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Back,round: <br /> <br />CREMATION OF A PARK FUND <br />By: Diana Lund, Finance Officer <br /> <br />CASE # <br /> <br />Thc propose of d~is case is to discuss the creation of a new Park Fund and its possible <br />funding so urces and uses. <br /> <br />Most park projects are currently beiJ~.g funded fi:om the Park Trust Fund which is funded <br />from Park Dedication Fees recei'..zed fi'om developers when a parcel is developed. Park <br />dedication fees are deposited 50% into the respective park district and the remaining 50% <br />can be spent in any park district. While this fired has a healthy balance, it does not take <br />into consideration those park disiricts that have little or no development fees to help fund <br />necessary projects. Also, the Ci~ y is currently in a growth mode, with much development <br />occurring which generates park ~tedication fees. What happens when development stops, <br />the parks sti I1 need to be updated, maintained, etc. <br /> <br />It is felt that with. the additional pm'lc costs attributed to the ongoing maintenance, <br />improvements, and acqui si tion tl ,at it was necessary to begin the implementation of an <br />additional fund. Council directe~t staff at the Finance Committee meeting of May 25, <br />2004, to have this item presented at the June 10, 2004 Park Commission meeting so that <br />the City Council and Park Comn~ssion could jointly determine the necessary funding <br />uses and sources of this fumt. <br /> <br />The creation of an additional fun ;[ requires the adoption of an ordinance amending <br />Chapter 3, Section 3.40 cntitl, ed ':City Funds". <br /> <br />Commission Action: <br /> <br />Based upon discussion. <br /> <br />P&R: 06/10/04 <br /> <br /> <br />