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13 <br /> MEMORANDUM <br /> DATE: July 31, 2001 <br /> TO: Mike Morrison, City Manager <br /> FROM: Roger Larson, Finance Director <br /> ITEM: CENTRAL PARK.RENOVATIONMUNDING <br /> The current financial plan for Central Park improvements totaled $1.6 million dollars. <br /> Sources of funding included: <br /> $ 625,000 G.O. Tax Abatement Bonds <br /> $ 250,000 General Fund Reserves <br /> $ 725,000 Water Filtration Funds <br /> $1,600,000 <br /> The original plan for redevelopment of Central Park has changed and upgraded to <br /> include: park buildings enhancements, bathroom additions to Water Tower Park and <br /> other environmental improvements, which require that additional resources of$700,000 <br /> be identified to fund the project. <br /> Option#1 <br /> Selling additional tax abatement bonds could create the additional funds needed to <br /> complete the park improvements. The maximum levy that St. Anthony can abate totals <br /> $100,000. When issuing the 2001 G.O. Tax Abatement Bonds, the annual tax abatement <br /> levy totaled$30,000, leaving an additional $70,000 for future abatement. <br /> Option#2 <br /> Another option of funding would include the appointment of additional reserves from <br /> several sources. They include: designate an additional $275, 000 of the water filtration <br /> funds, transfer 2000 water filtration interest earnings totaling$200,000 to the parks and <br /> using $225,000 of the HRA Projects Fund (analysis is attached). <br /> Either option would work; however, the least impact on property taxes would clearly be <br /> Option #2. My recommendation is for Council to approve the revised park funding <br /> proposal at a cost not to exceed$2.3 million dollars. <br />