CITY COUNCIL AGENDA ITEM
ACTION REQUESTED:
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Adopt the resolution of Official Intent for Reimbursement of Capital Projects
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DEPARTMENT: Finance Department
SUBMITTED BY: Rachel Mayer, Finance Director
BOARD/COMMISSION REVIEW:
N/A
BACKGROUND:
The planned 2019 bond issuance has three components. The first component is the standard capital borrowing which includes investment in technology, roadways, and buildings. The second and third component of the planned bond issuance are connected to the proposed special service areas in the downtown for streetscape projects.
Unfunded Capital Projects
The City Council at the workshops held on October 29, 2018 and November 13, 2018 reviewed the proposed 2019-2023 Capital Improvement Program (CIP). The original unfunded project listing totaled $7,020,000. Based upon questions and proposals provided by City Council, staff deferred the replacement of a ladder truck, reducing the projected borrowing by $1.3 million. The current unfunded projects for the 2019 CIP total $5,720,000.
Special Service Area No. 30
As part of improving the downtown streetscape, the City was approached by several property owners along Main Street who desire to replace their streetscape improvements in 2019. They would like to improve the streetscape and parking on the south side of Jefferson Avenue between Webster and Main along with both sides of Man Street between Jefferson and Jackson. The improvements would also include small portions of Webster and Jackson adjacent to the previously noted areas.
The property owners would have the improvements designed, contract for the work, and then seek reimbursement from the City. The City would borrow for the improvements on behalf of the property owners at an amount of $2.22 million. The full amount plus interest will be repaid to the City over the fifteen-year term of the special service area.
Special Service Area No. 31
Jefferson & Main LLC is redeveloping the building at 41 W. Jefferson A...
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