Starting Monday, October 30th, Salt Lake City will begin accepting applications for the Capital Improvement Program (CIP).
The CIP is a multi-year planning program of capital expenditures needed to replace or expand the City’s public infrastructure. Capital improvements involve the construction, purchase or rehabilitation of Salt Lake City’s infrastructure including buildings, parks, streets, sidewalks, bridges, transportation features, traffic signals or other physical structures. A capital improvement must have a useful life of five or more years. It also must provide one of the following two elements: has a cost of $50,000 or more and/or satisfies the functionality of a capital asset.
A capital asset is a type of asset that is not easily sold in the regular course of a business’s operations for cash and is generally owned for its role in contributing to the business’s ability to generate profit. It is expected that the benefits gained from the asset will extend beyond a time span of five years. A capital improvement is not a recurring capital outlay item (such as a motor vehicle or a fire engine) or a maintenance expense (such as fixing a leaking roof or painting park benches). Acquisition of equipment is not a capital project unless it is an integral part of the capital project.
If you are a resident in Salt Lake City and interested in applying, contact Holly Draney by Monday, November 13, 2017 by 3:00 p.m.
CIP Applications are due Thursday, November 30, 2017 by 11:59 p.m.
Learn more about Salt Lake City’s Capital Improvement Program at http://www.slcgov.com/hand/capital-improvement-program