FY25 Proposed Budget

2024 2028 thru

Capital Improvement Plan 2024-2028 City of Iowa City, Iowa

PARKS & RECREATION

Department

Contact Geoff Fruin

One Phase

Type

R4392

Project #

75 years

Useful Life

Project Name Westside Park Land Acquisition

Parks Maintenance

Category

GRANTEE NONE

PLAN Park Master Plan

Essential (2)

Priority

MATCH % NONE

TIF DISTRICT None

Active

Status

Total Project Cost: $700,000

Description This project is to acquire property in the future growth and annexation areas west of Highway 218 between Rohret Road and Highway 1.

Justification The future growth area west of Highway 218 includes a 196-acre potential annexation which will require ameneties for parks and recreation to serve the anticipated population growth.

Expenditures

Total

2024

2025

2026

2027

2028

LAND/ROW ACQUISITION

700,000

700,000

700,000

700,000

Total

Funding Sources

Total

2024

2025

2026

2027

2028

GO BONDS-GENERAL PURPOSE

700,000

700,000

700,000

700,000

Total

Budget Impact/Other The future west park would require additional maintenance such as mowing and natural areas management. It also has the potential to include other amenities in the future such as park shelters, trails, restroom facilities, pavilions, playgrounds, sport fields, etc. The estimated increase in annual operating expenditures due to the land acquisition not including future amenities is $50,000 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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