Tigard Park System Master Plan - City of Tigard

TIGARD PARK SYSTEM MASTER PLAN UPDATEOther funding sources will also help fill in matching funds for grants aswell as small projects over the implementation period. Income frominvesting other capital dollars, donations and gifts will accumulate overten years. These existing funding sources are summarized below with aten-year total.Table 7.2: Summary of Projected Existing Funding SourcesFUNDING TYPEANNUALESTIMATE10 YEARPROJECTIONSystem Development Charges $250,000 $2,500,000Grants $200,000 $2,000,000Urban Renewal Funds N/A $2,992,000Other $25,000 $250,000TOTAL $475,000 $7,742,000Additional FundingThe revitalization of Tigard’s downtown has been focused in part on theexpansion and development of Fanno Creek Park. This has resulted in thecommitment of significant urban renewal funds to the various projects.Based on the 2008-2013 capital facilities plan, the urban renewal fundscommitted to Fanno Creek Park projects total $2,992,000. The remainingfunding for the projects is indicated as coming from system developmentcharges, the parks capital fund or is unidentified. As the primary catalystproject in the downtown area, Fanno Creek Park is likely to be the onlypark project to benefit from urban renewal funding. This funding planassumes that the commitments for Fanno Creek Park will remain at thelevels published in the 2008-2013 capital improvement program.The total planning level cost of Priority I projects equals $19,212,500. Thistotal, compared to the $7,742,000 in projected capital funding fromexisting sources, leaves a gap of $11,470,500. There are several ways thisgap can be addressed. The most common way to address a gap in capitalfunding is to seek voter authorization for a bond levy. The initial projectsprioritized in this plan include a great deal of project planning andcommunity engagement to design new parks. This will position Tigardfavorably in the community in preparation for a bond campaign. Theincreased involvement in recreation programming will also promotegreater use of the park system, which will also build support for futurefunding. While the City has been planning on pursuing a capital bond asearly as 2010, current economic realities may prompt the delay of that92 CHAPTER 7 IMPLEMENTATION