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Palm Desert approves $5.6 million advance and CFD to fund Cook Street substation with IID partnership
Summary
The City Council approved advancing $5.6 million in former RDA bond proceeds and entering a reservation agreement with the Imperial Irrigation District and partners to build a $42.6 million Cook Street substation, with cost recovery through a CFD and IID contributing roughly 18% of the project cost.
Palm Desert’s City Council voted unanimously Jan. 8 to advance $5.6 million to support construction of a Cook Street energy substation intended to serve undeveloped parcels in the city’s North Sphere and spur economic development.
Staff told the council the substation’s all-in cost is about $42.6 million. Under the partnership agreement presented by staff, Imperial Irrigation District (IID) will contribute approximately 18% of the cost (the agreement allows up to 20%). The city will advance $5.6 million from former redevelopment (RDA) bond proceeds and place a Community Facilities District (CFD) on the affected undeveloped parcels so parcel…
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