#4 Authorize issuance of promissory notes (File Res. #2010-727)FINANCE ADMINISTRATION MEMORANDUM
September 21, 2009
TO: City Council
FROM: Jacob J. Winzenz, Dir. of Admin. Services/Assistant City Manager
SUBJECT: Action on a Proposed Resolution Authorizing the Issuance of $7,620,000 in
Promissory Notes for Financing Various Public Purposes (File Res. #2010-
727)
Summary
Attached is proposed Resolution #2010-727which authorizes the Administration to issue
promissory notes in the amount of $7,620,000. Of this amount, $3,335,000 is General
Fund debt and corresponds to the funding included in the 2010 Debt Fund – Major Capital
Projects budget. Wisconsin State Statutes govern the issuance of general obligation debt
and specifically identify those items for which debt may be incurred. We have structured
the resolution so that the individual projects would be grouped into those categories
specifically referenced by State Statutes. Please reference the attached Summary
Schedule (Exhibit I), which indicates in greater detail the individual projects referenced by
the resolution and compares the funding requested with the amount identified in the 2010
Capital Projects Budget. Also attached is a summary schedule of projects submitted for
inclusion in the proposed note issue but which are not recommended for funding at this
time (Exhibit II). Finally, a report is included which describes the scope of the individual
projects (Exhibit III).
City Manager’s Recommendation
The City Manager Recommends approval.
Background
The base for the 2010 Note Issue was the Major Capital Projects budget included as part
of the City’s 2010 Annual Budget. The 2010 Major Capital Projects budget anticipated
total capital needs of $16,536,840. Of this amount, it was anticipated that General Fund
portion would be $7,576,840, or 45%.
Earlier this year division and department heads reviewed the proposed 2010 Major Capital
Projects budget and were asked to revise projects as appropriate. These revisions were
then incorporated and presented to the City Council in August. At that time the General
Fund portion of the borrowing was estimated to be $3.4 million.
The 2010 Capital Projects Budget contained seventeen (17) projects for the 2010 note
issue that have not been included in the proposed note authorization resolution:
DESCRIPTION AMOUNT
Street Extensions $ 510,000
Skate Board Park 50,000
Property Acquisitions 500,000
Parking Lot Construction (Parker Dr. & Court Streets) 75,000
Fire Station #1 2,000,000
Children’s Museum 950,000
Public Safety Equipment 100,000
Water Mains – Lead Service Replacement 400,000
Water Mains – Manhole and Valve Replacement 165,000
Water Mains – Transmission Mains 300,000
Water Mains – Subdivision Main Extensions 400,000
Water Mains – Laterals 100,000
Sewer Mains – Sewer Main Repair/Replacement 750,000
Sewer Mains – Collection System Reinforcements 300,000
Sewer Mains – Inflow/Infiltration Reduction 125,000
Sewer Mains – Sewer Extensions 310,000
Sewer Mains – Laterals 100,000
TOTAL $7,135,000
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Street Extensions has been delayed due to the downturn in development
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Funding for the Skate Board Park is deferred until 2011.
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Property Acquisitions – Additional funding deferred until 2011 since significant ARRA
funding available in 2010.
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Parking Lot Construction (Parker Dr. & Court Streets) – deferred until 2011.
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Fire Station #1 – additional funding deferred until 2011. Available funding sufficient for
design and land acquisition or start of construction depending upon decision on Ice
Arena.
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Children’s Museum – deferred indefinitely pending private fundraising.
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Public Safety Equipment – deferred until 2011
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Water Mains – Lead Service Replacement. Additional funding not necessary at this
time as sufficient funds were available from prior years note issues.
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Water Mains – Manhole and Valve Replacement. Additional funding not necessary at
this time as sufficient funds were available from prior years note issues.
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Water Mains – Transmission Mains has been delayed due to the downturn in
development has been delayed due to the downturn in development.
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Water Mains – Subdivision Main Extensions has been delayed due to the downturn in
development has been delayed due to the downturn in development.
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Water Mains – Laterals has been delayed due to the downturn in development has
been delayed due to the downturn in development.
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Sewer Mains – Sewer Main Repair/Replacement. Funding obtained through the Clean
Water Fund loan program at more attractive terms.
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Sewer Mains – Collection System Reinforcements. Deferred until Rock County is
ready to proceed with expansion of the Jail.
