5.16. SR 08-05-1996 - Laserfiche WebLink

Home Browse Search

Capital Improvement Finances Page 4 then less revenue coming back to the city, which makes the funding of any development of fields even more difficult. The council may want to consider committing NSP funds for these recreation fields for the years 1997-1999, but understand that this commitment of funds will further reduce the city's flexibility in doing capital projects of any type until the year 2000. The city has a number of street projects either approved or planned in 1996 and 1997 that require a city contribution. The city's contribution comes from its capital projects fund which has a 1/1/96 cash balance of $300,000 and its street improvement reserve which has a 1/1/96 cash balance of $129,000. The known street projects on the horizon include: · Joplin Street south of County Road 30 · Joplin intersection and north frontage road · Jarvis Street · Ulysses Street · Lowell Avenue The city is committed to 100 percent of the cost for Ulysses Street between Rail 10 and 171st, 50 percent of Joplin south of County Road 30, 50 percent of Jarvis, $95,000 for the Joplin frontage road and intersection, and the city's share of the Lowell Avenue project is unknown. Additionally, this city is a financial participant in the three projects that are having City Council public hearings earlier on 8/5/96. Very limited additional revenues are projected on an annual basis into the capital projects and street funds, although $.5 million is projected into the capital projects fund over the next 10 years. One additional source of funds that the Council should have available in 1997 is the profit from selling the commercial site at Jackson Avenue and Holt. However, in obtaining a release of some of this land from previous property owners, I indicated that staff would recommend to the Council that 50% of the net profit goes toward business or industrial park development.