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RECOMMENDED FINANCING PLAN Based on the alternatives presented in this report and the results of the survey, the recommendation of the Bernal Financing Committee for financing the Program is to fund the Program in phases. The following is the recommendation of the Bernal Financing Committee: • Phase I of the Financing Plan o Complete the construction of Phase I of the 50 acre community park with funds included in the Capital Improvement Budget. o Upon the approval of the draft General Plan, Staff is to bring forth for consideration by the Council of an increase in the developer impact fee as discussed in this report. • Phase II of the Financing Plan o Staff to bring back for Council's approval the necessary documentation to put the increase in transient occupancy tax from 8% to 12% on the ballot in calendar year 2009. The 2009 election dates are: • March 2009 • June 2009 • November 2009 o The increase in transient occupancy tax in addition to the annual General Fund transfers and the increase in developer impact fees will fund the completion of Phases II, III and IV of the Community Park, Open Space and the Youth Center and/or Community Center. (Note: the Bernal Financing Committee is recommending that the Youth Center be the highest priority building to be completed first as funding is available.) • Phase III of the Financing Plan o Future Council to identify additional funding to complete Community Center and Civic Arts Center. An additional recommendation of the Bernal Financing Committee is to continually update the Financing Plan and include a copy of the updated report when a contract is awarded for a capital project included in the Program as well as biannually include an updated copy of the report with the adoption of the Capital Improvement Program. 14