FY2023 Adopted Budget
PUBLIC WORKS
Department
S3946
Project #
Scott Sovers
Contact
Project Name Court Street Reconstruction
One Phase
Type
50 years
Useful Life
GRANTEE NONE
PLAN None
Street Operations
Category
MATCH % NONE
TIF DISTRICT None
Essential (2)
Priority
Total Project Cost: $7,500,000
Description This project will reconstruct Court Street from Muscatine Avenue to 1st Avenue.
Active
Status
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.
Expenditures
Total
2022
2023
2024
2025
2026
Prior
PLANNING/DESIGN
150,000
150,000
900,000
CONSTRUCTION
5,600,000
5,600,000
Total
INSPECTION
200,000
200,000
ADMINISTRATION
150,000
150,000
CONTINGENCY
500,000
500,000
150,000
6,450,000
6,600,000
Total
Prior
Funding Sources
Total
2022
2023
2024
2025
2026
900,000
GO BONDS-ESSENTIAL PURPOSE
6,600,000
6,600,000
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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