Title
Approving a resolution authorizing the submission of an application and application fee in the amount of $100,000 for financial assistance from the Water Infrastructure Finance and Innovation Act (WIFIA) for the City’s Water and Wastewater CIP Program and authorizing a designated City representative for purposes of furnishing such information and executing such documents as may be required in connection with the preparation and filing of such application for financial assistance and the rules of the WIFIA program.
Summary
This agenda item is presented to inform City Council of the City’s interest in securing funding from the Environmental Protection Agency’s Water Infrastructure Finance and Innovation Act (WIFIA) Program in an effort to gain low interest loans to fund the City’s historic water and wastewater CIP projects that have been outlined in the City’s 5-year CIP.
The City has been coordinating with WIFIA staff since November 2022 with the initial process of submitting a project information in a Letter of Interest similar to what was done for the Surface Water Treatment Plant Expansion Project. On February 16, 2023, WIFIA invited the City of Pflugerville to submit an application to fund the project through their program for an amount up to $398,365,515 or not to exceed 49 percent of total eligible project costs. The WIFIA loan provides low-cost financial assistance for design and construction of water infrastructure. The City of Pflugerville was the first city in Texas that secured WIFIA funding for the Surface Water Treatment Plant Expansion Project and that funding saved the City over $13M over the life of the loan.
The WIFIA program provides many benefits and options for the City of Pflugerville with low, fixed interest rates and flexible financial terms. The program will fund up to 49% of eligible project costs but can be combined with other funding sources including State Resolving Fund (SRF) loans. The loan provides a single fixed inter...
Click here for full text