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Commissioners authorize short-term credit, contract modifications and early construction steps for 1 Water South program
Summary
Hillsborough County approved a revolving credit facility and modifications to major contracts for the 1 Water South wastewater and conveyance project, approving short-term financing and contract increases to begin early construction and long-lead procurement.
The Hillsborough County Board of County Commissioners on Dec. 17 approved financing instruments and contract modifications to advance the county's 1 Water South wastewater conveyance and treatment program.
Management and Budget Director Kevin Brickey asked the board to authorize a subordinate utility revenue note series 2025 and a revolving credit agreement with Bank of America, non?exceeding $400 million at any point and $1.5 billion aggregate, to provide short-term credit while the county stages a later bond issuance. Staff explained that much of the program's spending will occur in later years and recommended short-term borrowing now to bridge contract encumbrances and long-lead procurement.
The board also approved a third modification to the progressive design-build contract with Garney Companies, increasing the contract by $224,619,407.06 to support early works (including the Balm Road super lift station and pipeline foundations), and a sixth modification to the owner-advisor agreement (Corolla/Growlo Engineering) for continued professional services.
Staff said construction of the wastewater treatment plant and additional pipeline packages will generate further Guaranteed Maximum Price (GMP) actions over the next year; D/M/W/BE participation levels and project controls were discussed. Debt service for FY 2026 and 2027 was estimated at about $9.5 million annually to be paid from water/wastewater system funds.
Votes: the credit/funding resolution was recorded as carried (6 to 0); both contract modifications carried unanimously (7 to 0). Staff and commissioners noted the large program scale and long lead times for materials and recommended continued public reporting as the program proceeds.
Next steps: staff will complete credit documents, proceed with early procurement and return with future GMP and bond-timing recommendations as packages mature.
