FY2024 Proposed Budget

Capital Improvement Plan 2023-2027 City of Iowa City, Iowa

2023 2027 thru

Department PUBLIC WORKS

Contact Scott Sovers

Type One Phase

S3946

Project #

Useful Life 50 years

Project Name Court Street Reconstruction

Category Street Operations

Priority Essential (2)

MATCH % NONE GRANTEE NONE

TIF DISTRICT None PLAN None

Status Active

Total Project Cost: $9,000,000

Description This project will reconstruct Court Street from Muscatine Avenue to 1st Avenue.

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.

Prior

Expenditures

Total

2023

2024

2025

2026

2027

100,000

100,000

1,050,000

PLANNING/DESIGN CONSTRUCTION

6,200,000

6,200,000

Total

200,000 150,000 300,000

200,000 150,000 300,000

INSPECTION

ADMINISTRATION CONTINGENCY

1,000,000 1,100,000

1,000,000 7,950,000

OTHER

6,850,000

Total

Prior

Funding Sources

Total

2023

2024

2025

2026

2027

8,100,000

8,100,000

900,000

GO BONDS-ESSENTIAL PURPOSE

Total

8,100,000

8,100,000

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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