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HomeMy WebLinkAboutPACKET Town Board Study Session 2003-07-231 , TOWN BOARD STUDY SESSION ~ WEDNESDAY, JULY 23,2003 7:00 P.M. TOWN BOARD ROOM 1. COMMUNITY REINVESTMENT FUND - 5-YR. CAPITAL IMPROVEMENT PLAN - DISCUSSION. Administration Department Memo To: Honorable Mayor Baudek Board of Trustees'. From: Rich Widmer'1~000<_,-- Town Adminislgior Date: July 2,20030'0~ Subject: Community Reinvestment Fund - 5-Year Capital Improvement Plan Background. Attached is a proposed 5-Year Capital Improvement Plan (CIP) for the Community Reinvestment Fund. The CIP was put together with input from Town staff and the Mayor, and is intended to be a guide for future funding decisions and to show what continued funding from EPURA is necessary. The Community Reinvestment Fund has become the primary funding source for most of the capital improvement projects that used to be included in the General Fund. Included in the plan are design work for a new park shop, Bond Park remodel, and a new Police Building. Payments for Lot 4, Stanley Historic District and for the refinanced Conference Center, as well as for a proposed Performing Arts Center are also included. Proposed new buildings are a new parks shop in 2005 and a Police Building in 2006. Remodeling of the Municipal Building is shown in 2003, 2004, and 2007, and Phase 11 of the Museum remodeling is shown in 2004. The annual street improvement project is funded at increased levels in 2005 through 2008. The Post Office Parking Lot is shown for reconstruction in 2005. Bond Park is shown for reconstruction in 2007 and 2008, with some work in Tallant Park shown in 2008 and some streetscape replacement also in 2008. Trail construction is shown at $150,000 per year from 2005 on, with additional funding for trails available in the Open Space Fund. Page 2 of the attachment shows the resulting fund balance based on the described CIP. This sheet assumes that the new park shop and police building will be paid out of General Fund balances in the years they are constructed. This sheet shows an ending fund balance of approximately zero in 2008, assuming an EPURA transfer of about $1.5 million per year beginning in 2004. The proposed CIP and cash flow sheet were prepared to show what EPURA transfer is necessary to enable construction of the basic projects the Town needs in the next five years. The assumption is that EPURA would transfer $2.5 million per year to the Town ($1.0 million for general (continued on Page 2) Budget Budget implications are as shown on the attachments. Action Staff respectfully requests your adoption of the 5-Year CIP as a guide for future funding decisions and EPURA transfers. I . operating expenses and $1.5 million for the Community Reinvestment Fund projects). The Town would then transfer the appropriate amount each year to the Community Reinvestment Fund to fund whatever projects are budgeted. It is important to note that the CIP as proposed is a working document and can be updated each year to reflect Town Board priorities. The purpose of asking for adoption at this point is to provide a framework for the EPURA bond issue and Intergovernmental Agreement that needs to be adopted. Transfer of the amounts shown will leave EPURA with approximately $750,000 per year for debt service and operating expenses. This should enable EPURA to issue $2.5 - $3.0 million in bonds. Using fund balance of approximately $3.0 million, EPURA should be able to construct $5.5 - 6.0 million in projects during the next five years, as shown on page 3 of the attachment. • Page 2 u ATTACHMENT Page 1 of 3 COMMUNITY REINVESTMENT FUND 5 - YEAR