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Council accepts CIB funding terms for $3.4M roadway rehabilitation (grant + low-interest loan)
Summary
Vernal City accepted Community Impact Board terms totaling $3.4 million—$1.7 million grant and $1.7 million loan at 0.5% over 10 years—to rehabilitate major roadways, with loan repayment planned from annual B & C Road Funds.
Public Works Director Keith Despain summarized the city's CIB application and the awarded funding terms for major roadway rehabilitation. Staff reported the request was approved as $1.7 million in grant funds and $1.7 million in a loan at 0.5% interest over 10 years. "Staff was seeking Council approval to accept the funding terms and proceed with the project," Despain said.
Council members discussed repayment responsibility, with staff confirming the loan would be repaid from annual B & C Road Funds (about $500,000/year), and covered questions about scope, coordination with other infrastructure work (notably planned water and sewer work on 100 North), and that chip seal preserves profiles rather than correcting underlying structural defects. Council unanimously approved accepting the CIB terms.
