Page 400 - City of Bedford FY21 Budget

CITY OF BEDFORD - FY 20-21 CAPITAL PROJECT SUMMARY

PROJECT: Generations Park PROJECT TYPE: Parks/Recreation FUNDING SOURCE(S):
PROJECT TITLE: Phase Next Improvement Project Series 2008 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 Interest Revenue $ 3,115,235
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 $ 73,115,235
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 $ 73,115,235

PROJECT COSTS Thru FY 2026 to
(amounts in 000s) 09/2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 Completion Total
Design 2,939,805 1,805,000 1,012,793 - - - - 5,757,598
Land/Right-of-Way 705,364 1,250,000 - - - - - 1,955,364
Construction 60,572 55,351,465 4,850,000 - - - - 60,262,037

Landscaping - - - - - - - -
Equipment & Furnishings - 500,000 4,000,000 - - - - 4,500,000
Other Project Management 420,236 110,000 110,000 - - - - 640,236
TOTAL COSTS 4,125,977 59,016,465 9,972,793 - - - - 73,115,235
SOURCE OF FUNDS Thru FY 2026 to
(amounts in 000s) 09/2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 Completion Total
Current Funds - - - - - - - -

GO Bonds Issued 70,000,000 - - - - - - 70,000,000
GO Bonds Unissued - - - - - - - -
Certificates of Obligation - - - - - - - -
Other Interest Revenue 3,115,235 - - - - - - 3,115,235

Unfunded - - - - - - - -
TOTAL COSTS 73,115,235 - - - - - - 73,115,235
OPERATING BUDGET IMPACT
MAP/PHOTOGRAPH
Will Impact Annual Cost/(Savings)
Will Not Impact Personnel $
Operations $
# of Positions: Capital $
Unable to quantify Total $
IMPACT EXPLANATION
City staff are in the process of evaluating the staffing needs of the
new facility, but do not have estimates at this time. Existing
budgets for utilities and other operational expenses will be
reallocated to the new facility.
PROJECT SCHEDULE START FINISH
Design FY 17/18 FY 20/21
Land/Right-of-Way FY 18/19 FY 20/21
Construction FY 20/21 FY 21/22
Finish Out FY 21/22 FY 21/22
Other FY 17/18 FY 21/22
365
TOTAL SCHEDULE FY 17/18 FY 21/22