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WIFIA draw expected in late 2025; staff to prepare dry run; consultant rates recommended to rise 3%
Summary
Staff told the finance committee that WIFIA loan draws are expected to begin in third or fourth quarter 2025 and that the loan carries a 2.08% interest rate with five years of deferred principal after substantial completion and a 35‑year repayment. The executive director recommended a 3% consultant-fee increase for 2025.
Authority staff briefed the Finance Committee on two financing and cost items: the timing and terms for draws on the WIFIA loan, and a recommended annual consultant-fee increase.
John Shockley updated the committee on the WIFIA loan, saying the authority closed the WIFIA loan in 2021 and, during construction, has been paying only annual…
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