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Sewer Mains – Inflow/Infiltration Reduction. Funding obtained through the Clean
Water Fund loan program at more attractive terms.
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Sewer Mains – Sewer Extensions has been delayed due to the downturn in
development.
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Sewer Mains – Laterals has been delayed due to the downturn in development.
Conversely, the 2010 Capital Projects Budget did not contain the following projects, which
have been included in the proposed note authorization resolution:
DESCRIPTION AMOUNT
Consultant Review of Oakhill Cemetery Structures $ 15,000
Riverside park Storage Building 100,000
Oakhill Cemetery Chapel/Carport Repairs 55,000
Golf Course Capital 100,000
Landfill – Odor Remediation 240,000
TIF – Development Incentive (TIF #23) 860,000
TOTAL $1,370,000
Attached to this memorandum are three (3) exhibits. Exhibit I is a listing of all capital
projects in this proposed Note Issue. The projects highlighted in yellow are those projects
which the City Council previously committed to fund. Exhibit II is a listing of projects not
recommended for funding at this time. Exhibit III is a narrative description of all projects –
both those recommended for funding and those not recommended.
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State Statutes specifically identify the procedural process involved in issuing both general
obligation bonds and notes. Unlike the process required for issuing bonds, which requires
separate actions to authorize and establish the bond details, promissory notes can be
approved in one comprehensive resolution. However, we recommend that the Council
follow the two-step process in authorizing and issuing the debt. Therefore, on Monday,
October 11, 2010, the Council will be requested to adopt the companion details resolution,
which will finalize the projects and their corresponding funding levels. The attached initial
resolution sets forth the maximum amount of notes that can be issued; whereas, the details
resolution will set the final amount of the notes authorized. Prior to the adoption of the
initial resolution projects and funding may be added or deleted. However, in the final
resolution they may only be deleted. The Administration will distribute detailed information
and graphics showing the fiscal impact of this note sale with the details resolution.
We have scheduled the note sale to take place on Monday, October 25, 2010. The bid
opening will be held in the morning, and the Council will be requested to award the sale by
adopting the award resolution that evening, which will indicate the “best bidder.” We
anticipate receiving the note proceeds on November 4, 2010.
Analysis
The proposed 2010 Note Issue is much smaller than those of the last several years. The
General Fund portion of the proposed Note Issue is $3,335,000. Of this amount
$1,720,000, or 52%, are for projects which the City Council has already authorized and
committed to fund.
A General Fund borrowing of $3,335,000 will have average annual debt service of
$378,000 and will cost the owner of the average home assessed at $113,800
approximately $12.90 per year for ten (10) years. However, the impact on the 2010 tax
levy is less than that because some existing debt is being retired in 2010. Based upon the
proposed borrowing, debt service is estimated to increase $139,767, or 2.61%, in 2011
which will increase the property tax levy by .55%. In 2011 the owner of the average home
assessed at $113,800 will pay an additional $4.54 in property taxes for debt service.
Attachments
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RESOLUTION NUMBER 2010-727
RESOLUTION AUTHORIZING THE ISSUANCE OF
$7,620,000 IN PROMISSORY NOTES
FOR FINANCING VARIOUS PUBLIC PURPOSES
WHEREAS, Section 67.12(12) Wis. Stats., authorizing any Wisconsin municipality to
issue promissory notes as evidence of indebtedness for any public purpose as defined in
Section 67.04(1)(b), Wis. Stats., and for general and current municipal expenses, including
interest thereon; and
WHEREAS, pursuant to Section 67.04(4), Wis. Stats., the legislature finds that
contracting of debt under Chapter 67, Wis. Stats., for any project constitutes a public purpose;
and
WHEREAS, the following public projects and purposes fall under the scope of Section
67.04(1)(b) AND 67.12(12), Wis. Stats.:
$1,740,000 to construct and improve streets;
$1,220,000 to construct and improve storm sewers;
$110,000 to acquire, improve and maintain parks and public grounds;
$1,305,000 to acquire, improve and maintain public buildings and grounds;
$805,000 to acquire capital equipment;
$240,000 to construct and close landfills;
$795,000 to extend and improve the waterworks system;
$350,000 to extend and improve the sanitary sewer system; and
$1,055,000 to provide financial assistance for community development; and
WHEREAS, such above proposed public projects and purposes and the issuance of
such promissory notes will be beneficial to the City and in the best interest of the community;
NOW, THEREFORE, Be It Resolved by the City Council for the City of Janesville that:
1. The City of Janesville may, pursuant to Section 67.12(12) Wis. Stats., have up to
seven million, seven hundred five thousand dollars ($7,705,000) in municipal promissory notes
to finance various public projects and purposes as follows:
$1,740,000 to construct and improve streets;
$1,220,000 to construct and improve storm sewers;
$110,000 to acquire, improve and maintain parks and public grounds;
$1,305,000 to acquire, improve and maintain public buildings and grounds;
4830-8508-9287.1
$790,000 to acquire capital equipment;
$240,000 to construct and close landfills;
$805,000 to extend and improve the waterworks system;
$350,000 to extend and improve the sanitary sewer system; and
$1,055,000 to provide financial assistance for community development.
