FIN 2024-02-26 Item 1B - Review - Financial Policies

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Section 6. Capital Improvement Program (CIP) (continued) d. Residential streets with safety issues, high trafficvolumes, high pedestrian activity and poor roadway conditions will be considered the highest priority projects. e. Residential street designs will follow basic designs for arterials, collectors, and local access streets. Designs to accommodate individual properties shall be avoided. f. Design of connecting streets is strongly encouraged. g. For City -scheduled projects located on residential streets, the City will require the undergrounding of new electrical and communication facilities pursuantto TMC Chapter 11.28. h. Street and road improvement projects on slopes will include roadside plantings wherever feasible to help mitigate the land used for roadway and sidewalk improvements. i. Donation of the property needed for rights -of -way and easements shall be pursued. Latecomer agreements, where appropriate, shall be considered an acceptable means of funding capital projects, improvements and replacements, in whole or in part. k. Right-of-way agreements for cable and electrical services should be utilized to discourage excessive wiring throughout the City. I. Current arterial street improvements determined in the six -year CIP may be funded through a Local Improvement District (LID) or financing external to the City. The City may participate using operating revenues, grants or bonds based on health and safety needs or public benefit. The City may participate in the funding by financing the preliminary engineering design and professional service costs associated with planning and creating the LID. m. A majority of property owners on a street may petition the City to set up an LID to pay for residential street improvement projects, sidewalks and undergrounding of utilities. The City will evaluate the possibility of paying for the design, preliminary engineering, construction engineering, and LID formulation. The residents will pay for undergrounding utilities in the street, undergrounding from the street to their residence, the actual construction costs, and any improvements on private property such as rockeries, paved driveways, or roadside plantings. n. Non -transportation capital projects and improvements should be funded by operating revenues, grants or bonds as determined in the six -year Financial Planning Model. o. Pursuantto TMC Chapters 3.56 and 3.60, the first 1/4 cent Real Estate Transfer Tax (REST) shall be dedicated to park and open space land acquisition, and the second 1/4 cent shall be used for arterial streets, along with the parking tax, u n less th e City Cou ncil enacts otherpriorities consistentwith state law distribution of REST fu n ds. Financial Policies 11-30-20 Page 3 of 5 11