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Colfax staff report $1.6 million sewer repair estimate for Clay Street; reserves, low-rate loan discussed
Summary
Public Works reported a $1.6 million quote for Clay Street sewer improvements; city reserves total about $1 million and staff noted a possible PWTF loan at 1.7% would translate to roughly $80,000 per year in payments.
Public Works staff informed the council that sewer repairs on Clay Street are needed and a contractor's quote for that work returned at approximately $1.6 million. Hammer said the city's current sewer reserves are roughly $1 million and that staff could pursue a Public Works Trust Fund (PWTF) loan at an estimated 1.7% interest rate; Hammer estimated an annual payment of about $80,000 under that loan scenario.
Council members and staff discussed financing options and reserve levels; Hammer framed the PWTF loan as a likely path if grant dollars are not available. The council did not take formal action on the Clay Street estimate at this meeting but directed staff to continue developing options and cost projections.
