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 Surface Water Treatment Plant Expansion project 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 Surface Water Treatment Plant Expansion Project, a project that was identified to be necessary in the City’s 2020 Water Master Plan. The resolution will be included with the application to WIFIA to fund project.
The City has been coordinating with WIFIA staff since October 15, 2020 with the initial process of submitting a project information in a Letter of Interest. On January 8, 2021, WIFIA invited the City of Pflugerville to submit an application to fund the project through their program for an amount up to $42,365,139 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 is the first city in Texas that has been invited to apply to the WIFIA program.
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 interest rate established at closing in which a borrower can re...
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