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MEMO TO: MAYOR HANKNER <br />FROM: MARY SAARION, DIRECTOR <br />PARKS, RECREATION AND FORESTRY <br />DATE: JULY 10, 1989 <br />SUBJECT: PARK IMPROVEMENT FUND REVIEW <br />1. Park Improvement Status <br />$ 56,350.72 current balance (7/10/89) <br />12,500.00 to be received by Everest Dev. before December 31, 1989 <br />50,000.00 to be received by Sysco before December 31, 1989 <br />$118,850.00 total as of December 31, 1989 <br />2. Expectations for future dedication fees: <br />a. $12,500.00 will be received at the end of the each of the next three <br />years including 1990, 1991 and 1992. This money is dedication fees <br />from the Everest Development. These funds are ear -marked for park <br />improvements designated in the 5 year capital park improvement plan <br />($37,500.00 total compensation accumulated in the three years). <br />b. It is difficult to speculate park dedication fees. There are three parcels of <br />land which total less than 50 acres accumulatively. These parcels are: <br />(1) Bob Waste <br />(2) O'Neill <br />(3) County Road I; Highway 10, Silver Lake Rd. Triangle <br />It is speculated that park dedication fees for these parcels may total an additional <br />$50,000.00. <br />It is important to note that timeframe for the development of these parcels is <br />unknown and therefore the time for receiving the park dedication fees is unknown. It <br />could be in the near future or many years. <br />3. Possible anticipated uses of funds: <br />a. Oakwood Park improvements $30,000.00 <br />b. Water, sewer and electricity at <br />Silver View Park 33,000.00 <br />C. Sysco land use study/survey 20,000.00 <br />d. Culvert improvement at Silver View 13,000.00 <br />TOTAL ................................... $96,000.00 <br />MS/SL <br />