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<br />IV. Park Land Acquisition Fund (456) <br /> <br />Background: <br />The Park Land Acquisition Fund is used to account for park fees received from development. Per City Code <br />2101.060, the funds may only be used for the purposes of land acquisition, land development and capital <br />outlay for parks, playgrounds, public open space, storm water holding pond areas, and debt retirement in <br />connection with land previously acquired for such public purposes. <br /> <br />Source of Funds: <br />Payments received during development for parks is the primary source of revenue in the fund. The fee <br />amount is identified in the City’s Fee Schedule. Revenues have been included at a conservative amount <br />of $10,000 per year. In addition, for 2023/2024 It is anticipated that approximately $700,0000 will be <br />collected from the Lennar Townhouses project. <br /> <br />Significant Highlights in Future Years: <br />Land purchases at 2884 Centerville Road and 10 Little Canada Road, and the waterworks trail connection <br />have been included in this fund, although it is unlikely that all of these properties will be available in the <br />next ten years. An appraisal for the Centerville property was performed in 2023 and the estimated cost is <br />approximately $960,000. <br /> <br />Fund Outlook: <br />Even though the fund balance projects negative $125,870 by 2033, there are likely sufficient revenues to <br />fund the improvements identified for the next ten years since it is unlikely that all these properties will <br />be available for purchase. <br /> <br /> <br /> <br /> <br /> <br />