2022-2026 Capital Improvement Program.pdf

Contact Scott Sovers Depar tment PUBLIC WORKS

S3946

Pr oject #

Pr oject Name Cour t Str eet Reconstr uction

Type One Phase

Useful Life 50 years

MATCH % NONE GRANTEE NONE

TIF DISTRICT None PLAN None

Categor y Street Operations

Pr ior ity Essential (2)

Total Pr oject Cost: $7,500,000

Description This project will reconstruct Court Street from Muscatine Avenue to 1st Avenue.

Status Active

Justification Court Street is an important collector street that connects the east side of Iowa City to the Downtown area. The project will replace aging street and sidewalk pavement that is in poor condition and upgrade public utilities as needed.

Expenditur es

Total

2022

2023

2024

2025

2026

Pr ior

150,000

150,000

PLANNING/DESIGN CONSTRUCTION

900,000

5,600,000

5,600,000

Total

200,000 150,000 500,000

200,000 150,000 500,000

INSPECTION

ADMINISTRATION CONTINGENCY

150,000

6,450,000

6,600,000

Total

Pr ior

Funding Sour ces

Total

2022

2023

2024

2025

2026

900,000

6,600,000

6,600,000

GO BONDS-ESSENTIAL PURPOSE

Total

6,600,000

6,600,000

Total

Budget Impact/Other Replacing aged infrastructure will lower the City's operating expenditures through decreased maintenance costs. The estimated decrease in operating expenses is less than $10,000 per year. This serves as a declaration of official intent under Treasury Regulation 1.150-2 that it is reasonably expected that capital expenditures will be made in respect of the above-described project, such expenditures to be advanced from the Capital Projects fund, and the City reasonably expects to reimburse all or a portion of the expenditures with the proceeds of bonds, notes or other indebtedness to be issued or incurred by the City in the future.

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