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IV. PROJECT SUMMARY <br />The only new capital improvement contemplated in the five-year period of <br />this plan (2012 through 2016) is the expansion of the City's public works <br />facility. <br />The CIP Act requires the City Council to consider eight factors in preparing <br />the CIP: <br />1. Condition of the City's existing infrastructure, including projected need <br />for repair or replacement. <br />2. Likely demand for the improvement. <br />3. Estimated cost of the improvement. <br />4. Available public resources. <br />5. Level of overlapping debt in the City. <br />6. Relative benefits and costs of alternative uses of funds. <br />7. Operating costs of the proposed improvements. <br />8. Alternatives for providing services most efficiently through shared <br />facilities with other cities or local governments. <br />The City has considered the eight points as they relate to acquisition of the <br />Buildings through issuance of CIP bonds. The findings are as follows: <br />Conditions of City Infrastructure and Need for the Project <br />The need for the improvement is that the existing public works facility is <br />inadequate in size, is in need of significant repair, lacks current indoor air <br />quality standards, lacks secure storage areas for vehicles, lacks adequate <br />storage space for materials limiting the City from purchasing material in <br />bulk, has many inadequacies. The existing facility is 26 years old and in <br />need of improvements, upgrading, remodeling and expansion. A renovation <br />and addition is a cost effective way to achieve the needs of the City. <br />The estimated schedule is design in 2011, construction bidding in January, <br />2012, construction period of April, 2012 thru January, 2013. The estimated <br />costs of the building are $9,600,000 to $9,700,000. <br />The location of the public works facility is 19000 Proctor Road, Elk River, <br />MN 55330. <br />- -- <br />City of Elk River CIP for Financing Purposes Page 6 <br />