Fiscal Note
This resolution authorizes the reallocation of expenditure authority and funding for various 2007 Capital Budget projects. This reallocation presents no additional general obligation borrowing for 2007.
Reconstructed Streets (810355) in the Engineering - Major Streets section of the budget will receive additional budget authority, in the amount of $500,000, funded by a transfer in from TID #26.
CS53-58250-810355-00-0000000-00000000-00000000 (Street Construction) $500,000
CS53-79448-810355-00-0000000-00000000-00000000 (Transfer in from TIF) ($500,000)
TID #26 currently has a cash deficit, which may require general obligation borrowing. Current projections indicate sufficient increment will be generated in future years to fund this obligation.
CT26-57444-822601-00-0000000-00000000-00000000 (Transfer out to Major Streets) $500,000
CT26-79140-822601-00-0000000-00000000-00000000 (Promissory Note Proceeds) ($500,000)
The Stormwater Utility will fund its portion of the Park Street project through the application of reserves. The utility has sufficient reserves to fund the project estimate of $500,000.
ESTM-58270-810381-00-0000000-00000000-00000000 (Accompanying Storm Sewer) $500,000
ESTM-79999-810381-00-0000000-00000000-00000000 (Reserves Applied) ($500,000)
State Street Phase 3 - 500/600 Blks (810284) in the State Street - Capital Square section of the budget will be modified to remove the Federal Transportation grant ($1,010,000) and increase expenditure authority by $700,000. Funding for the loss of grant revenue and additional expenditure authority will be the re-allocation of general obligation borrowing.
CS60-58250-810284-00-0000000-00000000-00000000 (Street Construction) $700,000
CS60-73111-810284-00-0000000-00000000-00000000 (Federal Grant) $1,010,000
CS60-79140-810284-00-0000000-00000000-00000000 (Promissory Note Proceeds) ($1,710,000)
Estimated cost of the Cypress Spray Park is $235,000. This resolution amends the Parks Division's Capital Budget by consolidating funding for the Cypress Spray Park into one project and increases the expenditure authority by $185,000. Funding for the additional authority is provided by a transfer-in from the Herfurth Trust ($65,000) and re-allocation of general obligation borrowing ($120,000). The following account information summarizes the expenditure and revenues for this capital project (810582 - Cypress Spray Park).
CL60-58201-810582-00-0000000-00000000-00000000 (General land improvements) $235,000
CL60-79470-810582-00-0000000-00000000-00000000 (Transfer-in from trust) ($65,000)
CL60-78540-810582-00-0000000-00000000-00000000 (Donations) ($50,000)
CL60-79140-810582-00-0000000-00000000-00000000 (Promissory Note Proceeds) ($120,000)
The South High Point Road project (810364) in the Engineering - Major Streets section of the budget will be amended by removing $100,000 in expenditure authority and re-allocates an equal amount of general obligation borrowing.
CS53-79140-810364-00-0000000-00000000-00000000 (Promissory Note Proceeds) $100,000
CS53-58250-810364-00-0000000-00000000-00000000 (Street Construction) ($100,000)
The Lien Road/Thompson Drive Intersection project (810366) in the Engineering - Major Streets section of the budget will see a reduction in expenditure authority and general obligation borrowing of $2,230,000. The borrowing will be re-allocated to the needing projects listed above.
