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3 <br />The $2 million from 2001 bond funds are in the Bond and Alternative Financing schedule that <br />the Board approved in October. The planned issues provide for two equal $1.0 million <br />installments for Southern Park, in FY 2004-05 and FY 2005-06, which is consistent with the <br />requested timing from the Town submitted in the spring of 2002. The Town has not yet <br />addressed the $800,000 in unfunded additional cost identified in the Conceptual Plan <br />budget. More refined cost estimates will be developed as construction drawings are <br />prepared and the Special Use Permit is developed. Phasing of park construction may be <br />necessary. <br />RECOMMENDATION(S): The Manager recommends that the Board take the following <br />actions regarding Southern Park and the Work Group's request: <br />1. Approve the Southern Park Conceptual Plan, with a condition of relocating the planned <br />third full-size soccer field along US 15/501 South and away from the Dogwood Acres <br />subdivision. <br />2. Review and approve the Proposed Process for Approval and Construction of Southern <br />Community Park, as proposed by the Work Group in Attachment 2. <br />3. Appoint two Board members to the Southern Park Project Planning Committee, to serve <br />wi#h an equal number of Town Council members in overseeing the park process; and <br />4. Authorize the release of $140,000 in 1997 Parks bond funds for the development of <br />construction drawings for the Southern Park Special Use Permit. <br />