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4.8 SR 12-06-2021
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4.8 SR 12-06-2021
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12/2/2021 3:01:10 PM
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12/6/2021
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CAPITAL IMPROVEMENT PLAN <br />2022 Î 2026 <br />The City of Elk RiverÓs Capital Improvement Plan (CIP) for the years 2022-2026 has <br />been prepared as a strategic planning tool for the City Council to identify proposed <br />capital improvement projects that address community priorities over the next five years. <br />The CIP outlines projected capital expenditures based on the cityÓs long-range plans, <br />goals, and policies. In addition to identifying the specific capital projects, the CIP also <br />outlines how these projects are anticipated to be financed. <br />The primary objective of preparing a CIP is to develop a comprehensive program that <br />allows the Council to align capital investments with specified projects based on the <br />communityÓs needs, while taking into consideration the best use of the limited resources <br />available to provide efficient and effective delivery of services. The CIP will also provide <br />a planning foundation for future needs assessments to ensure the City is appropriately <br />responding to the critical infrastructure needs necessary for sustainable future growth. <br />This document will provide the Council with the information to begin the process for <br />planning improvements that meet the CityÓs physical infrastructure needs. <br />Consequently, the CIP serves as a flexible guide to properly identify the critical <br />components of the CityÓs infrastructure, yet maintain flexibility in determining project <br />timeframes, project scope and possible funding sources. The CIP continues the <br />emphasis of managing the CityÓs limited resources by prudently planning for known <br />and/or anticipated future capital expenditures. <br /> <br />Capital improvements to streets, parks, buildings, equipment, software, and vehicles are <br />included in the CIP. This plan is designed to show details of each specific capital <br />improvement together with the estimated project costs, the need for the improvement, <br />the sources of revenue to pay for the improvement, as well as the timing and location <br />for each improvement. Specific information is shown on each project within this <br />document. <br />With the adoption of the attached plan, and the projects contained herein, Council and <br />staff have carefully considered for each project and the overall plan: <br /> The condition of the cityÓs existing infrastructure, including the projected need for <br />repair or replacement <br /> The likely demand for the improvement <br /> The estimated cost of the improvement <br /> The available resources <br /> The level of overlapping debt <br /> The relative benefits and costs of alternative uses of the funds <br /> Operating costs of the proposed improvements <br /> Alternatives for providing services most efficiently through shared facilities with <br />other cities or local governments. <br />2 <br />
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