FY2024 Proposed Budget

Capital Improvement Plan 2023-2027 City of Iowa City, Iowa

2023 2027 thru

Department PARKS & RECREATION

Contact Geoff Fruin

Type One Phase

R4392

Project #

Useful Life 75 years

Project Name Westside Park Land Acquisition

Category Parks Maintenance

Priority Essential (2)

MATCH % NONE GRANTEE NONE

PLAN Park Master Plan

TIF DISTRICT None

Status Active

Description This project is to acquire property in the future growth and annexation areas west of Highway 218 between Rohret Road and Highway 1. Total Project Cost: $700,000

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

2023

2024

2025

2026

2027

700,000 700,000

700,000 700,000

LAND/ROW ACQUISITION

Total

Funding Sources GO BONDS-GENERAL PURPOSE

Total

2023

2024

2025

2026

2027

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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