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Council authorizes Special Public Works Fund loan for Keys Road Reservoir
Summary
The council approved Resolution 24-17 to authorize the city manager to finalize a Business Oregon Special Public Works Fund loan to support the Keys Road Reservoir project; staff estimated about $2 million in total project spending and explained interest accrues on disbursements at 4.09%.
The Scappoose City Council voted Nov. 18 to approve Resolution 24-17, a form resolution required by Business Oregon to finalize a Special Public Works Fund loan for the Keys Road Reservoir project.
Contract administrator Charlotte Baker told the council the resolution is essentially a Business Oregon form that must be adopted as written to receive loan proceeds. She said the loan’s stated interest rate is 4.09% and that interest is assessed only on disbursements as they are requested and drawn. Baker said staff expects to begin drawing the funds in the spring and estimated total project spending around $2,000,000.
Council members asked for clarification on timing and whether disbursements would be staged to reduce interest exposure; staff confirmed draws will be phased with project milestones and that the first loan payments will likely begin when the loan closes. City Manager Bergner and finance staff explained the city will consider ARPA and urban renewal funding timing and will choose the most cost-effective funding mix when draws begin.
Councilor Holmes moved to approve Resolution 24-17 and authorize the city manager to enter into the agreement with Business Oregon; Councilor Santiago seconded and the motion carried unanimously by voice vote.
