Measure Q was approved by the voters of Del Mar in November 2016, increasing the sales tax rate by 1 percent in order to generate funds for public projects, with three projects currently in focus — Downtown Streetscape, utility pole undergrounding and the Shores Park Master Plan.
So far, the measure has accumulated a fund of more than $2.3 million, and it is projected to bring in more than $2.1 million in Fiscal Year 2018-2019.
At the meeting, council members voted unanimously to pass a resolution establishing a strategy for use of Measure Q funds, as well as internal controls. This would involve maintaining a cash reserve of $500,000, using short-term loans to avoid accumulation of long-term debt, and establishing a cash flow for FY 2018-2019.
Downtown Streetscape is the most pressing of the three projects — and is estimated to cost $7.1 million. The city plans to borrow approximately $2.5 million in order to jumpstart the project — financing for which will be paid off out of future accumulated Measure Q funds, according to City Manager Scott Huth.
Council members voted unanimously to “go out to bid,” with the project, prompting applause from meeting attendees.
According to Mayor Dwight Worden, there has been “overwhelming feedback” from local businesses and residents alike to move forward with the project. The city has been attempting to move forward with a downtown improvement project for more than two decades, and the project was further delayed in May when construction bids came in more costly than the city anticipated.
The project is slated to be complete by July of 2019.