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Board hears SRF scoring, considers Baker Tilly fees to pursue open-market financing for Northside wastewater project
Summary
The board discussed SRF ranking results that left the Northside wastewater project outside the fundable range and approved up to $15,000 in additional Baker Tilly fees to explore open-market financing. Staff also reported a lead-service-line replacement project scored 5th with potential forgivable-loan eligibility for an East 15th Street DAC area.
General manager Rob Young updated the board on financing for the Northside wastewater project, saying the project scored outside the SRF fundable range this year. Young said the board had previously authorized $80,000 for Baker Tilly advisory services and requested authorization for an additional not-to-exceed $15,000 to pursue open-market financing and underwriting support; the board approved the additional funds.
Young also outlined a preliminary engineering report with Commonwealth Engineering for a lead service line replacement project. The project scored fifth with SRF and staff identified a disadvantaged community area around East 15th Street that might be eligible for a mix of forgivable and 0% loans. Young said staff will work with Commonwealth and Baker Tilly to define scope and funding opportunities and will schedule further committee review once more information is available.
