SUBJECT
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Approve Resolution 2025-34 for the SRF Construction Loan Agreement DW532003 for Construction of the Southeast Wellfield Project (Action)
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DESCRIPTION
On March 24, 2025 the FDEP published notice of final agency action for the State Revolving Fund Program (SRF) and awarded the PRWC $14,000,000 in construction funds for the Southeast Wellfield Project. The award also includes $2,456,153 in principal forgiveness. On June 3, 2025 the PRWC submitted the application to FDEP SRF for use of these funds. At the July 30, 2025 PRWC Board of Directors meeting the Board approved Resolution 2025-22 authorizing the PRWC to apply for an SRF loan to assist in financing the Southeast Wellfield Water Production Facility construction. On August 13,2025 the FDEP awarded the PRWC an additional $30,000,000 in funding with an additional $4,081,995 in principal forgiveness.
The FDEP and the PRWC have now agreed to the loan terms for a total loan amount of $44,000,000 with an estimated $6,538,148 in loan forgiveness. The financing rate is 1.85% per year with a 20-year loan term.
The attached Resolution 2025-34 is presented to the PRWC Board of Directors to approve the SRF Construction Loan Agreement DW532003. These funds will be used for the Southeast Wellfield Water Production Facility. This loan agreement completes the financing of the Southeast Project to due the higher than anticipated construction costs, as well as the expected change in the Southwest Florida Water Management District’s grant disbursement schedule.
RECOMMENDATION
Adopt Resolution 2025-34 to authorize SRF Construction Loan DW532003 for the Southeast Wellfield Project.
FISCAL IMPACT
The total loan amount is $44,000,000 with $6,538,148 in principal forgiveness.
CONTACT INFORMATION
Julie Santamaria
Eric DeHaven