FY2022
Contact Jason Havel Department PUBLIC WORKS
S3958
Project #
Project Name Park Road Reconstruct - Rocky Shore to Riverside
Type One Phase
Useful Life 50 years
GRANTEE NONE
PLAN None
Category Street Operations
MATCH % NONE
TIF DISTRICT None
Priority 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 Project Cost: $6,700,000 Status Active
Expenditures
Total
2021
2022
2023
2024
2025
PLANNING/DESIGN
650,000
650,000
LAND/ROW ACQUISITION
50,000
50,000
CONSTRUCTION
5,250,000
5,250,000
INSPECTION
250,000
250,000
ADMINISTRATION CONTINGENCY
250,000
250,000
250,000
250,000
700,000
6,000,000
6,700,000
Total
Funding Sources
Total
2021
2022
2023
2024
2025
GO BONDS-ESSENTIAL PURPOSE
700,000
6,000,000
6,700,000
700,000
6,000,000
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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