Translate[Archived] Question # 32: In addition to a reduction of the funds available for open space acquisition, the proposed CIP shifts to exclusively bond finance for open space. How are these funds utilized?
Question:
In addition to a reduction of the funds available for open space acquisition, the proposed CIP shifts to exclusively bond finance for open space. How are these funds proposed to be utilized in the future? (Mayor Wilson)
Response:
The Open Space project is intended to fund land acquisition opportunities that will support recommendations identified in the City Council approved 2003/2017 (update) Open Space Plan; the 2019 Environmental Action Plan; and recommendations resulting from the City Council reinstated Open Space Steering Committee to assist staff with the development of an Open Space Policy Plan (2019 EAP recommendation). In future years, bond funding is the identified funding source to ensure adequate borrowing capacity is reserved in the event of a significant land acquisition opportunity. However, at the time of an acquisition opportunity, City staff will make an appropriate financing recommendation for the purchase, which may include a mix of funding sources.