Downtown Park Financials
Financing of Matching Grant and Purchase of Property:

On October 22, 2013, the Sonoma County Board of Supervisors funded the purchase of Downtown Open Space Park with the Open Space District’s Matching Grant. The final papers were recorded on Friday, November 15, 2013.

FPA needed to raise Cash and In-Kind contributions towards that match, which was successful.

The In-Kind contributions included the following:
  • $300,000 In-Kind contribution from Sonoma County Regional Parks District for design and construction of the West County Trail through the Property.
  • $75,000 In-Kind contribution from Regional Parks District for West County Trail operation and maintenance over a five year period allowed by matching grant program.
  • $20,000 In-Kind contribution from Sonoma County Transit for construction of new and improved bus stop in Forestville.
  • Thousands of dollars worth of Human Capital (e.g. materials, supplies, labor, services) pledged by individuals and businesses. Some of these In-Kind donations were used in the process to acquire the land. The bulk of the In-Kind donations will go toward planning, designing, developing, landscaping, constructing, and years of maintenance for the Town Square and Open Space Park.

The acquisition and fixed costs (cash) for the property are below.

Table 1
Downtown Open Space Park & Commercial Land Acquisition Totals
Open Space Grant Payment for FPA
Commercial Group Payment
FPA Payment

Total Cost of 8 Acres with Final Fees
$400,300  (a)(c)
$416,218  (b)
$  93,120

$909,638
FPA’s Total Expenditures - $110,656 (See Tables 2 & 3)
Table 2
Breakdown of FPA’s $93,120 (as seen in Table 1)
Opening of Escrow with Bank
Additional Escrow Deposit
Additional Bank Deposit
Taxes
Closing Escrow Fee
Title Fee
Final Payment to Bank

Total of FPA's Bank Payments
April 2013
Aug. 2013
Oct. 2013
Nov. 2013
Nov. 2013
Nov. 2013
Nov. 2013
$20,000
$  5,000
$10,000
$   1933
$   1800
$   642
$53,745

$93,120  (d)
Table 3
Fixed Expenditures by FPA
Broker Retainer Fee
Appraisal of Property
First Land Survey
Second Survey
Property Liability Insurance
Fundraising/
  Community Outreach
Other Expenses

Total of Fixed Expenditures
Sept. 2012
Nov. 2012
Aug. 2013
Sept. 2013
Dec. 2013

2011-2013
2011-2013
$5,000
$4,000
$3,584
$1,548
$   706

$2,348  (e)
$   350  (f)

$17,536

NOTES
a) FPA was required to generate $400,300 in cash and in-kind donations for the Matching Grant. In-kind donations (including $395,000 from the county for completion, operation and maintenance of the West County Trail and a new bus stop) made up the difference between the cash raised and the $400,300.

b) The Commercial Group purchased the 1.5 acres of land the Town Square will occupy along with the its other 4 acres. They can commercially develop their 4 acres. The 1.5 acre Town Square land has a conservation easement which means there are Open Space restrictions on its development and it is guaranteed for public access and public use.

c) The Open Space Grant also paid for the conservation easement on the 1.5 acres of Town Square land.

d) If FPA had purchased the entire 8 acres, the closing costs would have been considerably higher and it would have been necessary to get a loan from the bank for $37,000 or more (depending on the amount of cash FPA could afford for the final payment at close).

e) Fundraising/Community Outreach — $2348, includes:
Ads in Chamber Mailer
Advertising Banners
Postcards to Community
Video for Site
Color Maps of Property for Display
Aug. 2012
March 2013
May 2013
May 2013

$   378
$   227
$1,100
$   400
$   243
f) Other Expenses — $350, includes:
Notary Fees
PayPal Fees
Nov. 2013

$   180
$   170

Your further donations will support the development of the Park. You can donate Cash and/or In-Kind on our DOSP Donate page.

Cash donations are tax deductible; In-Kind donations may be tax-deductible - check with your tax preparer.

Pledges and donations which will receive signage at the site:
Founder Level$25,000
Patron Level$10,000
Friend Level$  5,000
Supporter Level$  1,000

FPA Tax ID#: 54-2107271

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