|
<br />
<br />Picnic Table 74 $475 $35,150
<br />Play Center, Medium 2 $13,000 $26,000
<br />Play Center, Large 2 $18,500 $37,000
<br />Pump House 3 $2,500 $7,500
<br />Restroom 7 $30,000 $210,000
<br />Rocking AnimalS $450 $2,250
<br />Sea-Saw 3 $460 $1,380
<br />Slide, Small 6 $1,200 $7,200
<br />Slide, Large 1 $2,000 $2,000
<br />Softball Field 1 $46,000 $46,000
<br />Softball Field, Lighted 5 $106,000 $530,000
<br />Storage Building, Concrete 1 $2,000 $2,000
<br />Storage, 5 Bay 1 $6,000 $6,000
<br />Swing Set, Three Seat 1 $3,500 $3,500
<br />Swing Set, Four Seat 9 $4,000 $36,000
<br />Swing Set, Six Seat 3 $6,000 $18,000
<br />T-Ball Field 6 $1,200 $7,200
<br />Tennis Court, Lighted 8 $47,000 $376,000
<br />Trash Can, 55 Gallon 127 $10 $1,270
<br />VOlleyball Court, Sand 2 $1,500 $3,000
<br />Volleyball Net 1 $300 $300
<br />Walking Trail (miles) 3.8 $189,475 $720,005
<br />Water Fountain 1 $800 $800
<br />Total Replacement Cost $15,216,951
<br />Source: Park facilities from Table 37 of the Appendix; sports center cost from Table 26; park facility
<br />costs from Conway Parks and Recreation Department, December, 2002.
<br />Conway\Road and Park Impact Fee Study April 15,2003 DRAFT, Page 25
<br />
<br />Dividing the total replacement cost of existing park land and facilities by the number of
<br />existing EDUs yields the cost per service unit to maintain the existing level of service, as
<br />shown in Table 28.
<br />
<br />Table 28
<br />PARK COST PER SERVICE UNIT
<br />Total Replacement Cost $15,216,951
<br />Park Equivalent Dwelling Units, 2003 17,239
<br />Park Cost per EDU $883
<br />Source: Total replacement cost from Table 27; park EDUs from Table 24.
<br />
<br />NET COST PER SERVICE UNIT
<br />Some of the cost to provide new residents with park facilities will be paid by the new
<br />residents themselves through future payments that will be used to retire outstanding debt. In
<br />addition, some of the capital costs to serve growth will be paid by outside funding sources.
<br />Consequently, the cost per service unit should be reduced to take account of these factors,
<br />and the result is referred to as the net cost. Historically, the City's primary funding source for
<br />park capital improvements has been Sales and Use Tax Capital Improvement Bonds. An
<br />analysis of past bond issues indicates that currently the City's outstanding debt is
<br />$21,635,000, of which $2,596,200 is attributable to park development. This amounts to $151
<br />of outstanding park debt for every park service unit in Conway, as shown in Table 29 below.
<br />
<br />Table 29
<br />
<br />PARK DEBT CREDIT
<br />
<br />Total Outstanding Debt Principal $21,635,000
<br />Percent Attributable to Parks 12%
<br />Total Outstanding Park Debt Principal $2,596,200
<br />Existing Park EDUs, 2003 17,239
<br />Park Debt Credit per EDU $151
<br />Source: Total outstanding debt as of December 2002 and percent attributable to parkS from the City
<br />of Conway Finance Department, December 10, 2002 memorandum; percent attributable to parks
<br />derived from 1997 bond issue of $25,665,000, of which $3,080,000 was allocated for parks; 2003
<br />
|