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

S3959

Project #

Useful Life 50 years

Project Name Taft Avenue Reconstruct - Am Legion to Lwr West Br

Category Street Operations

Priority Essential (2)

MATCH % NONE GRANTEE NONE

TIF DISTRICT None PLAN None

Status Active

Description Reconstruction of Taft Avenue from American Legion Road to Lower West Branch. Design of this project would begin in 2022 with construction to begin in 2025. Total Project Cost: $13,200,000

Justification The properties west of Taft Avenue between Lower West Branch Road and American Legion Road are now fully developed. With the construction of the new Hoover School and the upcoming American Legion Road and Scott Boulevard trunk sewer extension projects, the area will likely experience growth in the next five to ten years necessitating improvements to Taft Avenue.

Expenditures

Total

2023

2024

2025

2026

2027

1,000,000

1,000,000

PLANNING/DESIGN

350,000

350,000

LAND/ROW ACQUISITION

9,750,000

9,750,000

CONSTRUCTION

300,000 300,000

300,000 300,000

INSPECTION

ADMINISTRATION CONTINGENCY

1,500,000 12,200,000

1,500,000 13,200,000

1,000,000

Total

Funding Sources FEDERAL GRANTS

Total

2023

2024

2025

2026

2027

3,500,000 9,700,000

3,500,000 9,700,000

GO BONDS-ESSENTIAL PURPOSE

13,200,000

13,200,000

Total

Budget Impact/Other This project will add infrastructure into the City which will incrementally increase the City's operating costs. The estimated increase in operating expenditures 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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