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Agenda Item: 16(b) |
Prepared By: Casey Lucius, Ph.D., Interim City Manager |
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Business: City Council Item |
Department: Executive |
Resolution - Approve a Bond Referendum Not to Exceed $34 million General Obligation Bonds in One or More Series to Finance the Construction of Transportation and Mobility Improvements, Calling a Bond Referendum for the Electors of Marco Island on August 18, 2026 - Casey Lucius, Interim City Manager
BACKGROUND:
At the April 6, 2026 City Council meeting, Councilors ask that staff prepare a Resolution to place a bond referendum on the August ballot in the amount of $34 million. This amount would support the following projects over ten years:
• Replace two bridges ($14.5M)
• Repair three bridges ($1.5M)
• 36 lane miles of catch up paving ($7.2M)
• Shared use paths and bicycle lanes ($4.6M)
• Annual addition to street paving budget (add $600k per year for 10 years)
FUNDING SOURCE / FISCAL IMPACT: It is proposed that the proceeds from the bond will fund the projects listed above
RECOMMENDATION: Approve the Resolution 26-20 for bond referendum not to exceed $34 million general obligation bonds in one or more series to finance the construction of transportation and mobility improvements, calling a bond referendum for the electors of Marco Island on August 18, 2026.
POTENTIAL MOTION: “I move to approve the Resolution 26-20 for bond referendum not to exceed $34 million general obligation bonds in one or more series to finance the construction of transportation and mobility improvements, calling a bond referendum for the electors of Marco Island on August 18, 2026.”