Executive/Council Action Form (ECAF)
ITEM TITLE:
Title
Ordinance 23-026, approving and authorizing the County Executive to sign Public Works Board Construction Loan Contract Number PC23-96103-140 for the 43rd Ave SE - Phase 1 Road Improvement Project
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DEPARTMENT: Public Works
ORIGINATOR: Ellora Larson
EXECUTIVE RECOMMENDATION: Ken Klein 3/21/23
PURPOSE: Ordinance authorizing the County Executive to execute the Public Works Board Loan, Contract No. PC23-96103-140, in the amount of $4,000,000 for the 43rd Ave SE Phase 1 improvement project.
BACKGROUND: Snohomish County (the County) has identified 43rd Ave SE as a road improvement project. Phase 1 (TIP #E59.01) of the project will widen the corridor between 187th St SE and 180th St SE from two lanes to three lanes and create new connections meeting urban standards such as bike lanes, curb, gutter, planters where feasible, sidewalk, ADA compliant curb ramps, a traffic signal at Sunset and 180th St SE, and a roundabout at SR524. Total funding needs for the project are $13,391,000, of which $9,391,000 has been secured to date. The Public Works Board Loan is for $4,000,000 at an interest rate of 1.39% per annum on the outstanding loan, with a 20-year loan term. This project spans Council Districts 4 and 5. The agreement will be routed via DocuSign. Upon approval 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 Capital Construction |
|
|
$4,000,000 |
|
|
|
|
|
|
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|
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TOTAL |
|
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$4,000,000 |
|
REVENUE: FUND, AGY, ORG, REV, SOURCE |
CURRENT YR |
2ND YR |
1ST 6 YRS |
|
102 3064449181 Intergovernmental Loan Proceeds |
|
|
$4,000,000 |
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TOTAL |
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$4,000,000 |
DEPARTMENT FISCAL IMPACT NOTES: This loan will be drawn upon as project expenditures are incurred.
CONTRACT INFORMATION:
|
ORIGINAL |
X |
CONTRACT# |
PC23-96103-140 |
AMOUNT |
$4,000,000 |
|
AMENDMENT |
|
CONTRACT# |
|
AMOUNT |
|
Contract Period
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ORIGINAL |
START |
|
END |
|
|
AMENDMENT |
START |
|
END |
|
OTHER DEPARTMENTAL REVIEW/COMMENTS: Reviewed/approved by: Diane Baer (Risk Management 3/16/23) and Finance (Nathan Kennedy 3/21/23)