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Council committee authorizes applications to Ohio EPA and Ohio Water Development Authority for water-project loans
Summary
The Public Service Committee authorized placing on the consent agenda an ordinance allowing the mayor to apply for loans from the Ohio EPA WSRLA and the Ohio Water Development Authority to fund planning, design and construction of several water projects.
The Public Service Committee placed on the consent agenda an ordinance authorizing the mayor or designee to file applications and enter agreements with the Ohio Environmental Protection Agency's Water Supply Revolving Loan Account (WSRLA) and the Ohio Water Development Authority for planning, design and construction financing for several water projects.
Public Service Director Chris Ludlow said the authorization covers multiple projects on the department's list, including the VFD conversion design and the granular activated carbon (GAC) facility discussed in a prior week. He described current borrowing terms: "the current interest rate for a 20 year loan on a construction loan is 3 and a half percent, but on a 5 year design loan, it's 0%." Ludlow said the city intends to use design loans and construction loans to leverage available funding and will return with project-specific legislation if loans are obtained.
Committee members approved moving the item to consent without recorded opposition. The ordinance authorizes staff to apply for loan assistance; it does not commit the city to accept specific loan terms until council reviews any resulting financing agreements and project ordinances.
