Agenda - 06-03-2003 - 9a - Laserfiche WebLink

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area loop walking trail is expected to be paid for from a $50,000 grant from the state Recreational Trails Program. Funding for the park has been previously identified from the aforementioned LWCF grant ($262,000) planned as the primary funding source for the park construction. A total of $221,472 from LWCF grant remains (subtracting cost of site design, archaeological survey and topo survey), and the Board has previously authorized $45,000 toward a caretaker residence to be moved to the park from Heritage Hills. Durham County has also budgeted $100,000 to be matched by Orange County toward additional construction costs. Table 1 - Previously ADDroved Revenues Source LWCF grant — remainder Amount $221,472 Trails grant $50,000 Caretaker House relocation — Orange County portion $45,000 SUBTOTAL $316,472 Other Possible Revenue Sources Durham County already allocated — requires Orange County match $100,000 Orange County Payment -in -Lieu funds (not yet authorized, remainder of match is $45,000 in house relocation funds above)? $55,000 TOTAL - ALL SOURCES $471,472 If Orange County were to match Durham County's $100,000 (recommended to be accomplished by allocating $55,000 in additional funds from the Northern District Park Payment -in -Lieu fund), the differential between the staff - revised cost estimate and the available funds is $152,667 (or $76,334 for each jurisdiction). There are two options the Board may wish to consider to address the funding shortfall: Option 1 — Additional Revenue: To address the remaining County portion of the estimated construction cost (assuming Durham County does likewise), the Board could opt to "borrow" $76,334 from one of the County park facility projects funded through the 2001 bond — borrowing from a project that is designated for construction beyond 2004 and replenishing those funds in a future CIP prior to construction of the park. A budget amendment would be prepared identifying the temporary funding source if this option is chosen. Option 2 — Deferral of Facilities: The Board could opt to defer some of the facilities not originally part of the LWCF project. Some options might include: Table 2 — Possible Facilitv Deferrals Even with the deferral of the above facilities (which would lower the project construction cost to $535,139), and the use of the remaining payment -in -lieu funds ($55,000 as shown in the first chart above), an additional $31,834 of County funds would be needed to build the remaining facilities. As detailed in option 1 above, staff recommends that the Park office $35,000 Gravel instead of paved entrance road $30,000 Picnic Shelter $24,000 TOTAL Deferred $89,000 Even with the deferral of the above facilities (which would lower the project construction cost to $535,139), and the use of the remaining payment -in -lieu funds ($55,000 as shown in the first chart above), an additional $31,834 of County funds would be needed to build the remaining facilities. As detailed in option 1 above, staff recommends that the