Open space projects status
- 1. 11/11/2014 1 Open Space Projects Status FY 2014-15 OSAB Stormwater Priority List Status 1 Avispa Canyon Received conservationeasement for a portion of the arroyo. 2 Lower Coronado Canyon Contract signed. Closing pending. 3 Playa Drain Negotiations complete. Completing due diligence 4 Cement Lake Discussions with TXDOT willing to sell after TXDOT project completed 5 Hunt Arroyos Negotiationscomplete, pending parks movement of parks bond funds for trailhead 6 Upper Coronado Canyon Closingscheduled for 11/14 7 ASARCOProperty Completed 8/14 8 Silver Springs To Boardfor approval on 11/12/14 9 Wildwood Completed 10 Palisades Completed Actual Open Space Acquisitions Palisades Purchase Price $2,776,589 Johnson Basin 398,327 Wildwood 2 Purchase Price 49,060 Spring Crest 23.49 Acres (Asarco) 149,816 Lower Coronado 14.6 Acres Earnest Money 5,000 Various Appraisals and Misc. Expenses 25,770 Payments to the City of El Paso for Park Pond Projects 2,004,027 Total Open Space Expenses $ 5,408,588 Open Space Funds Balance at end of 9/30/2014 6,292,944 Less: Balance Owed on Park/Ponds (586,973) Available Balance for Open Space Projects $ 5,705,971 OPEN SPACE FINANCIAL REPORT AS OF SEPTEMBER 30, 2014
- 2. 11/11/2014 2 Pending Open Space AcquisitionsAppraisalOfferAcceptedTotal CostStatus Lower Coronado $241,000 $241,000 yes$245,000 Contract signed Canyonworking with City on development Upper Coronado $315,000 $315,000yes$318,000 Contract signed Canyon Silver Springs $750,000 $760,000yes$765,000 PSB agenda on 11/12/14 Hunt Arroyos $23,000/acre $15,000/acre yes$1,200,000 Coordination with Parks Playa Drain$2,750,000 yes$2,900,000Due diligence Total Negotiated Acquisitions $5,428,000 Total Projected Balance on 2/28/2015 $6,281,000 Available Balance After Acquisitions $853,000 Mayor’s Open Space Funding Proposal •Divert FY 2015-16 and 2016-17 Open Space funding and transfer to fund new construction projects •Over the next two years, approximately $3.2 million of open space money would be collected •Instead, upon approval of the initiative, during that interval, $3.0 million of that money will be used for new project design and construction •There will still be $853,000 in the open space account for opportunities that may arise •Starting in FY 17/18 the 10% open space set-aside will resume normally