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City Council <br />c. Funding Sources: $30,000 for preparation of feasibility study. <br />No dollars included in 2007 budget <br />STATUS: An updated cost estimate for the Recreation Complex was prepared by Brauer <br />and Associates, Ltd. In addition, the project was divided into 4 separate phases. An <br />estimated cost for Phase 1 Development (3 soccer fields and gravel roadway /parking lot) <br />was prepared. A feasibility study would require further analysis (i.e., topographical survey) <br />to refine the estimate and eliminate any guesswork. There are no budgeted dollars for <br />preparation of a feasibility study <br />B. Calendar Year 2008 <br />(1) <br />Objective: Consider potential development of recreation complex <br />a. <br />Key Action Steps: <br />i. Develop alternative financing plans necessary to complete <br />recommended phasing efforts <br />ii. City Council determines whether to proceed with phasing plan. <br />If so, City Council identifies preferred financing plan, and sets <br />timeline for Phase I improvements <br />iii. City staff analyzes /determines whether any modifications to <br />master plan are warranted <br />b. Lead Party: <br />Key Contributors: <br />c. Funding Sources: <br />Public Services Department <br />Finance Department <br />Springsted Inc. <br />City Council <br />Up to $10,000 for consultant fees to develop <br />financing options <br />STATUS: Key Action Steps not pursued until Objective 4 (listed above) completed <br />5. Diversify, expand, and enhance the City's tax base <br />A. <br />Calendar Year 2007 <br />(1) Objective: Analyze where economic development opportunities exist <br />within the City for expansion of the City's tax base. <br />a. Key Action Steps: <br />i. Identify opportunities as part of Comprehensive Plan Update <br />Process <br />b. Lead party: Community Development Staff <br />Key Contributors: Comprehensive Plan Advisory Panel <br />EDAC <br />c. Funding Source: General Fund. Primarily Staff Time <br />6 <br />