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3 <br /> financed. Staff recommends an appropriation of the full $5.5 million for Parks and Open space <br /> projects be brought to the Board to allow this flexibility. The Parks and Open Space projects to <br /> be financed are: <br /> • Lands Legacy $2,800,000 <br /> • Twin Creeks Park $1,000,000 <br /> • Fairview Park $ 700,000 <br /> • Homestead Aquatics Center and Park $ 500,000 <br /> • Northern Human Service Center Park $ 500,000 <br /> FINANCIAL IMPACT: The debt service for the recommended financing proposals would <br /> require $1.725 million in FY 2009-10 with the highest debt service payment of $3.189 million <br /> falling in FY 2011-12. The tax rate equivalent of the highest debt service payment in FY 2011-12 <br /> is estimated to be approximately 1.92 cents. The tax rate equivalent for FY 2009-10 debt <br /> service is estimated at approximately 1.12 cents. These tax rate equivalents are lower than <br /> the estimated tax rate equivalents of 2.33 cents for the highest debt service payment and 1.39 <br /> for FY 2009-10 provided on March 3, 2009. <br /> RECOMMENDATION(S): The Manager recommends the Board authorize staff to proceed with <br /> the recommended financing proposals by adopting the resolution directing staff to execute <br /> documents and complete the closings of the financings. <br />