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<br />
<br />$2,000
<br />Storage, 5 Bay I $6,000 $6.000
<br />Swing Set, Three Seat I $3,500 $3,500
<br />Swing Set. Four Seat 9 $4,000 $36,000
<br />Swing Set, Six Seat 3 $6,000 8,000
<br />T-Ba!1 Field 6 $1,200 S7,200
<br />8
<br />55 27
<br />Volleyball Court, Sand 2
<br />Volleyball Net I $300
<br />Walking Trail 3.8 $189,475 $720,005
<br />Water Fountain 5800 $800
<br />Tota! Replacement Cost 5 I 5,216.951
<br />Park from Appendix: center from Table
<br />from Conwa y Parks and Recreation Department, 2002.
<br />Conway\Road and Park Impact Fee Study April] 5,2003 DRAFT. Page 25
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<br />
<br />
<br />
<br />Dividing the total replacement cost of existing park land and facilities by the number of existing
<br />EDUs yields the cost per service unit to maintain the existing level of service, as shown in Table 28,
<br />
<br />Table 28
<br />P ARK 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 />Total replacement cost trom park trom Table 24.
<br />
<br />NET COST PER SERVICE UNIT
<br />Some of the cost to provide new residents with park facilities will be paid the new residents
<br />themselves through future payments that will be used to retire outstanding debt. In addition, some of
<br />the capital costs to serve growth will be paid by outside funding sources. Consequently, the cost per
<br />service unit should be reduced to take account of these factors, and the result is referred to as the net
<br />cost. Historically, the City's primary funding source for park capital improvements has been Sales and
<br />Use Tax Capital Improvement Bonds. An analysis of past bond issues indicates that currently the
<br />City's outstanding debt is $21,635,000, of which $2,596,200 is attributable to park development. This
<br />amounts to $151 of outstanding park debt for every park service unit in Conway, as shown in Table 29
<br />below,
<br />
<br />Table 29
<br />
<br />P ARK DEBT CREDIT
<br />
<br />Outstanding Debt Principal
<br />Percent Attributable to Parks 12%
<br />Total Outstanding Park Debt Principal 52,596,200
<br />Existing Park EDUs. 2003 17,239
<br />Park Debt Credit per EDU S 151
<br />Source: Total outstanding debt as of December 2002 and percent attributable to parks from the City
<br />of Conway Finance Depat1ment, Decelnber 10. 2002 memorandum; percent attributable to parks
<br />derived from 1997 bond issue of 525,665,000, of which 53,080,000 was allocated for parks; 2003
<br />park EDUs from Table 24.
<br />
<br />Another factor that should be considered is potential outside funding that could be used to cover a
<br />portion of growth-related costs. The cost per service unit should be reduced to account for the
<br />likelihood that some growth-related park costs can be paid for with Federal and State grants, Over the
<br />last five years, the City has received an average of $126,000 annually in grants for park
<br />improvements, as summarized in Table 30.
<br />Conway\Road and Park Impaet Fee Study April15, 2003 DRAFT, Page 26
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