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BUDGET/TIME IMPLICATIONS: <br /> Budget Impact: The proposed authorizations are for the following expenditures all of which are to be <br /> reimbursed by the Water Pollution Control Loan Program: <br /> 1. The proposed loan agreement authorizes the City to borrow up to $4,844,000 from the Water <br /> Pollution Control Loan Program. If the loan is for the full amount shown, the repayment will <br /> be approximately$303,602 per year,paid semiannually over the 20 year life of the loan. <br /> 2. 50% ($151,801) of the annual loan repayment will come from the Storm Water Utility Fund <br /> and is included in the Capital Improvement Plan. The Storm Water Utility Fund is supported <br /> by user fees <br /> 3. 50% (151,801) of the annual loan repayment will come from the Sanitary Sewer Fund and is <br /> included in the Capital Improvement Plan. The Sanitary Sewer Fund is supported by user <br /> fees. <br /> 4. The project includes the reconstruction of portions of Clay Street, Johns Street, 22nd Place, 23rd <br /> Street, and 23rd Place. Due to IEPA loan regulations, full reconstruction may not be loan <br /> eligible. If loan funding is not approved for this work, costs will be covered by the Local <br /> Motor Fuel Tax Fund. The work is estimated at$800,000. <br /> 5. The Engineering Services Agreement between the City and BWC to provide construction <br /> engineering and resident inspection services for the separation of the Nelson Park <br /> Neighborhood Sewers is for a fee not to exceed $318,985. This fee will be reimbursed <br /> through the loan. <br /> Staffing Impact: Staff time is allocated to manage the project. <br /> LEGAL REVIEW: All documents have been reviewed by City's Legal Department. <br /> This memorandum was prepared by Paul Caswell, P.E.,Assistant City Engineer. <br /> Attach: 4 <br /> Cc: Blank, Wesselink, Cook, and Associates, Inc. <br /> — 4 — <br />