Memo-05-08-2018-Item-9d

May 8, 2018

MEMO TO:        Mayor Barber and Board of Commissioners

FROM:             Frank A. Rush, Jr., Town Manager

SUBJECT:       Capital Project Ordinance Amendment – McLean-Spell Park

The Board of Commissioners is asked to approve the attached capital project ordinance amendment for the McLean-Spell Park project.  The attached amendment renames the capital project ordinance (from the previous title “Surfside Realty Tract – 29.7 Acre Land”), and also appropriates additional installment financing proceeds for initial park improvements.

The new title more accurately reflects the goals of the project moving forward, is easier to describe, and will enable the Town to continue to use the existing capital project ordinance.   

The attached capital project ordinance amendment appropriates an additional $70,000 of installment financing proceeds for initial park improvements.  As you know, the Board authorized a $600,000 installment financing agreement for the Town’s portion of the total land acquisition cost in March, and closing is scheduled to occur on May 11.  It appears that the Town’s actual cost will be approximately $530,000, thereby resulting in an additional $70,000 available for future Town use.  Assuming Board approval, these funds would be used for the construction of a pedestrian bridge over Archers Creek later this fall, and would also be available for a Town contribution toward a new dog park currently being considered by the Town’s Dog Park Development Committee, along with other desired park improvements.

I recommend approval of the attached capital project ordinance amendment.