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Based on the recommendations of the Steering Committee, WSB and Associates, and City Staff the <br /> following is the priority implementation recommendation for the first phase of the Parks <br /> Comprehensive Plan: <br /> 1. Hansen Park East <br /> 2. Lions Park <br /> 3. Creekview Park <br /> 4. Totem Pole Park <br /> 5. Sunny Square Park <br /> 6. Silver Oaks Park <br /> These parks would constitute Phase I, as it is currently proposed. Staff will present details and <br /> financing of another option that would include Hansen Park West in Phase Ito accomplish full <br /> reconstruction of Hansen Park in a shorter time frame. Attached to this document is a draft <br /> implantation plan that includes Phase I, excluding Hansen Park West. <br /> The City would need to issue bonds to pay for the costs related to these improvements. As proposed, <br /> bonds would be issued to cover costs related to the implementation of Phase I of the Plan. The City <br /> doesn't have funds on hand to pay cash for such improvements, and it is not practical, or cost <br /> effective to use the property tax levy for significant costs in such a time-frame. The City of New <br /> Brighton would pay for the costs of the principal and interest by using internal financing from the <br /> Municipal Development Fund until 2025. At that point, we would place the current principal and <br /> interest payments onto the levy. The internal loan payments to reimburse the Municipal <br /> Development Fund for the earlier debt service payments will be placed on the levy in 2027. <br /> The reason that the debt payments would be paid for through internal sources until 2025 is because <br /> at that point two different financial occurrences happen that mitigate the impact to the overall <br /> property tax levy. The first is a TIF district decertifies resulting in an overall increase to the City's tax <br /> capacity thus lowering overall tax rates.The second is that 2025 is when the City of New Brighton will <br /> complete it's Debt Free Streets financing project. This means that when the costs of completing one <br /> street project are added to the property tax levy, another falls off. This ensures that the levy is stable <br /> and we are able to pay for our street projects without issuing external debt, which is common for <br /> municipalities. Currently, budgets include the addition of funds to account for completing this <br /> process, but in 2025 will no longer need to do that. Waiting until 2025 to include the debt service <br /> payments allows the City to lessen the impact to the property tax levy. <br /> There are some key factors for the Council to consider in this discussion and decision. These include, <br /> but are not limited to: the value of improved parks and recreation facilities in our community, the <br /> overall property tax impact, the trade-offs associated with pursing this plan (we cannot go back on <br /> paying for debt service), the fund balance levels of internal funds, the current interest rate <br /> environment, and alternative courses of action for park facility development and redevelopment. <br /> Staff are seeking input on if the Council would like to keep pursuing this course of action, or not. If <br /> Council would like to go forward with the implementation plan as proposed staff would begin working <br />