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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 A CLEAN WATER STATE REVOLVING FUND CONSTRUCTION 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; PROVIDING AN EFFECTIVE DATE.
(Fiscal Impact: $1,840,250 financed over the maximum SRF 20-year term with Stormwater Revenues)
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(Staff Contact: Kerone Grant/Nathaniel Watson)
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Summary Explanation/Background:
City Officials approved and authorized the Utilities Department to apply for the State Revolving Fund (SRF) loan for NE 3rd and 4th Street Drainage at the May 10, 2021 Commission meeting (Resolution 2022-142). The State reviewed and approved the application and forwarded the loan agreement (SW062460) for City Officials approval. This residential neighborhood includes two separate areas surrounded by the finger canals off the Intracoastal Waterway. The public right-of-way areas within this neighborhood do not have an existing drainage system to address any flooding issues. This project will help alleviate flooding in the area.
Origin of request for this action: Utilities
Fiscal impact and source of funding: $1,840,250 financed over the maximum SRF 20-year term with Stormwater Revenues)
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