olive Jones Park Improvement Project. Of this amount, $50,000 is to come from General Obligation Debt, $100,000 from Parks Development Fees (SI27), and $150,000 from private fundraising. This resolution would raise total project authorization to $329,000, by transferring in $29,000 of unused and available funding from Capital Account #810404 "Pavement Improvements". In addition, this resolution would reduce private fundraising by $100,000, and increase impact fee funding by $100,000. New 2012 funding for the project would therefore total $329,000, and be derived from $50,000 of General Obligation Debt, $50,000 from private fundraising, $200,000 from Parks Development Fees (SI27), and $29,000 from available fund transfers from another capital project. In addition, funding of $15,000 for Stevens Street Park (from SI27) is eliminated as the project is no longer planned.
Title
Amending the 2012 Parks Division Capital Budget to provide additional funding for the Olive Jones Park Improvements project.
Body
WHEREAS the 2012 Adopted Parks Division Capital Budget includes Project #17, “Olive Jones Park Improvements,” which is the third phase of a three phase redevelopment of Olive Jones Park with anticipated private fundraising of $150,000; and
WHEREAS significant private fundraising totaling $130,520 has been received since 2010 and additional fundraising of $50,000 is committed in 2012 with fundraising efforts ongoing; and
WHEREAS the fundraising goal is unlikely to be reached and in order to complete the park improvements in 2012 additional funding is required; and
WHEREAS the most recent cost estimates for to complete the Olive Jones project in 2012 are $29,000 more than currently available resources and the Parks Pavement Improvement Capital Project (810403) has $29,000 in available resources due to prior projects being completed at less than original budgeted amount...
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