Board of Commissioners Meetings

Superintendent's Recommendation:

MOTION TO ADOPT RESOLUTION NO. 25-26 TO AUTHORIZE THE APPOINTMENT OF A BOND REGISTRAR AND PAYING AGENT.

Prepared By: Howard D. Koolick, Outgoing Chief Financial Officer, and Shaan Hamilton, Chief Financial Officer

Background:

Commissioners are being asked to authorize the appointment of a successor bond registrar and paying agent. A bond registrar and paying agent is responsible for maintaining records of bond ownership and distributing interest and principal payments to bondholders.

In the past, the Park District provided its own bond registrar and paying agent services. The bond payment process was relatively straightforward until the early 2010s, when Depository Trust Corporation, the company that collects principal and interest due from issues and remits the amounts due to each bond holder, automated its process in order to ensure it could verify all amounts were correct. The new process became more complex and prone to error. Over the last ten years, several payments to bond holders were delayed by a day due to clerical errors. Due to the complexity of the bond payment process, many local governments use a bond registrar and paying agent to ensure accuracy of bond issuer records, as well as accuracy and timeliness of bond payments to bond holders.

Given staffing changes in the finance department and the complexity of the automated bond payment process, the Park District can reduce the risk associated with late bond payments if it removes the current bond registrar and paying agent and authorizes the appointment of an external party as successor bond registrar and paying agent. Finance staff discussed this option with the Park District’s bond advisor and bond counsel who both support this change.

Staff requested PFM Financial Advisors LLC (PFM), as the municipal bond advisor to the Three Rivers Park District, to issue a Request for Proposal (RFP) for bond registrar/paying agent services. The RFP requested quotes for a bond registrar and paying agent to manage the payment of the Park District’s thirteen outstanding bond issues. Responses to the RFP are to be received no later than Tuesday, December 16, 2025 at 1:00 p.m. The responses to the RFP will be shared with Commissioners at the Board meeting on December 18, 2025.

Given the extent of potential cost variability, an estimated range of annual costs is difficult to ascertain until final responses to the RFP have been received. The annual cost will be shared at the Board meeting on December 18, 2025 after final responses to the RFP have been received.

Relationship to the System Plan:

The Request for Action supports the following goal(s) of the System Plan:

Goal 1: You Belong Here

Goal 2: Parks Matter

Goal 3: Lead by Example

by ensuring the Park District handles its financial resources in a prudent and deliberate manner.

Attachments:

Resolution No. 25-26 Appoint Successor Bond Registrar and Paying Agent.pdf

Superintendent's Recommendation:

MOTION TO AUTHORIZE THE USE OF THE SCOTT-THREE RIVERS PARTNERSHIP FUND BALANCE IN AN AMOUNT NOT TO EXCEED $162,330 FOR THE ACQUISITION OF ONE PROPERTY IN BLAKELY BLUFFS PARK RESERVE.

Prepared By: Patricia Freeman, General Manager of Scott County Parks, and Shaan Hamilton, Chief Financial Officer

Background:

On December 6, 2018, the Scott County and Three Rivers Park District Boards approved a fund balance policy that set a minimum fund balance of $150,000 and set limitations on how excess fund balance can be spent. Use of fund balance is limited to the following:

1. Purchase of equipment
2. Partial or full funding of improvements to existing facilities or acquisition/construction of new facilities or trail
3. Funding one-time startup expenditures associated with a new program or service
4. Funding a limited pilot program prior to making a program or service part of the operating budget
5. Responding to an unexpected operating budget deficit

The policy allows the Three Rivers Park District Board to approve use of fund balance after it has been discussed by the Policy Committee, which consists of two Commissioners from each Board.

The Policy Committee met on December 5, 2024, to discuss two potential property acquisitions and the possibility of using the Scott-Three Rivers Partnership Fund Balance for the 25% local match that is required when using Met Council Land Acquisition Grants to Fund the purchase. The properties are:

1. Lehnert Property - The property is 85 acres at the southern-most tip of Blakely Bluffs and includes high quality forested ravines, cropland, a creek, natural area corridors and has the potential for restoration and providing circulation through the park. The local match to be funded is $269,000. The board approved the use of the fund balance for this property acquisition at its meeting on December 19, 2024.
2. Riesgraff Property - Consisting of 123 acres and adjacent to three properties already acquired by the County, this property is a combination of forested land, crop land and a yard and driveway surrounding several buildings. At the time of the Policy Committee and Board meetings, the identified fund balance needed to acquire this property was $394,000, which was an estimate for budget planning purposes since the acquisition project was still in its early phase. The board approved the use of the fund balance up to $394,000 for this property acquisition at its meeting on December 19, 2024. Due to the final cost of the property acquisition being higher than estimated, an additional $162,330 is needed from the fund balance for this property acquisition.

The fund balance for the Scott-Three Rivers Partnership was $1,460,534 as of December 31, 2024. Staff is estimating that 2025 revenues will exceed expenditures by approximately $535,000 due to higher than budgeted revenues and lower than budgeted costs. Based on this information and the additional amount needed for the Riesgraff Property acquisition ($162,330), staff is expecting the fund balance to end the year between $900,000 and $1,000,000, which would be available for future use.

Relationship to the System Plan:

The Request for Action supports the following goal(s) of the System Plan:

Goal 1: You Belong Here

Goal 2: Parks Matter

Goal 3: Lead by Example

Superintendent's Recommendation:

NO ACTION REQUIRED; THIS ITEM IS FOR INFORMATION AND DISCUSSION.

Prepared By: Jami Markle, Director of Natural Resources

Background:

The Board has requested that staff provide information on the Park District's sustainability plan and initiatives. Sustainability is a core value and mindset at Three Rivers. With formal planning and action going back to 2008, the overall philosophy predates the current era and is captured in the Park District's legacy of stewardship and a mission centered in a natural resources based park system.

Staff have developed a presentation that provides a sustainability overview including goals, targets, metrics, and key areas of implementation to inform Board discussion.

Relationship to the System Plan:

The Request for Action supports the following goal(s) of the System Plan:

Goal 1: You Belong Here

Goal 2: Parks Matter

Goal 3: Lead by Example

Attachments:

Sustainability Plan Update_December 2025.pdf

Superintendent's Recommendation:

NO ACTION REQUIRED; THIS ITEM IS FOR INFORMATION AND DISCUSSION.

Background:

Commissioners are encouraged to share announcements and discuss ideas for future topics of interest.

Attachments:

Board Proposed Discussion Topics.pdf