To: Honorable Mayor and Members of Town Council
From: David L. Corliss, Town Manager
Trish Muller, CPA, Finance Director
Title
Resolution Approving the 2020 to 2024 Five-Year Capital Improvement Program
Body
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Executive Summary
The Town’s Five-Year Capital Improvement Program (CIP) for the years 2020 to 2024 is hereby submitted for consideration/adoption.
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, 2020, corresponds with the projects and department budgets included in the 2020 Budget. Future years, 2021 through 2024, show the state of current thinking, 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 increasing residential impact fees to the maximum supportable fee beginning in 2020. The maximum supportable fee was established as part of the 2018 impact fee study. In addition, proposed changes to Castle Rock Water’s System Development Fee revenue have been incorporated for CIP planning. These changes have been presented to Council within a separate agenda item.
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 2020, the CIP has some significant items of note that merit Council’s attention due to their impacts on the 2020 Budget such as:
• $5,000,000 for Cherry Creek water rights
• $5,526,925 for Craig & Gould North infrastructure projects (Public Works and Castle Rock Water)
• $4,833,000 for continued investment in the WISE project
• $4,600,000 in 2020 for Crystal Valley Parkway interchange planning - investments in this project total $20,000,000 between 2020-2022 to prepare for construction as early as 2023
• $4,048,805 for construction of a new Castle Rock Water administration and customer service building
• $4,025,000 for water storage tank projects
• $4,000,000 for construction of park in Cobblestone Ranch
• $3,660,000 for Plum Creek Parkway widening (Gilbert Street to Eaton Street) and roundabout at Gilbert Street
• $3,300,000 for construction of water supply wells
• $3,271,219 for Plum Creek Water Reclamation Authority (PCWRA) projects
• $3,000,000 for the Newlin Gulch pipeline
• $2,500,000 for the Plum Creek wastewater interceptor upsize
• $1,908,294 for the purchase of replacement and additional vehicles
• $1,200,000 for design of Highway 86 and 5th Street improvements
• $1,132,996 for the Chatfield Reallocation project
• $1,150,000 for park improvements
• $1,098,000 for waterline rehab/replacement
• $1,034,000 to replace self-contained breathing apparatus for Fire & Rescue personnel
• $1,005,534 for stream stabilization
Other significant future projects currently included in the proposed Five-Year Capital Improvement Program in years 2021-2024 include:
• $26,051,404 from 2021-2024 for ongoing investment in the WISE project
• $16,900,000 from 2021-2024 for water supply wells
• $15,200,000 from 2022-2024 for Wolfensberger Road widening and roundabout
• $12,050,000 in 2021 and $3,700,000 in 2024 for the Castle Rock reservoir
• $11,594,365 from 2021-2024 for the purchase of replacement vehicles
• $9,600,000 for sewer line rehabilitation projects between 2021-2024
• $7,459,525 for stream stabilization projects between 2021-2024
• $6,082,560 in 2022 for Cherry Creek water rights
• $5,300,000 in 2022 for construction of Highway 86 and 5th Street improvements
• $4,950,000 in 2021-2022 for design and construction of a new neighborhood park
• $4,050,000 in 2021 for Plum Creek Parkway widening (Eaton Street to Ridge Road)
• $3,402,000 in 2023-2024 for design and construction of Prairie Hawk Drive widening
• $2,870,000 between 2022-2024 for 5th Street widening
• $2,500,000 in 2021 for increased capacity in the Parker Water and Sanitation District
• $2,500,000 between 2023-2024 related to planning for a new indoor recreation facility
• $2,367,752 between 2021-2024 for the Chatfield Reallocation project
• $2,222,000 in 2023 for a roundabout at Crowfoot Valley Road and Timber Canyon
• $2,117,000 in 2023 for the Kinner Street wastewater line
• $1,500,000 in 2024 for replacement of radios for Castle Rock Fire & Rescue
• $1,500,000 of reserve accumulation between 2022-2024 for the eventual widening of North Meadows Drive
• $1,000,000 in 2021 for annual trail improvements
Budget Impact
As shown in the 2020 Budget and 2020-2024 Five Year Balanced Financial Plan.
Staff Recommendation
Staff recommends that Council approve the 2020 to 2024 Five-Year CIP as presented.
Proposed Motion
“I move to approve a Resolution Approving the 2020 to 2024 Five-Year Capital Improvement Program.”
Attachments
Attachment A: Resolution
Exhibit 1: 2020 to 2024 Five-Year Capital Improvement Program