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Posted: February 22, 2018
Rapid City
Agenda Item Summary

Agenda Item Ref. #: PW022718-09

Agenda Item Title:

Forward to City Council without Recommendation Resolution No. 2018-022 A Resolution Authorizing an Application for Financial Assistance, Authorizing the Execution and Submittal of the Application, and Designating an Authorized Representative to Certify and Sign Payment Requests. East Rapid City Water Expansion, Project No. 13-2107 / CIP No. 50964.

Origination Group:
Public Works Committee
Origination Meeting Date:
02/27/2018
City Council Hearing Date:
03/05/2018
Staff Contact:
Morgan Falcone
Location:
East Rapid City Water Users Region
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. A public hearing is scheduled for the March 5th Council meeting. After the public hearing, Council action will be requested on the Resolution referred to in the above title. Conducting the public hearing and submitting the application 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. The 2014 total funding package was for $7,126,000, and included $1,500,000 from the water enterprise fund, a $1,000,000 grant from the State (approximately 14% of the package) and a $4,626,000 loan, of which up to $3,000,000 was principal forgiveness (approximately 65% of the loan).

Funding Source & Fiscal Impact (if applicable):

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

Recommendations:

Origination Recommendation Notes:
Forward to Council without Recommendation - this item will be placed on the Council’s agenda following a public hearing. Authorizing the Resolution in no way obligates the City to accept the SRF Loan.

Attachments & Links to Download:

  pdf Resolution 2018-022

  pdf Project Vicinity Map

Published in 2018 PW Agenda Items

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