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Commission authorizes execution of SRF loan documents for wastewater treatment plant
Summary
The commission authorized city officials to execute State Revolving Fund loan documents after staff said the city was approved for $20 million in SRF loan funds with $14.5 million in loan forgiveness and $14.5 million in grant funding priority; the wastewater project cost exceeds the SRF cap and additional funding steps remain.
City officials were authorized to execute State Revolving Fund (SRF) loan documents related to the planned wastewater treatment plant.
Staff explained the SRF process and said the city had been approved for $20,000,000 in SRF loan funds and had been allocated a package that included $14.5 million in loan forgiveness and $14.5 million in grant funding priority. Staff emphasized that the wastewater treatment plant is expected to cost considerably more than the SRF cap and that the SRF approval secures priority for the next $20 million funding cycle.
The commission voted to authorize the city manager and appropriate officials to execute the loan documents required by the SRF program. Staff did not provide a full project cost in the record but said the SRF award does not fully fund the project and that further financing and bidding steps are expected.
