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<br />2006 PROS Bond Funds <br />Under this option, the capital costs for construction of the WJ Skatepark would be covered by: <br /> <br /> <br />Park SDC funds previously appropriated <br /> <br /> <br />Private funds raised to date <br /> <br /> <br />Funds from the 2006 PROS Bond re-allocated to this project <br /> <br />Description of the process needed to utilize these funds: The Council could choose to follow the same <br />process used to direct staff to utilize 2006 PROS Bond funds for the purchase of the Arlie property— <br />which was to pass a motion giving direction to staff. In May 2012, the City Attorney outlined an <br />optional process to legally “test” the re-allocation of 2006 PROS Bond funds for construction of the WJ <br />Skatepark in the court system. <br /> <br />Timing implications for utilizing these funds: The Council can direct staff to utilize these funds via a <br />motion as soon as a conclusion is reached. This approach could enable construction to begin in 2013, in <br />the absence of any legal challenges to this use of the Bond funds. <br /> <br />Funding implications for other projects resulting from utilizing these funds: Re-allocating 2006 PROS <br />Bond funds would reduce or remove funds designated for one of the projects described in the PROS <br />Bond literature provided to voters in 2006. Depending on which funding category is chosen, this could <br />reduce or remove funding for a project with strong community support. <br /> <br />Other impacts and considerations resulting from utilizing these funds: Re-allocating funds from the <br />2006 PROS Bond fund to a project not part of the original bond package could raise concerns with some <br />voters related to support for future park bond measures. <br /> <br />This approach of re-allocating 2006 PROS Bond Funds to cover the construction costs would have these <br />benefits: <br /> <br /> <br />Does not take funding away from any non-park program or project <br /> <br /> <br />Reduces or eliminates need for additional private fundraising <br /> <br /> <br />Most likely allows the WJ Skatepark to be constructed in 2013 <br /> <br />Staff acknowledges the desire of the council to look at the future implementation of the 2006 PROS <br />Bond, as indicated by the questions posed during the May Work Session. Staff also sees a need for <br />evaluating what elements of the bond package can and cannot be implemented within a reasonable <br />timeframe, and a need for determining how to address those that cannot. Staff would like to discuss this <br />with the council in more detail at a future work session on that specific topic. <br /> <br />Maintenance and Operations Funding <br />The proposed model for funding maintenance and operations of the WJ Skatepark includes an interim <br />strategy and a longer term sustainable strategy. The interim approach would be one to three years’ of <br />one-time budget allocations, which would allow time for development of the longer-term strategy. It is <br />presently contemplated that this would take the form of earmarking the un-appropriated balance(s) from <br />one or more current park projects. This would be subject to discussion in conjunction with the FY14 <br />and subsequent budget processes. The longer term sustainable strategy would involve capitalizing on the <br />regional drawing power of a national-caliber, covered skatepark by developing revenue generating <br />mechanisms to support programming and maintenance. <br /> <br /> S:\CMO\2012 Council Agendas\M121024\S121024B.doc <br />