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Capital Projects

WHAT IS A CAPITAL PROJECT?

A Capital Project is an improvement to a park or facility.  Improvements can be new, such as a new park or building or the acquisition of land for open space.  Improvements can also be a replacement of older or failed equipment, a replacement or addition to existing parks or buildings or an upgrade to a park or facility.  All improvements are approved by the Board of Commissioners to serve our residents and meet the District’s mission of providing quality parks and recreation to improve the lives of our residents.

FUNDING

Capital funding is derived from multiple sources, including funds from the sale and issuance of bonds.  The issuance of annual bonds and a bond levy are used to pay the principal and interest (P&I) on previous bonds.   Proceeds from the issuance of bonds not used to pay P&I on previous bonds are transferred to the District’s Capital Replacement Fund.  In recent years, such annual bond issuances have yielded about $120,000 to $150,000 each year depending on annual interest rates and bond bids from local banks.  This scenario is typical of park districts that have not used a referendum to acquire additional funds by generating more tax revenue from its residents.

Grants have been another very successful source of capital funding for the WPD.  Over the decades many millions of dollars have been infused into the District’s capital budget to help improve our parks and facilities for our residents.  Grant awards have helped the WPD acquire new land for open space, develop new parks, renovate existing parks and develop new or improve facilities.  Critical grant sources that have served the WPD include the Department of Natural Resources Open Space Land and Acquisition Grant (OSLAD), Department of Commerce and Economic Opportunity and Land and Water Conservation Fund (LWCF).

District revenues from programs and user fees have also been used to offset the expense of capital improvements.

Most recently, to support a new 5 Year Capital Plan, the District extended its debt in issuing new General Obligation Bonds in April of 2022, generating  approximately 4.87 million dollars.  As the District pays the annual principal and interest on its bond debt structure it may find the need in 8 to 10 years to extend its debt once again to support new capital improvements.  This method and cycle of financing is typical of districts that have not used a referendum to garner new tax dollars from its residents to support operations and capital improvements.  This has been, and likely will continue to be, the funding cycle that will fund future projects at the WPD.  The District will also aggressively pursue future grant opportunities to maximize its dollars for the benefit of its residents.

2025 Park & Facility Improvement Projects

For questions please contact Bob Fleck, Executive Director at rfleck@westmontparks.org

RECENTLY COMPLETED PROJECTS