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A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF POMPANO BEACH, FLORIDA, APPROVING AND AUTHORIZING THE PROPER CITY OFFICIALS TO APPLY FOR THE STATE OF FLORIDA DEPARTMENT OF ENVIRONMENTAL PROTECTION REVOLVING LOAN PROGRAM FOR POINT SOURCE WATER POLLUTION CONTROL; UPON APPROVAL, EXECUTE THE CORRESPONDING LOAN AGREEMENT, PLEDGING OF STORMWATER UTILITY FEES AS THE REVENUES TO REPAY THE LOAN, AND PROVIDING FOR CARRYING OUT ALL LOAN RESPONSIBILITIES UNDER THE AGREEMENT; PROVIDING FOR CONFLICTS, PROVIDING FOR SEVERABILITY; PROVIDING AN EFFECTIVE DATE.
(Fiscal Impact: $8,672,665 (Finance over the maximum SRF terms of 20 years with Stormwater Fees )
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(Staff Contact: Kerone Grant/A. Randolph Brown)
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Summary Explanation/Background:
We are in the process of applying for State Revolving Fund (SRF) for three Stormwater projects: Gateway Drive, Kendell Lake and SW 2nd Street Drainage. Gateway Drive and Kendell Lake are both included in the Stormwater Master Plan. 2nd Street additional project was approved by Commission as a separate facilities plan. These projects will improve areas within the City’s service area to alleviate flooding within the public right-of-way.
Origin of request for this action: Utilities
Fiscal impact and source of funding: $8,672,665 (Finance over the maximum SRF terms of 20 years with Stormwater Fees). Approximately $434k annually plus interest. Interest for the last two SRF loans has been 0% and .105% and respectively.)
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RStrategic Plan Initiative
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Goal 4.4.3 Superior Capacity for Growth through Quality, Sustainable Development; responsible use of water resources.