City Council Moves Forward On $25 Million Bond For Streets, Libraries, Fire Station
Monday, October 22, 2012
The San Diego City Council today unanimously agreed to move forward on a planned $25 million bond issue to pay for road resurfacing, new libraries and a fire station in Mission Valley.
Under the plan, $9.9 million would be spent on 20 miles of street resurfacing, and the rest would be used on a 15,000-square-foot expansion of the Skyline Library, to replace the sea wall bulkhead at Mission Beach, and for construction projects involving a fire station in Mission Valley and library branches in Mission Hills and San Ysidro.
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.
The city's independent budget analyst said the proposed bond issue would help chip away at the city's backlog of capital improvement projects, which is estimated to be around $800 million.
City staff will return to the council early next year for approval of the actual bond documents.