2. Each promissory note so issued, plus interest, shall be repaid within ten (10)
years after the original date of the note pursuant to Section 67.12(12), Wis. Stats.
3. Each such promissory note issued shall constitute an indebtedness of the City of
Janesville.
4. The following transfers of purposes for unexpended proceeds of prior note issue
of the City are hereby authorized:
(a) From the Series 2008 notes, $180,000 to be moved from the category “to
acquire, improve, and maintain public buildings and grounds” to the category “to extend and
improve the sanitary sewer system.”
(b) From the Series 2005 notes, $30,000 to be moved from the category “to
acquire, improve, and maintain public buildings and grounds” to the category “to extend and
improve the waterworks system.”
(c) From the Series 2007 notes, $50,000 to be moved from the category “to
acquire capital equipment” to the category “to extend and improve the waterworks system.”
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4830-8508-9287.1
ADOPTED:
Motion by:
Second by:
APPROVED:
Councilmember Aye Nay Pass Absent
Brunner
McDonald
Eric J. Levitt, City Manager
Perrotto
Rashkin
ATTEST:
Steeber
Truman
Voskuil
Jean Ann Wulf, City Clerk-Treasurer
APPROVED AS TO FORM:
City Attorney
Proposed by: Administrative Services
Prepared by: Administrative Services
3
4830-8508-9287.1
Attachment III
2010 Note Issue
Project Descriptions
Construct and Improve Streets - $1,740,000
(a) New and Replacement Sidewalks - $240,000
This program totals $240,000 (General Fund - $175,000; Assessable - $65,000) to
construct new sidewalks and to replace deteriorated sidewalk and/or sidewalk with
other safety deficiencies. General Fund costs for new and replacement sidewalk
include curb ramps, sidewalk crossing city owned property (greenbelts, parks, etc.)
and other miscellaneous costs typically paid by the city at large.
(b) Curb and Gutter Replacement and Reconstruction - $600,000
This program totals $600,000 to replace damaged curb and gutter as well as
eliminate areas of water ponding in conjunction with the street reconstructions and
resurfacing programs. In the past half of this program has been funded through
Special Assessments against the abutting property owners. As proposed for 2010
costs for curb replacement and reconstruction will be paid by the city at-large and
will no longer be assessed against abutting property owners. Curb & Gutter
functions as part of the street and having the City at-large pay for these costs is
consistent with the street rehabilitation program approach.
(c) Street Maintenance and Improvements - $550,000
This program includes funds to maintain City streets and make various other
improvements to the street network such as intersection and railroad crossing
improvements. In 2010 $550,000 is proposed for this program.
(d) Major Arterials and Connecting Highways - $350,000
This category proposes a total of $350,000 in funding for 2010. There are several
projects that provide for preliminary engineering on projects. This funding provides
the local match to federal funding in most cases.
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The Ruger Avenue Bridge sufficiency rating is at a level that requires
improvement. Funding in the amount of $220,000 provides for the local match to
a federal grant for the project. Construction is currently underway with
completion anticipated later this fall.
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The Jackson Street Bridge sufficiency rating is at a level that requires
improvement. The total cost for this project is estimated to be $6,986,000 with
80% ($5,573,000) provided in federal funding and 20% ($1,413,000) from local
funding. This 2010 budget proposes that design and engineering be commenced
in 2010. The first installment of $130,000 for the local match to federal funding
for preliminary engineering is also included.
