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CIP work session: council weighs timing for downtown parking structure and trade-offs with street projects
Summary
At a work session the city manager and finance staff asked the council whether to defer a proposed $14 million downtown parking structure to keep the 5-year capital plan within the city’s debt-policy targets and to preserve flexibility for other large projects.
City staff presented the draft five-year capital-improvement plan (CIP) at a May 13 work session, urging the council to consider strategic trade-offs to keep the city within its internal debt-policy targets and to preserve flexibility for future large projects.
City Manager Stephanie Hirsch and Finance staff described the city’s fiscal guardrails — a statutory 5% of equalized value borrowing cap and an internal 3.5% self-imposed limit on outstanding debt — and explained how the city’s rapid valuation growth has kept the debt ratio below policy targets even as borrowing needs rise. Staff said the draft CIP totals about $266 million across five years, in part because five large projects fall in the 2026–2028 planning…
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