HomeMy WebLinkAbout04 17 2023 Park Planning and Funding Strategy PRESPark Planning and Funding Strategy Update
Prior Lake City Council Work Session
April 17, 2023
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Strategic Plan
Priority: High Quality Parks and Trails
Targets:
Adoption of Park and Trails System Pan by December 2023
Identify funding scenarios for parks and trails by 2024
Achieve community consensus on park and trail funding by 2024
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Draft plan completed in 2018
Projects and other updates have occurred in several parks since the draft
Additionally, policy discussions have occurred regarding future investments in several neighborhood parks
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Park and Trail System Plan
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Proposed plan updates:
Update completed projects and tasks within specific parks.
Update individual and specific neighborhood park recommendations consistent with desired policy goals for future neighborhood park repurposing.
Develop future park development needs plan for remaining growth areas within the city.
Develop neighborhood park renovation and replacement criteria and strategies.
Adjust 2018 estimated costs for inflation to 2023 estimated costs.
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Park and Trail System Plan
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The goal is to bring the final Park and Trail System Plan to City Council in fall 2023 for adoption.
The plan will be a primary reference point for future park funding decisions
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Park and Trail System Plan
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Common funding options
Bonding
Local option sales tax
Voter-approved park bond referendum
General tax levy increase
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Park Funding Strategy
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Staff seek input on which funding strategy (or strategies) to pursue
If referendum, the soonest we would be ready is for November 2024 general election
Tentative timeline for referendum process has been prepared
Staff have met with Rapp Strategies, a consulting firm that specializes in referendum related communication and strategy
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Park Funding Strategy
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Potential referendum timeline
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Potential investment in referendum
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* Estimates based on past experiences or info gathered from other communities
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Annual estimated tax impact
20 year bond
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Annual estimated tax impact
25 year bond
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Park Funding Strategy
SUMMARY:
Staff is requesting City Council input and direction on funding options for continued evaluation.
Questions
&
Comments
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