Wednesday, October 10, 2012
The San Diego City Council's Budget Committee gave its approval today to a $25 million bond issue to pay for road repairs and projects to improve libraries.
City staff propose to spend $9.9 million of the money on street repairs. The rest would go toward a 15,000-square-foot expansion of the Skyline Library, replacing the sea wall bulkhead at Mission Beach, and construction projects involving a fire station in Mission Valley and library branches in Mission Hills and San Ysidro.
"All of these projects are extremely worthy, particularly the libraries and fire station,'' said Councilman Kevin Faulconer, who represents the beach areas. He said the sea wall is deteriorating in some areas.
Annual debt service was estimated at $1.8 million, for a total of $54 million over 30 years.
Council members approved a $75 million bond issue earlier this year. Staff originally wanted $100 million, and say in their report that they've squeezed enough efficiencies out of the capital improvement program to justify the extra expenditure.
City staff estimated it could be four years before the expansion of the Skyline library branch is completed, because design work hasn't started. The Mission Valley Fire Station has been designed, so it could be open by the summer of 2015.
The $19 million Mission Hills project will remain $5 million short of full funding, even with the infusion of bond cash, according to the San Diego Library Foundation.
The proposed bond issue will go to the full City Council for final approval in February.