Parks and Recreation System Master Plan Update (2016) parks_and_recreation_system_master_plan_update_oct | Page 171

Table VII.A.1
Capital Costs Estimate (in 1995 dollars)
Item
Top Priority
Second Priority
Parkland
20,000,000
4,000,000
Acquisition
Existing Park
20,000,000
0
Upgrades
New Parkland 16,800,000
5,600,000
Improvements
Recreation
12,100,000
9,400,000
Facilities
Greenways
24,000,000
8,000,000
Subtotal
92,900,000
27,000,000
Cumulative
92,900,000
119,900,000
Total
Third Priority
0 Total
24,000,000
0 20,000,000
5,600,000 28,000,000
10,800,000 32,300,000
8,000,000
24,400,000
144,300,000 40,000,000
144,300,000
*Figures are rounded to nearest 100,000.
Note: The subtotal indicates the sum of costs for each priority column. The cululative total starts
with the subtotal for top priority column and successively adds the subtotals for the second and
third priority columns.
Source: Wallace Roberts & Todd
If the $93 million total in capital expenditures (estimated for top priority
recommendations) were spread evenly throughout the Plan’s 25-year implementation period,
the annual capital cost would equal $3.72 million in 1995 dollars (not including any allowance
for debt financing). If the $144 million (estimated for all the Plan’s recommendations) were
spread evenly throughout the Plan’s 25-year implementation period, the annual capital cost
would be $5.76 million (again not including any allowance for debt financing). The LMPRD
capital expenditure projection for fiscal year 94/95 (based on the approved City and County
budgets) equaled $5.46 million.
Each of the line items in Table VII.A.1 is described briefly below.
Parkland Acquisition
The parkland acquisition total of $24 million was based on an assumed average land
acquisition cost of $6,000 per acre applied to 4,000 acres. It is assumed that the remaining
parkland acreage (just over 4,200 acres) would be acquired without purchase, for example
through dedication, development regulation, and the actions of non-profit organizations such as
Riverfields, Inc. and Future Fund, Inc. The 1995 Plan recommended three key actions to be
pursued in order to support the land acquisition effort:
1. Short-term capital expenditures should focus on acquiring the land required to
implement the Plan, generally deferring land improvements until later. Louisville will
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VII. IMPLEMENTATION | October 2016 Update