Funding Implementation of the proposed Legacy Plan is estimated to require $340 - $365 million in capital funding over 15 years based on an anticipated 5% CPI annual escalation of the $219.9 cost in 2015 dollars, and annual funding available for implementation. Current funding sources for implementing the Legacy Plan total approximately $109 million in escalated value. These include the existing mill levy funding allocation for capital projects, scheduled debt payoff starting in 2019, a gift to be invested in Kill Creek Park, and the TIF investment from Prairie Village towards the development of the Meadowbrook future park property. On August 13, 2015 the Johnson County Board of County Commissioners approved a 0.75 mill levy increase for JPCRD in the 2016 county budget. This increase has the potential to provide an additional $136 million in escalated funding for the district over the 15 years of this plan. Table 4.01 below provides a summary of anticipated funding available to JPCRD for implementation of the Legacy Plan for the next 15 years. This anticipated funding total of $245.1 million will meet the need of approximately 67% of the funding required to implement the full Legacy Plan by 2030. The remaining plan improvements will require an extended timeline and/ or additional funding sources to complete. Table 4.01 - Funding Summary
Anticipated 15-Year Capital Investment Funding Funding Analysis Escalated at 5% CPI Growth 15 Year Plan 2016-2030
Anticipated Funding Source
Estimated Funding and Costs
CIP Portion of Existing Mill Levy $ 65,092,436 Funding from Mill Levy Increase $ 136,252,348 Scheduled Debt Payoff $ 36,783,400 Kill Creek Park Donor Gift $ 1,000,000 Meadowbrook Park TIF Funding $ 6,000,000 Total Funding $ 245,128,184 Capital Program Total* $ 365,844,073 Percent of Program Funded 67 % Unfunded Capital Program within $ 120,715,889 15-Year Capital Plan * Total based on 15-year anticipated annual available funding with unfunded capital program costs escalated at same rate as year 2030.
Additional Funding Approach Debt financing is an additional tool that may allow for accelerated implementation of certain plan elements. Preliminary study of debt funding scenarios indicates there is an opportunity to fund more investment earlier in the 15-year window, but the debt service significantly reduces available funding over the second half of the plan’s life. It is recommended that opportunities for debt funding be explored further.
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