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1990-32 Adoption of Capital Improvements Plan-Tischler & Assoc. U180LU'l'%OM 110. 90 - 32 A ftESOW'l'ION OP THE CI'l'Y COMMISS!ON OF THE CITY OF PARKLAND, FLORIDA, ADOPTING A CAPITAL IMPROVEMENTS PLAN. WHEREAS, the City of parklanc! haa ~cmmil!lsioned a study to develop a capital improvement. plan through'Tischlel- & A550ciatos; and WHEREAS, the city .t.f! h.. worked w.1tl;1 Tischler & Associates (Tischler) in developing a capital improvements plan, and WHEREAS, Tischler haa submitted a proposed plan; and WHEREAS I the City COllllnlssion believe!:> Lhi1L the I:lttHched implementation provision. of the Capital Improvements Plan shOUld be adopted as the Capital Improvements Plan of the City or Parkland, NOW THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF PAR~LAND, FLORIDA AS FOLLOWS: Section 1. The attached Exhibit "An, containin~ the implementation provisions of the Capital Improvements Plan as submi tted by Tischler & Associates, is hereby adoptod as the Cap i tal Improvements Pll:ln of the city of PlSckllSnd. The City reserves the right to make amendment., revisions, and chanqes to said Capital Improvements Plan a. i. deemed appropriate. PASSED AND ADOPTED THIS 21 DAY OF NOVEMBER . 1990. Am ~~- "S . PAGT.TARA, VOR ATTEST: Q_.~~~~ ~RMRTRON", ~TTV ~TII EXHIBIT A CAPITAL IMPROVEI'IENT PLAN 1. IMPLEl'lENTATION 1.1. Existing Deficiencies 1.2, 1. 3. 1.3.1. The only existing deficiencies in Parkland's public facilities are in roads. Two roads are below standard in terms of pavement quality, not traffic congestion. It is anticipated that Parks ide Drive and Holmberg Road from University to Rt. 441, will be resurfaced beginning in 1995. These streets will be constructed by private contractors and will be needed regardless of new growth. The estimated cost for paving the 66,053 square yards is $139,000 in 1990 dollars. Replacement Items During the five year planning period covered by the CIP, the City of Parkland does not have to replace any items addressed in the traffic circulation, parks/recreation/open space, or community facilities elements. The only replace- ment cost demand on the City of Parkland is from public safety equipment, which is discussed in Appendix 1. Projects Needed Development to Accommodate New Described below are Parkland's CIP capital projects. All but one of the capital projects are needed to accommodate new development in the City of Parkland. The one project necessary to correct an existing deficiency is the resurfacing of Parks ide Drive and Holmberg Road, which is scheduled for FY94-95, Capital Projects Scheduled for FY90-9l Equestrian Center - Phase 2 In 1991, Parkland will continue work on the development of the Equestrian Center, The Phase 2 capital expenditure is expected to be $60,000. University/Holmberg Park Development RDOLtrl'ION NO, 90-31 EXHIBIT A PAGE 2 In a cooperative venture with a private developer, Parkland expects to spend $90,000 of public funds on the development of a park at the University/Holmberg site. This capital improvement is scheduled to take place in 1991. 1. 3.2. Capital Projects Scheduled for FY9l-92 Equestrian Center - Final Phase Final construction on the Equestrian Center will take place in 1992. Parkland will spend $60,000 to complete the trails and other public facilities at the Equestrian Center, 1. 3. 3. Capital Projects Scheduled for FY92-93 Development of Park and Open Space Land - 3 acres To maintain the adopted Level Of Service standard, Parkland expects to develop an additional three acres of park and open space land in the year 1993. The capital project has an estimated cost of $177,000. 1. 3.4. Capital Projects Scheduled for FY93-94 Municipal Building Parkland will occupy a new City Hall in 1994, which is assumed to be constructed in FY93-94. The new municipal building is expected to be approximately 12,000 square feet. The minimum cost of this capital project is assumed to be $1.096,000, which is based on the following cost breakdown: Construction and design fees Furniture and equipment costs Site and infrastructure costs $756,000 $113,000 $227,000 Land costs for the new municipal building were not included since a site was not specifically identified and costed. Infrastructure costs could be much higher depending on the proximity of water and sewer RESOLUTION NO. 90-31 EXHIBIT A PAGE 3 lines to the site. If this project is financed with general obligation bonds over 20 years at 7.5% interest, the debt service payments for this facility are estimated to be at least $108,000 per year. Development of Park and Open Space Land - 5 acres Five acres of park will be developed in improvement project is $295,000. and open space land 1994. This capital expected to cost 1.3.5. Capital Projects Scheduled for FY94-95 Development of Park and Open Space Land - 6 acres In 1995, the City of Parkland will undertake the development of an additional six acres of park and open space land. The estimated cost of this park development project is $354,000, Resurfacing of Parks ide Drive and Holmberg Road It is anticipated that Parks ide Drive and Holmberg Road, from University to Rt. 441, will be resurfaced beginning in 1995, The estimated cost for paving the 66,053 square yards is $139,000 in 1990 dollars. 