Laserfiche WebLink
<br />Additional capital projects related to Pioneer Park have not been included in the CIP at this time. <br />The intent was to finalize the Pioneer Park Master Plan in 2021 and utilize this information to <br />revise the 5-year Capital Improvement Plan to include future projects from 2022-2026. <br />Based on staff analysis of the current CIP, existing resources may be available for approximately <br />$750,000 to $1 million in addition to projects identified in the current CIP in park related capital <br />improvements over the next five years (with the assumption of no Local Government Aid cuts). <br />In addition, other projects can be reprioritized in the 2022-2026 CIP to generate additional funds. <br /> <br />Depending on the outcomes of the Pioneer Park master planning process, the City Council may <br />wish to consider issuing debt to accomplish these priorities. Included below is a basic table <br />showing the potential annual debt service needed to cover a debt issuance between $1-$4 <br />million. Based on the City of Little Canada’s current levy, this would require a one-time levy <br />increase of 3.6% for a $1 million debt issuance to a 14.2% levy increase for a $4 million debt <br />issuance. Staff will be available at the workshop to address basic questions about potential <br />options for funding from a broad perspective. <br /> <br />Debt Levy <br />Debt Issue Size Levy Amount <br />(105% of Debt Service) <br />$1,060,000 Million ($1M for Construction) $117,000 <br />$2,080,000 Million ($2M for Construction) $230,100 <br />$3,105,000 Million ($3M for Construction) $343,600 <br />$4,125,000 Million ($4M for Construction) $456,400 <br />Based on Average Coupon .9521645%; True Interest Rate 1.1526235% <br /> <br />STAFF RECOMMENDATIONS: <br />Staff recommends that the City Council provide direction on desired projects and improvements <br />to be included in a Request for Proposals (RFP) for Pioneer Park Master Plan Development. The <br />RFP will be brought to a future City Council meeting for further consideration and approval <br />prior to advertising for solicitation of professional consulting services to assist the city with the <br />development of the Pioneer Park Master Plan document.