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
S3983
Project #
50
Useful Life
Project Name Iowa Avenue Improvements
Street Operations
Category
Essential (2)
GRANTEE
PLAN
Priority
Active
MATCH %
TIF DISTRICT
Status
Total Project Cost: $2,650,000
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.
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
Total
2024
2025
2026
2027
2028
PLANNING/DESIGN
250,000
250,000
CONSTRUCTION
2,000,000
2,000,000
INSPECTION
150,000
150,000
ADMINISTRATION
50,000
50,000
CONTINGENCY
200,000
200,000
300,000
2,350,000
2,650,000
Total
Funding Sources
Total
2024
2025
2026
2027
2028
GO BONDS-ESSENTIAL PURPOSE
300,000
2,350,000
2,650,000
300,000
2,350,000
2,650,000
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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