HomeMy WebLinkAboutResolution No. 165-24 - Resolution - Funding Assurance Liquid and Solids Upgrade - Project No. J4411
RESOLUTION
Authorizing the City of Rochester’s Intent to Provide Full Project Funding, if Needed,
for the City of Rochester’s Water Reclamation Plant Liquid and Solids Upgrade -
Project No. J4411.
WHEREAS, the City has determined the construction of the Water Reclamation Plant
project is necessary,
NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of Rochester,
Minnesota, that the total project cost is estimated at $91,289,525 incurred in 2024 through
2026, and
BE IT FURTHER RESOLVED that at this time, the Public Facilities Authority (PFA) is
prepared to provide a loan of $70,000,000 and Green Project Reserve Principal
Forgiveness Funds of $1,000,000 to the City of Rochester. In addition, the City of
Rochester is preapproved to receive up to $7,000,000 in Point Source Implementation
Grant funding pending State of Minnesota Legislative approval. The City of Rochester will
provide financing for the remaining project costs, if needed, to complete the project.
PASSED AND ADOPTED BY THE COMMON COUNCIL OF THE CITY OF
ROCHESTER, MINNESOTA, THIS __________ DAY OF _______________, 2024.
___________________________________
PRESIDENT OF SAID COMMON COUNCIL
ATTEST: __________________________
CITY CLERK
APPROVED THIS _____ DAY OF ______________________, 2024.
___________________________________
MAYOR OF SAID CITY
(Seal of the City of
Rochester, Minnesota)