ADMINISTRATIVE REPORT
MEETING DATE: March 26, 2025 AGENDA CATEGORY: CONSENT - Miscellaneous TO: Honorable Mayor and City Council
FROM: Darin Budak, Recreation and Parks Director
DATE: March 11, 2025
SUBJECT: Appropriate $167,595 Park Improvement Fund balance from Southwest Developer Reimbursement – Zone 1
for the reimbursement to Sierra Oaks Partners, LLC for their completion of Belcourt Park (Ward 5)
RECOMMENDATION:
Staff recommends approval of the appropriation.
BACKGROUND:
Belcourt Park (Park) is located at 3801 Windermere Street. On March 25, 2015, City Council approved Agreement 15-070 between City and Sierra Oaks Partn ers, LLC. (Subdivider), outlining the development of an 8.2-acre park. On March 30, 2016, the City and Subdivider agreed to amend the original agreement with Agreement 15-070(1). The Amendment provided the Subdivider with more time to construct, as well as establish Subdivider’s Park development deposits. The Park was completed and opened to the public on November 1, 2019.
The Subdivider submitted information outlining the total cost that was incurred for the design, engineering, and construction of Belcourt Park in the amount of $2,181,907.71. The City refunded the Subdivider in September 25, 2019 the initial deposit of $39 2,000.00 plus the park development deposits totaling $571,480.00 through August 30, 2019. Since the initial reimbursement, the City has made the following installments per the Agreement:
• Second installment in the amount of $189,800.00 was paid on June 11,2020. • Third installment in the amount of $89,930.00 was paid on November 19, 2020. • Fourth installment in the amount of $60,755.00 was paid on October 28, 2021. Fifth installment in the amount of $73,325.00 was paid on June 30, 2022. Sixth installment in the amount of $175,980.00 was paid on November 16, 2023. Seventh installment in the amount of $77,515.00 was paid on May 8, 2024.
The City has a contractual obligation remaining of $ 943,122.71 or the actual amount collected of park development deposits from the Zone of Benefits as listed in the Agreements, not greater than the actual cost to construct the park. From April 4, 2024 through February 28, 2025 , $ 167,595.00 in park development depos its have been collected in the Zone of Benefit. The Subdivider has requested reimbursement for the stated period. Once this seventh request has been paid, the maximum future obligation that remains is $775,527.71 or the actual amount collected in the Zone of Benefit.
FISCAL IMPACT:
The Belcourt Park developer reimbursement obligation is funded through Park Improvement Fees Southwest Developer Reimbursement – Zone 1, there is no impact to the General Fund.
COUNCIL GOAL:
Community Character & Quality of Life
ATTACHMENTS:
1. AGRMT NO 15-070
2. AGRMT NO 15-070(1)
3. Tract 7372 and 7376_02.28.2025