RES 94083 - Laserfiche WebLink

• Projects such as Community Center, Performing Arts Center, land acquisition, and Alviso Park should be considered for inclusion in a bond issue. Status: The CIP does not anticipate bond financing. However, a contribution to the Community Center is included in the program. While all Parks Projects are intended to improve the quality of recreational facilities in the community, the North Pleasanton Community Park, the Community Pool and the Pleasanton Tennis and Community Park projects have been given a high priority by the Parks and Recreation Commission, supported by the Council, and requested by the community but require significant revenue sources to complete. As a result, further discussion is necessary. • Community Park in North Pleasanton As discussed previously, this project is subject to the securing of additional revenue to secure the site. Park improvements for 20 acres are expected to cost approximately $1.7 million. The improvements for the remaining 13 acres are scheduled to cost approximately $1.5 million. The primary source of revenue for the 20 acre portion will come from the 496 unit Signature Properties development in Hacienda Business Park and is included as part of the total estimated in Lieu park dedication fees. Funding for the remaining 13 acres is expected from the approved Spanish Oaks development and is also included in the total estimated in lieu park dedication fees. Signature Properties has proposed developing the initial 20 acres of the park in lieu of paying $1,693,180 in park dedication fees. A total of $596,000 in fees has already been collected by the City and is part of the Parks Program beginning fund balance. In addition, depending on the method of site acquisition, actual park design and construction, if carried out by the City, will most likely take place on a time table which will attempt to maximize the use of the park as quickly as possible. As a result, the annual expenditures projected for this project reflect the years the fees are expected to be collected (in accordance to City growth management program allocations) and not necessarily the years they will be spent. As a result, the actual allocation of revenue for this project is subject to a financial review by city staff pending conclusion of site acquisition. Should Signature Properties develop the park, a refund of in lieu park fees will be made. The project description sheet for this project is located on page 16. • Community Pool and Tennis Park The Community Pool and the Pleasanton Tennis and Community Park projects are funded with both General Fund revenues described earlier and in lieu park dedication fees. While, both projects are scheduled to be completed in FY 1996 /97, actual expenditures will vary from those included in this program. The Community Pool project completion date is also contingent upon identifying and securing a suitable site. Most notably, only about $300,000 of the $1,000,000 programmed for each project in FY 1994/95 win actually be spent to cover project design. The retraining revenue is placed in this year to demonstrate the City's commitment to these projects. Based on revenues received during FY 1994 /95, further financial analysis will be conducted. The project description sheets for the Community Pool and the Tennis and Community Park projects are located on pages 14 and 15 respectively. xi