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City utilities director recommends private loan to fund $4.6M in waterline projects
Summary
Utilities Director Randy Kim told council the city has four waterline replacement projects plus a tank recoating totaling about $4.6M. Staff recommended a privately underwritten loan (Flagstar) over the State Revolving Fund because one CDOT-managed segment would be ineligible for SRF and SRF federal requirements could add cost.
Randy Kim, the city's utilities director, briefed the council on a recommended financing plan to cover four waterline replacement projects and a tank recoating that together total just over $4.6 million.
Kim said the city evaluated two primary options: a State Revolving Fund (SRF) loan—which offers a lower interest rate and a 20‑year term but triggers federal requirements such as Davis‑Bacon prevailing‑wage rules and American iron and steel…
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