[Press Release] : City receives deed to Philips Lake

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FOR IMMEDIATE RELEASE 

Contact: Raymond A. Beck, City Manager - (573) 874-6338

City receives deed to Philips Lake

COLUMBIA, MO (January 6, 2006) -- The city of Columbia received the
deed to the Philips lake tract on Dec. 30. The donated property consists
of approximately 63 acres including a 40-acre lake.

The city previously purchased approximately 77 acres for $1,233,420,
bringing the total to about 140 acres. Based on the purchase agreement
approved by the City Council, the lake area was donated by Bristol Lake
Investments, LLC. Acceptance of the donated property was contingent upon
the completion of improvements that included raising the dam for the
lake, improving the spillway, dredging part of the lake to make it
deeper to create a regional storm water detention facility and removing
silt. The city will pay 30 percent of the costs for lake improvements,
which amounts to $167,780.52.

The property will be developed into a regional park on the west side of
U.S. 63. Recreational uses for the lake will include fishing,
non-motorized boating, a walking trail and picnic areas. The lake will
not be developed for swimming activities.

"We are extremely pleased to have this regional park added to our
parks system," said Raymond A. Beck, city manager. "Perry Philips
was a longtime resident of the area and he was very active in city
development. He purchased the area known as the Philips tract and made
it available to citizens for fishing. This is a great facility that will
be part of our regional parks system. Ultimately, this area will be an
attractive entry to the city in which residents can be proud."

- 30 -
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