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Council approves $3.5 million grant and $3.5 million loan for dam reclamation project
Summary
The Lano City Council approved accepting a $3.5 million grant and a $3.5 million loan from ARSFCGL 2 LLC to fund engineering, permitting and potential construction work to rehabilitate and raise two city dams; council members voiced concern about a four-year completion/default clause and permitting timelines.
The Lano City Council voted to accept a $3,500,000 grant and a $3,500,000 loan from ARSFCGL 2 LLC to support a dam reclamation project that could include raising the height of both city dams and related engineering, environmental review and construction work. The council authorized the mayor to sign required documents including a grant agreement, PRI letter, loan agreement, promissory note and escrow agreement.
The funding package is intended to cover permitting, design and, if feasible, construction costs; council members noted the total project cost could exceed the $7 million represented by the two awards. “This will cover any permitting, engineering design, feasibility, environmental impacts, if it’s doable, and then the construction aspects of it,” a council member said during the meeting.
The council was briefed…
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