Attachment III
Construct and Improve Storm Sewers - $1,220,000
(a) System Improvements - $1,000,000
System Improvements total $1,000,000 for enhancements to the existing storm
drainage system. Proposed projects include:
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Drainage Channel/Pond Enhancements are necessary to address capacity
deficiencies or other problems which require enhancements to properly manage
current and projected stormwater flow. Enhancement projects in 2010 are
expected to cost $200,000. This will include the third year of a 10-year program
to enhance the drainage channel within the greenbelt system and surface
drainage improvements near the City Services Center ($20,000).
?
In addition to routine maintenance of storm sewer infrastructure, areas within the
system can develop capacity deficiencies or other problems which require
enhancements to properly manage current and projected stormwater flow. Storm
Sewer enhancement projects in 2010 are expected to cost $360,000. Planned
projects include: Palmer Drive ($80,000), City Services Center Surface Drainage
($20,000), Kiwanis Pond ($60,000) and Fremont Street ($200,000). Planned
projects may change based upon need.
?
Storm sewer repair projects totaling $190,000 have been identified for 2010.
Planned projects include: Laramie Lane ($115,000), Richardson Street
($35,000), Franklin Street Concrete Channel ($20,000), Palmer Drive ($10,000)
and Memorial Bike Trail ($10,000). Projects can change if other repairs are
identified and are considered higher priority.
?
Rehabilitating or replacing manholes in conjunction with street resurfacing and
reconstruction projects prevents future failures of the structures after a new street
surface has been placed. In 2010 funding in the amount of $250,000 is
proposed. Some manholes only need repairs to the upper portion and other
manholes that need total replacement.
(b) Storm Drainage Channels/Ponds – storm drainage channels and ponds to serve
new developments. Cost - $120,000; Assessable Portion - $120,000.
(c) Storm Sewer Extensions – storm sewer mains extended to serve new
developments. Cost - $100,000; Assessable Portion - $100,000.
Acquire, Improve & Maintain Parks and Public Grounds - $110,000
(a) Replace Playground Equipment - $35,000
In 1996, the City began a program to renovate/replace playground equipment in
neighborhood parks. To date, renovations have been completed at 30
neighborhood parks at a cost of approximately $35,000 for each neighborhood park.
Attachment III
The renovation/replacement of playground equipment will continue in 2010, with
improvements proposed for Pershing Park ($35,000).
(b) Bike Trail (Tripp Road to Eau Claire Road) - $60,000
A multi-governmental effort is underway to extend the bike trail from Janesville to
Beloit. This $60,000 in funding will allow for the installation of a gravel trail surface
on land currently owned by the City. This will effectively extend the Peace Trail from
Tripp Road to Eau Claire Road.
(c) Consultant Review of Oakhill Cemetery Structures - $15,000
$15,000 is requested to hire a consultant to review the four Oakhill Cemetery
structures to develop an itemized list of projects necessary to ensure the
continuation of the structures. This review will examine the facilities using a historical
point of view. These buildings are in very poor condition and staff wants to be pro-
active in developing a maintenance program.
Acquire, Improve & Maintain Public Buildings and Grounds - $1,305,000
(a) Transit Services Center - $300,000
A new Transit Administration and Maintenance Building is proposed to replace the
existing facility located on North Parker Drive. The existing facility was constructed
in 1961 as a public works garage and became the Transit Maintenance Facility in
the mid-1960s. An addition was constructed in 1979 to provide a dedicated area for
vehicle maintenance. A new facility is estimated to cost $6,275,000, with
$1,400,000 provided by 2009 ARRA funds requiring no local match, 80%
($3,900,000) funded by the Federal Transit Act and the remainder ($975,000)
provided by the City of Janesville. In 2006 and 2007, $100,000 and $475,000
respectively were provided as the 20% local match for land acquisition and a portion
of the construction costs. In 2010 $300,000 is proposed. The final share of the local
match will be included in the 2011 Note Issue.
(b) Building Maintenance - $350,000
Each year, funds are required for minor building maintenance projects at City
facilities. In 2010, improvements totaling $350,000 are proposed for several public
buildings. The locations may include the Municipal Building, various park and
recreational facilities, and Senior Center.
(c) Oakhill Cemetery Maintenance Building - $100,000
$100,000 is requested to construct a maintenance and operations building for
Oakhill Cemetery. The current seasonal building is undersized, does not have room
for all of the existing equipment, and has no heat/water. A new building would
accommodate equipment and provide for better year-round usage, as cemetery
operations dictate.
