Staff recommends City Council approve the resolution authorizing the issuance and negotiated sale for WO 20-02, WO 20-15, WO 20-28,  WO 21-12, and WO 21-25.

The City will be selling bonds to finance five sidewalk construction projects. WO 20-02 is for missing/miscellaneous sidewalk projects in various locations throughout the City.  WO 20-15 Wicks Lane Improvements consists of approximately 2,400 linear feet of street improvements, including installation of new curb and gutter, sidewalk, drive approaches and pedestrian ramps; pavement widening, asphalt mill and overlay, and related storm drain improvements on Wicks Lane between Bench Boulevard and Hawthorne Lane. Additional improvements include on street bike lanes, and Kiwanis Trail crossing improvements to interface with the recently installed flashing beacons. New roadway signage, and pavement markings are also included with the project. WO 20-28 Songbird Drive construction consists of approximately 2,400 linear feet of street improvements, including installation of new curb and gutter, boulevard sidewalk, drive approaches and driveways, pedestrian accessibility ramps, new asphalt pavement, storm drain improvements, and irrigation ditch improvements on Songbird Drive. WO 21-12 shall construct and install curbs, gutters, drive approaches, and appurtenant improvements, storm sewer improvements, and asphalt pavement on Harrow Drive, north of Rimrock Road.  WO 21-25 will install sidewalks, and drive approaches on Boulder Avenue.

Approval of this resolution will authorize staff to issue up to $1,496,983 in bonds for the five projects. 
 

There are no viable alternatives because construction on the projects are completed or near completion.

The bond amount is based on engineer's estimates.  Adjustments will be made once the construction projects are closed out, but the total bond amount will not exceed $1,496,983.  The actual interest rate will be known at the time of signing the bond purchase agreement but will not exceed  6%. The properties in the Districts will be assessed for the principal and interest cost of the bonds over a 12 year period.