HomeMy WebLinkAbout07/18/2018 7EAGENDA BILL
CITY OF BREMERTON
CITY COUNCIL
SUBJECT: Public Works Trust Fund Loan
Funding Agreement for the Ostrich Creek
Culvert Improvements Project
Study Session Date:
COUNCIL MEETING Date:
Department:
Presenter:
Phone:
7E
July 11, 2018
July 18, 2018
PW & Utilities
Katie Ketterer
(360) 473-5334
SUMMARY: The Public Works Trust Fund Loan will be used for the Ostrich Creek Culvert
Improvements Project. The funds will be managed and distributed by the State Department of
Commerce. The Ostrich Creek Culvert project will replace existing undersized culverts at Price Road,
Kitsap Way, and Brentwood Road with fish passable culverts and provide stream rehabilitation at the
culvert locations.
ATTACHMENTS: 1. Loan Funding Agreement
2. Vicinity Maps
FISCAL IMPACTS (Include Budgeted Amount): The project is funded by a Public Works Trust
Fund Loan in the amount of $4,687,968. The loan term is 20 years with an interest rate of 1.66%
and will be paid with stormwater utility funds.
STUDY SESSION AGENDA: ® Limited Presentation ❑ Full Presentation
STUDY SESSION ACTION: ❑ Consent Agenda ® General Business ❑ Public Hearing
RECOMMENDED MOTION:
Move to authorize the Public Works Trust Fund Loan for the Ostrich Creek Culvert Improvements
Project; and authorize the Mayor to finalize and execute the funding agreement with Commerce with
substantially the same terms and conditions as presented.
COUNCIL ACTION: 6Approve
Form Updated 01/02/2018
❑ Deny ❑ Table ❑ Continue ❑ No Action