RES 94083 - Laserfiche WebLink

land sale will be transferred to this program at the time the development has secured all permanent financing and construction has begun. These funds will be used to cover the following projects: • Junipero Street extension - As mentioned previously, the amount transferred is estimated at this time to be $1,000,000. It should be pointed out, however, that this revenue will only be available if the housing project proceeds. If the housing project does not proceed, the roadway extension will not be constructed at this time since it is only being proposed to meet the above mentioned condition of approval. This transfer is subject to the development of a complete roadway financing plan which will be presented to the City Council within the next few months. • To offset the cost of the proposed Community Pool and the Pleasanton Tennis and Community Park projects - The remaining $1,200,000 will be transferred to support these projects. In the event the proceeds are not available due to delays or the inability to secure permanent financing for the Case Ave. project, the funding of these projects will need to be reevaluated. Staff plans on spending only minimal funds for initial project design prior to the estimated receipt of these proceeds which should occur shortly after the first of the calendar year. The second source is the General Fund's Capital Project Reserve. As discussed over the past few years, as part of the review of the City's operating budget, a Capital Project Reserve has been funded with one time General Fund revenue. A sum of $1,000,000 of this revenue will be used to offset the cost of the proposed Community Pool and the Pleasanton Tennis and Community Park projects as discussed above. In addition, $550,000 will be used to fund the renovation of the Valley Trails Park Project in FY 1994/95. It should also be noted that $ 200,000 has been transferred from the Capital Project Reserve Account to the newly formed Park Renovation Fund which will be used to fund the $325,000 Fairlands Park Rehabilitation Project in FY 1995/96. Inclusion of Capital Project Reserve revenue in this program will result in an estimated $0 balance of this reserve at the end of FY 1994/95. Financing for the North Pleasanton Community Park As discussed previously, this program anticipates the funds to secure a 33 acre piece of property within the Hacienda Business Park for the purpose of developing a community park. While staff has not finalized a financing plan for this land acquisition, this program anticipates securing sufficient funding from a source other than existing City revenue. A staff report describing funding options is currently being prepared. As a reflection of the uncertainty of the specific funding source for this acquisition, staff has separated it into acquisition of 20 and 13 acres respectively. This arrangement is presented as a reflection of the fact that it may be necessary to phase the land acquisition to coincide with available revenue. Staff intends to provide Council with a complete funding plan in the near future. via