Study Session Presentation - CIPSmall Town Service ~ Community Stewardship ~ Future Focus Capital Improvement Program Town Council Study Session January 22, 2013
Small Town Service ~ Community Stewardship ~ Future Focus Capital Program – historical funding sources: General fund – year end fund balances Redevelopment Agency funding – tax increments Grants – select project types Background
Small Town Service ~ Community Stewardship ~ Future Focus Funding sources are changing. State elimination of RDAs Reduced year -end fund balances Grants – criteria changes Challenges
Small Town Service ~ Community Stewardship ~ Future Focus Newly Available Revenues Reserves Potential Future Revenues One -Time Funding Sources
Small Town Service ~ Community Stewardship ~ Future Focus West Parr Property Sale RDA Dissolution Friends of the Library Existing Project Balances RDA Origination Loan Total of $5.3 million Available Resources
Small Town Service ~ Community Stewardship ~ Future Focus Funding is in -hand; requires Council approval: Budget Reserves – “excess” Open Space Reserve – GP Policy Total of up to $2.8 million Reserves
Small Town Service ~ Community Stewardship ~ Future Focus Requires Council direction to explore Surplus Property Proceeds Potential Tax/Fee Increases Estimated to be up to $6M Timing issues with CIP Potential Future Revenues
Small Town Service ~ Community Stewardship ~ Future Focus Estimated totals by Category: Available - $5.3 million Reserves - $2.8 million Future - $6.0 million+ Total - $14.1 million+ Revenue Sources
Small Town Service ~ Community Stewardship ~ Future Focus Categorized into three tiers: Tier 1 – Candidates for 13/14 or 14/15 Tier 2 – Candidates for 14/15 or 15/16 Tier 3 – Candidates for 15/16 or beyond Some projects tied to outside funding sources Some projects require additional study Potential Capital Projects
Small Town Service ~ Community Stewardship ~ Future Focus All can be funded as 2013/14 projects: Creekside Sports Park Pedestrian Bridge requires Environmental Review and design $300k grant and timeline constraints Winchester/Lark Intersection Improvement Project partially funded with Developer Fees $400 k in -hand, potentially more coming Total for Tier 1 projects - $2.85 million $700k from other sources Tier 1 Projects
Small Town Service ~ Community Stewardship ~ Future Focus Recommended as 2014/15 projects: Almond Grove Street Reconstruction $4.0 million – first phase of $12.0 million project Community outreach and design work in advance Grant candidates, financing Los Gatos Creek Trail – Charter Oaks area Highway 9/Creek Trail connection Streetlight Retrofit – possible financing Total for Tier 2 projects - $7.7 million Up to $2.0 million from other sources Tier 2 Projects
Small Town Service ~ Community Stewardship ~ Future Focus Recommended as 2015/16 or beyond projects: One time increases to annual work Street resurfacing Curb, gutter, sidewalk Civic Center and Downtown Parking Improvements Parking Garage Feasibility study required Parking Lot 6 site Total for Tier 3 projects – $10.3 million Unknown potential for alternate revenue sources Tier 3 Projects
Small Town Service ~ Community Stewardship ~ Future Focus Other issues that Council may wish to consider: Almond Grove – beyond phase 1 Ongoing Pavement Maintenance Residential Streets requiring reconstruction Retaining Wall Replacement Improved Emergency egress to single access areas Beyond Tier 3 Projects
Small Town Service ~ Community Stewardship ~ Future Focus Consider revenue sources, projects, and priorities as presented by staff. Confirm use of revenue sources. Discuss projects scopes. Confirm, discuss, recommend changes to priorities list. Council Discussion
Small Town Service ~ Community Stewardship ~ Future Focus Council input will be used to develop the Town’s FY13/14 – FY18/19 Capital Improvement Program. Return to Council in May with recommendations for the CIP. Next Steps