CS53-79140-810366-00-0000000-00000000-00000000 (Promissory Note Proceeds) $2,230,000
CS53-58250-810366-00-0000000-00000000-00000000 (Street Construction) ($1,050,000)
CS53-58110-810366-00-0000000-00000000-00000000 (Land) ($1,180,000)
Title
Amending the 2007 Capital Budget in Order to Reallocate Necessary Resources for Various Projects. (Various ADs)
Body
On July 27, 2006, a short, and unusually intense rainstorm event pointed out that the southbound lanes of the 700 Block of Park Street had inadequate drainage. Subsequent investigation revealed that less intense rainstorm events could flood the St Mary's Hospital Complex, which is under construction and is scheduled to be opened. Working with the St Mary's design team and contractor, the building entry points were raised one foot and other flood proofing measurers were designed. However, it was determined that the south bound lanes of Park Street would have to be raised and a large storm sewer would have to be extended to Monona Bay. The estimated cost of this work is $1,000,000, $500,000 for the street costs (Account 810355) and $500,000 for the storm sewer (Account 810381). This project has been determined to be a necessary and appropriate expenditure of TID 26. The 2007 Capital Budget provides funds for the reconstruction of Erin, Brooks, and Delaplaine Court, those streets abutting the St Mary's complex.
The Mayor's Office was informed the week of December 10, 2006 that the anticipated federal earmark of $1,000,000 for State Street (Account 810284) would not be available. All federal earmarks in the funding process have been terminated with the change in the Congress following the fall canvass. The Engineering Division has just received the consulting engineer's probable cost for State Street of $5,883,193. With necessary construction inspection costs, the total cost for the 500 and 600 Blocks of State Street is $6,000,000. In order to proceed to bid, another $1,710,000 of General Obligation Borrowing is required.
Inadvertently, during the preparation of the funding package for the award of the bids for the Goodman Maintenance Building (Legislative File ID 03982, adopted July 18, 2006) the funds for Spray Park (Account 810303) was reduced by $120,000. In order to approve the plans for Spray Park and advertise for bids, another $185,000 will be required. There is also $65,000 from the Hurfurth Trust available.
Excellent bids were received for the South High Point Road (Account 810364). Engineering has determined that $100,000 of authorized General Obligation Borrowing could be released for other projects.
Excellent bids were also received for that phase of Lien Road between the Wisconsin and Southern Railroad and Felland Road (Account 810366). The 2007 Capital Budget authorizes the borrowing of $2,750,000 for the next phase of the Lien Road Project, the intersection of Lien Rd/Thompson Drive/Zeier Road. However, an important element in the scheduling of this project is the development of the Autumn Lake Plat by Veridian. Veridian has not proceeded with the installation of public improvements to serve the plat. Furthermore, there has been an expression of interest in revisiting the design of this intersection and the consideration of a roundabout in lieu of a conventional signalized intersection. Both of the delay of the Autumn Lake Plat and the consideration of a roundabout could delay construction. Such a delay would reduce the necessary General Obligation borrowing from $2,750,000 to $520,000.
NOW, THEREFORE BE IT RESOLVED, that the 2007 Capital Budget is hereby amended to reallocate resources for the following projects and accounts:
1. That Engineering Reconstruction Streets, Account No. 810355, GO be increased $500,000 in order to reconstruct the south bound lanes of Park Street from the intersection of Erin Street to Haywood Street;
2. That Stormwater Utility, Storm Sewer with Street Projects, Account 810381, be increased $500,000 in order to provide addition drainage capacity in the 700 Block of South Park Street. Funding to be derived from the application of Stormwater reserves;
3. That Tax Incremental Financing Cash Flow Statement for TID 26 be amended to account for the aforementioned street improvements on South Park Street;
4. That State Street Phase III - 500/600 Blks (Account 810284) GO be increased by $1,710,000 and that "Other" be reduced by $1,010,000, in order to reflect the loss of the second federal earmark for the project;
5. That the Parks Capital Budget be increased by $185,000 with an additional $120,000 GO and $65,000 from the Hurfurth Trust in order to construct the Cypress Spray Park;
6. That South High Point Road (Account 810364) GO be reduced $100,000; and,
7. That Lien Road/Thompson Drive Intersection (Account 810366) GO be reduced from $2,750,000 to $520,000 and that the project description be revised to add the following sentence: "Design of the intersection will proceed in 2007 with land acquisition 2008 and construction in 2008 or 2009."