2022-2026 Capital Improvement Program.pdf
Contact Jason Havel Depar tment PUBLIC WORKS
S3958
Pr oject #
Pr oject Name Par k Road Reconstr uct - Rocky Shor e to River side
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)
Description Reconstruction of Park Road from Rocky Shore Drive to the west project limits of the Gateway Project, approximately Riverside Drive. This project will include new street pavement, sidewalk, utility improvements and other associated work. Justification This section of Park Road is in poor condition and is in need of repair. The City has received numerous complaints about its condition. Total Pr oject Cost: $6,700,000 Status Active
Expenditur es
Total
2022
2023
2024
2025
2026
650,000 50,000
650,000 50,000
PLANNING/DESIGN
LAND/ROW ACQUISITION
5,250,000
5,250,000
CONSTRUCTION
250,000 250,000 250,000
250,000 250,000 250,000
INSPECTION
ADMINISTRATION CONTINGENCY
700,000
6,000,000
6,700,000
Total
Funding Sour ces
Total
2022
2023
2024
2025
2026
6,700,000
6,700,000
GO BONDS-ESSENTIAL PURPOSE
6,700,000
6,700,000
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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