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Funding for the park has been previously identified from the aforementioned LWCF grant <br />($262,000) planned as the primary funding source for the park construction. A total of <br />$221,472 from LWCF grant remains (subtracting cost of site design, archaeological survey <br />and topo survey), and the Board has previously authorized $45,000 toward a caretaker <br />residence to be moved from Heritage Hills. Durham County has also budgeted $100,000 <br />to be matched by Orange County toward additional construction costs. <br />Available Revenues <br /> <br />~ <br />LWCF ant -remainder , <br />$221,472 <br />Trails ant $50,000 <br />Caretaker House relocation -Oran e Coun ortion $45,000 <br />SUBTOTAL $316,472 <br />Other Possible Revenue Sources <br />Durham County akeady allocated -requires Orange County $100,000 <br />match <br />Orange County Payment-in-Lieu funds (not yet authorized, $55,000 <br />remainder of match is $45,000 in house relocation funds <br />above ? <br />TOTAL -ALL SOURCES $471,472 <br />If Orange County were to match Durham County's $100,000 (recommended by allocating <br />$55,000 in additional funds from the Northern District Park Payment-in-Lieu fund), the <br />differential between the staff-revised cost estimate and the available funds is $128,467 (or <br />$64,235 for each jurisdiction). <br />There are two options the Board may wish to consider to address the funding shortfall: <br />Option 1 -Additional Revenue: The Northern District Park Payment-in-Lieu fund (after <br />appropriation of the $55,000 mentioned above) would have $31,574 remaining. To <br />address the remaining $32,661, the County could borrow funds from other park facility <br />projects (2001 bond projects) that designated for construction beyond 2004, replenishing <br />those funds in a future CIP prior to construction of these parks. The County could tap into <br />these funding sources to cover a portion of the shortfall, assuming Durham County <br />matches with a like amount. <br />Option 2 -Deferral of Facilities: The Board could opt to defer some of the facilities not <br />originally part of the LWCF project. Some options might include: <br />RECOMMENDATION(S): The Manager recommends that the Board: <br />a) Discuss and consider conditional approval of the proposed master plan; <br />b) Discuss and consider the two funding options as listed above; <br />c) Authorize ERCD and Recreation & Parks to submit the master plan for Planning <br />Department site plan review and approval: and <br />