HomeMy WebLinkAbout08-28-1989 Item #F13CITY OF NEWPORT BEACH
Parks, Beaches and Recreation Department
CY Ti V- .ITY COUNCIL
CITE' �1f ;1i_dVkORT SEX;
AUG 2 8 1989
TO: Mayor and City Council
FROM: Parks, Beaches and Recreation Director
SUBJECT: Corona del Mar Olympic Pool Financing
Recommendation:
August 28, 1989
CITY COUNCIL AGENDA
ITEM N0.I3
6Iq-0 I'
Approve a budget amendment to provide the third year funding of $207,500
for the subject facility. Funding to be advanced from in lieu park fee
reserves and repaid from 1990-91 Park and Recreation Fund.
I)icruccinn-
Initially, the Parks, Beaches and Recreation Commission and City Council had
approved this project with a three year funding program to obtain the $625,000
City contribution to the pool construction. It was felt that this funding
technique would generate the monies necessary during the design and private
fund raising period. Due to successful and hard work by the Swim for the Gold
Committee, the time frame for the project has been accelerated . To comply with
the approved agreement the City contribution is to be paid at award of
construction by the School District which has recently occurred.
The Parks, Beaches and Recreation Commission reviewed this matter at their meeting
of August 1, 1989 and unanimously approved the recommended action.