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Santa Fe approves $5.5 million NMFA loan-grant for Nichols Dam repairs
Summary
The governing body accepted a $5.5 million loan-grant from the New Mexico Finance Authority to contribute to ongoing repairs of the Nichols Dam outlet conduit; the larger project is estimated at about $20 million.
The City of Santa Fe accepted a $5.5 million loan-grant from the New Mexico Finance Authority’s Water Project Fund to help pay for repairs to the Nichols Dam outlet conduit, staff told the governing body at Tuesday’s meeting.
A city staff speaker described the funding as a loan-grant package: $5.5 million toward a larger Nichols Dam repair program that city staff estimate at roughly $20 million. The package includes a 20-year loan portion at 0.025 percent interest, the staff member said.
The work covered by the agreement includes sealing conduit joints, conduit lining, installation of a filter diaphragm around the outlet conduit and related repairs to the dam outlet system, according to the proposed ordinance language read into the record.
No members of the public testified on the item. A motion to approve the ordinance accepting the loan-grant passed on a roll call vote.
Staff said the Nichols Dam project is ongoing and will continue into the current calendar year; the NMFA funds will be used alongside other available resources to complete repairs.
The governing body’s acceptance authorizes execution and delivery of the loan-grant agreement and pledges repayment from net revenues of the city water utility, consistent with state program rules.
