Focus Area: Infrastructure (Engineering)
Staff Contact: Mary Jaeger / Nate Baldwin
Subject: Authorization of a transfer ARPA funds to the Black Bob #2 Recoating Project, PN 5-C-025-23.
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TITLE:
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Consideration of an authorization of transfer ARPA funds to the Black Bob #2 Recoating Project, PN 5-C-025-23.
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Summary:
Cedar Creek Programable Logic Controllers (PLC) Replacement Project, PN 1-C-001-24, was funded utilizing the American Rescue Plan Act (ARPA) funding and Revenue Bonding. This project has $2,916,419 in ARPA funding. Due to prudent stewardship, this project will only need $1,716,419 of the ARPA funds with $1,200,000 being in excess unencumbered ARPA funding.
Stipulations within the ARPA funds state, all funds must be encumbered by December 31, 2024, and spent by December 31, 2026. Staff is proposing to use excess ARPA funds from the Cedar Creek PLC Replacement Project for the Black Bob #2 Recoating Project, PN 5-C-025-23, since this project has not yet been bid for recoating and fully meets all stipulations within the ARPA funding. The ARPA funds will replace $1,200,000 of proposed 2024 Series Revenue Bonds, associated with the Black Bob #2 Recoating project.
Black Bob #2 water storage facility was originally installed in 1992. The interior coating system, used to protect the steel tank from corrosion and deterioration, is beyond its useful life and due for recoating this year. This storage tank provides 5 million gallons of drinking water for all of the customers in the eastern portion of the water distribution system.
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Financial Impact:
Transfer of $1,200,000 in ARPA funds to the Black Bob #2 Recoating Project, PN 5-C-025-23.
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Action Needed:
Approval of an authorization of transfer ARPA Funds to the Black Bob #2 Recoating Project, PN 5-C-025-23.
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Attachment(s):
None