Fiscal Note
In the adopted 2016 capital budget, major capital project for the Capitol Square Pavement Replacement (MUNIS 10903) has $2.262 million authorized to reconstruct the concrete pavement on the Capitol Square. The total project budget is split amongst Engineering Major Streets, Sewer Utility, and Stormwater Utility. Funding is predominately funded by GO borrowing reimbursable by TID 45 and TID 32. Additionally, the Water Utility will be responsible for $485,650 which they have budgeted in the Water Mains Replace and Rehab Improvements project (MUNIS 10432) for their portion of work in the proposed resolution contract.
The proposed resolution will authorize the improvements to the specified portions of Mifflin St., N. Carroll St., and N. Pinckney St. Assessment District with an estimated cost of $2,298,590. That cost will be assigned between agencies as follows:
Engineering Major Streets - $1,602,960
Sewer Utility - $170,810
Stormwater Utility - $39,170
Water Utility - $485,650
Funding strings:
10903-402-170:54410(91350) $1,409,710.00
10903-402-174:54445(91345) $87,740.00
10903-84-174:54445(91345) $39,170.00
10903-83-173:54445(91345) $170,810.00
10903-86-179:54445(91360) $485,650.00
10903-402-176:54430(96882) $52,410.00
10903-402-177:54435(91232) $53,100.00
Total $2,298,590.
The proposed resolution amends the 2016 capital budget by exchanging TID 45 funding for TID 32 on those portions of the Capitol Square repavement project that are in TID 32. This change is necessary to properly fund the project in accordance with the TIF law.
The budget amendment to be made to the Major Streets Budget is as follows:
$423,750 10903-402-906
($423,750) 10903-402-906-014232
The budget amendment to be made to the TID 32 and TID 45 budgets is as follows:
$423,750 14206632-59140-00000
($423,750) 14206632-41140-00000
$423,750 14206645-41140-00000
($423,750) 14206645-59140-00000
Title
SUBSTITUTE Amending the 2016 Capital Budget of Engi...
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