1.3.6 That, if would like acquisition the goal of size park. possible, the City to aggregate the of park property with establishing a community RESOLUTION NO. 90-31 EXHIBIT A PAGE 4 Table 2: Schedule of Capital Projects, FY91-95 Fiscal Years (in Thousands of Dollars) Capital Projects 91 92 93 94 95 Total Equestrian Center $60 $60 $120 Univ,/Ho1mberg Park $90 $ 90 Develop Park and $177 $ 295 $354 $826 Open Space Land Municipal Building $1,096 $1,096 Resurface Parks ide Dr. $139 $139 and Holmberg Road 91 92 93 94 95 TOTAL $150 $60 $177 $1,391 $493 $2,271 RESOLUTION NO. 90-31 EXHIBIT A PAGE 5 1.4. Projected Capital Costs and Revenue Sources According to the fiscal analysis by TA (see Appendices 2-4), Parkland's comprehensive plan is economically feasible. TA ascertained the fiscal impact of new residential and non-residential development in the City of Parkland for the period 1991-2000. The fiscal results show an annual surplus for the City of Parkland in every year. The annual fiscal surplus due to new growth is $297,125 in 1991. This compares to the FY90 total budget amount of $2,549,475. The annual surplus increases steadily to approximately $2,7 million in the year 2000. The ten year cumulative surplus is approximately $15.7 million. Projections assumed development rate measured up to July, 1990, National andlor regional economic downturns could decrease anticipated surplus and development. The largest increase in expenditures is in Parkland's "Development Related" operating functions of Engineering, Planning, Building, and Public Works, along with the capital improvements needed to accommodate new development. Approximately one third of the $12.5 million cumulative expenditure is for capital improvements, Over the ten year study period, the capital costs are $3,550,000 for parks and $752,563 in debt service payments for the new City Hall. Table 3 on the following page, indicates the cost of capital projects and the anticipated source of revenue to pay for the improvements. The City of Parkland expects the following general fund revenues: Source % of Total Property Taxes Franchise Taxes Building Related Fees* Half Cent Sales Tax All Other Revenues 66% 11% 11% 5% 7% * The "building related fees" listed in the above table are used to cover the cost of development review and are not available to fund capital projects. DSOLUTION NO. 90-31 EXHIBIT A PAGE 6 Table 3: Costs and Funding of Capital Improvements, FY91-95 Ca~li tal Projects Total Cost Revenue Sourc e Equestrian Center $120,000 General Fund Un iv/Holmberg Park 90,000 General Fund Develop Park and 826,000 General Fund Open Space Land Municipal Building 1,096,000 General Obligation Bond* Resurface Parkside Drive 139,000 General Fund * Assuming a 20 year bond at approximately $108,000. The space. Also, the price of included. 7.5% interest, annual debt service would be City of Parkland, also may elect to lease the land for the municipal building is not RESOLUTION NO. 90-31 EXHIBIT A PAGE 7 l.S. Recommended Implementation Mechanisms In the first year of the CIP, Parkland expects to undertake the development of University/Holmberg Park through a cooperative venture with a private developer. The City will have to complete the necessary legal agreements to ensure the development of this park. Further development of additional park and open space land is scheduled to take place in FY92-93. City staff and/or a citizen committee will have to select a site for development from the City's current inventory of park and open space land. Given the relatively small land area of Parkland, locational considerations are probably not as important as other factors. During the next two years, the Planning Department should develop a conceptual plan for the use of park and open space land owned by the City of Parkland. Assuming City owned space, a new municipal building scheduled for construction in FY93-94 will probably require the use of bond financing. The Finance Department will have to make necessary arrangement for the sale of these bonds. Before financial arrangements can be made, the City will have to secure professional help to design the facility and estimate costs.