Attachment III
(d) Riverside Park Storage Building - $100,000
$100,000 is requested to construct a maintenance building for Riverside Park. The
current building is a former 1928 restroom building and is not large enough to
accommodate service work or volunteer activities. A new structure would better
accommodate equipment and maintenance operations.
(e) Oakhill Cemetery Chapel/Carport Repairs - $55,000
$55,000 is necessary to complete immediate repairs to the cemetery carport and
chapel. Repairs will include outside tuck pointing, caulking of windows/door frames
and coping joints, roof repairs and carport foundation repairs. This work must be
done if we wish to continue to have these structures present at the cemetery.
(f) Tallman House - $250,000
In 2009 an architectural firm was retained to complete a property conditions report
on the Tallman House. This report indicates that repairs in excess of $2,000,000 are
necessary and the facility. Funding in the amount of $250,000 was provided in
2009. The 2010 budget includes $250,000 to continue funding these repairs.
(g) Golf Course Capital - $100,000
The current lease for the golf course facilities expires on December 31, 2010. Due
to changes in the golf industry locally and nationally we will be changing from a
lease of the golf facilities to a management contract. Under the terms of the lease,
the lessee must provide the equipment to maintain the courses. However, under a
management contract the owner of the courses (the City) must provide such
equipment. Funding in the amount of $100,000 is included to begin acquiring
maintenance equipment. It is anticipated that additional funding will be necessary in
2011.
(h) Building Repairs at Hedberg Public Library - $50,000
The Hedberg Public Library was constructed in 1996 so the building is now fourteen
(14) years old. This project proposes funding for ongoing general building
maintenance needs ($50,000).
Acquire Capital Equipment - $805,000
(a) Technology Enhancements - $200,000
The City will continue implementation of the Information Technology Strategic Plan.
This plan addresses improving the efficiency of City services and providing citizen
satisfaction through the use of information technology. In 2010, funds are requested
from the General Fund ($100,000), Water Utility ($50,000) and Wastewater Utility
($50,000) to obtain consulting services and purchase hardware and software for the
implementation of specific citywide information technology priority projects, as
Attachment III
determined by the City Manager.
(b) ERP Phase IV - $400,000
The City is in the process of implementing an Enterprise Resource Planning (ERP)
project which will replace disparate computer applications and integrate them into a
single solution reducing redundant data entry and facilitating the sharing and
tracking of information. Phase I of this project included the replacement of our Land
Management/Computer-aided Mass Appraisal Software; phase II of this project
included the replacement of code enforcement, building permits and inspections,
complaint tracking, and planning software; phase III of this project included the
replacement of our utility billing, and miscellaneous billing. Funding in the amount of
$400,000 for Phase IV is proposed for 2010 to replace our accounting, payroll, and
human resources software. Funds are requested from the General Fund
($100,000), Water Utility ($100,000), Wastewater Utility ($100,000) and Stormwater
Utility ($100,000).
(c) Library Technology Upgrades - $35,000
Funding is proposed to upgrade the automation system to include a Fines Payment
Module ($10,500), to replace outdated computers ($21,000), and to upgrade the
hardware and software in the computer lab ($3,500).
(d) GIS Enhancements - $100,000
Implementing the GIS is an ongoing process with the continuing goals of increasing
efficiency, providing updated geographic information and creating high-quality
products for city departments and the public. In 2010 funds are requested to
enhance the GIS, through increased staff utilization using additional software
licenses, improved quality control efforts, establishing and maintaining public GIS
access through a website and other services, expanded data acquisition and access
for internal use, and other GIS development activities. Funds are requested from
the General Fund ($25,000), Water Utility ($25,000), Wastewater Utility ($25,000),
and Stormwater Utility ($25,000).
(e) Transit Capital Projects - $25,000
Funding is included for several small Transit capital projects ($25,000) including
capital repair parts ($7,500), refurbish the Transfer Center ($9,000), replace
supervisory van ($5,000), replace shop equipment ($2,000), replace
printer/copier/fax ($500), and replace 100 bus stop signs ($1,000). Transit projects
are funded 80% from the Federal Transit Act and these costs represent the projects
local share (20%).
(f) Parks Capital - $45,000
Parks Capital ($30,000) provides funding to purchase an impoundment system to
flood the Traxler Park ice skating land rink. This will increase the timeliness of when
Attachment III
the land rink can open each year. Water would be pumped from the lagoon area,
into a cooling pond that would send the water into the bermed skating area. This
system would reduce the hours spent by staff spraying the current land rink and
would allow the ice to form concurrently with staff working on snow removal.
