HomeMy WebLinkAbout07/18/2018 7FAGENDA BILL
CITY OF BREMERTON
CITY COUNCIL 7F
SUBJECT: Public Works Trust Fund Loan
Funding Agreement for the Pine Road Basin
Watershed Storm Sewer Improvements
Project
Study Session Date:
COUNCIL MEETING Date:
Department:
Presenter:
Phone:
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 Pine Road Basin Watershed
Storm Sewer Improvements project. The funds will be managed and distributed by the State
Department of Commerce. The Pine Road Basin project will include new storm sewer facilities to
increase capacity and eliminate residential flooding in the Eagle Avenue Sub -basin, upgrade
downstream facilities as necessary, and replace a failing stormwater outfall on the beach at Lebo
Boulevard and Sheridan Road.
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 $3,881,330. 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 M General Business ❑ Public Hearing
RECOMMENDED MOTION:
Move to authorize the Public Works Trust Fund Loan for the Pine Road Watershed Storm Sewer
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: Approve
Form Updated 01/02/2018
❑ Deny ❑ Table ❑ Continue ❑ No Action