Fiscal Note
The proposed resolution amends the 2018 Parks Division Capital Budget Breese Stevens Improvements Project (Munis project #17157) by increasing expenditure authority by $1,300,000 funded from $650,000 in GO Borrowing and $650,000 from the Parks Division’s City-wide Infrastructure Impact Fees. This resolution is required to comply with a pending Use Agreement with Big Top Events LLC for the management of concessions, alcohol, events and facility operations at Breese Stevens Stadium for 2019-2028 (Legistar File 51427). As part of that agreement, the City “agrees to manage a capital project and provide a capital contribution of $1,300,000 towards, the soccer-related improvements described in Attachment D (“Soccer Improvements”)”. The authority above will fund these improvements.
The estimated annual debt service on the $650,000 GO Borrowing is $76,200.
The current projected 2018 ending balance in the City-wide Infrastructure Impact Fee district is $109,400, including $475,000 currently authorized for other Breese Stevens Improvements. This resolution would result in a projected deficit of $540,600. Based on current activity in the account, the deficit is estimated to be recovered by the end of 2021.
The 2018 Parks Division Capital Improvement Plan includes $700,000 of funding in 2021 ($400,000 in GO Borrowing, $200,000 in Impact Fees, and $100,000 in Private Contributions/Donations). The proposed resolution eliminates this funding.
Title
SUBSTITUTE - Amending the 2018 Parks Division Capital Budget to authorize $650,000 in general obligation debt and $650,000 in park impact fee funding to the Breese Stevens Field project.
Body
WHEREAS, the Parks Division has developed a Facility Plan to modernize the historic Breese Stevens Stadium by making improvements to seating, concessions, restrooms, locker rooms, facility systems and field amenities; and
WHEREAS, the Adopted Parks Division Capital Improvement Program includes additional City funding o...
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