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Board approves SRF loan application, considers bulk water agreement for camp and conference center
Summary
The board approved submitting a State Revolving Fund loan application and a bulk water agreement structure that would extend a water main to the Lake Placid Camp and Conference Center, while flagging collateral and "pioneering" recoupment terms for future negotiation.
The Lake Placid Utility Board voted to approve submitting documents for a State Revolving Fund (SRF) loan and to recommend a bulk water (bulk service) agreement that would allow the town to extend a water line to the Lake Placid Camp and Conference Center with the conference center underwriting the project costs.
Mr. Harris described the SRF package in the agenda: an approximately $2.7 million loan with a forgiveness portion referenced in the packet and very low interest from the Department of Environmental Protection (DEP). He said the conference center agreed to pay legal, engineering, design and construction costs and to carry the risk of any principal forgiveness shortfall; the town would be the borrower with the debt on…
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