Item 26 - Appropriation of Funds for Silverset Park,Carriage Rd. Medians
:3ENDA REPORT =
CITY OF POWAY
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TO: Honorable Mayor and Members of the City Council
FROM: . James L. Bowersox, City Man~
INITIATED BY: Peggy A. Stewart, Director of Administrative service~~
Christine Tsung, Finance Manager u4. V)
DATE: April 16, 1991
SUBJECT: Appropriation of Funds for Silverset Park, Carriage Road
Medians, and Starridge Walkway from State Land Sale
ABSTRACT
The poway Redevelopment Agency received $1,693,320 on December 7, 1990 from the
sale of state lands. It is recommended that the City Council approve the
appropriation of these funds for the construction of Silverset Park, Starridge
Walkway, and payback of General Fund for the loan it advanced to fund the
Carriage Road Medians.
BACKGROUNQ
In December 1989, the poway Redevelopment Agency sold 39~ acres of land which
the Agency had acquired in July 1988 for $290,000 in the Rancho Arbolitos area.
The escrow for the sale was closed December 1990; the gross proceeds from the
sale were to be used to fund the Silverset Park, Carriage Road Medians, and
the walkway between the Starridge area and Pomerado and Meadowbrook schools.
FINDINGS
After deducting closing costs of $6,680 and cost of land of $290,000 which the
Redevelopment Agency provided, the amount of $1,403,320 is left in the
Redevelopment Agency State Lands Parcel Fund '39. The estimated funds needed
for Silverset Park, Carriage Road Medians, and Starridge Walkway are $1,002,320,
$300,000, and $101,000, respectively. On October 17, 1989, the City Council
authorized a $300,000 loan from the City's General Fund to proceed with the
ACTION:
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Agenda Report
April 16, 1991
Page 2
Carriage Road Medians project. As provided in the disposition and development
agreement, from the land sale proceeds appropriated for Silverset Park a
separate fund control has been set up to reimburse the developer of the
Silverset Park site improvement.
FISCAL IMPACT
The net allocable funds are sufficient for the needed appropriations for the
projects.
RECOMMENDATION
It is recommended that the City Council appropriate $290,000 to reimburse cost
of land acquisition (39-8930), $1,002,320 to Silverset Park (39-5618), $300,000
to pay back the General Fund (1-8134) for the Carriage Road Medians (39-5253)
which was established in December 1989, and $101,000 to Starridge Walkway
(39-5273) from sale of state lands funds deposited into Redevelopment Agency
Fund balance (39-8930).
JLB:PAS:CT:eg
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