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Home My WebLink About10. 15-206 APRIL 28, 2015 15-206 RESOLUTION (CARRIED___7-0___ LOST _______ LAID OVER _______ WITHDRAWN _______) PURPOSE: AMEND 2015 CAPITAL IMPROVEMENT PROGRAM TO INCREASE AVAILABLE PROJECT FUNDS FOR SIDEWALK REHABILTATION AND RECONSTRUCTION AND PARKING LOT IMPROVEMENTS AND APPROVE FUND TRANSFER ($1,290,000) INITIATED BY: CITY ADMINISTRATION WHEREAS, the Common Council previously approved Capital Improvement Programs which included the Sidewalk Rehabilitation and Reconstruction Program and Parking Lot Improvement projects; and WHEREAS, the bid for the Sidewalk Rehabilitation and Reconstruction Program project was higher than anticipated and resulted in an approximately $240,000 deficit for this project; and WHEREAS, the Common Council by Resolution 15-160 adopted on March 24, 2015 previously awarded a bid for the construction of Riverside Park Parking Lot Phase II to provide additional parking in the downtown area to accommodate the business expansion of 4imprint; and WHEREAS, it is necessary to amend the 2015 Capital Improvements Program to amend the estimated costs for the Sidewalk Rehabilitation and Reconstruction Program and to include the construction of the Riverside Park Parking Lot Phase II in 2015; and WHEREAS, with the addition of the construction of Riverside Park Parking Lot Phase II in 2015, it is anticipated that the costs for Parking Lot Improvement projects for 2015 will be approximately $1,700,000 and the parking lot fund has available funds of $650,000 leaving a deficit of ($1,050,000); and WHEREAS, it is therefore necessary to transfer funds from TIF #15 (Park Plaza/Commerce Street) on a temporary basis to cover the current costs of reconstruction of the Parking Lots, which funds will be repaid through future borrowing to TIF #15 in 2016 and 2017. NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of Oshkosh that the 2015 Capital Improvement Program is hereby amended to increase available project funds for the Sidewalk Rehabilitation and Reconstruction Program from $540,000 to $780,000 to be funded by special assessments. , BE IT FURTHER RESOLVED that the 2015 Capital Improvement Program is amended to increase the funds for Parking Lot Improvements for 2015 from $650,000 to $1,700,000 to allow for the construction of Riverside Park Parking Lot Phase II in 2015. BE IT FURTHER RESOLVED that the proper City officials are hereby authorized and directed to transfer $1,050,000 from Account # 524-1040-1112-00000 TIF#15 (Park Plaza/Commerce Street) to Account # 323-0071-1112-OOOOOParking Lot Improvements and to repay Account # 524-1040-1330-00000 TIF#15 (Park Plaza/Commerce Street) from future borrowing allocated to Account # 323-1717-7216-xxxxx Parking Lot Improvements in the 2016 and 2017 Capital Improvements Budget. BE IT FURTHER RESOLVED that the appropriate city officials are hereby authorized and directed to take such further action and to sign all documents necessary to accomplish said purposes. � City of Oshkosh � Finance Department 215 Church Ave., PO Box 1130 OIHKQIH 920) 236 5006 903921�30 36-5039 FAX ON THE WATER MEMORANDUM TO: Honorable Mayor and Members of the Common Council FROM: Trena Larson, Finance Director DATE: April 22, 2015 RE: Amend 2015 Capital Improvement Program to increase available project funds for Sidewalk Rehabilitation and Reconstruction and Parking Lot improvements. BACKGROUND This evening the Council will consider a Resolution 15-220 for contract 15-06 to complete the Sidewalk Rehabilitation and Reconstruction program for 2015. The final quantities for this work have exceeded the estimates and therefore the CIP will need to be amended to provide for the additional work. The Common Council previously awarded a bid for the construction of Riverside Park Parking Lot Phase II by Resolution 15-160 on March 24, 2015. This work was moved from a future year of the CIP into 2015 to accommodate 4imprint's planned expansion. ANALYSIS The City of Oshkosh annually repairs sidewalks and drive aprons in a certain geographic area of the City. The purpose is to reduce the City's liability if a defect should cause an accident. The goal is to rotate through the City on a 10 year cycle. Based on the estimated quantities inside of this year's area, roughly bound by Witzel Ave, Hwy 41, Ohio St and Waukau Ave, the estimated funding in the Capital Improvement Program (CIP) is not adequate to complete the work. The Municipal Code dictates that property owners are responsible for the maintenance of sidewalk and drive aprons abutting their property. There is adequate funding for the City's costs. The budget increase will only be to the assessable portion of the CIP. The Common Council awarded a bid far the construction of Riverside Park Parking Lot Phase II to provide additional parking in the downtown area to accommodate the business expansion of 4imprint on March 24, 2015. With the addition of the construction of Riverside Park Parking Lot Phase II in 2015, it is anticipated that the costs for Parking Lot Improvement projects for 2015 will be approximately $1,700,000 and the parking lot fund has available funds of$650,000 leaving a deficit of($1,050,000). This project was necessitated by the expansion of 4imprint and aligns with the City's Strategic Plan to support economic development. Because this project will benefit properties in TIF#15, staff has identified TIF#15 as a temporary donor fund for this project. Funds would be transferred from TIF #15 to cover the construction of this project in 2015 and the Council will be asked to include funding in the CIP for parking lot improvements in 2016 and 2017 to repay the funds that were borrowed from TIF #15. FISCAL IMPACT The proposed increase of$240,000 for the Sidewalk and Rehabilitation and Reconstruction Program would be funded through sidewalk assessments. It is also necessary to transfer funds of$1,050,000 from TIF #15 (Park Plaza/Commerce Street) on a temporary basis to cover the current costs of reconstruction of the Parking Lots, which funds will be repaid through future borrowing to TIF#15 in 2016 and 2017. RECOMMENDATION Staff recommends adoption of the above noted amendments to the Capital Improvement Plan as shown on Exhibit A as attached. 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