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Council advances $11 million loan ordinance for west-side wastewater project; $25M project includes $14M state grant
Summary
City staff asked the council to set a second reading for a revenue bond/loan ordinance not to exceed $11 million for west-side wastewater project 2c, part of a roughly $25 million phase that includes a $14 million state housing infrastructure grant; council set the ordinance for a second reading.
The Sioux Falls City Council on Aug. 13 moved the first reading of an ordinance authorizing a wastewater system revenue bond not to exceed $11 million to a second reading next week.
Staff described the funding package for project 2c (part of the west-side basin improvements) as a roughly $25 million effort; the city has a $14 million South Dakota Housing Infrastructure Financing grant in hand and seeks SRF loan authority for the remaining balance. Staff said SRF loan terms are expected at approximately 3.5% for 20 years.
Project elements include gravity sewer components, a 5 million-gallon equalization basin with a possible expansion to 10 million gallons if funding permits, and pump-station elements to tie new segments into the existing collection system. Staff said the loan authority would allow the city to advertise and bid the project (targeting ads in early September).
Council set a date for a second reading on Aug. 20. No final borrowing was undertaken at the Aug. 13 meeting; the action advanced the loan ordinance to the next step in the council’s process.
