10-14-87 Council Minutes - Laserfiche WebLink

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MINUTES City Council Oct. 14, 1987 Center•ville available at the end of December•, 1987 for• par•k acquisition/development Road Par•k at $835,856. These monies ar~e balances estimated in the Par•k Pr•oposal Acquisition Fund, Par•k Development Fund, and Stor•m Sewer• Constr•uction (Cont.) Fund for• December• 31, 1987. Voto r~eviewed estimated futur•e r•esour•ces of the City which included $200,000 fr~om the Little Canada Recr~eation Association, $50,000 in par~k per•mits, $90,000 in net char•itable gambling pr~oceeds, and $30,000 in inter•est ear~nings. Total estimated amounts available at the end of December•, 1987 including estimated future r•esour~ces was $1,205,856. The Auditor• r•epor~ted that these estimates/pr~ojections are based and contingent upon sever•al var•iables, as follows: *Actual balances at December• 31, 1987 and futur•e revenue r•esour•ces being as shown in the Capital Budget r•eport; *Actual expenditur~es for~ acquisition/development being limited (both in dollar• amount and timing of payments) as shown in the Capital Budget report; *Specific land acquisition parcels being able to qualify as flood plain or• stor•m sewer~ access pr•oper~ty; *A decision by the City Council to appr•opr•iate/expend the above existing and futur•e financial r~esour•ces for~ acquisition/development pur•poses r~ather~ than other~ pur•poses; *A decision by the Little Canada Recr•eation Association to contr~ibute $200,000 to finance acquisition/development costs. Fahey r•eported that the figur~e of $1.5 million discussed in the Capital Budget document is not limited to the pur•chase of the Center•ville Road pr•oper•ty, but includes possible pur•chase of Spooner• Par~k should it become available. Fahey pointed out that fr~om the Capital Budget document it appear•s that the pur•chase of Center~ville Road pr•oper~ty is feasible, as well as a potential pur•chase of Spooner• Park. Fahey noted that the accounting analysis did not r•eflect tax levies fr•om 1989 thr•ough 1992 for~ the pur•chase of park pr•oper•ty. Scalze explained that the $393,856 the City has in its Par~k Acquisition Fund has been collected since 1975 fr~om developer•s thr•ough the City's par~k land dedication fee. This is typical of what other cities ar•e doing. Fahey pointed out that the Capital Budget document r•eflects that the City doesn't anticipate future tax incr•eases for~ the acquisition of par•k land. Fahey also explained that the City r•ecently adopted its 1988 budget which r~eflects a 4 1/4 % decr•ease over~ its 1987 budget. Thus, the City's mill rate will decr~ease by .887 mills, which is the thir•d year• in a r•ow the City has decr•eased its mill r•ate and r~eflects Page -4-