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Staff to provide project list and cost estimates before council considers financing resolution

5112274 · June 30, 2025
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Summary

Council members asked staff to prepare a detailed list of projects and cost estimates for the July meetings ahead of a planned vote on a financing resolution; staff said principal forgiveness amounts and applicable rates are not yet known.

A city staff member told the City Council they would provide a list of candidate projects and related cost estimates for the July meetings to support the council’s consideration of borrowing options and a planned resolution.

The staff member said the city could not immediately state how much principal forgiveness would be available or what the applicable interest rate would be, and recommended that the council receive a summary listing of projects and costs before making commitments. The staff member said the council could still act on a resolution on Friday if it wished.

The staff member framed the July submission as informational: “we're not asking for a commitment tonight on doing the project, but it's there's that potential,” the staff member said. The staff member also recommended a summary that would identify which projects the city would likely borrow for and provide related cost estimates.

Next steps: staff will prepare the requested list and cost estimates for the July meetings to support council consideration of any financing or resolution.