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EDC reimbursement proposal would inject lump sum and recurring payments to utility funds, staff say
Summary
Staff said Scenario 2 would include a one‑time EDC payment of $4,511,300 plus recurring reimbursements of about $1.8M per year to offset debt service tied to megasite infrastructure, reducing future rate pressure if the EDC board approves.
Barrett said Scenario 2 envisions the EDC paying a one‑time lump sum of $4,511,300 to reimburse the utility fund for prior East‑West Spine Road expenditures and then making recurring reimbursements for principal and interest related to megasite water and wastewater infrastructure.
"So that would be a lump sum 1 time payment of 4,511,300..." Barrett said, and added that recurring annual reimbursements to the utility for principal and interest would be about $1.8 million. Barrett and other speakers told council the arrangement would reduce the transfers from the impact‑fee fund and lower projected rate increases by roughly one year and about 12 percent over six years if implemented.
