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County discusses using REET I for Lower County Transfer Station; commissioners seek program details
Summary
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.
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.
DeHaven said projected 2025 REET I expenditures will exceed revenues by $550,000 and estimated a year-end REET I fund balance of $6.5 million. Commissioners requested program-specific information directly from Facilities and Solid Waste Director Patti Stacey before finalizing any funding obligation.
No decision was made at the session; staff were directed to return with the requested program details so the board can decide if and how REET I will be applied to the Transfer Station debt service.
