Kokomo Board approves $150,000 EDA CARES loan, multiple pay applications and schedules Jefferson Street hearing

The Kokomo Board of Public Works and Safety on March 12 approved a $150,000 loan from the EDA CARES Act recovery and assistance revolving loan fund to REO Holdings LLC, authorized multiple contractor pay applications and retainage releases, set a bid opening for the Elizabeth Street reconstruction project and scheduled a public hearing on a proposed Jefferson Street sanitary sewer assessment.

The loan recommendation was presented by Colleen Shaw, development specialist in the city's development department. Shaw said the board of the revolving loan fund had recommended a $150,000 loan to REO Holdings LLC with a 10-year term, a fixed 5% interest rate and monthly payments. The board approved the loan and authorized the president to execute loan documents as approved by corporate counsel; a motion to approve was made, seconded and passed by voice vote.

Why it matters: the loan uses federal CARES Act revolving funds meant to support local recovery projects and was routed through the city's revolving loan fund board prior to the Board of Public Works and Safety approval.

Engineering and contract payments

John Fikard, director of engineering, presented pay application number 7 for the Northeast Water Main Extension (project C2307-1A). Fikard said the contractor, TSW Utility Solutions Inc., and consulting engineer Donna Hugh and Associates Inc. had reviewed quantities placed in the field…