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Middletown authorizes $168,195.52 SRF loan payment to 3-D Company, Inc.
Summary
The council authorized the third payment from the SRF 5th Street Project loan to 3-D Company, Inc. for $168,195.52, with 10% placed into a retainage account; the motion passed unanimously.
On July 1 the Middletown Town Council authorized the third payment from the State Revolving Fund (SRF) 5th Street Project loan to 3-D Company, Inc. in the amount of $168,195.52. Council President Betty Riley moved the payment authorization, Shelly Kimmerling seconded, and the motion passed unanimously. The council directed 10% of the payment into a retainage account as part of the payment authorization.
Why it matters: the payment advances work tied to the 5th Street infrastructure project and includes a retainage mechanism to protect the town pending final project completion or punch-list items.
What happens next: the payment will be processed per SRF project procedures; the minutes do not record further contract details, timelines, or payment schedule beyond this authorization.
