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Agency says WIFIA reluctant to allow easement funding; updated rate model shows improved debt-service coverage
Summary
Agency staff reported that WIFIA officials have indicated reluctance to allow remaining WIFIA funds to pay for easement acquisitions for phases 1b and 2; separately, the agency’s updated rate model shows better debt-service coverage due to higher connection fees, lower project costs, and lower borrowing costs.
Agency staff told board members that WIFIA officials are reluctant to allow the agency to use remaining WIFIA loan funds to pay for easement acquisitions for upcoming project phases, creating uncertainty about how the agency will finance right-of-way purchases for phase 1b and phase 2.
"Initial feedback we're getting and we're having some back and forth with them asking them to reconsider it is we don't have construction funding. That's the reason that they're blocking at that," Executive Director Dan Hoynes said. Hoynes told the board he planned to meet with Tim Gay in Lincoln on May 8 to request additional funding and to continue discussing options for acquiring easements.
Hoynes said staff view acquiring easements as important for cost and schedule certainty regardless of…
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