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Item No. 8E Meeting Date: March 13, 2006 Type of Business: CA WK: Work Session; PH: Public Hearing; CA: Consent Agenda; CB: Council Business City Administrator Review _______ City of Mounds View Staff Report To: Honorable Mayor and City Council From: Greg Lee, Director of Public Works Item Title/Subject: Resolution 6778 Revising the Funding for the Random Park Building Replacement Project Background: On December 12, 205 the City Council approved Resolution 6700 waiving the public improvement hearing, holding a public information meeting, ordering the project, approving a contract to demolish the existing building at Random Park, and authorizing the preparation of plans and specifications for the Random Park Building Replacement Project. Paragraph 7, of Resolution 6700, also established the funding for this project. The financing for this project is as follows: all tax increment eligible expenses will be financed utilizing the City’s Tax Increment Fund (TIF). All remaining expenses are to be financed using an even split (50/50) between the Park Dedication Account and the Special Project Fund. Discussion: On March 6, 2006 the Parks and Recreation and Forestry Commission discussed the funding for the Random Park Building Replacement Project with the City Council. Based on these discussions, the City Council indicated that they would be agreeable to revising the funding from a 50/50 slip between the Park Dedication Fund and the Special Project Fund to a 60/40 split with Special Project Fund contributing 60% and the Park Dedication Fund contributing 40%. Recommendation: It is recommended the City Council adopt a resolution revising the funding for the Random Park Building Replacement Project to a 60/40 split with Special Project Fund contributing 60% and the Park Dedication Fund contributing 40%.