HomeMy WebLinkAboutReg 2004-05-03 Item 3H - Loan Acceptance - Public Works Trust Fund Loan for Allentown / Foster Point Water and Sewer ConstructionCAS Number: 04-061
Agenda Item Title:
Original Sponsor:
Timeline:
Sponsor's Summary:
Recommendations:
Sponsor:
Committee:
Administration:
Cost Impact (if known):
Fund Source (if known):
Meeting Date
4/26/04
Meeting Date
4/26/04
5/03/04
COW;
COL TOIL AGENDA SY_ ()PSIS
Meeting Date
4/26/04
5/0.9/04
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Prepared by
MC
IBb for
Council Admin.
Initial:
1 Mayor's review I Council review
1 it 1
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ij f X AT IQN
I Original Agenda Date: April 26, 2004
ITEMNO.
3. In
Accept Public Works Trust Fund loan of $5,700,000.00 for construction of
Allentown/Foster Point Water Sewer Project.
Public Works
The Public Works Trust Fund has approved our application of a loan for $5,700,000.00 to
construct water, sewer, and storm water improvements for the Allentown and Foster Point
neighborhoods.
Authorize Mayor to sign the loan agreement with Public Works Trust Fund.
Forward to COW and the Regular Council with approval.
Same as sponsor.
$5,700,000.00 loan at 2% per annum for a term of 20 years.
Water (403.01), Sewer (403.02), and Surface Water (412)
6 WO at
Action
May 3, 2004 Regular meeting
for action.
Attachments
Information Memo dated April 12, 2004
Loan Agreement with Public Works Trust Fund
Utility Committee Meeting Minutes from April 20, 2004
Memorandum to Mayor datdd April12, 2004.
Discussion. Council consensus existed to forward the item to the
INFORMATION M~.MO
To: Mayor Mullet
From: Public Works DirectOr~~
Date: April 12, 2004
Subject: Allentown/Foster Point Water and Sewer Project
Public Works Trust Fund Loan Acceptance
ISSUE
In May 2003, the City of Tukwila Public Works Department applied for a $5,700,000 Public
Works Trust Fund (PWTF) loan to construct neighborhood water and sewer improvements for
the Allentown and Foster Point areas of Tukwila. This loan was recently approved by the
Governor and now awaits formal acceptance by the City.
BACKGROUND
Design of the Allentown/Foster Point Water and Sewer Improvements Project - Phase 2 is
nearly complete. The Allentown and Foster Point neighborhoods anxiously await the
completion of these much needed improvements. Current estimated costs for Phase 2 are:
Construction, Contingency, and Taxes $5,400,000
Land Acquisition 125,000
Construction Management Engineering 475,000
TOTAL $6,000,000
The PWTF loan is in the amount of $5,700,000 at 2% interest per annum over 20 years.
The City of Tukwila is contributing $300,000 in local funds toward the project. The total
funding is $6,000,000 for the project. The water, sewer and surface water funds will share the
debt service of approximately $365,000 per year but will not be confirmed until after the
project has been constructed and the costs are finalized.
RECO~IlVIENDATION
Forward to Council with the recommendation to accept the loan from the Public Works Trust
Fund for the Allentown/Foster Point Water and Sewer project.
MC:lw
attachment: Loan Agreement with PWTF
file: 95-SW02,2