Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Water Infrastructure topic
No spam. Unsubscribe anytime.
State board approves 50/50 grant-and-loan package for Thayne’s Meadows booster pump project
Summary
Town staff reported that the State Loan and Investment Board approved financing for the Meadows Booster Pump as 50% grant and 50% loan (20 years at 2.5%); town to submit a part-two application and proceed to bid in 2021.
Robert Hood told the council the Town's funding request for the Meadows Booster Pump project was approved by the State Loan and Investment Board and will be financed as a 50% grant and a 50% loan amortized over 20 years at a 2.5% interest rate. He said the part-two application is due Feb. 2 and that the town is targeting a mid‑April 2021 bid process. (The meeting transcript lists the part-two deadline as Feb. 2, 2020; meeting materials and project timetables indicate the intended deadline is Feb. 2, 2021.)
Hood framed the approval as a significant funding step that allows the town to move the project forward. Council did not take a separate vote on the funding approval during the meeting because the council was reporting the board’s action. Council members were informed the next application steps and timeline would follow the State Loan and Investment Board’s part‑two requirements.
