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ver <br />MEMORANDUM <br />TO: Mayor and City Council <br />FROM: Tim Simon, Finance Director <br />DATE: June 2, 2008 <br />SUBJECT: 193rd Project Financing <br />The engineer estitnate provided for the '193`j project is y~3.~ million which includes land <br />acquisition- Sec attached spreadsheet on the breakout of the estimated costs. <br />The financing fox the 193`d project will be paid from our can cnt and firtttre state-aid <br />allorincnts and Sr~FETL-.~,-Lli federal fcmds over the nest 4 - 5 pears depending on the final <br />cost of the land acquisition and construction bid. To finance the upfront consRUClion costs <br />we received approval for a tt-ansportation revolving loan in the amount of `$2.4 million, at a <br />interest rate of 1.311 percent repaid over 5-peas, with xepavment fiom our futtue 1ti'funicipal <br />State-aid allotment On Jwie '16, I will bane the required bond resolutions for the <br />transportation rewlving loan with the lylinneso[a Public Facilities Authority. "Chc land <br />acgcusition costs will also be repaid out of the_14SA allotment, but based on the appraisals it <br />hopefully will be under the X1.2 budgeted amount. <br />Attachments: <br />• Approval letter fox the transportation xecolving loan <br />• Project budget <br />