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2020-2024 Capital Improvement Plan <br />Page 3 <br /> <br />4. Project Summaries <br />The expenditures to be undertaken with this CIP and financed under M.S. 475.521 are as follows: <br />• 2020 Expenditures *Public Works Facilities $13,739,000 <br />• 2021 Expenditures *None <br />• 2022 Expenditures *None <br />• 2023 Expenditures *None <br />• 2024 Expenditures *None <br />In 2020 the City intends to construct public works facilities on city owned property at Irish Avenue Park. <br />The estimated construction cost of the project is $13,739,000. The maximum amount the City expects to <br />issue bonds for is $7,200,000. <br />2021 Expenditures thru 2024 Expenditures *None The City's comprehensive 2020-2024 Capital <br />Improvement Plan, including the capital projects not financed under M.S. 475.521 is provided in the <br />appendices to this document. <br />5. Minnesota Statute 475.521 Criteria <br />M.S. 475.521 outlines eight criteria that must be met prior to a city issuing bonds under this authority. <br />Under these criteria, the City has considered the following eight points for each project: <br /> <br />2020 Public Works Facilities <br />1. Condition of the City's infrastructure and need for the project. The Public Works Facility is currently <br />inadequate in form and function to serve the growing needs of its citizens. <br />2. Demand for the improvement. The City conducted a space needs study, which identified the need <br />for additional vehicle storage, maintenance and employee office space. <br />3. Cost of the improvement. Construction is estimated at $13,739,000. The maximum amount the <br />City expects to issue bonds for is $7,200,000. <br />4. Availability of public resources. The City has used cash to this point to fund the space needs study <br />and architectural process in order to get valid cost estimates. The primary source of funds for this <br />project will be a tax levy, therefore the debt service payments on the new bonds will be levied on <br />property tax payers within the City. <br />5. Level of overlapping debt - See table <br />6. Cost/benefits of alternative uses of funds. Due to the immediate need for upgraded Public Works <br />facilities to continue efficient operations of the City, there are no better alternatives for funds <br />designated for this project.