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Commission approves $20 million SRF loan amendment for Crest Avenue wastewater project
Summary
The commission approved Amendment 1 to SRF Loan Agreement WW480103 adding $20,000,000 to the Crest Avenue Wastewater Treatment Facility project; city staff said the amendment merges a prior $5,000,000 loan and locks a 1.64% interest rate.
City Engineer Jim Monahan informed the commission that the Florida Department of Environmental Protection placed the Crest Avenue Wastewater Treatment Facility construction project on the fundable portion of the State Revolving Fund priority list and approved a $20,000,000 increase via Amendment 1 to Loan Agreement WW480103. Monahan said the unfunded costs of the project remain on the waiting list for future funding, but the $20 million increase is now fundable.
City Manager Jon C. Williams noted documents referenced $25,000,000 overall and reminded commissioners a $5,000,000 loan had previously been secured; he explained the amendment merges the two loans and locks a 1.64 percent rate. Commissioner Iliana R. Jones moved to approve the SRF loan amendment for $20,000,000; Commissioner Lisa L. Bennett seconded and the motion passed unanimously, 5-0.
