Salt Lake City has begun accepting applications for the Capital Improvement Program (CIP), a planning program of capital spending needed to replace or expand the city’s public infrastructure.
The application deadline is 11:59 p.m. Nov. 30.
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 have 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’ operations for cash and is generally owned for its role in contributing to the business’ 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.
Details about CIP are at http://www.slcgov.com/hand/capital-improvement-program.