Title
Resolution to Transfer Funds from the Park Maintenance and Capital Improvements Millage Fund to the Stormwater Fund to Authorize State Revolving Fund (SRF) Debt Payment and Loan Forgiveness for Stormwater and Rain Garden Components of the Skate Park Project (Not To Exceed $157,264.00)
Memorandum
The resolution is needed because additional state support has been received for the stormwater components of the Skate Park. No more than $157,264 will be transferred from the Parks Maintenance and Capital Improvements budge to the Stormwater Fund for loan repayment for stormwater and rain garden components of the Skate Park Project.
Funding is available in the approved FY2014 Parks Maintenance and Capital Improvements Millage budget.
The approved Stormwater capital budget is $80,000 for the raingarden components of the Skate Park project A State Revolving Fund loan is being utilized to fund the raingarden installation and reimburse the City's Stormwater Fund. Additional stormwater components were approved by the State for 50% loan forgiveness. The transfer of funds is necessary for the debt payment of $118,632.00 plus 2% interest over 20 years.
The Washtenaw County Water Resources Commissioner (WCWRC) has secured a low interest rate loan on behalf of the City and will reimburse the City for the eligible project expenditures. The WCWRC will be assessing the City over a maximum of 20 years for the eligible reimbursed project expenses. The debt payments are included in the FY15 Storm Water Fund operations and maintenance budget.
Staff
Prepared by: Jennifer Lawson, Water Quality Manager
Colin Smith, Parks & Recreation Services Manager
Reviewed by: Craig Hupy, Public Services Area Administrator
Sumedh Bahl, Community Services Area Administrator
Approved by: Steven D. Powers, City Administrator
Body
Whereas, Stormwater management is a priority for the City of Ann Arbor;
Whereas, Funding in the amount of $80,000.00 is available ...
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