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 2020 bond issuance has three components. The first component is the standard capital borrowing which includes investment in technology, infrastructure, equipment, and buildings. The second and third component of the planned bond issuance are connected to the special service areas in the downtown for streetscape projects.
Unfunded Capital Projects
The City Council at the workshops held on October 28, 2019 and November 18, 2019 reviewed the proposed 2020-2024 Capital Improvement Program (CIP). The current unfunded projects for the 2020 CIP total $13,482,561.
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 Main Street between Jefferson and Jackson. The improvements would also include small portions of Webster and Jackson adjacent to the previously noted areas.
The City would borrow for the improvements on behalf of the property owners at an amount of $2.675 million. 40% of the total cost of the streetscape will be repaid to the City over the fifteen-year term of the special service area.
Special Service Area No. 31
Jefferson & Main LLC redeveloped the building at 41 W. Jefferson Avenue, located at the northeast corner of Jefferson and Main Street. Per the redevelopment, the property owner will be upgraded the streetscape adjacent to their property to the current standards including concrete and brick paving, raised planters, decorative lights, and converting the angled parking spaces on the east side...
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