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Community Recreation Facilities Bond Campaign <br />July 10, 2002 <br />Page 2 <br />Council, the Ad Hoc Park Bond committee would undertake assembly of the focus <br />group and convene its initial meeting. <br />3. That the staff be directed to engage a team of professional consultants to assist with <br />public interest polling and the development of alternative approaches to a Lighting <br />and Landscaping Assessment District. Both of these activities can be funded by the <br />City as part of its capital improvement planning program. <br />4. That the City establish March 2003 as the target date of an election on these matters, <br />with a fall -back date of November 2003 if the March date proves infeasible. <br />5 Timeline - <br />Activity <br />Time <br />Engage professional consultants <br />July 2002 <br />Convene focus group <br />July/August 2002 <br />Staff develop alternative projects and <br />funding approaches for discussion with <br />focus group <br />July/August 2002 <br />Report focus group results and <br />recommendations back to City Council <br />September 2002 <br />Completion of polling regarding voter <br />tolerance and preferences <br />October 1 — 15, 2002 <br />Development of ballot language <br />October 16 — 31, 2002 <br />Council approval of ballot language <br />November 11, 2002 deadline is Nov. 18 <br />Creation of Citizen's Committee for Parks, <br />Pools and Open Space <br />November 2002 <br />Campaign <br />December 2002 — March 3, 2003 <br />Election <br />March 4, 2003 <br />Background/Analysis of Financing Options <br />Discussed below are the advantages and disadvantages of three different approaches to <br />raising money for community recreation facilities improvement and enhanced <br />maintenance. <br />1. General Obligation Bonds — This is the most commonly used and best understood <br />method of securing voter -approved financing for capital improvements. The source <br />of funds for debt repayment is an increase in property taxes for all property taxpayers <br />in the City. Based on 2001-02 Assessed values (2002-03 numbers should be <br />available this fall), the tax rate required to support approximately $20 million of debt <br />would be $25 per $100,000 of assessed value, or approximately $39 per year for the <br />median San Leandro home value of $155,674. (I know that this value seems <br />unreasonably low given current market statistics showing average sales values of <br />