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Budget committee reviews $4M pump station loan, ties project financing to proposed 400‑unit Timber Cove housing development
Summary
Committee discussed Business Oregon loan proceeds, the $4,000,000 construction cost for Pump Station 27, related tide-gate loan, developer obligations for minimum home production, and timing uncertainties tied to grants and buildout pace.
Coos Bay's Budget Committee was briefed on financing and schedule for Pump Station 27, the sewer pump station intended to serve a proposed Timber Cove housing development.
Nicole (City Manager/Finance Director) told the committee Business Oregon loan proceeds are budgeted in Fund 29 and that the construction estimate for Pump Station 27 is reflected as roughly $4,000,058 in construction costs. "So this is… the pump station that's going to serve the, 400 units of division Timber Cove," she said when describing the project and grant/loan package.
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