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The PDF Zone IV fund balance is currently $2,580,000 which represents fees paid over recent years by property owners adding housing units onto their properties. The most significant contributors to the fund balance are: 299 E. Thousand Oaks Blvd $ 1)5691242) 1200 Newbury Road $ $457)659) 80 & 90 Clay Court $ $247,858, and 950 Warwick Avenue $232,622. The current estimated project cost for constructing park improvements at Conejo Creek Southwest, including contingencies and fees, is $5,500,000. Therefore, the difference between the Zone IV funds available and the estimated project cost is $2)920)000. PDF/Quimby fess are typically paid by property owners to CRPD just before ground -breaking of a new project. The District could choose to wait until a sufficient number of additional residential units are approved within Zone IV so that the PDF Fees would cover the entire projected cost of the development of the new park. The most likely source of funds would be multi -unit residential projects constructed within Zone IV — which includes the western end of the Thousand Oaks Boulevard Specific Plan corridor. Approximately 300 new units would need to be approved - and construction begun - in order for CRPD to collect the funds necessary for the planned park improvements. During the January 21, 2021 Board of Directors meeting reserve fund discussion, the Board discussed the idea that rather than wait for the future residential projects to be approved, CRPD could loan money from its undesignated reserve fund to PDF Zone IV in order for the park project to proceed prior to receiving the funds from the anticipated new residential projects. CRPD staff believe the potential for future residential development in PDF/Quimby Zone IV is high. The State of California continues to encourage additional housing in every city in California through laws, policies and incentives intended to address housing supply, affordability and homelessness. The Thousand Oaks Boulevard Specific Plan encourages the addition of residential units into formerly commercially -zoned properties. In addition, property owners are showing an interest in building multi -family residential projects in Thousand Oaks in general, and in Zone IV in particular (e.g. The "Mill Creek Project"). By loaning the funds, CRPD can begin construction on this important 14.1 acre park which will serve the existing residents within the community (in accordance with the 2011 CRPD Master Plan, Zone IV is currently 14.8 acres deficient in Neighborhood Park acres for Planning Area 12) and will be ready and available for new residents as they occupy future residential projects. By loaning the money, over time, as property owners pay the required PDF/Quimby fees associated with new residential units, funds in the PDF Zone IV account will grow so that the loan from the General Fund may be repaid, allowing the Board to allocate those future funds as needed by the District.