HomeMy WebLinkAboutR-2002-057 Loan Application - River Road Development Phase I ProjectRESOLUTION NO. R-2002-57
A RESOLUTION to authorize the City Manager to execute applications, certifications and
agreements pursuant to an application for a loan from the Washington
State Public Works Trust Fund in the amount of $2.5 million for Phase 1
of the River Road Development Project.
WHEREAS, the City has determined that the provision of infrastructure is important to
encourage economic development; and
WHEREAS, the City has received a grant for $1,568,000 to encourage economic
development as part of the River Road Development Project; and
WHEREAS, the River Road Development Project also calls for the provision of
wastewater services to serve present and future development in the area; and
WHEREAS, the City desires to ensure that the city's sanitary sewer system is developed
and maintained as a state of the art facility; and
WHEREAS, the Washington State Public Works Trust Fund has made low interest loan
funds available for the construction and repair of water and sewer utilities; and
WHEREAS, the City has generated local funds and easements from affected private
property owners to be used as a local match for a Public Works Trust Fund loan in the amount of
$392,000; and
WHEREAS, the amount of local match funds provided will afford to a City a generous
interest rate of 0.5% on the $2.5 million loan;
WHEREAS, the proposed project will take place within an area identified for economic
development of the community; and
WHEREAS, based on the foregoing, the City Council has determined that it is in the best
interest of the City to apply for funding from the Washington Public Works Trust Fund; now
therefore,
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF YAKIMA:
The City Council hereby authorizes and directs the City Manager to submit a loan application for
$2.5 million to the Public Works Trust Fund for Phase 1 of the River Road Development Project;
and the City Manager is hereby authorized and directed to execute all certifications and
agreements pursuant to the project.
ADOPTED BY THE CITY COUNCIL this 7ch day of May, 2002.
ATTEST:
Kah.e
City Clerk
Ezz,
ry Place, Mayor
BUSINESS OF THE CITY COUNCIL
YAKIMA, WASHINGTON
AGENDA STATEMENT
Item No. / 3 A
For Meeting Of: May 7, 2002
PURPOSE: Consideration of a resolution authorizing the City Manager to execute documents
and agreements pursuant to a loan application to the Washington Public Works
Trust Fund for $2.5 million to design and construct Phase 1 of the River Road
Development Project.
SUBMITTED BY: Doug Mayo, Wastewater Division Superintendent
CONTACT: Doug Mayo, 575-6077
SUMMARY EXPLANATION:
The Wastewater and Engineering Divisions of the City request permission to apply for a $2.5 million 0.5%
interest loan from the state Public Works Trust Fund for the River Road Development Project. Phase 1 of
the project will provide for a 27" main line along River Road from 16th Avenue to approximately 38th Avenue.
If funds are available, Phase II of the project from 6th Avenue to 16th Avenue will be designed and possibly
constructed.
In January 2001, the City was awarded a $1,568,000 grant from the state Transportation Improvement Board
(TIB) for the River Road Development Project. TIB funds will be used to widen River Road to include
dedicated left turn lanes in each direction, and the installation of traffic signals from North 16th Avenue to
North 38th Avenue. Proposed improvements to enhance economic development efforts in this area of the
City also include the provision of sewer service along this corridor. The most efficient method of initiating
this service is to install the utility lines in coordination with the road construction project. This minimizes
access problems for businesses by coordinating one construction period for the entire project, and extends
the life of the road improvements by not having to open up the street to install the sewer pipe at a later date.
Local match will be provided by commitments for easements and cash contributions from private property
owners along the project area who committed to assist with financing the improvements in 2000. Debt
service for the project is proposed to come from Wastewater Division utility revenues. The River Road
Development Project is consistent with the Capital Improvements Plan for both the Engineering and
Wastewater Divisions.
Resolution X Ordinance Contract _ Other: Loan Application
Funding Source: Washington State Public Works Trust Fund
Approval for Submittal:
City Manager
STAFF RECOMMENDATION: Staff recommends approval of the resolution.
COUNCIL ACTION: Resolution adopted. RESOLUTION NO. R-2002-57
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