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After considering various financing options and surveying the community regarding new <br />revenue sources requiring voter approval, the Committee concluded that the Program <br />should be funded in three phases which are summarized below and included in detail <br />on page 14 of the attached Plan. <br />Phase I -Complete construction of Phase I of the Community Park (lighted sports <br />fields) utilizing existing capital improvement funds. In addition, upon approval of the <br />draft General Plan, staff will forward to the City Council a report and <br />recommendation regarding potential increases to existing City developer impact <br />fees. <br />• Phase II -Includes Council and voter consideration of an increase to the transient <br />occupancy tax to fund the community park, open space improvements and the youth <br />center (the highest priority of the Committee of the community facilities included in <br />the Program). Calendar year 2009 is targeted for the transient occupancy tax <br />increase to be considered by the voters. <br />• Phase III -Identify additional revenue options to fund development of the community <br />center and civic arts center. <br />As indicated in the Committee's recommendation, it is anticipated that the Plan will be <br />updated regularly to assure that it remains consistent with Program costs and the City's <br />financial position. As such, staff anticipates that, over time, funding scenarios may <br />change. Nevertheless, the Plan will continue to serve as the primary funding document <br />for the vernal Property. <br />Submitted by: <br />~~u~ <br />Emily Wagner <br />Economic Development <br />Fiscal Officer <br />Fiscal Review: <br />~~~ <br />David P. Culver <br />Director of Finance <br />Approv d by: <br />Nelson Fialho <br />City Manager <br />Attachments: <br />1. Financing Plan -Bernal Property Specific Plan dated October 2007 <br />Page 3 of 3 <br />