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Glendale closes public hearing, approves CIB loan and final bond resolution for Hops Well
Summary
After a public hearing, the council unanimously adopted a final bond resolution accepting a Community Impact Board (CIB) grant and $90,000 loan to replace the town's failing Hops Well; the loan carries a 1% rate and is expected to be repaid over 30 years.
The Glendale council closed a public hearing and voted unanimously on Aug. 6 to accept a CIB funding package to redrill and replace the Hops Well.
Chair opened the hearing to community comment, and Kyler, the project representative on the call, described the financing: “The total project cost was $900,000. The town was able to get $810,000 of that in grant with only $90,000 in loan. The loan will be repaid over 30 years at 1%. They’ll start accruing interest on 10/01/2026, but the first payment won’t be due until October 2027.” Kyler said the town’s current water-rate structure can cover the roughly $3,000 annual payment without a rate increase. A community commenter introduced by the Chair as Mister Harris expressed full support for the project at the hearing.
Following the hearing, council members moved, seconded and approved the final bond resolution that formalizes the CIB grant and the $90,000 loan for the Hops Well replacement. Kyler outlined next steps for the loan closing: two signed copies of the final bond resolution must be prepared (signatures on page 6), one retained by the town and one mailed to Bill Prater; the loan closing is anticipated Aug. 18, and a reimbursement request for invoices will be submitted at closing so the town can begin disbursing payments to contractors.
The decision authorizes the town to proceed with the replacement well and the administrative steps needed for closing and reimbursement. No member opposed the measure.
