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File #: 15-13217    Version: 1 Name:
Type: Business Item Status: Agenda Ready
File created: 4/17/2020 In control: City Council Business Meeting
On agenda: 5/26/2020 Final action:
Title: North Carolina Clean Water State Revolving Fund Loan Application
Attachments: 1. 2.0 Resolution NEW, 2. McAlpine SRF Ordinance, 3. Map-North Carolina Clean Water State Revolving Fund Loan Application

Title

North Carolina Clean Water State Revolving Fund Loan Application

 

Action

Action:

A.                     Adopt a resolution authorizing Charlotte Water to apply for additional loan funding from the North Carolina Clean Water State Revolving Fund in an amount not to exceed $70,325,678 for the construction of the McAlpine Creek Wastewater Management Facility Clarifier and Aeration Rehabilitation project,

 

B.                     Authorize the City Manager to take necessary actions to accept and complete the financing, including applying to the State of North Carolina Department of Environmental Quality and obtaining Local Government Commission approval, and

 

C.                     Adopt a budget ordinance appropriating $70,325,678 from the North Carolina Clean Water State Revolving Fund.

 

Body

Staff Resource(s):

David Czerr, Charlotte Water

Shawn Coffman, Charlotte Water

Kelly Flannery, Finance

 

Explanation

§                     Charlotte Water has previously been awarded funds from the North Carolina Clean Water State Revolving Fund loan for the construction of the McAlpine Creek Wastewater Management Facility Clarifier and Aeration Rehabilitation project in the Town of Pineville (adjacent to Council District 7). The city has the opportunity to apply for additional loan funding for this project.

§                     The loan is available from the State of North Carolina and administered by the Department of Environmental Quality and the Local Government Commission. 

§                     The loan provides for an interest-free construction period with payments beginning after completion of the project.

§                     If awarded, the loan will have an interest rate of 1.82 percent, and is expected to save Charlotte Water approximately $9,400,000 over the course of 20 years. 

§                     Funding for this project is currently included in the Charlotte Water Community Investment Plan.

 

Fiscal Note

Funding: Charlotte Water Capital Investment Plan

 

Attachments

Attachment(s):

Resolution

Budget Ordinance

Map