CAPITAL IMPROVEMENT PLAN 2003 2004 2005 2006 2007 2008 BUDGET BUDGET Engineering Park Shop Design 5,000 50,000 Bond Park Design 20,000 PD Building Design 225,000 Leases Lot 4, SHD 106,612 101,484 96,356 91,231 43,693 Conference Center 345,000 373,024 373,024 373,024 373,024 373,024 Performing Arts Center 4 361,000 361,000 361,000 361,000 New Buildings New Park/Bureau Shop 750,000 Police Building 1,500,000 Remodeling Muni Building - 1st I-loor 300,000 Museum Phase 1 175,000 Police Dept 5,000 5,000 Sidewalk Heaters 25,000 Museum Phase 11 1/5,000 Mom Building Phase 11 200,000 Muni Building Phase 111 bUU,DUO Communication Equipment 24,000 Streets Annual Street Improvement 300,000 300,00U 35U,UUU 350,UUU 350,UUU 350,000 Other Street Projects -163,UUU -125,UUO Post Office Parking Lot Reconstruct 25U,UUU Parks Bond Park Phase I 500,000- Bond Park Phase 11 500,000 Tallant Park Reconstruction 250,000 Streetscape Pavers/Bricks, etc 100,000 Trails 625,000 490,000 150,000 150,000 150,000 150,000 Miscellarieous 30,000 -Park-Shop-Demo/Site Reveyelale 75,000 2,103,612 1,839,508 2,630,380 2,825,255 2,277,717 2,084,024 L 0 0 & 000 O 0 000 0- 9 9 0 9 0 g & 0 0 3 000 0 0 .0 .0 10 go CO .- 00 LO tr) N - p 6 88 - 000 000 Q h 000 5 0- g gg 00* go g 9 k r- N O 0-0- 1 10000 LO O O 0 8&0 000 3 0 00 ZOO 41 Irt q 888 * § §§§ 0-0-0- :81 §00 . 2 §*R g d 20 * 1,818% 1 2 2 % 9~ 4 0 gg 2 8 2 11§§§§§1 2 0-0. 5 2' 5 ta Of S LO 4 5& Ui.4-(# too 80: 5 @™100 p - 1 m *A **, 2 2 , .81?61 .*8&9:8 0000) Antr-09 09 - CD 0 + Of Lri 4 4 244% T. 8. F q <Dn NON 9.- N . - <C jw. 1 W ER 2% 2 55*150 1 9 9 1% (M OR OR 33 A §- W U % E % %-9- 1- 9 0 - - p <C 11111 1 1 1 1,11 N 01 a) 2 0 OE B .* CO W m E.3 2"HE RE 50-h~ L ; i ~ i ~ i. 'E & E E ·E' M ~ 2 3 m co o w 2 0- ·2 E m *ii E ;§ % 5 * c # 8 x -3 6 1* :2 :0- < 15 < L.I.I (t) .E c c3) 2 1 -2. ' ' ' ' a, er 2 9 f5 m ti ~ fi il i/ 9 m Wi 4, ~L 4, WL WL W, WL 55 S 22 8=Jojule LUOE-3.00000000 C CD (10 m J (0 CO CO (0 (0 Co (0 (1) ~- ATTACHMENT Page 2 of 3 ' COMMUNITY REINVESTMENT FUND FUND BALANCE 1/1 863,262 171,678 1,648,042 1,363,534 8,154 1,3 605,182 410'490'Z ZLZ'ZZE'Z 991'919'Z 09€'904'Z 809'6£8'L 119'COL'Z ZZL'LL6'Z L 99'OZE'L Z6Z'Z9£ ZL't't'L 93Hn I InNBrl 891.'LZ zgt'909 669'ZQE'L *SL'802:' L *€9'£9£' L 140'8179' 1 08Z'6 LR'L RZ9'LZL'Z 294'*LQ' L 291'£98 LE/Z L 3ONV-IVA aNn-1 000'009 4,706 24,641 5,000 , 711,844 1,083,856 3,874 1,550,000 1, 716,550 1,108,497 1,555,000 2, 2001 2004 ACTUAL BUDGET CASH FLOW 138,019 121,995 10£'9£Z sl'led e 069'€ REVENUE a e Grants . r., I. ATTACHMENT Page 3 of 3 EPURA BOND ISSUE Series 2003 TOTAL REVENUE AVAILABLE 3,250,000 Less TEP Transfer (2,500,000) Remainder 750,000 Less EPURA Operating Expenses (200,000) Available for EPURA Debt Service 550,000 Bond Issue based on above Debt Service 2,500,000 EPURA Fund Balance available for projects 3,000,000 TOTAL AVAILABLE FOR PROJECTS 5,500,000 ¥ 4 . 0)000)91- "00.- 1 /2 35953333 CD AN#NO Na) 2 *2 ....10-(N-=-C,le,0 1- a,g (9 M CO e 19 c€ e. 4 05 < O 00 10 N r- o ¢9 N r- 0C9OOOOOO (091-000000 ' 4-10000000 d-ui 060-0-06 OONO LD LO LO tOlD r- r 000< 000/ 000 1 E LO OLD / 0 (0091-1 CE w m CO ./ 3 .i CNIONONOONO LONG,INLOCONO 0 6,0- h O (4 (D~ CD N 01.010(00 0 CON 4- ID 10 LO 10 10 10 10 000000 10 1.0 LO LD ID 10 000000 O 1 N 10 4- 00 9- O - 00 (0 911 00 00 91- N 00-N-C) 00 0 10 N CN 00 090'i~© N C) 4- CD 0/r =1- h 0 LO to LO-(D-(DICD W NN-NN N CV (4-N- -O -O -O -0 -0 -O CP· CP· ci~ O- 0- 0- f.3 000909 000000 CD 6™00 *10 ©NOO 0000000 00000000 NNGN(\1(NINCN Year Increment Increment Earnings Earnings 40,252 Sales Tax G~v~h Property Tax Center Interest DSRF 37,156 37,156 EPURA BOND ISSUE - TOTAL REVENUE AVAILABLE Conference 516,09