05-22-1991 Council Agenda - Laserfiche WebLink

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Park Commission Members May 16, 1991 Page 3 * Assuming a $143,000 assessment for the Park property, we must then factor out the credit received for the easement acquisition from the Park property of $51,030. Rounding off, this would leave a net assessment to the Park property of $92,000. This is the amount you should use when evaluating the source of funding! * The City has not yet finalized any financing of this project. However, it is safe to assume that we will issue a bond that would result in assessments being spread over a minimum of a ten year period. Assuming a ten year period on assessments with an interest rate of 8 %, the annual assessment payable would equal $13,710.71. * The Park Commission should discuss the proposed sources of funding given both alternatives. The first being payment in full of the assessment amount equal to $92,000. The second being the annual payment over a ten year period of $13,710.71. (Please note that these figures do include the $15,000 for extra street width.) * Based on unaudited figures, it appears that the balance in the Park Land Acquisition Fund as of April 30, 1991 equals $69,036.49. The balance in the Park Development Fund as of that same date equals $199,427.12. This does not include any dollars not yet invoiced to the City to -date for projects already underway or committed to. * It should be noted that the number I am asking you to utilize in your consideration of this matter should be estimated on the high side. It will be dependent upon the exact nature of the improvements undertaken, the actual costs of construction received once bids are let, and the available footages for assessment purposes. Hopefully, the actual amount assessed to the Park will be less than that now being discussed. Thank you for your attention to this matter. If I can provide you with any further information, please let me know. JRH:kpv Enclosures Page 67