AgdaPkt 2000-05-08 - Laserfiche WebLink

Browse Search

qA.~ Sewer Bills Increase/Month + $ .50 + 2.7% + $1.00 + 5.3% + $1.50 + 8.0% + $2.00 + 10.6% Project Fund Proceeds $1 ,655,000 $3,490,000 $5,335,000 $7,175,000 Annual Debt Payments $150,000 $300,000 $450,000 $600,000 Sale of Bonds is assumed to pay for projects necessary to complete the 5th Avenue/ Bay Front Storm Drainage. In the alternative discussed above, additional funds are necessary after completion of the levee in FY 02/03: Bonds would be sold then to finance the remainder of the projects, unless the Council were advised that it would be economically advantageous to issue bonds now and hold cash revenues in an interest-bearing account. The 5th Avenue/ Bay Front Storm Drainage Project is also shown in an alternative scenario in Attachment C. This second alternative, is the more aggressive alternative represented in the Flooding Strategy Document reviewed by the City Council in January 2000. The project would be funded at $500,000 in the first year to allow completion of Phase II construction to extend the transmission main across Highway 101. Thereafter, funding at an average of $2M per year would require City Council to authorize inter-fund loans to facilitate construction. This assumes no increase in sewer rates to issue a bond. State Propositions State Propositions 12, 13 and 14 passed in March 2000, provide the potential for competitive Grants and per capita funds for parks, watershed protection and library projects. Although a significant amount of money may be available to Redwood City, it is unknown how much. For this reason, only per capita funding specified for Redwood City is assumed in the preparation of the CIP. What is known is as follows: . Proposition 12, the Safe Neighborhood Parks, Clean Water, Clean Air, and Coastal Protection Bond Act of 2000 provides for "per capita" Park Grants to cities. These are estimated to be received in FY 01/02 in the magnitude of $600,000 for Redwood City. Currently, the State is in the process of developing the criteria for potential.Grants. It will be a year before more precise data is known. It is suggested that the Council review these funding sources next year in the preparation of the FY 01/02 CIP. . Proposition 13, the Safe Drinking Water, Clean Water, Watershed Protection and Flood Protection Act, provides for a wide-range of pre-determined projects and a variety of competitive Grants. The rules and guidelines for the competitive bond act elements have yet to be determined by the State, nor is there a clear timeline when funds might become available. . Proposition 14 provides funding for Libraries. It is a competitive pool. Defined program needs and formal collaboration with K-12 schools on a joint use Library facility increase the chances of receiving the Grant. A 35% match, which could be land, is required. 4