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The Dispatch/Maryland Coast Dispatch
August 16, 2013
Ocean City Looks To Prioritize Major Capital Projects
By JOANNE SHRINER
STAFF WRITER
OCEAN CITY – Approximately $128 million worth of capital projects were presented this week to the Mayor and Council, which now must decide how to prioritize them. Outlined by City Engineer Terry McGean, the Town of Ocean City Capital Improvement Plan (CIP) for Fiscal Year 2014-2018 is the second step in determining what projects should be included in an upcoming bond issue. The first step took place on July 15 when Finance Administrator Martha Bennett presented the town’s debt obligation and fiscal parameters to consider, such as the town’s policy for total debt as a percentage of assessed value is a 3percent maximum and the current
actual percentage is 1.03. The town’s policy for net debt service, or general fund debt is a 8-percent maximum and the current actual for FY14 is 6.90 percent, and the town’s policy for debt 10-year payout ration is a 65-percent minimum and the current actual is 72.09 percent. Projects included in the CIP are construction of new town facilities, remodeling or expansion of existing town facilities, purchase and development of land, operating equipment and machinery for new or expanded facilities, street construction, reconstruction and resurfacing and planning and design costs related to specific capital projects. Proposed projects are identified by staff to start within the next five years and have a relatively high monetary value with a long life, and result in the creation of an asset or
the revitalization of an asset. McGean pointed there are several projects included with the CIP that the town has already committed to and are funded by the F12 bond issuance, including the Boardwalk reconstruction that was completed last spring, the Caroline Street Comfort Station that is currently under construction, Fire Station 4 that is heading toward construction, fire headquarters that is in the design phase, St. Louis Avenue road improvements that are spread out over three years and a number of wastewater projects. McGean highlighted several proposed projects that are FY14 and FY15 scheduled bond funded projects that he wanted the council to keep in mind during future discussions as they would have to be included in the upcoming bond sale for the Roland E. Powell Convention
Center Auditorium that was previously approved for joint funding with the Maryland Stadium Authority (MSA). The agreement is the town will pay $5.3 million toward the convention center’s new auditorium and the MSA will pay $5.7 million. The project is a 1,200- seat performing arts center and general auditorium space to be used for live theatrical and musical entertainment for residents and visitors as well as for lectures, award ceremonies, competitive dance finals and other activities associated with events using the full convention center. In addition to the auditorium space and lobby, the project includes full “back-of-the-house” infrastructure including dressing rooms, show docks and storage areas. Another highlighted project is canal dredging that would be an ongoing program to maintain an average depth of four feet below mean low water. The project would dredge approximately 6,000 cubic yards of material per year from canals. The priority for canal dredging is determined based on average existing depths as shown on surveys performed by the Maryland Department of Natural Resources in 2005 and 2006. The renovation of the Ocean SEE NEXT PAGE
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