Item 4A - Capital Infrastructure Tax Renewal Ballot Measure PresentationCity of BoulderFinance DepartmentTax Extension and Related Debt Ballot MeasuresCommunity Resilience and Safety Tax Renewal
City of BoulderFinance Department•Timeline and Background•Ballot Language•Civic Area Phase 2/Central Park ImprovementsAgenda
City of BoulderFinance DepartmentCommunity Resilience and Safety Tax ScheduleCouncil Financial Strategy Committee and Staff3Study Session Discussion of Potential Tax ExtensionFebruaryEstablish Guiding PrinciplesEngage Outside Expert for Outreach/Surveys/PollingFebruary/MarchReview City Capital Infrastructure Projects for Survey QuestionsApril/MaySurvey Community to Inform Tax Structure and Ballot LanguageNon-profit Focus GroupsJune-JulyFSC Recommendation to CouncilCouncil Input on Ballot LanguageJulyApprove Final Ballot LanguageAugust
City of BoulderFinance Department•$49M Capital Improvement Bond (no new tax)•$27M Community, Culture and Safety Tax 1 (CCS1)-Voters approved November 2014-3 year, 0.3% sales & use tax 2015-2017-Capital projects (composition between city and non-profit unspecified)•$43M Community, Culture and Safety Tax 2 (CCS2)-Voters approved November 2017-4 year, 0.3% sales & use tax 2018-2021-80% City projects, 20% Non-profit capital projects•$5-7M Governmental Capital beginning in 2018-Programmed out for 6 years (and beyond) within General FundCapital Infrastructure Funding Strategies 2011-2021
City of BoulderFinance Department•$312M, 47 projects, 7 Departments•All projects-Identified as Essential(39%) or Important (61%) per Budgeting for Resilience definitions-Identified by current or pending Master Planso93% fall in Fiscally Constrained or ActionplansUnfunded City Infrastructure NeedsExcludes UtilitiesSafe and Prepared Boulder$173 M, 55%Transportation System Resilience$36M,12%Active and Healthy Boulder$45M, 14%Community Focused Technology Improvements$12M, 4%Other$28M, 9%Progress Toward Climate Goals, $17M, 6%
City of BoulderFinance Department•Boulder voters overwhelmingly support a 15-year extension of a 0.3% sales tax to fund infrastructure and non-profit community projectsCommunity Survey Results1,991 Respondents•Voter support for a $110 million bond measure to help accelerate funding of infrastructure and non-profit community projects is strong6Yes and approve73%Oppose20%Undecided7%Yes and approve64%Oppose23%Undecided13%
City of BoulderFinance Department•15-Year term•90% (est. $180M) of funding directed toward city capital infrastructure projects•10% (est. $20M) of funding directed toward flexible grant pool for community non-profit projects•Related $110M debt authorization measure•Specific projects and project categories to be included in ballot languageCouncil DirectionJuly 20, 2021
City of BoulderFinance Department•Transportation - $17M•Maintain and improve roads and multi-modal paths•Replace critically deteriorated signal poles•Replace Central Avenue bridge•Improve the Boulder Creek path corridor - $7M•Implement the Boulder Civic Area Phase 2/Central Park improvements -$8M•Complete Fire Station #3 construction -$11MProjects to be Included in Ballot LanguageTax Extension and Debt Ballot Questions - $102M(Amounts not included in ballot language)•Relocate or reconstruct Fire Station #2 or Fire Station #4 - $35M•Purchase emergency vehicles for Boulder Fire Rescue to provide advanced life support - $1.4M•Renovate East Boulder Recreation Center - $13.5M•Acquire streetlight system and convert to LED lights - $5M•Refresh Pearl Street Mall - $4M
City of BoulderFinance Department•Transportation system resilience – maintain and modernize Boulder’s transportation system to allow for safer and more efficient flow for all modes of transportation including pedestrian, bike, and vehicle.•Progress toward climate goals – renovate and retrofit the city’s aged facilities to increase resilience and reduce carbon emissions.•Safe and prepared Boulder – maintain and replace capital infrastructure that support first responders.•Active and healthy Boulder – maintain and modernize facilities needed to provide residents that amenities and opportunities to recreate and maintain healthy and active lifestyle.•Community focused technology improvements – modernize and consolidate the city’s data infrastructure and outreach tools for more transparent, faster, accessible, and user-friendly resident and visitor services.Project Categories to be Included in Ballot LanguageTax Extension Ballot Question
City of BoulderFinance Department•Principal amount $110M•Repayment amount $158M (principal and interest) assumes:-15-year debt-5.5% interest rate taxable, 5% interest rate tax-exempt•Both debt and tax extension questions were reviewed by bond counsel and disclosure counsel-“Use up to 10% of tax revenue” to fund non-profit grant pool-Non-profit projects should “serve the citizens of Boulder”Debt Ballot Language
City of BoulderFinance DepartmentCivic Area Phase 2/Central Park ImprovementsBoulder Civic Area East Bookend Development$8M Proposed Phase 2 :1.Complete Central Park Renovation $4.5M2.13thStreetscape Improvements To Better Accommodate Markets, Events, Arts/Cultural Festivals, Access and Safety $2.5M3.Provide Public Restrooms and Visitor Amenities $300K -$500K4.Enhance Irrigation Ditch and Path Improvements to Connect Eastward. $500KSupport Future Opportunities Including:6.Potential Parking and Access Enhancements7.Accommodate BMoCA Enhancement8.Provide for 14thStreet Transit Enhancements9.Integrate with Canyon Complete Street 10.Allow Future Civic Uses and Facilities
City of BoulderFinance DepartmentCivic Area Phase 2/Central Park ImprovementsBoulder Civic Area East Bookend DevelopmentStreetscape Opportunities For Access And Flexible SpaceVisitor AmenitiesArts and Cultural Opportunities
City of BoulderFinance DepartmentQuestions?
City of BoulderFinance DepartmentEnd of Presentation