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RECOMMENDATION TO COUNCIL <br /> Park Committee and Park Director Buckley recommend that Council <br /> approve Option 3 for 1991 Park Improvements. Award bid to Midwest <br /> Paving for $71,874.25 (delete Valentine Hills School Path, <br /> $3 , 667 . 50) . Midwest Asphalt bid was $75, 541. 50. <br /> RATIONALE <br /> - Arden Hills residents enjoy the outdoors. They want and will <br /> use trails, sidewalks for passive recreation. Trails placed <br /> very high on three citizen surveys. <br /> - Development this year would construct perimeter paths in three <br /> parks, Cummings, Floral and Hazelnut. <br /> - Construction this summer would be economically sound. This <br /> would take advantage of the low bids received for these <br /> projects. <br /> - The tennis courts and basketball courts would be in good <br /> condition for active recreation. <br /> FINANCING PARR DEVELOPMENT AND IMPROVEMENTS INTO THE TWENTY-FIRST <br /> CENTURY <br /> TJ Swanson was very helpful in preparing six models with income and <br /> expense scenarios for using the Park Fund to finance park • <br /> improvements into 2000 plus. The data from this study indicates: <br /> Interest from the park fund should be the primary resource for <br /> financing park developments and improvements. The park fund <br /> balance should be maintained at $500, 000 or above. This will <br /> provide interest payments of between $30, 000 to $40, 000 <br /> annually, depending on the interest rate. <br /> Park dedication payments will provide some revenue over the <br /> next five years. Receipts will be $33 , 573 ( 191) ; $23 , 400 <br /> ( 192) ; $6, 800 ( 193) ; $5, 150 ( 194) ; and $825 ( 195) . <br /> Substantial new revenues could be received from future development <br /> of the George Reiling residential property, Round Lake industrial <br /> property and the Lexington Avenue Industrial Park. <br /> New ways for financing park improvements should be actively <br /> researched, i.e. , state and federal grants, gift book <br /> developed for corporate and individuals to donate, charitable <br /> gambling revenues which was a major resource for park <br /> development in past years. 1989 income was $42 , 611; 1990 was <br /> $10, 000. <br /> 1991 revenue from charitable gambling is being used to offset the <br /> loss of state funding. First quarter payments this year were <br /> $25, 600. • <br />