FY2024 Proposed Budget

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

2023 2027 thru

Department PUBLIC WORKS

Contact Jason Havel

Type One Phase

S3953

Project #

Useful Life 30 Years

Project Name Market St & Jefferson St Two-Way Conversion

Category Street Operations

Priority Essential (2)

MATCH % GRANTEE

TIF DISTRICT PLAN

Status Active

Description Conversion of Market Street and Jefferson Street from one-way to two-way corridors. The project cost includes new traffic signals, pavement markings and signage necessary to implement the conversion. The conversion is intended to generally take place betweenn Madison Street and the eastern termini of the one-way streets - exact limits subject to further evaluation.This project will also add electrical outlets to each of the pedestrian level light poles on Linn Street from Jefferson Street to Bloomington Street. Total Project Cost: $5,000,000

Justification The feasibility of the project was initially evaluated as a part of the Downtown Iowa City Traffic Modeling Study completed in 2015.

Expenditures

Total

2023

2024

2025

2026

2027

400,000 25,000

400,000 25,000

PLANNING/DESIGN

LAND/ROW ACQUISITION

3,825,000

3,825,000

CONSTRUCTION

100,000 100,000 550,000

100,000 100,000 550,000

INSPECTION

ADMINISTRATION CONTINGENCY

425,000

4,575,000

5,000,000

Total

Funding Sources

Total

2023

2024

2025

2026

2027

5,000,000

5,000,000

GO BONDS-ESSENTIAL PURPOSE

5,000,000

5,000,000

Total

Budget Impact/Other Operating budget impacts are assumed to be negliable as the corridors already exist and require rountine maintneance 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 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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