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Discussion Item: Meals Hill Project Funding Strategy
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SUBMITTED BY: Nathan Duval, Assistant City Manager / Capital Facilities Director
FISCAL NOTES:
Expenditure Required: N/A
Unencumbered Balance: N/A
Funding Source: N/A
RECOMMENDATION:
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Provide direction on proposed funding strategy
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SUMMARY STATEMENT:
Part of the Meals Hill acquisition included approximately $900k for development of the park. The money comes from the Exon Valdez Oil Spill trust (EVOS) and is managed by the Great Land Trust and has limitations as to its use. A portion of the funds were used to develop the approved Meals Hill Master Plan and approximately $580K remain available.
The City intended to use the funds for design of the remaining trails and amenities and seek an economic development grant to fund construction.
Great Land Trust has provided clarification that EVOS funds can only be used for design and implementation of trails and amenities for the impacted areas of the park. The current design estimates for the entire park are approximately $505K and breaking out the impacted areas from the other "new trails" results in approximately half of the design that can be funded with EVOS funds and the remainder will not be eligible.
We have applied for the Economic Development Grant and have heard positive reviews from the agency but have not been given an award and the process is highly competitive. The grant will require matching funds of approximately $600k with the grant funding $2.5M.
The proposed funding strategy is as follows:
EVOS Funds - Pay for design of the following in the amount of approximately $250-260k. Any remaining funds will be prioritized to be used for actual implementation/construction of these items. There will likely be enough money remaining to pay for the vault toilet, signage, and some reclamation of the spine trail.
* Entry Plan
* Multi-Use Spine Trail
* Overlook Trail
* Vault Toilet
* Signage
The remaining EVOS funds are ...
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