FY2023 Adopted Budget

PUBLIC WORKS

Department

S3958

Project #

Jason Havel

Contact

Project Name Park Road Reconstruct - Rocky Shore to Riverside

One Phase

Type

50 years

Useful Life

GRANTEE NONE

PLAN None

Street Operations

Category

MATCH % NONE

TIF DISTRICT None

Essential (2)

Priority

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

2022

2023

2024

2025

2026

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

250,000

250,000

CONTINGENCY

250,000

250,000

700,000

6,000,000

6,700,000

Total

Funding Sources

Total

2022

2023

2024

2025

2026

GO BONDS-ESSENTIAL PURPOSE

6,700,000

6,700,000

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.

597