Legislation Details

File #: 26-0810    Version: 1
Type: Mayor's Request Status: Approved
File created: 5/11/2026 In control: City Council
On agenda: 5/14/2026 Final action: 6/3/2026
Enactment date: 5/28/2026 Enactment #: 220781
Title: Requesting approval to appropriate $320,000 from the Street Reconstruction and Resurfacing Stabilization Fund to the Union Square Streetscape and Plaza Bond Fund to pay down streetscape improvement expenses.
Indexes: Finance-Assessing, Finance-Auditing, Finance-Budget, Finance-Grants Development, Finance-Procurement & Contracting Services, Finance-Treasury, Infrastructure-Capital Projects, Infrastructure-Engineering
Code sections: Stabilization Fund -

Agenda Summary

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Requesting approval to appropriate $320,000 from the Street Reconstruction and Resurfacing Stabilization Fund to the Union Square Streetscape and Plaza Bond Fund to pay down streetscape improvement expenses.

 

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Official Text

To the Honorable City Council:

 

The Mayor respectfully requests that this Council appropriate $320,000 from the Street Reconstruction and Resurfacing Stabilization Fund to the Union Square Streetscape and Plaza Bond Fund (Fund 51665) for the purpose of funding streetscape expenses with cash in lieu of borrowing. Said amount of $320,000 was slated to be borrowed in the City's annual borrowing market event in June 2026 for expenses already incurred. By paying down these expenses with capital cash, the city will save an estimated $402,080 in debt service over the life of the loan. This action also opens up capacity in future years for additional capital projects.

 

Appropriate staff will be available to answer any questions you may have. Thank you for your consideration of this matter.

 

Respectfully Submitted,

Jake Wilson, Mayor