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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 EXECUTE AMENDMENT 1 TO LOAN AGREEMENT BETWEEN THE CITY OF POMPANO BEACH AND FLORIDA WATER POLLUTION CONTROL FINANCING CORPORATION FOR NE 3RD STREET AND NE 4TH STREET STORMWATER DRAINAGE IMPROVEMENT PROJECT TO INCLUDE PROJECTS FOR NW 16TH LANE, US-1 AND NE 14TH STREET CAUSEWAY; PROVIDING AN EFFECTIVE DATE.
(Fiscal Impact: $6,344,000 financed over the maximum SRF 20-year term with Stormwater Revenue)
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(Staff Contact: A. Randolph Brown)
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Summary Explanation/Background:
July 26, 2022 City Officials approved resolution number 2022-200 authorizing the application of the State Revolving Fund (SRF) loan agreement for NE 4th and NE 3rd Street Drainage Improvement Projects in the amount of $1,840,250. However, the approved application was expanded to include a few projects with similar scope. The projects added were NE 14 Causeway, US-1, and NW 16th Lane
FDEP provided us with the attached amendment reflecting the additional $6,344,000 for those projects. The current total loan amount is $8,184,250. Please prepare the necessary resolution accepting the amendment to the contract. Modifications are as follows:
1. Additional projects added - NW 16th Lane and US-1 and NE 14 Causeway
2. Additional financing of $6,344,000
Reference:
City Attorney Communication #2022-931
Resolution No. 2022-200
Origin of request for this action: Utilities
Fiscal impact and source of funding: $6,344,000 financed over the maximum SRF 20-year term with Stormwater Revenue
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