open space projects status

11/11/2014

1

Open Space Projects Status FY 2014-15

OSAB Stormwater

Priority List

Status

1 Avispa Canyon Received conservation easement for a portion of the arroyo.

2 Lower Coronado Canyon Contract signed. Closing pending.

3 Playa Drain Negotiations complete. Completing due diligence

4 Cement Lake Discussions with TXDOT willing to sell after TXDOT project

completed

5 Hunt Arroyos Negotiations complete, pending parks movement of parks

bond funds for trailhead

6 Upper Coronado Canyon Closing scheduled for 11/14

7 ASARCO Property Completed 8/14

8 Silver Springs To Board for approval on 11/12/14

9 Wildwood Completed

10 Palisades Completed

Actual Open Space Acquisitions

Palisades Purchase Price $ 2,776,589

Johnson Basin 398,327

Wildwood 2 Purchase Price 49,060

Spring Crest 23.49 Acres (Asarco) 149,816

Lower Coronado 14.6 Acres Earnest Money 5,000

Various Appraisals and Misc. Expenses 25,770

Payments to the City of El Paso for Park Pond Projects 2,004,027

Total Open Space Expenses $ 5,408,588

Open Space Funds Balance at end of 9/30/2014 6,292,944

Less: Balance Owed on Park/Ponds (586,973)

Available Balance for Open Space Projects $ 5,705,971

OPEN SPACE FINANCIAL REPORT AS OF SEPTEMBER 30, 2014

11/11/2014

2

Pending Open Space AcquisitionsAppraisal Offer Accepted Total Cost Status

Lower Coronado $241,000 $241,000 yes $245,000 Contract signed

Canyon working with City on

development

Upper Coronado $315,000 $315,000 yes $318,000 Contract signed

Canyon

Silver Springs $750,000 $760,000 yes $765,000 PSB agenda on 11/12/14

Hunt Arroyos $23,000/acre $15,000/acre yes $1,200,000 Coordination with Parks

Playa Drain $2,750,000 yes $2,900,000 Due diligence

Total Negotiated Acquisitions $5,428,000

Total Projected Balance on 2/28/2015 $6,281,000

Available Balance After Acquisitions $853,000

Mayor’s Open Space Funding

Proposal

• Divert FY 2015-16 and 2016-17 Open Space funding

and transfer to fund new construction projects

• Over the next two years, approximately $3.2 million of

open space money would be collected

• Instead, upon approval of the initiative, during that

interval, $3.0 million of that money will be used for

new project design and construction

• There will still be $853,000 in the open space account

for opportunities that may arise

• Starting in FY 17/18 the 10% open space set-aside

will resume normally