Final FY25 Adopted Budget

2024 2028 thru

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

PUBLIC WORKS

Department

Contact Jason Havel

One Phase

Type

S3953

Project #

30 Years

Useful Life

Project Name Market St & Jefferson St Two-Way Conversion

Street Operations

Category

Essential (2)

GRANTEE

PLAN

Priority

Active

MATCH %

TIF DISTRICT

Status

Total Project Cost: $5,000,000

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.

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

2024

2025

2026

2027

2028

PLANNING/DESIGN

400,000

400,000

LAND/ROW ACQUISITION

25,000

25,000

CONSTRUCTION

3,825,000

3,825,000

INSPECTION

100,000

100,000

ADMINISTRATION

100,000

100,000

CONTINGENCY

550,000

550,000

425,000

4,575,000

5,000,000

Total

Funding Sources

Total

2024

2025

2026

2027

2028

GO BONDS-ESSENTIAL PURPOSE

5,000,000

5,000,000

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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