08/27/92 Agenda & Packet - Laserfiche WebLink

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pertain to natural resource based outdoor recreation activity. Both groups identified the need for additional trails,picnic areas, shelters, natural park areas and lake access of all types. It was agreed that Commission members should individually review the survey find- ings and correlate them to the"Parks, Open Space and Special Use Facilities Matrix" previously distributed to Commission members. Commission members should be prepared at the next meeting to discuss deficiencies within the system and opportuni- ties at various park and open space sites to address these deficiencies. The Commission discussed Ramsey County's role in special recreation facilities such as ice arenas. It was the Commission's opinion that the comprehensive system plan should address Ramsey County's future role in these special recreational use facilities. It was the Commission's view that there are adequate opportunities for indoor ice skating at Ram- sey County's ten arenas and that no additional facilities should be developed. The Com- mission had a similar view of horseshoe courts and archery ranges. Financing Options for Regional Recreation Open Space Capital Improvement Mr. Mack reviewed the history of financing capital improvements for the regional recre- ation open space system. Since the creation of the regional recreation open space system in 1974,the Metropolitan Council has issued $53,827,137 in regional bonds and the State has provided bonding in the amount of$118,958,800. In addition, interest earnings have • amounted to an additional $36 million, bringing the total funding for 1974 through 1992 to $208 million. Since 1987,State funding of the Capital Improvement Program has been very limited. In 1992, the Metropolitan Council's request to the Legislature for the 1992- 93 biennium totaled $29,990,000. Of that request, the Legislature approved bonding in the amount of$2.5 million,or just over eight percent (8%). The Metropolitan Council has adopted a Capital Improvement Program for fiscal years 1992 through 1999 that identifies capital needs of$213,793,000. In order to implement this system, the Metropolitan Parks and Open Space Commission is looking at alternative methods of financing. Two approaches that have been considered by the Metropolitan Parks and Open Space Commission are a pay-as-you-go program of capital financing and regional park bonds. A 10-year pay-as-you-go program of $25 million per year would cost a Ramsey County homeowner with a $100,000 home about$15.80 per year. By comparison, the impact of a $25 million 15-year bond issue on a $100,000 home in Ramsey County would be$1.97 in the first year of issuance;however, the accumulated annual debt service for a 10-year bonding program of$25 million per year would result in a tenth year cost to the homeowner of$17.06. The debt service obligation would con- tinue at a diminishing amount for 15 years past the last date of issuance. The Commission agreed that given the history of capital funding by the State of Min- nesota, some form of either a pay-as-you-go regional park levy or issuance of regional . park bonds may be appropriate. However, it was the Commission's view that some com-