Fiscal Note
The total acquisition costs are estimated to be between $7,000,000 and $9,000,000. The acquisition of the real estate is estimated to cost $6,000,000 to $8,000,000. Additional funds will be needed for demolition and other miscellaneous expenses (closing costs, prorated taxes, filing fees, etc.). These costs will be funded by the Citywide Parkland Impact Fees account.
At the end of 2015, without purchasing the land, this account is projected to have a balance of $8,135,000; all the Parks Division Impact Fee accounts are projected to have a balance $10,276 ,000; and all active impact fee accounts are projected to have a balance of $5,500,000. This is due to a projected deficit in the Engineering impact fee accounts. Engineering impact fees are typically collected from developers after the City has incurred costs to make improvements and these accounts are normally in a deficit position. Therefore, if there are unbudgeted expenditures of more than $5,500,000 in 2015, the impact fee accounts will be in a deficit position overall.
Should the projected collective ending balance of the impact fee accounts be negative in any given year, the City may need to borrow to cover the deficit.
The total of impact fee revenue is projected to be $2,900,000 in 2016. The projected ending balance of all impact fee accounts in 2016 is $5,867,000. Future revenues depend on development.
Title
Determination of Necessity of Taking for Downtown Park at W. Mifflin Street and N. Bassett St. and Authorizing the Condemnation of the Properties in the Schedule of Acquisitions
Body
WHEREAS, City staff from the Parks Division, Planning Division and Economic Development Division have prepared a staff report and recommendation regarding locating a new downtown park in the City, which report is attached hereto and incorporated herein by reference; and,
WHEREAS, as outlined in the staff report, Objective 8.1 of the Downtown Plan, adopted by the Common Council in 2012, i...
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