Construct and Close Landfills - $240,000
(a) Odor Remediation Project - $240,000
Current operations at the sanitary landfill have resulted in increased odors and
complaints from residents. This project constructs additional gas well and places a
temporary membrane cap on the landfill to allow additional gas to be drawn from the
landfill. This gas, rather than escaping into the air, will be used to generate electricity.
Construct and Extend Water Mains - $795,000
(a) System Improvements - $795,000
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Undersize main replacements totaling $600,000 are proposed for 2010. Of this
total, $470,000 is included in this year’s Note Issue and $130,000 will come from
funds borrowed in prior years. This program is needed to replace undersized
water mains (replace 1-1/2 inch and 4-inch mains with 6 inch mains) in the
distribution system. There are approximately 9 miles of undersized mains in the
system. Replacement is done in coordination with street restoration projects.
Funds requested will replace about 6,000 feet of mains.
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In 2005, the Water Utility implemented a lead services replacement program
within the City. This program is similar to the iron service replacement activities
the City has historically undertaken. The actual cost of this program will vary
from year to year based upon the number of lead services under streets that are
being reconstructed in any given year. Currently, there are about 2,400 lead
services in the City. In 2010, the Water Utility proposes to replace 150 lead
services ($300,000). No funding is included is this Note Issue as funds will be
reallocated from prior years projects.
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Prior to street reconstruction, the condition of the water manholes and valves in
the street are evaluated. Old, deteriorated manholes are either rehabilitated or
replaced prior to the street work. This helps insure the long term integrity of the
street so that a newer street surface would not have to be dug up shortly after the
work to replace a failing manhole. For 2010 $40,000 is proposed for this
program. No funding is included is this Note Issue as funds will be reallocated
from prior years projects.
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The Main Reinforcement program addresses identified weaknesses in the
existing water distribution system by adding transmission mains or upgrading
distribution mains to transmission mains. In 2010, Phase I of the Blackbridge
Road main is scheduled. The total project estimate is $3,000,000 with
Attachment III
$1,500,000 proposed for 2010. Of this amount $325,000 is included in the
proposed Note Issue and $1,175,000 is available from funds borrowed in prior
years.
Construct and Extend Sewer Mains - $350,000
(a) System Improvements - $75,000
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Janesville has approximately 140 miles of clay pipe in the sanitary sewer
collection system that ranges in age from 40 to 100 years. Most of the clay pipe
is structurally sound, but suffers from root intrusion and infiltration of
groundwater. Proposed for 2010 is $805,000 in funding, which will reline about 3
– 3-1/2 miles of sanitary sewer main. This is the ninth year of a multi-year
program, which reduces the potential for clogged sewers resulting from root
growth and also ensures the continued structural integrity of the clay sewers. No
funding is included in the proposed Note Issue as money was previously
borrowed through the Clean water Fund loan program.
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This is an ongoing multi-year program to prevent water inflow and infiltration into
the sanitary sewer system. This program has focused primarily on sanitary
sewer manholes in the past, but its focus has now shifted to sewer laterals. For
2010 funding in the amount of $265,000 is proposed. No funding is included in
the proposed Note Issue as money was previously borrowed through the Clean
water Fund loan program.
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Siphons are used to move sewage from one side of the Rock River to the other.
The City has four (4) siphons and they were in need of repairs to increase their
reliability and the ability of our crews to maintain them in the event of a blockage.
Funding in the amount of $1,000,000 is proposed for this project. No funding is
included in the proposed Note Issue as money was previously borrowed through
the Clean water Fund loan program.
(b) System Expansion - $275,000
?
Subdivision Sewer Extensions – sewer mains extended to serve new
developments. Cost - $275,000; Assessable Portion - $200,000.
Provide Financial Assistance for Community Redevelopment - $1,045,000
(a) Funding in the amount of $860,000 is included for development loans in TIF No. 23.
Development loans were made to SARA Investments for the rehabilitation of the
building located at 101 E. Milwaukee Street.
(b) Funding in the amount of $185,000 is included for development loans in TIF No. 26.
Development loans have been made to 3-D Targets ($125,000) for costs of building
upgrades to meet code requirements for this expanding business and PPG
Industries to finance manufacturing equipment and the creation of 6 new jobs in TIF
#26 ($60,000). These projects will create an additional 11 full-time jobs in TIF #26.