Executive/Council Action Form (ECAF)
ITEM TITLE:
Title
Ordinance 21-104, approving and authorizing the County Executive to sign Public Works Board Construction Loan Contract number PC22-96103-067 for the 36th / 35th Ave W Improvement Project
body
DEPARTMENT: Public Works
ORIGINATOR: Laura Brown Kendrick
EXECUTIVE RECOMMENDATION: Approve-Ken Klein
PURPOSE: Ordinance authorizing the County Executive to execute the Public Works Board Construction Loan Contract No. PC22-96103-067 in the amount of $3,000,000 for the 36th / 35th Ave W improvement project.
BACKGROUND: • Snohomish County has identified the need to construct the 36th / 35th Ave W road project. • The 36th / 35th Ave W project (TIP #E.40.02 and #E.40.03) consists of widening the corridor between 164th St SW and SR 99 to three lane urban standards with continuous curb/gutter, ADA compliant sidewalks and bike lanes. Total funding needs for the project are $11,075,000 and to date, $8,075,000 has been secured. This project is in Council District 3. • The loan is for $3,000,000 at an interest rate of 0.94% per annum on the outstanding balance, with a 20-year loan term. • The agreement will be routed via DocuSign. Upon being approved by Council, the agreement will be emailed to Executive Somers for electronic signature.
FISCAL IMPLICATIONS:
EXPEND: FUND, AGY, ORG, ACTY, OBJ, AU |
CURRENT YR |
2ND YR |
1ST 6 YRS |
102 50630336399 Construction |
|
|
$3,000,000 |
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL |
|
|
|
REVENUE: FUND, AGY, ORG, REV, SOURCE |
CURRENT YR |
2ND YR |
1ST 6 YRS |
102 3064449181 PWTF Loan |
|
|
$3,000,000 |
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL |
|
|
$3,000,000 |
DEPARTMENT FISCAL IMPACT NOTES: This loan will be drawn upon as project expenditures are incurred.
CONTRACT INFORMATION:
ORIGINAL |
x |
CONTRACT# |
PC22-96103-067 |
AMOUNT |
$3,000,000 |
AMENDMENT |
|
CONTRACT# |
|
AMOUNT |
|
Contract Period
ORIGINAL |
START |
|
END |
|
AMENDMENT |
START |
|
END |
|
OTHER DEPARTMENTAL REVIEW/COMMENTS: Approved as to form by PA George B. Marsh 12/9/21 Approved-Risk, Sheila Barker 12/14/21 Approved-Finance, Nathan Kennedy 12/15/21