HomeMy WebLinkAbout2012 North Parking Funding CRY OF
SEBASTIAN
HOME OF PELICAN ISLAND
AGENDA TRANSMITTAL
Subject: Agenda No. 12-. O 5-0/i L.o 5 6
FY 1 DST Fund New Project Allocations Department Origin: Ci Ma - :er
Administrative Srvc:
ji,ro •r Submittal by: City Attorney:
I City Clerk:
I i e City Manager Date Submitted: 7 JUN 12
Council Date: 13 JUN 12
Ex ibits:
EXPENDITURE REQUIRED: AMOUNT BUDGETED: APPROPRIATION REQUIRED:
$275,000 $0 $275,000
SUMMARY
The City is currently preparing the Capital Improvement Project (CIP) budget for FY 13.
In preparing for FY 13, staff has reviewed FY 12 expenses and examined new projects
for FY 13. Through this process two projects specifically match Council's economic
development/redevelopment goals. This transmittal is submitted to have Council
consider two projects for FY 12 funding and displays how these projects can be planned.
DAVIS STREET SANITARY SEWER MAIN - $150,000
First, one area in the Riverfront District which could provide a platform for future
commercial development is the Davis Street/Central Street/Indian River Drive/US 1
corridor. This area has land available for commercial development, but the lack of
sanitary sewer increases the cost of development. Indian River County Utilities has
made a commitment to the City by allocating $402,500 to improve sanitary sewer in this
area, provided the City make an investment to repair the roads after construction.
Through this joint effort, the corridor can be readied for future development. The City's
estimated project share is $150,000.
INDIAN RIVER DRIVE — NORTH PARKING AREA - $125,000
Second, Tom Collins is considering making an additional investment in Captain Hiram's
by constructing additional hotel rooms. The area along north Indian River Drive could
also benefit from additional parking. Increasing parking in the riverfront district is an
established Council goal. Toward that end, the City has completed a parking study and
invested in parking improvement through the following projects: US 1 Improvement
Project; CavCorp Project; Presidential Streets; Main Street/Indian River Drive Project;
and, Parking In-Lieu Program. All of these projects have successfully enhanced
atheistics and created additional parking in the district.
Staff has identified that an approximately 175' x 27' portion of ROW can be converted
into a stamped-concrete parking area along Indian River Drive west of the Captain
Hiram's restaurant. The estimated cost for design, permitting and constructing concrete
and drainage improvements is $125,000. See attached preliminary design schematic.
BUDGET FORECASTS
In order to financially plan these proposals, attached is a draft DST long range CIP
Budget. The chart shows that, these as well as other programmed expenses can be
reasonably budgeted within forecasted revenues.
RECOMMENDATION
Approve new project allocations in the DST Fund as Follows:
BUDGET YEAR PROJECT NAME AMOUNT
FY 2012 Davis Street Sewer Project $150,000
FY 2012 Indian River Drive — North Parking Area $125,000
DISCRETIONARY SALES TAX FUND(DST)
PROJECTED BALANCES
FISCAL YEARS 2013-2018
FY 10-11 FY 11-12 FY 12-13 FY 13-14 FY 14-15 FY 15-16 FY 16-17 FY 17-18
DST Revenue $ 2,358,676 $ 2,356,000 $ 2,414,900 $ 2,475,273 $ 2,537,154 $ 2,600,583 $ 2,665,598 $ 2,732,238
Principal from$285,000 Airport Advance 09/29/08 0 0 0 600 624 649 675 702
Interest from$285,000 Airport Advance 8,550 8,550 8,550 11,400 11,376 11,351 11,325 11,298
