HomeMy WebLinkAbout10/19/2016 7E AGENDA BILL � �
CITY OF BREMERTON
CITY COUNCIL
SUBJECT: Amendment A for DWSRF Loan Study Session Date: October 12, 2016
for Reservoir 4 Cover Replacement COUNCIL MEETING Date: October 19, 2016
Department: Engineering
Presenter: Ned Lever
Phone: (360)473-2398
SUMMARY: A DWSRF loan (Loan DM15-952-026)was executed in June 2015 for the evaluation,
design and construction of a new cover for Reservoir 4; the loan amount is $2.3M and has a term of
20 years. The scope of the work included a detailed evaluation of cover alternatives, and the project
scope and loan value loan were based on installing a hard steel or aluminum cover over the facility
since that would have been the most expensive alternative. The evaluation has been completed,
and the conclusion is that a hard cover is cost prohibitive and would have a roof height that would not
fit well into the neighborhood. As a result, a replacement floating cover(with an associated liner) has
been selected as the preferred alternative.
The current loan term is 20 years, but is being reduced to 10 years based on the floating cover life
expectancy of 10 to 12 years. The loan term reduction is being required by the loan agency. The
attached Amendment A changes only the term of the loan. The actual scope of work change will
follow in a separate amendment once it is approved by the Public Works Board.
ATTACHMENTS: Amendment A to Loan DM 15-952-026
FISCAL IMPACTS (Include Budgeted Amount): All project costs are loan eligible. The project is
included in the 2016 and 2017 budgets.
STUDY SESSION AGENDA: O No Presentation ❑ Full Presentation
STUDY SESSION ACTION: o Consent Agenda ❑ General Business ❑ Public Hearing
RECOMMENDED MOTION:
Move to approve Amendment A to DWSRF Loan DM15-952-026; and authorize the Mayor to finalize
and execute the agreement with substantially the same terms and conditions as presented.
COUNCIL ACTION: [�Approve ❑ Deny ❑ Table ❑ Continue ❑ No Action
Form Updated 01/07/15