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Council updates: $15 million SRF application for Spring Line; earnest-money offer planned for stormwater property
Summary
Staff reported a State Revolving Fund (SRF) application for $15 million to support drinking-water transmission and a plan to submit an earnest-money offer for a property needed by a stormwater project; the council directed staff to finalize closing costs and easements.
City staff told the council they applied to the State Revolving Fund for $15,000,000 to support the Spring Line drinking-water project and that the division of drinking water will hear the presentation on June 10.
"We applied yesterday for the SRF funding for $15,000,000 for the Spring Line," Speaker 6 said and credited Lisa with preparing the extensive financial documentation required by the application.
Separately, staff described an imminent earnest-money offer to acquire property needed for an AWP/stormwater project. "We're gonna do an earnest money offer. Laine already verbally got there. They're okeydokey on an offer. They're paying all they were asking for was the tax value on the property," Speaker 6 said, adding the plan is to pay tax value plus closing costs and deposit approximately $1,000 in earnest money to move toward signed easements.
Council directed staff to finish purchase paperwork and to return with final closing-cost figures and title-company requirements; staff said the real-property committee had given general blessing to proceed.
