The purpose of this case is to continue the review of the proposed sixth community park's cost projections. At the January regular Commission meeting, the estimated costs for renovation of the farmstead buildings for public use were examined in detail, together with revenue projections.  The cost estimates for the rest of the park have been developed and are provided as part of this case. Additionally, the Commission was interested in seeing potential revenue projections that were not as conservative as those presented earlier. Staff will highlight these numbers within a brief presentation for the meeting.

 

Observations:
As mentioned, the preliminary cost estimates for the stabilization of the historic barn and farmstead reviewed by the Commission in January was approximately $90,000, and the renovation of the barns with the construction of a new foyer and restrooms came in at approximately $1.3 million including all conceivable costs. (Line item details within attachment 4.)

Attachments 2 and 3 are preliminary cost estimates for the west and east portions of the park at approximately $1.1M and $1.3M respectively. 

Attachment 5 is an accounting (summary) of the capital costs in two other community parks, Central and Elmcrest.  Interestingly, they are similar, showing about $18M in community investments or value in each.  As an additional point of information, these dollar amounts do not include that Central Park was deeded to the city at no cost (as the community park within Trott Brook Crossings is to be), nor that the purchase cost for the raw land that would become Elmcrest Park was about a quarter million dollars, more than 20-years ago.

Observational summary:
The estimates for Ramsey's sixth community park highlighted above and within the attachments do not include the value of the land to be received as part of the Trott Brook Crossings project.

The estimates for the total of new capital costs equate to about $3.8M, for a completed community park with a unique, historic event center, and all the other improvements one would expect in a park of this scope.  In a simplified comparison with Elmcrest and Central Parks (at about $18M each), the proposed sixth community park at less than 25% in comparative development costs, may be viewed as an outstanding and distinct value for Ramsey residents.

 

Future park and trail improvement projects will have the funding source identified within the Capital Improvement Program—which in the instance of this community park, will be primarily the Park Trust Fund, which includes fees associated with new residential development across Ramsey.

Staff welcomes comment on any level of park planning and design as the city considers this proposed subdivision and dedication of community park space—and further would note, that most actual park development would occur two to five + years into the future, after such time as City Council would approve the Final Plat for Trott Brook Crossing. There is no specific recommendation at this time, as this case is informational.

Based upon discussion/No action required.