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Staff reports $1.9M in cash reserved for downtown; Quadral Drive reconstruction competes for funds
Summary
Service Director Matt Hiscock told Council he identified roughly $1.9 million in cash reserves across funds 471, 425 and subfund 431 to contribute to the downtown project, with the remainder planned as debt; he also warned Quadral Drive reconstruction could require $3–4 million and competes for the same capital resources.
Service Director Matt Hiscock told Council during agenda review that staff has identified roughly $1.9 million in cash reserves (primarily from Fund 471 and capital Fund 425 with subfund 431) that could be applied to the downtown infrastructure project, with the remainder financed by bonds.
Hiscock said the figures were preliminary and contingent on bids, CMAR (construction manager at-risk) cost input and final budget work. He also described a potential competing priority: Quadral Drive appears to need a more extensive reconstruction than previously anticipated, with a preliminary estimate of $3 million to $4 million. That project is not currently programmed in capital plans and would compete with downtown funding if pursued.
Council discussed procurement timing and whether the CMAR for downtown could be leveraged for other projects. Hiscock cautioned that combining scopes or adding large scope mid-project is not always feasible and may create contractual and scheduling complications.
Council withheld a final vote on the supplemental appropriation (Ordinance 26-039) for one week to allow staff to provide additional cost and funding detail.
