04-01-2024 Park Board Packet - Laserfiche WebLink

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Analysis To assess costs and funding for park development, three general steps were carried out: determining park improvement costs and funding sources, estimating park dedication revenue, and a comparison of expenditures and revenue. Determining Park Improvement Costs and Funding Sources The first step in this process is to break down the costs for each park’s improvements and development. Parks are divided into two groups: those that currently exist or planned to be developed by 2040 and those planned to be developed after 2040, as laid out by the 2040 Comprehensive Plan. Parks are further grouped based on which neighborhood park service area (PSA) they belonged to. The following information is collected for each park: 1. Stage (when it is planned to be developed) 2. Percent Developed 3. Improvements 4. Expenditures — Replacement Cost, New Development Cost, Land Acquisition, and Trails 5. Funding Source — Park Dedication and General Fund Total Expenditures, and the Funding Source categories of Park Dedication and General Fund are totaled to get summary figures for pre 2040 park development and post 2040 park development. Total Park Dedication, or the total funding needed from park dedication given the current plan, is what is of most interest and used in the final step of this analysis. Notes are provided for each park if there are additional pertinent details. More information on exactly how these figures are determined can be found in Appendix A. Estimating Residential Park Dedication Revenue The next step of this analysis is to understand revenue from park dedication given current fees. A minimum and maximum total expected revenue is calculated based on minimum and maximum new units that can be developed and the current dedication fee of $3,300 per unit. This is broken into pre and post 2040 development. More information of how these values are calculated can be found in Appendix C. Comparing Expenditures and Revenue The final step of this process is to compare the expected costs of new development and park dedication revenue to assess the City’s park dedication fee. This section compares new development costs, new arterial trails costs, and recreation complex costs to park dedication fee revenue in order to calculate an estimate for the fee it would take to cover these costs in both the pre and post 2040 time periods. More information regarding how this was tabulated can be found in Appendix D. With the study including estimates for post 2040 development, it assumes the development of a second recreation complex. Though there is not one planned at this time, the funding that is being accounted for the additional recreation complex could be used to enhance or expand the first. DRAFT