Fiscal Note
The 2018 adopted capital budget includes $41,791,659 for construction of the Judge Doyle Public Parking Structure (MUNIS project #11471), $1 million for a bicycle center (MUNIS project #11160), and $1.3 million for city fleet stalls in the public parking structure (MUNIS project #11319). Total funding authorized for the project, including funds already expended, is $45,965,112. This includes $19.1 million from Parking Utility Reserves, $24 million from TID 25, $2.3 million GO debt and $565,322 from a federal TIGER grant. Based on accepted bids for the public parking garage and the estimated cost of building out the bicycle center, the total cost for the project is estimated at $39,411,061. As such, approximately $6.6 million of expenditure authority remains unused in the project budget. The unused expenditure authority could increase depending on the amount of the construction budget contingency ($2.4 million) that might be utilized in constructing the public parking structure and bicycle center.
As of December 31, 2016, the Parking Utility had reserves of $34.4 million. The Parking Utility is adding approximately $5.5 million to its reserves annually. Construction of the Capitol East Parking Garage and the Judge Doyle Parking Garage, including the amount proposed to be appropriated in this resolution, will reduce Parking Utility Reserves by $27.1 million ($3.6 million for Capitol East and $23.5 million for Judge Doyle).
Under this resolution, $4.4 million would be appropriated from Parking Utility reserves to increase the total project budget to $50.4 million. The $4.4 million would be added to the estimated unused expenditure authority in the project of $6.6 million, to provide a total of approximately $11 million. The estimated hard and soft costs of completing first floor retail space, two above-grade parking decks and associated access ramps, as well as a load transfer slab on top of the structure (together called “the podium”) that can s...
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