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Committee approves $8.65 million Ecology loan for reclaimed-water project
Summary
The Parks and Public Works Committee approved a resolution to accept an $8,651,000 low-interest loan from the Washington Department of Ecology to finish the reclaimed water distribution and reservoir project. The loan is 1.6% for 30 years; repayment is tied to reimbursement requests and begins Dec. 30, 2027, per staff.
The Parks and Public Works Committee voted to accept an $8,651,000 low-interest loan from the Washington Department of Ecology to complete the city’s reclaimed water distribution and reservoir project.
Andrew, a public works staff member, told the committee the Ecology offer covers the full project budget: "we've got the full, project budget of $8,651,000 offered. Same terms, 30 year, 1.6 interest rate," and that the draft agreement and amortization schedule were included with the agenda materials.
The resolution clears a funding gap created when the project scope grew during concept design — the city previously had a $6,866,000 loan offer…
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