4.9 SR 11-21-2022 - Laserfiche WebLink

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CAPITAL IMPROVEMENT PLAN 2023 - 2027 The City of Elk River's Capital Improvement Plan (CIP) for the years 2023-2027 has been prepared as a strategic planning tool for the City Council to identify proposed capital improvement projects that address community priorities over the next five years. The CIP outlines projected capital expenditures based on the city's long-range plans, goals, and policies. In addition to identifying the specific capital projects, the CIP also outlines how these projects are anticipated to be financed. The primary objective of preparing a CIP is to develop a comprehensive program that allows the Council to align capital investments with specified projects based on the community's needs, while taking into consideration the best use of the limited resources available to provide efficient and effective delivery of services. The CIP will also provide a planning foundation for future needs assessments to ensure the City is appropriately responding to the critical infrastructure needs necessary for sustainable future growth. This document will provide the Council with the information to begin the process for planning improvements that meet the City's physical infrastructure needs. Consequently, the CIP serves as a flexible guide to properly identify the critical components of the City's infrastructure, yet maintain flexibility in determining project timeframes, project scope and possible funding sources. The CIP continues the emphasis of managing the City's limited resources by prudently planning for known and/or anticipated future capital expenditures. Capital improvements to streets, parks, buildings, equipment, software, and vehicles are included in the CIP. This plan is designed to show details of each specific capital improvement together with the estimated project costs, the need for the improvement, the sources of revenue to pay for the improvement, as well as the timing and location for each improvement. Specific information is shown on each project within this document. With the adoption of the attached plan, and the projects contained herein, Council and staff have carefully considered for each project and the overall plan: • The condition of the city's existing infrastructure, including the projected need for repair or replacement • The likely demand for the improvement • The estimated cost of the improvement • The available resources • The level of overlapping debt • The relative benefits and costs of alternative uses of the funds • Operating costs of the proposed improvements • Alternatives for providing services most efficiently through shared facilities with other cities or local governments.