Loading...
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