Principal from$290,000 Airport Advance 01/05/11 0 0 0 0 0 0 1,800 1,872
Interest from$290,000 Airport Advance 0 8,025 8,025 8,025 8,025 8,025 10,700 10,628
Investment Income (3,173) 6,900 5,403 5,103 5,335 5,904 6,053 5,823
DST PROJECT REVENUE $ 2,364,053 $ 2,379,475 $ 2,436,878 $ 2,500,400 $ 2,562,514 $ 2,626,512 $ 2,696,151 $ 2,762,560
Potomac Road Crossing 64,843
Police Cars 10,857
City Hall Debt(Retires 2018) 1,015,787
Police Cars 290,008
Powerline Road 93,557
MIS Upgrades 22,552
MIS Equipment for Broadcasting 77,716
Phone System 63,644
Powerline Road 123,941
512 Corrider 9,195
US#1 Improvements-Engineering 13,227
Stormwater Master Plan 23,189 22,500
Collier Creek 10,448
1/4 Round Swale Improvement 497,521
TOTAL FY 11 $ 2,119,705
City Hall Debt(Retires 2018) 997,391
Police Cars 182,871
Fleet Maintenance Equipment 23,000
Badge Printer 2,069
Building Painting 10,000
Schumann Park Restrooms 42,000
US#1 Improvements 300,000
Enhancements to Presidential Streets 460,000
4 Chaplins Project 20,000
North Indian River Drive Parking 125,000
Davis Street Lift Station Relocation 150,000
1/4 Round Swale Improvement 500,000
TOTAL FY 12 $ 3,031,611
City Hall Debt(Retires 2018) 994,621
Code Enforcement 1/2 Ton Truck 26,000
Police Truck/Boat 30,000
Barber Street Bridge Guardrails 60,000
Parking Improvements Share 500,000
1/4 Round Swale Improvement 500,000
Airport Drive East 275,000
TOTAL FY 13 $ 2,585,621
City Hall Debt(Retires 2018) 995,116
Police Cars 114,000
Police Employee Parking 50,000
Pipe Sliplining(Martin) 80,000
Road Crossings/Sideyard Pipes 200,000
512 Median Landscaping 500,000
1/4 Round Swale Improvement 500,000
TOTAL FY 14 $ 2,439,116
City Hall Debt(Retires 2018) 995,944
Police Cars 304,000
Police Boat Motor 16,000
Barber Street Field Lights 300,000
Sidewalk/Bikepath Construction 150,000
Road Crossings/Sideyard Pipes 100,000
1/4 Round Swale Improvement 500,000
TOTAL FY 15 $ 2,365,944
City Hall Debt(Retires 2018) 1,013,962
Police Cars 320,000
Police Light Tower 15,000
Sidewalk/Bikepath Construction 150,000
Barber Street Bridge Repairs 500,000
Road Crossings/Sideyard Pipes 100,000
1/4 Round Swale Improvement 500,000
TOTAL FY 16 $ 2,598,962
City Hall Debt(Retires 2018) 483,170
Police Cars 320,000
Motorcycle 20,000
Sidewalk/Bikepath Construction 150,000
Road Crossings/Sideyard Pipes 100,000
Bevan Ditch Piping 750,000
Stormwater Pond Installation 500,000
1/4 Round Swale Improvement 500,000
TOTAL FY 17 $ 2,823,170
City Hall Debt(Retires 2018) 0
Police Cars 320,000
Police Enclosed Trailers 16,000
Sidewalk/Bikepath Construction 150,000
Road Crossings/Sideyard Pipes 100,000
Schumann&Barber Intersection 1,500,000
1/4 Round Swale Improvement 500,000
TOTAL FY 18 $ 2,586,000
BEGINNING FUND BALANCE $ 1,379,094 $ 1,623,442 $ 971,306 $ 822,563 $ 883,846 $ 1,080,417 $ 1,107,967 $ 980,948
BUDGET RESERVE-10%OF EXPENSES 211,971 303,161 258,562 243,912 236,594 259,896 282,317 258,600
RESERVE FOR ADVANCE TO AIRPORT 552,511 552,511 552,511 551,911 551,311 550,687 550,038 547,563
UNRESTRICTED RESERVE BALANCE $ 614,613 $ 767,770 $ 160,233 $ 26,740 $ 95,941 $ 269,834 $ 275,612 $ 174,785
TOTAL REVENUES 2,364,053 2,379,475 2,436,878 2,500,400 2,562,514 2,626,512 2,696,151 2,762,560
TOTAL EXPENDITURES+DEBT+TRANSFERS 2,119,705 3,031,611 2,585,621 2,439,116 2,365,944 2,598,962 2,823,170 2,586,000
ENDING FUND BALANCE $ 858,961 $ 115,634 $ 11,490 $ 88,024 $ 292,512 $ 297,384 $ 148,593 $ 351,345
DISCRETIONARY SALES TAX BOND SINKING FUND
19 pg 128 of 131