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FC CASE # FINANCING OF ELMCREST PARK PURCHASE By: James E. Norman, City Administrator Background: During the Council meeting of December 8, 1998, the City Council authorized the acquisition of Community Park #5, from Mr. Vernon Halderson et al, in the amount of $205,000. The purchase was structured into two payments, with the first portion paid prior to the end of 1998 in the amount of $120,000. The final payment of $85,000 was authorized by the City Council during the Council meeting of June 22, 1999, by utilizing a loan from the Landfill Trust Fund. The motion to authorize the final payment for the Community Park was made but they also directed staff to determine the final source of financing the project. When the City decided to purchase the property from the Haldersons for Elmcrest Park, there was an intent to use moneys derived from a future Storm Water Management Utility System Fund which had yet to be established. As staff has discussed the storm water management utility system throughout the year, it has become apparent that there are significant needs in storm water improvement projects and it would be difficult to divert funding for a partial park payment. Staff would thereby recommend that the final payment be made from the Park Trust Fund and that the City transfer the $85,000 to the Landfill Trust Fund as reimbursement for the final payment of Elmcrest Park. Committee Action: Motion to recommend that the City Council transfer $85,000 from the Landfill Trust Fund to the Park Trust Fund as reimbursement for the final payment of Elmcrest Park. Reviewed by: City Adlninistrator Finance Officer Parks/Utilities Supervisor Director of Public Works FC: 11/23/99 G.'lusez:['kl'lhieling[.~_~OICOUNCIL& ~B UDGETFll1999~November~Ehncrestpark. doc 11/19/99