SUBJECT
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Adopt Resolution 2024-13 to Approve the Second Amendment to FDEP SRF Loan DW 532000 for the Combined Projects (Action)
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DESCRIPTION
The FDEP SRF Loan 532000 for the Combined Projects has been used by the PRWC to fund the construction of Southeast Test Production Well #3 (completed April 2024) and will be used to fund the design and construction of Southeast Test Production Well #2 (to initiate fall 2024).
Because West Polk Test Production Well #2 has not been completed, PRWC staff have requested a time extension to the loan from FDEP. The FDEP has agreed to provide this extension. The first semiannual loan payment was originally due February 15, 2025. With this extension, the first loan payment date has been extended to August 15, 2027. These schedule changes will be reflected in the 2025 Business Plan.
RECOMMENDATION
Adopt Resolution 2024-13 to approve the Second Amendment to FDEP SRF Loan 532000 for the Combined Projects.
FISCAL IMPACT
The total loan amount is $13,624,440. The fiscal impact of FDEP Loan 532000 does not change with this amendment. The amendment is a time extension only.
CONTACT INFORMATION
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