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Village approves $30,000 PSA with EEI to support Lake Michigan WIFIA application due diligence
Summary
Trustees authorized a professional services agreement with EEI for $30,000 to assist with due diligence and underwriting related to the village’s Lake Michigan WIFIA application; staff said they anticipate closing the WIFIA loan this fall.
The Village of Montgomery approved a professional services agreement (PSA) with EEI for $30,000 to assist staff with due diligence, underwriting and ongoing coordination for the village’s Lake Michigan WIFIA loan application.
Director Mulowski said the village submitted its WIFIA application in September 2024 and has been meeting regularly with EEI and the U.S. EPA during underwriting. Staff said they anticipate a loan closing sometime this fall and that the PSA helps keep the project moving during the underwriting and documentation process.
Trustees moved, seconded and approved the PSA by roll-call vote. Director Mulowski said the agreement also ensures continuity with other consultants, including Stantec, who have assisted on project elements during the WIFIA application.
The board recorded a unanimous vote in favor of the $30,000 agreement.
