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~ fu~ ~ cover a of costs. The cost per unit be reduced to account for the likelihood that some growth-related park costs can be paid for with Federal and State grants. Over the last five years, the City has received an average of $126,000 annually in grants for park improvements, as summarized in Table 30. Conway\Road and Park Impact Fee Study Aprii 15,2003 DR2\FT, Page 26 Table 30 PARK GRANT FUNDING, 1998-2002 Grant Date Description Amount Arkansas Dept. of Parks and Tourism 1998 Fishing Pier at Beaverfork Park $50,000 Federal Highway Enhancement Fund 1998 Bike Trail at Tucker Creek Park $200,000 A&P Commission 2000 Don Owen Sports Center $155,727 A&P Commission 2002 New Bike Trail at Tucker Creel Park $22,000 Federal Highway Enhancement Fund 2002 New Bike Trail at Tucker Creek Park $200,000 Total Grant Funding 1998-2002 $627,727 Average Annual Grant Funding $126,000 Source: Conway Parks and Recreation Department, December 2002. It is reasonable to assume that the grant funding received per park service unit in the past will continue in the future. Dividing the average annual grant funding by existing service units yields annual funding per service unit. Multiplying that by the present value factor results in the current lump sum amount that is the equivalent of the future stream of outside funding the City will receive over the next 20 years to help fund park improvements. Based on these assumptions, the appropriate credit for potential grant funding for parks is $93 for each new single-family home, or park service unit equivalent, as shown in Table 31. Table 31 PARK GRANT FUNDING CREDIT Average Annual Grant Funding $126,000 Existing Park EDUs, 2003 17,239 Annual Funding per EDU $7.31 Present Value Factor (20 years @ 4.7%) 12.79 Grant Funding Credit per EDU $93 Source: Average annual grant funding from Table 30; existing park EDUs from Table 24; discount rate for present value factor from Table 11. Reducing the cost per service unit by the debt credit and the anticipated grant funding per service unit leaves a net cost of $639 per EDU to maintain the existing level of service. Table 32 PARK NET COST PER SERVICE UNIT Cost per EDU $883 Debt Credit per EDU $151 Grant Funding Credit per EDU $93 Net Cost per EDU $639 Source: Cost per EDU from Table 28; debt credit per EDU from Table 29; grant funding credit per EDU from Table 31. Conway\Road and Park Impact Fee Study April 15, 2003 DRAFT, Page 27