Recreation / Sports Complex How the first Several Million were spent to get the sports complex where it is. Financing  The cost of the project is estimated at $1,600,000.  We have a Green Acres Loan in the amount of $250,000 and will borrow notes in the amount of $900,000 to begin the project in September 2008.  We anticipate receiving Green Acres Loans in the same amount for the next several years so that the entire $1,600,000 will be in 2% interest rate Green Acre Loans.  The repayment of the loans will be approximately $88,000 a 4 year for the next 20 years.  This is approximately 30% of the amount we currently collect in the Open Space Account annually.  As Recreation builds programs, the amount coming from the Open Space Account will be reduced over time.  We will generate funds from programs and from the concession stand sales.  The maintenance of the site, approximately $18,000.00 annually, will come from the funds we generate, some of which will be available to go toward the repayment of the loans.  Timeline  November 1999   Ballot question for two-cent open space tax  November 2, 2000 Memo to gather information for a field and sport inventory  April 2002   Open Space and Recreation Plan adopted  August 2004   Purchased Friend’s Academy land  August 2004   Amended Open Space and Recreation Plan adopted  September 2005   First Engineers’ Plan of Sports Complex  November 2005   Ballot question for additional two-cent open space tax  May 2007   Alternate plan of Sports Complex, moving entrance  September 18, 2007 First memo on development of Sports Complex  September 25, 2007 Public Hearing on Project during Twp. Committee meeting  October 4, 2007   Second memo on development of Complex   October 2007   Apply for Green Acres Loan for development of Complex  January 2008   Awarded $250,000 Green Acres Loan   March 19, 2008   Third memo on development of Complex  March 28, 2008 Resolution to go out to bid for Complex  April 3, 2008   Fourth memo on development of Complex   April 10, 2008 Fifth memo on development of Complex  July 2008   Final Engineer’s plan for construction of Complex in phases  July 22, 2008   Bid opening for Complex  July 30, 2008   Sixth memo on development of Complex  August 2008   Site maintenance memo  August 7, 2008   Engineer’s memo on bid  August 12, 2008 Bid awarded by Township Committee for the first phase development of the Complex in the amount of $919,889 Construction of the complex should begin in September 2008 with the first fields available for use in the fall of 2009.  The Township Committee became Democratic January 2009.