HomeMy WebLinkAboutAGENDA REPORT 2001 1205 CC REG ITEM 11Ccf 12 ' -2001 -- - -
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MOORPARK CITY COUNCIL --�-�
AGENDA REPORT By G �yt/,ur
TO: The Honorable City Council , J
FROM: Mary K. Lindley, Director of Community Services ILl
DATE: November 16, 2001 (CC Meeting of December 5, 2001)
SUBJECT: Consider Repayment of General Fund and Inter Fund Park
Improvement Loans
SUMMARY
The City Council is being asked to approve the repayment of
several Park Improvement Fund loans. This action includes the
repayment of loans made to the Community Zone in the amount of
$486,000 and a loan made to Zone 3 (South Zone) in the amount of
$34, 370.
DISCUSSION
To date the Community Zone Fund has assets in the amount of
approximately $2,077,677, including $30,423 in a loan due from
Zone 3. In addition to these assets, the Community Zone Fund has
approximately $486,000 in outstanding debts in the form of loans
it received from the General Fund and from other Park
Improvement Zones. These loans are as follows:
Community Zone Fund - Outstanding Loans
Amount
Source
Purpose
$176,000
G. F.
AVCP Tennis Courts
$2.25,000
Zone 1 - Central.
Multipurpose Court
$ 85,000
Zone 2 - East
Park Improvements
$486,000
TOTAL
j�i-
Park Improvement Fund Repayment
Nee 2
The Community Zone currently has sufficient assets to repay its
existing loans. However, since the City is undertaking the
construction of the Community Aquatics Facility and the
construction of AVCP Phase II, staff proposes the City retain a
fund balance of approximately $1,190,000. To that end, it is
recommended that following the immediate repayment to the
General Fund of $176,000, that the City defer repayment to Zone
2 until such time as the City receives $85,000 in new Park
Improvement fees. Thereafter, repayment of Zone 1 would take
place upon the receipt of an additional $225,000 in Park
Improvement fees.
It is anticipated that the Zone will receive an estimated
$500,000 in Park in -lieu fees (QUIMBY) this fiscal year,
approximately $1.6 million in FY 02/03, and approximately $1.6
in FY 03/04. These revenue projections are dependent on new
development projects being completed. Attachment A provides a
summary of anticipated revenue and expenditure activity and an
estimated fund balance in the Community Zone over the next five
years.
Zone 3, which includes the Mountain Meadows and Peach Hill
areas, currently has assets in the amount of $112,150 and owes
$34,370 in inter -fund loans. Of the total loan amount, $30,423
is owed to the Community Zone, and the remaining $3,947 is owed
to Zone 2.
In the current fiscal year
for new playground equipmei
from the Park Improvement
repay Zone 3's outstanding
be sufficient funds to
improvement projects.
(FY 01
it and
Fund
loans
cover
/02), the City budgeted $90,000
$6,000 for a new monument sigr.
Zone 3. If the City were to
at this time, there would nor-
the cost of the budgeted
However, the City anticipates receiving approximately $653,400
in park fees in Zone 3 over the next three to four years. The
first development project that will generate park improvement
fees will most likely be Pacific Communities. Previous action of
the Council designated that 80 percent of the fees collected
from Pacific Communities would be allocated to the Commun_ty
Zone to off -set community park impacts. The remaining 20 percent
(estimated to be $40,000) will be allocated to Zone 3. Once this
initial revenue has been received, the City can repay all
outstanding loans in Zone 3.
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Park Improvement Fund Repayment
Page 3
STAFF RECD MMATION
Approve the repayment of all outstanding loans ($486,000) in the
Park Improvement Fund as follows:
1. Initiate the immediate repayment of the $176,000 loan
from the Community Zone to the General Fund;
2. Upon receipt of $85,000 in Community Zone fees,
initiate the repayment of $85,000 from the Community
Zone to Zone 2;
3. Upon receipt of an additional $225,000 in Community
Zone fees, initiate the repayment of $225,000 from
the Community Zone to Zone 1; and
4. Upon receipt of $40,000 in Zone 3 fees, initiate the
repayment of $30,423 to the Community Zone and $3,947
to Zone 2.
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