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Committee approves final cost-share payments for Elm River dams, including up to $236,432 and $73,606
Summary
Committee approved two motions to amend county cost-share: up to $236,432 for Elm River Dam Nos. 1 and 2 (two-thirds of remaining local costs) and up to $73,606 for Elm River Dam No. 3 (90% of remaining local costs); presenters summarized total project costs and bonding interest.
The Cass County Flood Sales Tax Committee approved two amendments to county cost-share for Elm River dam projects on April 21. The first motion authorized up to $236,432 at the previously approved two-thirds share for Elm River Dam Nos. 1 and 2; the second authorized up to $73,606 at the previously approved 90% share for Elm River Dam No. 3.
A presenter reviewing final project numbers said total project costs for Dams 1 and 2 were about $6,900,000 and that bond interest and financing fees amounted to roughly $1,250,000. The presenter said the State Water Commission and the Red River Joint Water Resource District are covering large portions of the projects at their approved percentages (the State at about 60% and the Red River District at higher percentages for the site in the county), and that the committee’s requested payments reflected previously negotiated shares.
The motions were moved, seconded and approved by roll-call vote. Committee discussion included recognition that earlier approvals anticipated different construction bids and that financing costs increased the final local funding need; staff said the Elm River joint board and State Water Commission had approved the higher amounts prior to the committee meeting.
Committee members asked clarifying questions about financing and whether additional interest costs could have been anticipated; presenters said lessons learned include better anticipating bonding and financing costs before construction bids are issued.
