Posted: March 01, 2018
Rapid City
Agenda Item Summary

Agenda Item Ref. #: CC030518-04.1 - Acknowledge Presentation and Public Hearing for SRF Application pertaining to the East Rapid City Water System Expansion

Agenda Item Title:

Presentation and Public Hearing for SRF Application pertaining to the “East Rapid City Water System Expansion”

Origination Group:
City Council
Origination Meeting Date:
03/05/2018
Petitioner:
CIty of Rapid City
Staff Contact:
Morgan Falcone
Agenda Item Summary:
In March 2014, the City began what has become known as the East Rapid City Water Expansion Project. A number of projects have been constructed, and the final project components are now being prepared for completion. Staff is projecting a budget shortfall of $950,000 from the original project estimate in 2014 of $7,126,000 and is requesting to make an application to the State for additional funding. In order for the City to proceed in making the application, a public hearing needs to be held as part of the application process. Public Hearing will discuss purpose of hearing, project, project alternatives, proposed financing, loan request, revenue source pledged, interest rate and term of loan, effect of proposed financing on user rates, and call for comments. Conducting the public hearing in no way obligates the City to accept the State Revolving Fund (SRF) loan. The City will be requesting the State fund the $950,000 in a manner similar to the 2014 package as it pertains to grant participation and principal forgiveness.

Funding Source & Fiscal Impact (if applicable):

Funding Cost Center
SRF/Water Water Expansion
Is Funding Budgeted?:
Budgeted

Recommendations:

Origination Recommendation Action:
Acknowledge
Origination Recommendation Notes:
Action: Acknowledge Notes: Public hearing needs to be conducted prior to Council action on Resolution which is also an item on the March 5, 2018 Council meeting. Conducting the public hearing in no way obligates the City to accepting the SRF Loan.

Attachments & Links to Download:

  pdf 2/5/18 City Council Minutes

  pdf Public Notice

  pdf Map

 

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