Floyd County Thoroughfare Plan - Floyd County Indiana - State of ...

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Floyd County, IndianaFloyd County Thoroughfare PlanSection 5–Implementation and Next StepsRoadway Type CostCost toCountyVarious (Bike Route)Install signs at 0.25 mileintervals97,000 19,000Luther RoadConstruct 4-foot bike lanes and(Old Vincennes Road to Paoli Pike)install signs750,000 150,000Old Vincennes RoadConstruct 4-foot bike lanes and(Luther Road to US 150)install signs620,000 62,000Schreiber RoadConstruct 4-foot bike lanes and(Luther Road to Old Vincennes Road)install signs480,000 120,000North Luther RoadConstruct 4-foot bike lanes and(West Willis Road to West Knable Road)install signs260,000 52,000Multi-use trail along Little Indian Creek Construct multi-use trail 5,600,000 1,100,000Paoli PikeConstruct 5-foot sidewalk on(Buffalo Trail to Luther Road)both sides170,000 34,000Scottsville RoadConstruct 5-foot sidewalk on(Paoli Pike to bridge near Starlight Road)one side88,000 18,000Old Vincennes RoadConstruct 5-foot sidewalk on(US 150 to Luther Road)one side103,000 21,000Schreiber RoadConstruct 5-foot sidewalk on(Luther Road to Old Vincennes Road)both sides130,000 26,000North Luther RoadConstruct 5-foot sidewalk on(West Willis Road to West Knable Road)both sides70,000 14,000Highlander Point to Edwardsville Gateway District Construct 5-foot sidewalk onone side200,000 40,000US 150Construct 5-foot sidewalk on(Barry Lane to Featheringill Road)both sides130,000 26,000Total 8,700,000 1,700,000For the multimodal projects the County is assumed to pay 20 percent of total construction costs.Table 5.02-3 Estimated Costs for Proposed Multimodal Improvement ProjectsPrepared by Strand Associates, Inc. ® 5-6KRH:pll\S:\@SIECO\001--050\046\008\Wrd\Thoroughfare Plan\Draft 07-19-07\S5-Implementation and Next Steps 07-19-07.doc\072007
Floyd County, IndianaFloyd County Thoroughfare PlanSection 5–Implementation and Next Steps5.03 FUNDING SOURCESThe implementation of the improvement projects proposed in this plan will depend on the identificationand development of reliable, consistent, and viable local funding sources. There are several fundingoptions available to Floyd County to create a financing package that will provide the needed funds. Thisplan seeks to identify several potential funding sources. Not all of the funding sources identified in thisplan will be viable, either from a financial or political standpoint.A. Cumulative Capital Development FundThe legislative body of a county can impose a Cumulative Capital Development Fund under IndianaCode IC 36-9-14-5. The fund is obtained through a property tax levy and is viewed as a stand alonefunding source. Counties, cities, and towns can use the money generated by the Cumulative CapitalDevelopment Fund for projects to improve or maintain the following:• Airports.• Bridges.• Waterway channel maintenance.• Parks.• Public buildings.• Public ways and sidewalks.• Regulated drains.Additionally, counties can use these funds for voting machines, hospitals, county courthouses, andcounty jails. To establish a Cumulative Capital Development Fund, the legislative body is required topublish a notice describing the tax levy and hold a public hearing. After the public hearing, the proposalmust be submitted to the Indiana Department of Local Government Finance for approval prior to Augustof that year. Fifty or more objecting petitioners may cause the State Board to hold a public hearing onthe objections to the establishment of the fund. The property tax levy that may be imposed for aCumulative Capital Development Fund is dependent upon whether the county is an “adopting” county,and the number of years that a particular unit has had a Cumulative Capital Fund in effect. A county isconsidered “adopting” if it has adopted either a County Adjusted Gross Income Tax (CAGIT) or aCounty Option Income Tax (COIT). For Floyd County, the property tax rate would be a maximum of5 cents per $100 of assessed valuation.The advantages and disadvantages of a Cumulative Capital Development Fund are listed below.• Advantages- It is a secure revenue source.- It will provide a stable revenue source to assist the community in meeting its capital facilityimprovement needs.- It will provide the community with a sole source of capital improvement revenues which willallow for other funding sources to be used for other purposes.Prepared by Strand Associates, Inc. ® 5-7KRH:pll\S:\@SIECO\001--050\046\008\Wrd\Thoroughfare Plan\Draft 07-19-07\S5-Implementation and Next Steps 07-19-07.doc\072007
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SECTION 2NEEDS IDENTIFICATION
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SECTION 3ALTERNATIVES DEVELOPMENT
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