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on key points. Construction of the park may not occur until the spring of 2004, with a <br />tentative completion target date of late-spring 2005. <br />As of this date, no response has been received from the Town regarding the County's <br />counter-proposal on the Southern Park Process (attached). It is anticipated that the final <br />details of those arrangements will be worked out in early 2003 and placed for action by the <br />Boards in February or March. <br />2 <br />FINANCIAL IMPACT: The provisional cost estimate for the park, as calculated in the <br />Conceptual Plan, is $3.58 million. Changes made by the Town Council (addition of a third <br />full-size soccer field) have not been incorporated into this estimate. A total of $2.795 million <br />would be available from the combination of 1997 and 2001 County bond funds for this <br />project. To date, $205,000 (from the $1.0 million in 1997 bond funds) for this project has <br />already been appropriated ($105,000 towards the construction of the soccer field at adjoining <br />Scroggs Elementary, and $100,000 for the concept plan and associated costs). There are <br />no Town funds programmed or identified for this project. <br />5outnern F'arK Provisional Gost Estimate Gon <br />Funding Source <br />1997 Parks Bond - Southern Park ce tual Plan : $3,579,400 <br />Amount <br />$1,000,000 <br />--- minus expended to date -$205,000 <br />Remainder - 1997 Parks Bond $795,000 <br />2001 Parks and Open Space Bond - <br />Southern Park + $2,000,000 <br />TOTAL Available $2,795,000 <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 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 prepared <br />and the Special Use Permit is developed. Phasing of park construction may be necessary. <br />There are a number of financial issues in the proposed Southern Park Process, related to <br />timing and approval of funding, that would be addressed in coming months as part of the <br />process agreement. <br />RECOMMENDATION(S): The Manager recommends that the Board approve the Southern <br />Park Conceptual Plan, with the following conditions: <br />1) Relocate the third full-size soccer field along US 15/501 South and away from the <br />Dogwood Acres subdivision. <br />2) The Southern Park Process document is subsequently agreed to and adopted by both <br />Orange County and Chapel Hill, and a Joint Town/County Project Planning Committee is <br />created (consistent with that document) to guide the further steps in the park project <br />Once the Town has replied to the County's recent process proposal, that document will be <br />placed on an agenda for consideration. No funds would be conveyed until the process <br />document is approved.