Economic Development Authority Meeting Date: August 26, 2024
To: Members of the Economic Development Authority
From: Jake Reilly, Community Development Director
Title
Status update on Comprehensive Plan and relationship to 5-year Capital Improvement Plan.
Body
Action Requested:
The Economic Development Authority (EDA) discuss the 2045-horizon Comprehensive Planning process and its relationship to the five-year Capital Improvement Plan (CIP).
Summary Report:
The CIP can be used as a tool to implement a comprehensive plan. It is also used to ensure timely reconstruction of existing infrastructure and construction of additional infrastructure identified in the comprehensive plan and other adopted supporting plans or documents like the Climate Action Plan. CIP projects should also align with and support the City’s five-year strategic plan goals. Coordination among City departments and across planning documents and the CIP can help identify and prioritize projects eligible for Federal and State transportation funds and subsequently position the municipality for successful project funding applications.
How and where infrastructure is built and/or updated impacts housing and economic development, as does access to well-maintained infrastructure like roads, sidewalks, and bicycling facilities. The presentation and discussion will be designed to arrive at a shared understanding of the relationship between the comprehensive plan, the capital improvement plan, housing and economic development policies, and tools to address related concerns.
Please review the July 18, 2024 Planning Commission meeting, attached.
Alternative Options: N/A
Financial Impacts:
• Identifies funding sources for each capital improvement.
• Provides a baseline (recommended capital budget) for the annual budget.
• Coordinates capital and operating budgets.
• Creates transparency around the process of selecting and funding capital projects.
• Informs the public about future needs for capital improvements.
Tentative Timelines: N/A
Attachments:
Link to July 19, 2024 - Planning Commission meeting
Comprehensive Plan Update - July 2024
Steering Committee #4 Packet - July 2024