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Board asked to approve $585,000 preconstruction funding agreement as part of a phased $2.5M commitment
Summary
Staff presented a preconstruction funding agreement for $585,000 as part of a previously authorized up to $2.5 million phased funding approach for a larger reconstruction project; funds will reimburse design and permitting and will be released only after matching funds are verified.
Staff reminded the board that it had previously approved a letter of intent to provide up to $2.5 million in phased funding for a multi‑phase reconstruction project. At this meeting staff presented the next piece — a preconstruction funding agreement covering reimbursement of design, permitting and preconstruction costs totaling $585,000.
"Do you remember the board approved the letter of intent, provide up to 2,500,000 in funding for sort of 3 different pieces... So we're just executing a preconstruction funding agreement here," the Presenter said. Staff emphasized that reimbursement under this agreement will be contingent on verification that matching funds are in place before disbursement.
Staff recommended placing this funding agreement on consent. Board members sought confirmation that the project partner is ready to match the funds; staff said project partners had indicated they would match and that the agreement includes verification steps before funds are released.
