Title
Joint resolution authorizing a loan agreement with the Illinois Environmental Protection Agency (IEPA), in the amount of $32,000,000, for the Des Plaines River (DPR) Water Reclamation Facility (WRF) Improvements Project.
Staff Summary
* The DPR WRF must be upgraded to include enhanced biological nutrient removal processes to satisfy regulatory requirements of the IEPA, and will include biosolids drying equipment to enable the County to generate Class A biosolids.
* The County applied for a low interest loan with the IEPA for this project.
* The IEPA has extended a loan offer in the amount of $32,000,000 with an annual fixed loan rate of 2.21 percent and a 20 year term.
* The loan amount will cover the full amount of the project cost including construction in the amount of $31,780,000 and contingency in the amount of $220,000.
* The loan agreement requires the County to accept the IEPA loan offer prior to July 20, 2015.
* This resolution authorizes and directs the Public Works Director to execute a loan agreement with the IEPA in the amount of $32,000,000.
Body
R E S O L U T I O N
WHEREAS, the County of Lake (County) owns and operates sanitary sewer systems in the Southeast Lake Facilities Planning Area including the Des Plaines River (DPF) Water Reclamation Facility (WRF) in Buffalo Grove; and
WHEREAS, improvements to the DPR WRF are required to install biosolids drying facilities, infrastructure and equipment upgrades and improvements, as well as enhanced biological nutrient removal processes to satisfy regulatory requirements of the Illinois Environmental Protection Agency (IEPA); and
WHEREAS, the County applied to the IEPA for a low interest loan; and
WHEREAS, the IEPA has extended a loan offer to the County in the amount of $32,000,000.00, with an annual fixed loan rate of 2.210 percent, and a 20 year term; and
WHEREAS, the loan amount will cover t...
Click here for full text