HomeMy WebLinkAbout09/04/2024 4D
AGENDA BILL
CITY OF BREMERTON
4D
CITY COUNCIL
SUBJECT:Study SessionDate: August 28,2024
Public Works Board Loan Amendment C for COUNCIL MEETING Date: September 4, 2024
Pine Road Basin Stormwater Improvements
Department: PublicWorks & Utilities
Project
Presenter: D. Dinkuhn
Phone: (360) 473-5331
SUMMARY:The City received a loan from the Public Works Board (PWB) for the Pine Road Basin
Stormwater Improvements project totaling $3,881,330 at 1.66% interest. Due to an unanticipated
increase in construction costs, additional funding is needed. A loan increase of $500,000 was
applied for and PWB loan Amendment C approves this increase, bringing the new loan total to
$4,381,330.
ATTACHMENTS:
1.PWB Construction Loan Contract Amendment C
FISCAL IMPACTS(Include Budgeted Amount): The increase in the loan balance is included in
the 2024 budget.
STUDY SESSION ACTION:Consent Agenda General Business Public Hearing
RECOMMENDED MOTION:
Move to approve the PWB Loan increase of $500,000;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 04/19/2024