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Fiscal Impact |
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Fiscal Impact: |
The purchase price is estimated at $5.2 million based upon a price of $100,000 per acre and assuming the area to be purchased equals 52 acres. The actual area may be slightly more or less than 52 acres based on a final survey of the agreed upon boundary line, so the final purchase price will be adjusted accordingly. The source of funds is proposed to be a combination of General Fund reserves, County Adequate Facilities Tax revenues, and private funding raised by Brentwood Green Space. The purchase amount will be split into two equal payments - one in FY 2020 at the time of closing and one in FY 2021 to be paid in January 2021.
In addition to the purchase price, the City will incur additional miscellaneous costs associated with survey work, environmental assessments, title insurance, and other related closing costs. These costs are estimated to be less than $100,000 collectively, and will be accounted for in the FY 2020 Capital Projects Fund budget through available unallocated funds. |
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