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Council briefed on proposed $70 million first‑dam water project funding package; public hearing to follow
Summary
City staff asked the council March 4 to authorize an additional $10 million from water reserves and $40 million in bonds to advance the First Dam water tank and water‑line project, bringing total project authorization to $70 million if approved.
City staff presented a budget resolution March 4 to fund the First Dam water tank and related water‑line work, seeking additional appropriations and bond authority to complete the project.
Details of the funding request Staff said the request would appropriate an additional $10,000,000 from water reserves and authorize $40,000,000 in water bond issuance for the First Dam water tank and water‑line project. The packet noted $20,000,000 had already been appropriated for the project; if the council approves the new request, the total authorized funding would reach $70,000,000.
Staff cautioned the figure is preliminary The presenter said staff remains hopeful the final bid package will come in lower than $70 million but that cost estimates are moving. If the project ultimately requires the full $70 million, staff said the city may need to consider a water‑rate increase and would return to council for that decision; staff indicated the project could be supported without a rate change if final costs stay below certain thresholds (staff stated that figure would be around $65 million).
Next step Staff confirmed the item will be scheduled as a public hearing at the next council meeting for formal consideration and any deliberation about rate adjustments.
