Astoria creates Eighth Street waterline debt-service fund to collect developer repayments
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Summary
The council approved a new Eighth Street waterline debt-service fund (No. 263) to receive and route payments from the Bollin Investors LLC to repay a Business Oregon economic development loan for an upgraded Eighth Street water line tied to fire suppression and economic development.
Lede: The Astoria City Council authorized creation of a new debt-service fund Aug. 18 to manage repayments for an Eighth Street waterline project financed with a Business Oregon economic development loan.
Nut graf: City staff said the roughly $490,000 project upgraded a water main on Eighth Street primarily to provide improved fire suppression for the Bolin/Bollin Hotel project and to support related economic-development work; loan repayments from Bollin Investors LLC will be routed through the new fund to the state.
Body: City Manager Spencer Spence told council the Eighth Street project totaled about $490,000 and was funded in part by a Business Oregon economic development grant/loan. The city asked council to establish a new Waterline Debt Service Fund (Fund No. 263) to receive payments from Bollin Investors LLC (the private developer partnership identified in the staff report) and to remit payments to the state under the loan terms. Spence said the payment flow and accounting require a separate fund to track revenues and expenditures clearly.
Councilor Emily Davis noted and welcomed that any surplus payments would remain with the city if payments exceeded obligations. Councilor Davis moved to establish the fund; Councilor Mozzarella seconded. Roll-call votes recorded Councilors Davis, Mozzarella and Adams and Mayor Fitzpatrick as voting in the affirmative; the resolution carried.
Ending: Staff will implement the new fund and record repayments and any remaining balance in Fund No. 263 per the resolution passed by council.