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Handout, Funding for the Acquisition of the Mesa Memorial Baptist Churcht~°"d~~ ~~i~ ~`!~ -~~ ~ .~ s ti~.. February 26, 2001 MEMORANDUM TO: Parks and Recreation Advisory Boazd FROM: Chris Dropmski, Director, Parks and Recreation ~/~~~ Q, Ken Ramsey, 5uperintendent, Parks Planning and Construction y~y(~ r- SUBJECT: Funding for the Acquisition of the Mesa Memorial Baptist Church As an Item from the Director at the January 29, 2001 PRAB meehng, staff advised the Board that we were able to proceed with the purchase of the Mesa Memorial Baptist Church property (Yale and Table Mesa Drive) under the contract provisions that the Board had earlier approved in February, 1999 Those contract provisions were mainly the purchase of a 1 73 acre site for ~ $700,000, which was to be funded from the Neighborhood/Pocket Park Acquisition Bond funds Tlvs acquisition project was forwarded to Planning Board in February of ttus year and theu posihve recommendation has been forwarded on to City Council City Council is now scheduled to consider this acquisihon at theu meeting on March 6 However, between the time that the Board approved the contract and when the Church resolved the contract requirements (it looked for quite a while that the contract requirements were unresolvable and there would be no purchase) the City refunded $6,000,000 from the Neighborhood/Pocket Park Acquisition project The resulting savings in debt sernce and interest earned on the unspent bond balance was the primary source of funding for the North Boulder Recreation Center Refurbishment project That refund has resulted in only $529,000 being avulable to meet the $700,000 contract for that purchase Subject to input from the Parks and Recreahon Advisory Boazd at the February 26 meeting, staff is prepared to move forward to City Council wrth the expectation of using $170,000 of funding from the Mountain Oceans Acquisition project to make up the funding shortage There are two reasons for this strategy First, after a couple of yeazs we haue been unable to find an alternate location for Mountaui Oceans and therefore uncertain whether or not there will be an acquisition Second, the $1,200,000 identified for Mountain Oceans is somewhat of a placeholder in that we do not know how much that project might cost It may be that if a negotiation can be worked out, it may involve more funding requirement than what is currently identified and addrtional funds would have to be identified regazdless ~,^*. ~