FY2023 Adopted Budget

PUBLIC WORKS

Department

S3980

Project #

Kent Ralston

Contact

Project Name Market & Jefferson Street Two-Way Conversion

One Phase

Type

20 years

Useful Life

GRANTEE NONE

PLAN Transportation Plan

Street Operations

Category

MATCH % NONE

TIF DISTRICT None

Non-essential (5)

Priority

Description Conversion of Market Street & Jefferson Streets from one-way to two-way corridors. The project cost includes new traffic signals, pavement markings, buffered bike lanes, and signage necessary to implement the conversion. The conversion is intended to generally take place between Madison Street and the eastern termini of the one-way streets - exact limits subject to further evaluation. Justification The feasibility of the project and cost estimate was initially evaluated as part of the Downtown Iowa City Traffic Modeling Study completed in 2015. Total Project Cost: $2,600,000 Status Active

Expenditures

Total

2022

2023

2024

2025

2026

PLANNING/DESIGN

300,000

300,000

CONSTRUCTION

1,900,000

1,900,000

INSPECTION

100,000

100,000

ADMINISTRATION

100,000

100,000

CONTINGENCY

200,000

200,000

300,000

2,300,000

2,600,000

Total

Funding Sources

Total

2022

2023

2024

2025

2026

GO BONDS-ESSENTIAL PURPOSE

2,600,000

2,600,000

2,600,000

2,600,000

Total

Budget Impact/Other Operating budget impacts are assumed to be negligible as the corridors already exist and require routine maintenance activities. The conversion will only change how the facilities are used by the traveling public. 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 Wastewater 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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