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CASE # 4
<br /> C~PITAL IMPROVEMENT PROGRAM PROGRESS REPORT
<br /> By: Jessie Hart, Finance Officer
<br />
<br /> Background:
<br />
<br /> The Capital Improvement Program (CIP) is reviewed on an ongoing basis throughout the year with
<br /> changes revieuied and authorized by City Council. Annually, an updated CIP is presented to
<br /> Council for addption. The CIP covers the current year and extends out
<br /> period of time. ~ach project listed on the CIP has an identifiable funding over a five to seven year
<br /> source.
<br /> At this time, wi: would like to provide a short rd res
<br /> 2000 We areifithe r . P g sreporton the CIP r
<br /> , ' . . , p ocess of prermnno cask n ....... :___. ,. , p ocess for 1995 to
<br /> determine the ability to support th~-r~'i~cts i~'-'-"'""'~?Jc,c.n°n,s zor.me various funding sources to
<br /> · P :~ ar wm oe nsteo on the CIP. In doing so, we have
<br />derived an extel, sire list of projects that could be funded '
<br />,,w__o_uld prevent t~e funding of additional proiects or '-r^.w.~[-'h-c-urrSnt res.erves ,n certan areas, but
<br />areas. : -, p u¥~.MonS TOt project assistance in certain
<br />
<br />We have identifij::d several projects that are good candidates for combined or separate bond issues
<br />during the remailder of 1994 and into 1995. The following list of projects have been identified for
<br />inclusion into thd CIP for 1994-1995. The project cost Iisted for each project includes all overhead
<br />related to the projects.
<br />
<br />SunwOod Drive ('Phase 1) $ 820,900
<br />153/1~5th Variolite to Armstrong Blvd. $ 790,000
<br />O nok.{ Ele~ctric Utility (AEC) Extension $1,740,000
<br />ramgm Street (McKinley- CR116) $ 210,000
<br />Rams~}y Elementary Utilit E .'
<br />,,, ~.. , :-., y xtenaon ..$ 550,000
<br />water{n, am Looping: ..
<br />Urimium Street
<br /> 2nil Feed to Subdivisions E of TH 47 $ ]48,000
<br />
<br /> ~ $ 100,000
<br /> The total cost relaied to the projects anticipated for 1994-1995 is $'4,358,900. In order to prevent
<br /> the drawdown of ~al] the cash reserves in the identified funding areas, it is feasible to utilize the
<br /> ibd°enndti~ilb~O)CrerSs t~ al~w for the potential of additional pro'ects in th
<br /> . P ojec! eli~,ible for fundin- is th,~ ,e,=r- ...:,: .... 9 . .e future. At th~s time, the
<br /> extending munici,~al utilities -~- ...... ':' .,-- ..~.z..~___u_umy extension project This r ' '
<br /> n~',~ ~,~r, ~;.~ ~7i. . mrougn an ex~stm~ TIF di,-,-,4 ....-, -- ~ .- '; - , p oject ~nvolves
<br /> ..... ,-- ~,tc. ~rBs project is antici
<br /> p,,~,u to cost approximately $1,750,000, which include'~'~'i~
<br />overhead except I:iond issuance costs related to a sale. A portion wiI1 be collectable through
<br />assessments and th!ough tax increments from TIF District #2 within Development District #1.
<br />Due to the timing Of the AEC project, it would make sense to attempt to settle a bond sale prior to
<br />the end of the yea~. This allows for the working cash on the front end of the project and would
<br />alleviate any concdyns that any potential bond issues.in 1995 would exceed the arbitrage cap for
<br />small city issuers. We will most likely be coming before the City Council on October 25, 1994, in
<br />order to set the sa}t: for November 22, 1994. This can be done if ordering the project actually
<br />happens on Octobe} 25, 1994, as planned.
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