POCKET PARKS
Funding
Investing in Community Enhancements
Construction of the proposed Pocket Parks would be funded through the Palmetto Dunes Property Owners Association’s Community Enhancement Fund (CEF).
The Community Enhancement Fund was established specifically to support projects that enhance Palmetto Dunes. Under the PDPOA covenants, CEF funds are designated for enhancement projects rather than routine maintenance and operating expenses.
Community Enhancement Fund
PDPOA currently has approximately $9 million in the Community Enhancement Fund. The fund is also growing by approximately $700,000 annually, providing a dedicated source of funding for projects that enhance the community.
Using the CEF for Pocket Parks allows PDPOA to invest in new community amenities without relying on funds designated for routine maintenance.
No Additional Assessment Required
The proposed Pocket Parks would represent only a small portion of the existing Community Enhancement Fund balance.
Most importantly, no additional assessment would be required to fund construction of the proposed Pocket Parks.
What Will the Pocket Parks Cost?
Final construction costs have not yet been determined. Exact pricing will be established through a competitive bidding process.
Based on current estimates, the combined cost of the two proposed Pocket Parks is expected to be in the low six-figure range. For comparison, this would be less than one-tenth of the projected cost associated with developing a park at 7 Lee Shore.
Final costs will depend on the completed designs and competitive bids received for the projects.
What About Ongoing Maintenance Costs?
The Pocket Parks are being designed with long-term maintenance in mind.
Native plants requiring minimal watering and maintenance will be incorporated into the landscaping. Routine needs such as emptying trash receptacles and blowing pathways can be incorporated into the responsibilities of existing PDPOA staff with minimal incremental cost.
This approach allows the Association to create attractive, useful community spaces while keeping ongoing operating and maintenance expenses low.
A Dedicated Investment in Palmetto Dunes
The Community Enhancement Fund provides PDPOA with the opportunity to make strategic investments in amenities and improvements that benefit the Palmetto Dunes community.
Pocket Parks are one way these dedicated funds can be used to turn existing Association-owned property into attractive, functional community assets without an additional assessment to property owners.
