Title
North Carolina Clean Water State Revolving Fund Applications
Action
Action:
A. Adopt a resolution authorizing Charlotte Water to apply for a Clean Water State Revolving Fund loan in an amount not to exceed $5,540,000 for the Mallard Creek Wastewater Treatment Plant Reuse Line Extension,
B. Adopt a resolution authorizing Charlotte Water to apply for a Clean Water State Revolving Fund loan in an amount not to exceed $24,877,892 for the Mallard Creek Wastewater Treatment Plant Reliability and Ultraviolet Disinfection Improvements Project,
C. Authorize the City Manager to take necessary actions to accept and complete the financing, including applying to the State of North Carolina Department of Environment and Natural Resources and obtaining Local Government Commission approval, and
D. Adopt a budget ordinance appropriating $30,417,892 from the Clean Water State Revolving Fund Program.
Body
Staff Resource(s):
Angela Lee, Charlotte Water
Ron Hargrove, Charlotte Water
Robert Campbell, Finance
Explanation
? Charlotte Water desires to apply for and accept Clean Water State Revolving Fund loans for the construction of the Mallard Creek Wastewater Treatment Plant (WWTP) Reliability and Ultraviolet Disinfection Improvements Project and the Mallard Creek WWTP Reuse Line Extension. Both Projects are located in northeast Charlotte, along Highway 29 (Council District 4).
? The North Carolina Clean Water State Revolving Fund loan program offers interest free loans for projects that demonstrate a significant energy savings and low interest loans (1.9 percent) for other projects.
* Funding for these Projects is currently included in the Charlotte Water Community Investment Plan, which is financed through revenue bonds at approximately 3.56 percent interest. However, if selected for the loan program, the City will realize an estimated savings of approximately $13,000,000 in interest over the 20-year term, compared to traditional financing.
* The loan provides f...
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