County discusses using REET I for Lower County Transfer Station; commissioners seek program details
Budget staff outlined plans to use REET I funding to cover at least half the annual debt service on a Public Works Trust Board loan for the Lower County Transfer Station. Projected 2025 REET I expenditures may exceed revenues by $550,000; commissioners asked for facility-specific programming details before final decisions.
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Budget and Finance Director Zack DeHaven told the Board of Commissioners on July 24 that Solid Waste secured two Public Works Trust Board loans totaling $16.6 million for the Lower County Transfer Station project. Under resolution 2023-155, at least 50% of the annual debt service for the $10 million loan is planned to be funded through REET I. The loan carries a 1.39% interest rate over a 20-year term and debt service begins in June 2025.
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