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Ballfield <br />Property <br />Purchase <br />2025 thru 2034 <br />Admin/Finance - Detail <br />Lake Elmo, MN <br />Project #AF - 002 <br />Project Name Ballfield Property Purchase <br />Contact City Administrator Department Admin/Finance Department <br />Category Land Priority 3 Important <br />Status New Recommendation Useful Life 99 years <br />Description <br />Purchase of two properties for future development of parks and ballfields. <br />Per city council meeting on 8/27/24. <br />Tentative closing in early 2025. <br />Interfund Loan -- repayment over 10 years w/ dedicated levy. <br />$2,700,000 for land + $75,000 for closing costs/incidentals <br />$1,058,280 to be transferred from Park Ded -- Royal Golf ballfield contribution. <br /> <br />Expenditures 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 Total <br />Land Acquisition 2,700,000 0 0 0 0 0 0 0 0 0 2,700,000 <br />Other 75,000 0 0 0 0 0 0 0 0 0 75,000 <br />Total 2,775,000 0 0 0 0 0 0 0 0 0 2,775,000 <br />Funding <br />Sources 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 Total <br />Ballfield Fund 2,775,000 0 0 0 0 0 0 0 0 0 2,775,000 <br />Total 2,775,000 0 0 0 0 0 0 0 0 0 2,775,000 <br />Produced Using Plan-It CIP Software