9b TH5/W 78 Street Improve ProjTRUNK HIGHWAY 5/WEST 78TM STREET
IMPROVEMENT PROJECT NO. 97-6
CITYOF
CHANHASSEN
690 G0, Ce,ret Drive. ?0 Box 147
C/,a,hasse,. 3[i~z,esota 55317
[36o,e 612,932 I900
(;e~ze~d ~z.x' 612.937.5739
D~g3~eeri~:g 3)x 612.93Z 9152
lSb/ic 5{fi'O, l~x 612.9342524
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TO:
FROM:
[)ATE:
SUB J:
MEMORANDUM
Park and Recreation Commission
Todd Hoffman. Park and Recreation Director
July 17, 2000
TH 5/West 78th Street Improvement Project. Funding Sumlnary
Please find attached a City Council report prepared by Dave Hempel, Assistant
City Engineer, tbr Teresa Burgess, Public Works Director/City Engineer. Of
special interest to you will be the proposed allocation of $I 15,000 fi'om thc Park
and Trail Fund. This proposed expenditure is unbudgeted and has not been
discussed with the Colnmission. I want to take the opportunity to review this
funding proposal at our upcoming meeting.
UPDATE
Good news! The cost sharing formula has recently been modified shifting
$83,900 from Park and Trail Fund to TIF (Tax Increment Financing). This leaves
the Park and Trail Fund picking up $31,100. An updated funding summary is
attached.
g:',park',thhh 5 xx 78 impr. funding.doc
TOTAL PROJECT COST $1~651~863
Summary of funding Sources
-Park & Trail dedication
-TIF assistance
- SWMP
- Assessments
- MSA
Total
Balance Net Revenue
g:',eng\public\97-6Nflmding summary.doc
$31,100
$304,90O
$225,585
$1,298,608
$342,498
$2,202,691
$550,828