It will be well spent if the improvements fully connect places people actually need to go which can only be achieved by replacing some vehicular lanes and parking spaces.

I fear what happens instead is this money gets spent on surveys, studies, proposals and planners attending meetings where everything that might actually work gets nimby-ed to death. Then, if money remains, random segments of bike lane get built where there is least resistance, and the city remains too dangerous for kids to ride bikes to school.