FY 17 Annual Report

Capital Improvements Fund

2017

CITY OF SPENCER, IOWA

2014 RESIDENTIAL HOUSING

PROJECT #103

PROJECT INFORMATION

The City of Spencer, in conjunction with SMU, purchased approximately 46 acres of land south of Bomgaar's and east of Menards for future residential development. The need for affordable housing is still a top priority for the City of Spencer and the timing for the purchase of this land along with its location presented a prime opportunity. The City and SMU will split development costs 50-50 as the project proceeds. Currently, the City is working with Community Housing Initiative to construct a 30 unit workforce housing unit. The costs below do not include a $25,000 land purchase down payment that was made prior to a project number being assigned. The down payment was paid from Economic Development Fund and not run through the Capital Improvement Fund as future costs will be. The map on the next page outlines the general location of the land purchased for residential housing.

FY 2017 ACTUAL

PRIOR YEARS

PROJECT

PRIOR YEARS

TOTAL

REVENUES

MISCELLANEOUS SPECIAL ASSESSMENTS

5,295.00

404,699.21 19,161.07

408,594.21 19,161.07 13,200.00 686,828.27

TRANSFERS IN FARM RENT

4,900.00 2,865.01

8,300.00

683,963.26

TOTAL REVENUES

13,060.01

1,116,123.54

1,127,783.55

-

EXPENDITURES CONSTRUCTION ENGINEERING LAND PURCHASE

3,967.50

503,367.03 57,408.65 534,104.00 11,713.00

507,334.53 57,851.16 534,104.00 11,713.00 16,780.86

442.51

- -

LEGAL FEES

MISCELLANEOUS

8,650.00

8,130.86

13,060.01

1,114,723.54

1,127,783.55

-

TOTAL EXPENDITURES

CAPITAL IMPROVEMENTS