Open Space Advisory Board Agenda and Packet 2014 12 10

Home Browse Search

DISCUSSION DRAFT POLICY The Open Space and Parks Fund exists to provide funding for the City's Open Space and Parks system. Louisville voters in 1993 approved the taxes that provided revenue for this Fund and specified the revenue from those taxes could be used only for the acquisition of land in and around the City of Louisville for open space buffer zones, trails, wildlife habitats, wetlands preservation and future parks. In 2002 Louisville voters approved continuing the taxes for these same purposes as well as for the development, construction, operation and maintenance of such open space zones, trails, wildlife habitats, wetlands and parks. In 2012 Louisville voters approved continuing the taxes again for these same (comprehensive) purposes. In recognition of this history, the City Council's policy regarding these funds is as follows: 1. The City shall prioritize expenditures from the Open Space and Parks Fund in the following priority order: a. Acquisition of land in and around the City of Louisville for open space buffer zones, trails, wildlife habitats, wetlands preservation and future parks b. Development, construction, operation and maintenance of such open space zones, trails, wildlife habitats, wetlands and parks 2. To ensure there are adequate funds to acquire properties on the City's Candidate Open Space ranking, the City shall: a. Maintain a year -end reserve balance in the Open Space and Parks Fund at least equal to an amount sufficient to cover the City's share (considering other likely joint partners) of the total projected cost of acquiring the three highest priority Candidate Open Space properties. b. Project the cost indicated in section 2.a above by multiplying the total acreage of the three highest priority Candidate Open Space properties by a per acre value recommended by the Open Space Advisory Board based on a review of, among other things, the average per acre assessed value of agriculturally zoned land in and around the City of Louisville 3. In the event City purchase of a Candidate Open Space property would cause the year -end reserve balance in the Open Space and Parks Fund to be lower than the amount specified in section 2 above, the City Council shall evaluate options for restoring the reserve balance to the specified level, and a time frame for that action. Those options may include: a. Increasing General Fund transfers to the Open Space and Parks Fund and reducing General Fund resources available for other programs b. Securing a loan from Boulder County to jointly purchase a Candidate Open Space property or properties and repaying that loan over time with available Open Space and Parks Fund revenue c. Seeking approval of bonds to finance acquisition of Candidate Open Space property and paying the debt service with revenue from the Open Space and Parks Fund 1 10