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WS Item 4 Community Recreation Center February 19, 2013 Presentation Purpose Project History Project History Project History Funding Options Strategic Initiative Fund SPDC TIF Property Tax Sales Tax District (MDD/Type A) Public Private Partnerships (P3s) Proceeds from sale of excess land Options Options Summary Option #2 Key Points One election required CCPD debt covered by General Fund subsidy Facility opens = FY 2017 Debt required = $26.7m Facility Opens FY 2017 SRO program transferred to CCPD CCPD debt expires Facility Opens 2017 SRO program transferred to CCPD CCPD debt expires Crime Control Analysis General Fund Analysis ASSUMPTIONS: CCPD debt subsidy SPDC park maintenance pick up Street Maintenance sales tax off-set* SRO program funding Recreation facility operational subsidy Fund Balance draw down *Contingent on a successful election SPDC Analysis Council Feedback Options Summary Community Recreation Center Staff Recommendation Key Points One election required CCPD self-supported debt paid off according to current timeline Enhanced SRO program Facility opens = 2019 Debt required = $23.7m Facility Opens 2019 Option #1 Key Points Two elections required CCPD self-supported debt paid off according to current timeline Limited SRO program Facility opens = 2017 Debt required = $26.7m Facility Opens 2017 Option #2 Key Points One election required CCPD debt covered by General Fund subsidy Facility opens = 2017 Debt required = $26.7m Facility Opens 2017 SRO program transferred to CCPD CCPD debt expires Public Private Partnership Texas Government Code Sec. 2276.001 Timely acquisition, design, construction, etc. Public need not satisfied by existing procurement options Inadequate resources Provide government “greatest possible flexibility” Public Private Partnership Southlake AAA rating-lower borrowing rate 2.75% (city) vs. 6.05% (P3) Increased financing cost est. $10.9M Non-taxable vs. taxable bonds November 2013 election Reduce CCPD rate by ¼ Debt service requirements School safety limited FY 2018 significant reserves Create 4A or MDD ¼ rate Increase debt required ($25.0M) Operational cost subsidy required Property Inventory Park Property = 467.76 acres Other City Property = 103.84 acre Total City Property = 571.60 acres 7 acres Non-Park Property Located north of the ground storage tanks .77 acres Park Property Located next to DPS West Previous site of Safety Town 12.829 acres Non-Park Property Current location of Sr Activity Cntr 3 acres Park Property Located east of Fox Hollow 3.323 acres Park Property Known as the Coker Trail Head in the Parks Master Plan Property Summary 5 sites 26.922 acres 3 park property sites Conceptual Planning Bicentennial Park Master Plan Community Recreation Center Facility Indoor running/walking track Fitness spaces w/cardio & weight Gymnasiums/Multi-training spaces Group fitness/exercise spaces Indoor swimming: leisure Children’s indoor playground Arts and crafts rooms Multipurpose programs spaces Youth/Tweens activity spaces Childwatch & PS/Early Learning spaces Senior adult spaces 300 person community room/events hall Catering kitchen Administrative & Building Support space Southlake Community Recreation Center Floor Plan – Main Entry Level Floor Plan – Lower Level