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

S3983

Project #

Useful Life 50

Project Name Iowa Avenue Improvements

Category Street Operations

Priority Essential (2)

MATCH % GRANTEE

TIF DISTRICT PLAN

Status Active

Description This corridor is a part of the downtwon streetscape master plan. The scope of thie project is the reconstruction of Iowa Avenue from Clinton Street to Gilbert Street. The project also includes replacement of sidewalks and curb ramps, utility upgrades and streetscape amenities. Total Project Cost: $800,000

Justification Iowa Avenue is an important corridor within the downtown area that is lined with the retail on the south side and the University of Iowa Campus on the north. The public infrastructure and streestcape amenities are starting to show signs of detoration and are in need replacement. Addtionally, the electrical system is in need of upgrading to provide adequate power during festivals and events.

Expenditures CONSTRUCTION

Total

2023

2024

2025

2026

2027

800,000 800,000

800,000 800,000

Total

Funding Sources

Total

2023

2024

2025

2026

2027

800,000

800,000

GO BONDS-ESSENTIAL PURPOSE

800,000

800,000

Total

Budget Impact/Other This project is replacing existing infrastructure and should reduce future street maintenance costs. The anticipated annual savings 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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