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Council briefs on bridge project financing: staff awaiting lender review of audits for 0% loan option
Summary
Council discussed bridge work and utility relocation, saying staff requested the city's last two audits so a lender ('Ard' as cited in the meeting) can determine qualification for up to 20 years of in-house financing at 0% interest. Staff estimated the project roughly at $1.1 million and said repayment would not begin until construction completion.
City staff told the council they have begun work on financing options for a planned bridge project that will require moving utilities and other preparatory work.
Staff said they contacted an in-house financing source referred to in the meeting as “Ard,” which can offer financing terms up to 20 years at 0% interest, but will first review the city’s last two audit reports to determine what the city qualifies for. Council members emphasized that if the city qualifies, payments would not be required until after the bridge is complete.
A project-cost figure discussed in the meeting was about $1.1 million; staff said some elements of the work could be combined to reduce costs and that some maintenance or repair work might be completed earlier. Council asked staff to pursue the financing conversation and report back when the lender confirms the city’s qualification and the precise terms.
What happens next: staff will provide the lender's determination after the audits are reviewed and will return to council with concrete terms and an updated project budget and schedule.
