| Agenda Item: | 5.
| | Agenda Title: | Discussion and update on the draft Capital Improvement Plan, including a summary of the July 16, 2021 City Council workshop and a discussion among the Board on associated projects and potential use of EDB funds
| Board Action:
| Discussion
| | Department: | Assistant City Manager
| | Staff Contact: | Lindsey Oskoui
|
1. INTRODUCTION/PURPOSE
Summary of City Council's July 16, 2021 Capital Improvements Plan (CIP) Workshop and discussion among the Economic Development Board regarding the Board's priorities, assumptions, and involvement in implementation of the CIP.
2. DESCRIPTION/JUSTIFICATION
a) Background
A Capital Improvements Plan is a planning and fiscal management tool intended to chart a 5-10 year path for the implementation of the physical infrastructure associated with a City’s Comprehensive and other long-range Plans and goals.
Over the course of the last several years, the City has adopted plans and discussed a variety of possible projects, including but not limited to:
On June 16, 2021, City Council held its first workshop on the CIP with the following two purposes:
1) Reach consensus on assumptions related to funding resources, including
a. assumptions on revenue sources; and
b. maximum debt service tolerance
2) Initiate discussions related to Capital Improvement Plan Project list and prioritization, including
a. reaching consensus on certain assumptions used for project cost calculations
City staff is in the process of integrating this feedback into a comprehensive CIP strategy, including funding sources and timing. This draft strategy is tentatively scheduled to be discussed at a special Council workshop in late August.
b) Issues and Analysis
On Tuesday staff will provide an overview of the financial position of the City and Economic Development Corporation, an enumeration of CIP projects being contemplated, and a summary of the Council discussion. See attached draft powerpoint for reference.
3. FINANCIAL/BUDGET
| Amount Requested | | | Fund/Account No. | | | Cert. Obligation | | | GO Funds | | | Other source | | | Grant title
| | | Addtl tracking info | |
4. TIMELINE CONSIDERATIONS
5. RECOMMENDATION
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