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Sunbury staff: JR Smith Park design 30% complete; city planning $2–2.5 million borrowing
Summary
City staff reported the JR Smith Park design is about 30% complete, with a goal of 90% by fall and a financing plan that pairs $1 million in existing city/ARPA funds with anticipated borrowing of $2–$2.5 million repaid over about 20 years.
Sunbury City parks staff told the Parks and Recreation Committee on June 4 that the JR Smith Park conceptual design is about 30% complete and that the city expects to seek financing to finish construction.
The update matters because the committee was told the city has $1 million available from city funds and ARPA and expects to borrow between $2 million and $2.5 million to cover remaining costs. A city staff member said, “we anticipate borrowing somewhere between 2 and 2 and a half million dollars to finish the balance of it.”
City staff said design work should reach about 90% completion in the fall and that they plan to present financing recommendations to the finance committee and then the City Council beginning in September. The staff presentation said the city will bid the work to confirm prices before finalizing borrowing amounts.
On annual cost estimates, staff provided a projected debt-service figure and anticipated revenue sources. “It looks like the debt service is gonna be somewhere close to $200,000 per year,” a city staff member said. Staff also said the city currently estimates annual impact-fee collections of about $110,000, and that the general fund will contribute toward the remainder.
Committee members asked about financing length and how equipment life affects bond terms. A staff speaker said the city intends to issue a roughly 20-year bond and that bond counsel indicated finance terms could stretch to 21 years, but playground equipment has a shorter useful life than other park assets.
Committee members and staff did not take any formal vote on the project during the meeting; staff described the schedule and next steps and said they expect construction activity more likely in the next calendar year, possibly breaking ground in spring following final approvals and bidding.
Staff identified Richard Washington as a participant in late-stage project discussions and said the city’s financial adviser and bond counsel have been consulted. The committee was told staff will return with refined design documents and a financing recommendation for committee and council consideration.
