Page 409 - City of Bedford FY20 Approved Budget

CITY OF BEDFORD - FY 19-20 CAPITAL PROJECT SUMMARY

PROJECT: Boys Ranch Park PROJECT TYPE: Parks/Recreation FUNDING SOURCE(S):
PROJECT TITLE: Boys Ranch Park Phase Next Improvement Project Series 2018 GO Bond $ 60,000,000

PROJECT DESCRIPTION: Series 2019 GO Bond $ 4,500,000
On November 7, 2017, Bedford voters approved a bond proposition to construct, Series 2019 Taxable GO Bond $ 5,500,000
improve, renovate and equip park and recreation facilities within the Boys Ranch Park,
also known as Phase Next. This capital improvement will consist of new ball fields, a $
multi-generational event facility, an indoor/outdoor aquatic center, as well as a
$
proposed art and entertainment facility to be located elsewhere. The City hired a
project team that consisted of a project manager, civil engineers and architects, and a TOTAL FUNDED $ 70,000,000
construction manager at risk (CMAR) firm to ensure the capital improvement stays
UNFUNDED $
within budget. The City Council authorized the project team to design and construct
an art and entertainment facility on the Old Bedford School property for $5.5 million. PROJECT TOTAL $ 70,000,000

PROJECT COSTS Thru FY 2025 to
(amounts in 000s) 09/2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 Completion Total
Design 421,580 7,978,420 - - - - - 8,400,000
Land/Right-of-Way 705,364 - - - - - - 705,364
Construction - 6,500,000 45,500,000 3,415,784 - - - 55,415,784

Landscaping - - 1,500,000 - - - - 1,500,000
Equipment & Furnishings - - 2,250,000 250,000 - - - 2,500,000
Other 478,852 500,000 500,000 1,478,852
TOTAL COSTS 1,605,796 14,978,420 49,750,000 3,665,784 - - - 70,000,000
SOURCE OF FUNDS Thru FY 2025 to
(amounts in 000s) 09/2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 Completion Total
Current Funds - - - - - - - -

GO Bonds Issued 60,000,000 - - - - - - 60,000,000
GO Bonds Unissued 10,000,000 - - - - - - 10,000,000
Certificates of Obligation - - - - - - - -
Other - - - - - - - -

Unfunded - - - - - - - -
TOTAL COSTS 70,000,000 - - - - - - 70,000,000
OPERATING BUDGET IMPACT
MAP/PHOTOGRAPH
Will Impact Annual Cost/(Savings)
Will Not Impact Personnel $
Operations $
# of Positions: Capital $
Unable to quantify Total $
IMPACT EXPLANATION
Once the building design is finalized, staffing levels will be
evaluated and increased as appropriate. Utility costs are expected
to increase for the new building, with offsets coming from the
closure of existing facilities. The proposed fees will target 100% cost
recovery of operational expenses.
PROJECT SCHEDULE START FINISH
Design FY17/18 FY 20/21
Land/Right-of-Way FY 18/19 FY 18/19
Construction FY 20/21 FY 21/22
Finish Out FY 21/22 FY 21/22
Other
376
TOTAL SCHEDULE FY 17/18 FY 21/22