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Peosta council to offer about 50% local share as it pushes Highway 20 corridor pitch to DOT
Summary
Council members said they'll press the Iowa DOT next week for Highway 20 corridor prioritization and discussed offering a roughly 50% local cost share (or a $10 million not-to-exceed option) rather than using SRF loans that would delay construction.
Council members reviewed strategy ahead of a delegation meeting with state DOT commissioners next week and debated how much of a local cost share to offer to move the Highway 20 corridor and related projects up the DOT's priority list. The city's staff noted that using State Revolving Fund (SRF) financing could yield lower interest rates but would add 12 —15 months of paperwork and environmental clearances that would likely delay the job by a year; the council therefore leaned toward offering stronger local commitment to advance scheduling.
"My recommendation at this point after that meeting was probably offering 50%," the presiding council leader said during the discussion. Members discussed structuring the contribution as either a percentage or a dollar cap; one option floated was "50% not to exceed $10,000,000" for an initial filing and then reassessing. Staff also asked the council to consider higher-dollar scenario planning in case construction costs inflate further over time.
