To: Honorable Mayor and Members of Town Council
From: David L. Corliss, Town Manager
Trish Muller, CPA, Finance Director
Title
Resolution Approving the 2024 to 2028 Five-Year Capital Improvement Program for the Town of Castle Rock
Body
________________________________________________________________________________
Executive Summary
The Town’s Five-Year Capital Improvement Program (CIP) for the years 2024 to 2028 is hereby submitted for consideration/adoption (Exhibit 1).
The purpose of a Five-Year CIP is to comply with Charter requirements and to present planning for future capital improvement projects consistent with Town Council's established goals and priorities within projected available financial resources. The first year of the CIP, 2024, corresponds with the projects and department budgets included in the 2024 Budget. Future years, 2025 through 2028, show the state of current thinking and are intended to be a planning tool and do not constitute actual financial or project commitments by the Town. A Five-Year CIP is required to be adopted by Council each year by Resolution concurrent with the process of adopting the annual budget.
This updated Five-Year CIP information is based on use of the current impact fees as adopted with the 2018 impact fee study, which include the incorporation of inflationary indices. In addition, proposed changes to Castle Rock Water’s System Development Fee revenue have been incorporated for CIP planning as presented by Castle Rock Water within their 2023 rate and fee study.
The Five-Year CIP is an important component of Town planning including the identification of and provision for potential future projects. All planning as shown in the Five-Year CIP is subject to both future Council approvals and availability of funds.
Discussion
While there are many projects occurring in 2024, the CIP has some significant items of note that merit Council’s attention due to their impacts on the 2024 Budget such as:
Enhance our Roads
• $6,235,000 for the Crowfoot Valley Road Widening
• $850,000 for the Wolfensberger Widening
• $750,000 for the 5th Street Widening
Secure our Water Future
• $21,190,667 for Advanced Oxidation Facility
• $11,090,000 for Cherry Creek Basin Infrastructure
• $7,420,050 for WISE Infrastructure
• $4,000,000 for Plum Creek Interceptor Upsize (213)
• $3,627,497 for McMurdo Gulch Stream Stabilization
• $2,500,000 for Water Right Acquisition
• $2,400,000 for Young American Rehab (213)
• $2,153,000 for SCADA Systems Improvement
• $1,700,000 for Plum Creek Central Well Field
• $1,696,950 for Advanced Metering Infrastructure
• $1,300,000 for Ground Water Rights Purchase
• $1,100,000 for Red Zone Pumping Upgrades
Maintain Strong Parks and Recreation
• $10,000,000 for Recreation Center
• $4,750,000 for Open Space Acquisition
• $1,354,000 for Current Parks improvements
• $695,000 for Golf Carts
• $550,000 for Recreation Center and Miller Activity Complex Improvements
• $250,000 for Cantril Improvements
Other significant future projects currently included in the proposed Five-Year Capital Improvement Program in years 2025-2028 throughout the Town include:
Enhance our Roads
• $25,277,200 for the 5th Street Widening
• $4,676,976 for the Prairie Hawk and Millers Roundabout to Plum Creek
• $1,574,810 for the Wolfensberger Widening
• $1,406,080 for the i25 Plum Creek Parkway Off Ramp
Secure our Water Future
• $45,221,290 from 2025-2028 for WISE Infrastructure
• $44,331,334 from 2025-2028 for Advanced Oxidation Facility
• $15,700,000 from 2025-2028 for Chatfield West Alternate Project
• $13,400,000 from 2025-2028 for New Water Supply Well
• $11,700,000 from 2025-2028 for Plum Creek Central Well Field
• $7,200,000 from 2025-2028 for Sewer Line Rehab
• $6,000,000 from 2025-2028 for Waterline Rehab & Replace
• $6,000,000 from 2025-2028 for Water Redrills
• $4,800,000 from 2025-2028 for Tank 6B Reconstruction
• $4,490,000 from 2025-2028 for Repair & Maintenance Wells
• $4,012,000 from 2025-2028 for Hill Side Pump Station
• $3,900,000 from 2025-2028 for Alluvial Well Redrill
• $3,838,000 from 2025-2028 for Plum Creek WTP Tank 12 Water
Maintain Strong Parks and Recreation
• $7,200,000 for Annual Trail improvements in 2025
• $2,111,000 from 2025-2028 for Recreation Center and Miller Activity Complex Improvements
• $1,602,716 from 2025-2028 for Golf Improvements including Equipment and Golf Carts
• $1,500,000 from 2025-2028 for Park Improvements
• $250,000 from 2025-2028 for Cantril Improvements
Budget Impact
As shown in the 2024 Budget and 2024-2028 Five-Year Balanced Financial Plan.
Staff Recommendation
Staff recommends that Council approve the 2024 to 2028 Five-Year CIP as presented.
Proposed Motion
I move to approve Resolution No. 2023-__, A Resolution Approving the 2024 to 2028 Five-Year Capital Improvement Program.
Attachments
Attachment A: Resolution
Exhibit 1: 2024 to 2028 Five-Year Capital Improvement Program