Final FY25 Adopted Budget
2024 2028 thru
Capital Improvement Plan 2024-2028 City of Iowa City, Iowa
PUBLIC WORKS
Department
Contact Scott Sovers
One Phase
Type
S3946
Project #
50 years
Useful Life
Project Name Court Street Reconstruction
Street Operations
Category
GRANTEE NONE
PLAN None
Essential (2)
Priority
MATCH % NONE
TIF DISTRICT None
Active
Status
Total Project Cost: $12,200,000
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
2024
2025
2026
2027
2028
LAND/ROW ACQUISITION
300,000
300,000
2,150,000
CONSTRUCTION
8,300,000
8,300,000
Total
INSPECTION
200,000
200,000
ADMINISTRATION
50,000
100,000
150,000
CONTINGENCY
500,000
500,000
OTHER
600,000
600,000
950,000
9,100,000
10,050,000
Total
Prior
Funding Sources
Total
2024
2025
2026
2027
2028
GO BONDS-ESSENTIAL PURPOSE REIMBURSEMENT OF EXPENSES
1,500,000
8,800,000
10,300,000
900,000
Total
1,000,000
1,000,000
2,500,000
8,800,000
11,300,000
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.
592
Made with FlippingBook Annual report maker