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Council asked to approve SRF loan amendment that confirms $541,899 principal forgiveness
Summary
City staff asked the council to approve an amendment to a 2018 Clean Water State Revolving Fund loan for wastewater phase 2 that confirms $541,899 in principal forgiveness, preserves a 0% interest rate, and establishes annual payments of $81,285 beginning May 2026 with maturity in 2045.
City staff presented an amendment to a Clean Water State Revolving Fund loan originally originated in 2018 for the wastewater treatment facility phase 2. The amendment confirms $541,899 in principal forgiveness, maintains the loan's 0% interest rate, and updates an amortization schedule that includes annual payments of $81,285 beginning in May 2026 with final maturity in May 2045. Staff told the council that signature and council approval are required to begin repayment under the amended terms.
The amendment package is intended to close out the project (staff said the project closed in May 2025) and to document the forgiveness and repayment timeline. Staff said the original estimated project cost had been higher but was reduced in the final accounting. Council members did not raise objections at the meeting and the item was set to appear on the next council agenda for formal approval.
