A few questions about capital funding projects

The Journal Star reports today:

Five large-scale and expensive capital works projects were excluded from the city’s 2009 budget…. Each project will likely be considered for possible inclusion in a future bond issue, if the city decides to borrow money in order to complete them in the near future.

The five projects, including the Sheridan Triangle, are the following: City Hall restoration, reconstruction of roads within the WeaverRidge subdivision, stabilization of a stream bank between Holly Hedges and Devereux drives, and improvements along Main Street in the West Bluff.

…The council is expected to meet in January to discuss the possibility of a bond issue to help pay for these major capital projects.

First Question: Are we just playing a shell game here with the budget? Is the council simply delaying decisions on capital projects so they can say they have a balanced budget for 2009? If they amend the budget in January to include some or all of these capital projects, where will the money come from to pay on these bonds? Won’t they either have to raise taxes/fees or have an unbalanced budget?

Second Question: Why the heck is “reconstruction of roads within the WeaverRidge subdivision” one of the five top projects vying for capital funding? Are these the worst streets we have in Peoria? The ones in most need of repair? Or are they important thoroughfares that need to be improved in order to incentivize private business development? Or are they really old streets that have been neglected for far too long? No, no, no, and no. So, what is the reason?

Third Question: Why aren’t improvements to Washington, Adams, and/or Jefferson streets included on this list? There are developers waiting to turn old warehouses into loft apartments and condos, which will get more people living downtown, revitalizing the area and creating a market for more retail in our central business district. But the city is continuing to drag its feet here. Why? Are they really committed to downtown revitalization or aren’t they?

15 thoughts on “A few questions about capital funding projects”

  1. Agreed, CJ about the “reconstruction of roads within the WeaverRidge subdivision”.  Drive through Weaver Ridge.  Then drive from Wisconsin to Prospect on East Kansas and tell me which road needs reconstructing worse.  I don’t know exactly what they mean by “reconstruction” but if the roads in Weaver Ridge are that bad in this short of time, they need to kick the ass of the person responsible for putting them in. 

  2. 1.  if they issue bonds(take out a loan), then they will amend the budget to include the expenses expected to be incurred in the fiscal year but all the revenue for the bonds. In future years, they will budget any remaining construction in progress and bonds funds against construction expenses. The revenue source to repay the bonds will also need to be found to cover the debt service (loan payment). Likely an increase in the property tax.

    2. Squeaky wheel.

    3. That list may actually exist as part of the Warehouse TIF redevelopment plan. TIF dollars would go towards those roads, assuming TIF dollars materialize.

  3. ” Are these the worst streets we have in Peoria?”

    From a recent communication from Waste Management it would seem the worst streets are the alleyways in the East and West Bluffs.

  4. Another question that comes to mind is … who paid for the streets in Weaver Ridge when they were first built?  Did the developer?   Seems rather early for such a new subdivision to need new streets.   Were those roads built to proper standards in the first place?  Why do we need a bond issue for those roads?  Didn’t the annexation enable enough revenue to cover it, or is the population density  inadequate?  Isn’t Weaver Ridge gated?    If so, why are roads, not open to the general public, being paid for by the general public?

  5. Mahkno — The developer (Cullinan) built the streets, but the city reimbursed the developer $3.5 million of the $4.5 million they spent to put in roads, gutters, curbs, storm sewers and sanitary sewers.  And they did it in 1996, a mere 12 years ago.  And it’s part of a 25-year special service district.

  6. Weaver Ridge is NOT a gated community. Cullinan reaped untold profit from that development let alone getting a $3.5 million reimbursement at taxpayer expense.  Now just 12 years later and the roads are crap then there has to be legal grounds for action as somebody obviously did shoddy work in the base preparation.  Please don’t say “but those property owners are actually paying that $3.5 mill in taxes” because now they want ALL Peoria taxpayers to pay to have it redone already!  BTW we have friends on Devereux and that “stream” is something that should have been addressed before building permits were ever even granted! It is hidden from the street, but the depth of the ravine and the serious erosion is unbelievable! It’s amazing that children have not drown. When the rains come that is one scary place of twists and turns undermining even the expensive walls. Property owners have spent an incredible amount of money trying to protect their property. Some have spent $25k to $40K for their walls, so it’s not a simple creek running through Peoria that a few railroad ties can contain.

  7. Areas of town with no sidewalks, streetlights or police presence.  Check.

    Budget money to go towards fixing upscale sudivision roads?  Uhh what?

  8. CJ- Can we have a PC insensitive exchange on your blog? If so, I have lots to say about Weaver Ridge- If not I will keep it to myself.

  9. I was looking at the Weaver Ridge covenants earlier this eve.  The covenants prohibit vinyl siding !!!

  10. Oh for crying out loud people. Fixing the roads in WeaverRidge is at least a case of providing essential services … all be it in a neighborhood not much in need compared to other neighborhoods. But fixing roads is a legitimate function of government.

    How unlike the Sheridan Triangle/West Main Street projects. Talk about a waste of cash simply to try to sprinkle magic New Urbanist Faerie Dust on us.

    The city would be better off taking BOTH projects off the books and bonding our for NEW and REPAIRED sidewalks and roads, not this landscaping crap.

  11. Billy — No one’s denying that road repair is a legitimate government function. But roads that we just paid to build 12 years ago that now have to be reconstructed? You don’t think that’s a waste of the taxpayer’s money? Don’t you think the company that built the roads should bear some accountability?

  12. As I understand it most of the Peoria budget is based on incoming futures of taxes. Well part of those taxes come from huge mortgages such as malls/shopping centers. In the latest economic news it says that stores are going to be closing after the first of January. A lot of the stores in the malls/shopping centers are going to close and therefore the mortgagee of those properties are not going to be able to make their payments that include their taxes. So how is the city going to have this great balanced budget. Are they counting their chickens before they are hatched? Another side note to this if you get gift cards for Christmas use them before the 31st of December or they might not be any good after that. We cannot plan on next year as we have done in the past. We are going to be in a huge hurt for a long long time.
    Getting back to the streets. Weaver Ridge is a small community of travelers. If their streets are falling apart already without heavy commercial traffic on them obviously they were not constructed properly in the first place. How long would they have lasted with say University St., traffic running on them?

  13. Haven’t you noticed ALL STREETS and roads here are Crap! City keeps re-doing Sheridan Rd, and next year same thing happens! Could be they do not have a clue as what is wrong and how to fix it??

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