HomeMy WebLinkAboutReg 2004-05-03 Item 3G - Loan Acceptance - Public Works Trust Fund Loan for Cascade View Neighborhood DrainageCOL. TCIL AGENDA SE OPSIS
Initials
Meeting Date 1 Prepared by 1 Mayor's review 1 Council review
4/26/04 R 3tfl `en
Q.3/ 04 BB for A, N
ITB 1KM. S12, IO
Original Agenda Date:
1
CAS Number: 04-060
Agenda Item Title: Accept Public Works Trust Fund loan of $4,196,056.00 for construction of
Cascade View Neighborhood Drainage Project.
I Original Sponsor:
Timeline:
Sponsor's Summary:
O� -0 O
Council
Admin.
The Public Works Trust Fund has approved our application of a loan for $4,196,056.00 to
construct a storm drainage system for the Cascade View neighborhood. Improvements to the
storm drains, water mains and street restorations will be included.
Recommendations:
Sponsor: Authorize Mayor to sign the loan agreement with Public Works Trust Fund.
Committee: Forward to COW and the Regular Council with approval.
Administration: Same as sponsor.
Cost Impact (if known): $4,196,056.00 loan at 1% per annum for a term of 20 years.
Fund Source (if known): 412 Fund Surface Water (pg. 112 2004 CIP)
Meeting Date 1
4/26/04
Meeting bate
4/26/04
5/0/04
MifeQSAV,..WP
Attachments
Information Memo dated April 14, 2004
Loan Agreement with Public Works Trust Fund
Utility Committee Meeting Minutes from April 20, 2004
Memorandum to Mayor dated April 14, 2004.
April 26, 2004
Public Works
ITEMNO.
Action
COW; Discussion. Council consensus existed to forward the item to the
May 3, 2004 Regular meeting for action.
INFORMATION M~MO
To: Mayor Mullet
From: Public Works Directort~"l'~
Date: April 14, 2004
Subject: Cascade View Drainage Improvements
Public Works Trust Fund Loan Acceptance
ISSUE
In May 2003, the City of Tukwila Public Works Department applied for a $4,196,056 Public
Works Trust Fund loan to construct neighborhood improvements for thc Cascade View area of
Tukwila. This loan was recently approved by the Governor and now awaits formal acceptance
by the City.
BACKGROUND
Design of the Cascade View drainage and roadway improvements is underway and is
scheduled to be completed by the end of the year. Construction is anticipated m begin in early
2005.
Estimated Project Costs Fundine Sources
Preliminary Engineering $ 515,000 CDBG Grants $ 306,715
Construction 3,450,000 PWTF Design Loan (5 yr) 100,000
Construction Engineering 690,000 City Revenue 466,229
Contingency 414,000 PWTF Loan (20 yr) 4,196,056
Total $5,069,000 Total $5,069,000
The PWTF loan is for $4,196,056 at 1% interest per annum over 20 years. The debt service is
estimated to be approximately $230,000 per year but will not be confmned until after the
project has been constructed and the costs are finalized.
RECOMMENDATION
Forward to Council with the recommendation to accept the loan from the Public Works Trust
Fund for the Cascade View Drainage Improvements.
RL:ad
attachment: Loan Agreement with PWTF
file: 00-DR06.2