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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 ACCEPT THE STATE OF FLORIDA DEPARTMENT OF ENVIRONMENTAL PROTECTION REVOLVING LOAN FOR GATEWAY DRIVE, KENDALL LAKE & SOUTH WEST (SW) 2ND STREET STORMWATER IMPROVEMENT PROJECT; 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 AN EFFECTIVE DATE.
(Fiscal Impact: $8,846,118 (principal payments only, no interest) - with Stormwater Utilities Fees)
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(Staff Contact: A. Randolph Brown)
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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 Gateway Drive, Kendell Lake and SW 2nd Street Drainage at the February 2021 Commission meeting (Resolution 2021-90). The State reviewed and approved the application and forwarded the attached loan agreement (SW062440) for City Officials signature. This loan will support the construction of these stormwater projects.
Total loan amount is $8,846,118. First semiannual loan payment in the amount of $221,153 due September 15, 2025. Pledging the Stormwater Utility fees as the revenue to repay the loan
Origin of request for this action: Utilities
Fiscal impact and source of funding: $8,846,118 payable from Stormwater Utilities Fees. Approximately $442,306 annually over the 20 year loan term. Interest rate on the loan is 0%.
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