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Project #1: Neighborhood Underground Power
Project Narrative: The City of Marco Island entered into a franchise agreement with the Lee County Electric Co-operative, Inc. (LCEC) through Ordinance 04-18, approved on October 4, 2004. The agreement calls for a five percent (5%) franchise fee to be collected by LCEC and remitted quarterly to the City of Marco Island. The City Council has restricted expenditure of franchise proceeds to underground power lines and the installation of new street light fixtures, and payment of street lighting costs.
The new street light fixtures and underground power on South Collier Boulevard was financed through this fund at an expense of approximately $1,500,000. Work on underground power is underway on North Collier Boulevard and new street light fixtures will be installed as part of the roadway construction. Cost for that project is budgeted at $3,500,000.
City Council has endorsed the project to underground all single-phase electrical power in residential neighborhoods and the installation of new street lighting fixtures. LCEC completed the engineering for the project in 2005. Construction is budgeted at $19,945,000. Project will be financed with a series of bond issues and debt service repaid from franchise fee revenues.
To avoid further construction disruption to the community, the recommendation is made to combine underground power installation with the Septic Tank Replacement Program as each district is constructed. Neighborhood areas that already have sewer service will receive underground power over the next several years; however, underground power work will not start in the currently sewered areas until after the completion of the rebuilding of North Collier Boulevard.
Five-Year Funding Recommendation:
FY07 |
FY08 |
FY09 |
FY10 |
FY11 |
Total |
3,000,000 |
5,000,000 |
5,000,000 |
4,000,000 |
2,945,000 |
19,945,000 |
Funding: $19,945,000 Electric Franchise Fees
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