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21 <br />In subsequent years, the process is repeated as expenditures are completed and as new <br />needs arise. Capital improvement planning looks five or more years into the future from <br />the date of the CIP. <br />IV. PROJECT SUMMARY <br />The only capital improvement contemplated in the five-year period of this plan (2011 <br />through 2015) is acquisition of the City's existing Public Works Facility and Fire <br />Station (the "Buildings"), through issuance of refunding bonds (referred to as the "CIP <br />Bonds"). The St. Anthony Housing and Redevelopment Authority ("I -IRA") issued its <br />$5,530,000 Public Facilities Lease Revenue Bonds, Series 2003 (the "Series 2003 <br />Bonds") to finance construction of the Public Works Facility and Fire Station. The City <br />leases the Building from the HRA, paying lease payments equal to debt service on the <br />Series 2003 Bonds. <br />The City has now determined to exercise its purchase option under the lease agreement <br />with the HRA in order to acquire fee title to the Building and refund the Public Facilities <br />Lease Revenue Bonds, Series 2003. The City proposes to finance the acquisition <br />through issuance of CIP Bonds under the CIP Act and this CIP. The proposed CIP <br />Bonds would be issued in 2011 or in a later year depending on market conditions, in a <br />principal amount not to exceed $4,000,000. <br />The expenditures to be undertaken with this CIP are limited to those listed below. All <br />other foreseeable capital expenditures within the municipal government will come <br />through other means. The following expenditures have been submitted for inclusion in <br />this CIP: <br />The CIP Act requires the City Council to consider eight factors in preparing the CIP <br />1. Condition of the City's existing infrastructure, including projected need for <br />repair or replacement <br />2. Likely demand for the improvement <br />3. Estimated cost of the improvement <br />4. Available public resources <br />5. Level of overlapping debt in the City <br />6. Relative benefits and costs of alternative uses of funds <br />7. Operating costs of the proposed improvements <br />8. Alternatives for providing services most efficiently through shared facilities with <br />other cities or local governments <br />City of St. Anthony 2011-2015 Capital Improvement Plan Page 4 <br />