Fiscal Note
The proposed resolution amends Engineering - Major Streets' 2023 adopted capital budget to add $718,000 in additional appropriation to the Pavement Management program. This includes $440,000 for storm water/flood mitigation improvements and $278,000 for undergrounding of overhead utilities related to work at W. Wilson and S. Broom Streets. The proposed increase will be funded by additional TID 45 borrowing.
Title
SUBSTITUTE: Amending the Engineering-Major Streets Adopted Capital Budget to add funding from TID #45 to the Wilson/Broom project for storm water and flood mitigation improvements, and undergrounding of overhead utilities. (4th AD)
Body
WHEREAS, the 2023 Engineering - Major Streets Capital Budget includes the construction of the W. Wilson and S. Broom Street Assessment District - 2021 project (Munis #11986) in the Pavement Management program; and,
WHEREAS, the City is conducting watershed studies citywide to determine areas that are prone to flooding and potential system improvements to reduce flooding in areas; and,
WHEREAS, the Central Isthmus watershed study concluded that there are existing areas that are susceptible to flooding and the study has provided proposed solutions to reduce the flooding in the area; and,
WHEREAS, improvements to the storm sewer system for flood mitigation will be constructed with the W. Wilson and S. Broom Street Assessment District - 2021 Street project; and,
WHEREAS, the 2022 Project Plan and Boundary Amendment for TID #45 includes funding for storm sewer improvements to address flooding; and,
WHEREAS, undergrounding of overhead lines is being proposed as part of the W. Wilson and S. Broom Street Assessment District - 2021 project; and,
WHEREAS, the 2022 Project Plan and Boundary Amendment for TID #45 includes funding for undergrounding overhead utilities on Wilson Street.
NOW THEREFORE BE IT RESOLVED that the Engineering-Major Streets Adopted Capital Budget is amended to appropriate $1,940,000 $718,000 to the W. Wilson and S. Broom Street Assessment District - 2021 project (Munis #11986) to use towards stormwater and flood mitigation efforts, and undergrounding overhead utilities.
BE IT FINALLY RESOLVED that the 2023 Adopted Operating Budget is amended to appropriate $1,940,000 incremental revenues $718,000 in general obligation borrowing from tax Incremental District #45 to fund flood mitigation efforts and undergrounding of overhead utilities associated with Engineering - Major Streets W. Wilson and S. Broom Street Assessment District - 2021 Capital project #11986.