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Glens Falls board reviews $20.8M electrical upgrade plan; staff expect final financing numbers this year
Summary
Staff told the Water and Sewer Board the electrical upgrade has plans and specs with an engineer estimate near $20.8 million, the city holds a roughly $20 million bond and staff identified about $1 million in congressional funding to narrow the gap; staff said they expect final cost numbers later in the year.
Staff updated the Water and Sewer Board on June 1 that plans and specifications for a major electrical upgrade are with EFC (engineering/financial contacts) and that staff are working to accelerate the process.
According to staff, the city has carried a bond of about $20 million toward the project and engineers’ estimates are approximately $20,800,000; staff also said approximately $1 million in congressional funding has been identified to help close the shortfall. Staff said they will receive more detailed, final numbers later this year.
"The engineers costs were 20,800,000. So they wanted to know how we can take that 800 gallon up gap up. So what we have now is we have the resolution for the 20 million plus we have the congressional funding for a million," a staff speaker told the board.
Staff said EFC representatives (named as Daniel Al on the engineering side and Ryan K on the financial side) are helping to expedite plans and clarify bonding and financing questions. Board members asked for clarification of final numbers and timing; staff said they hope to have clearer figures by year end.
No final financing vote was taken at the meeting; staff said they are working with bond counsel and the controller on next steps.
