Discussion and action on a Resolution that the City Council hereby accepts the State Infrastructure Bank (SIB) loan agreement in its substantially final form in order to secure receipt of funds in the amount of One Million Eight Hundred Fifty-Four Thousand Dollars ($1,854,000.00), to be fully repaid over no more than twenty-five (25) years, for SIB loan number S2026 003-06 Downtown Bicycle Improve

Staff Report & Agenda Item Details

Discussion and action on a Resolution that the City Council hereby accepts the State Infrastructure Bank (SIB) loan agreement in its substantially final form in order to secure receipt of funds in the amount of One Million Eight Hundred Fifty-Four Thousand Dollars ($1,854,000.00), to be fully repaid over no more than twenty-five (25) years, for SIB loan number S2026 003-06 Downtown Bicycle Improvements and McRae Boulevard Shared Use Path, to finance the City’s local match and actual cost of construction, environmental, engineering, utility relocation, and right of way acquisition of the Project, that the City Council hereby authorizes the City Manager, or designee, to execute the State Infrastructure Bank loan agreement, together with all required documentation, to effectuate the City’s intent to borrow such funds and that the City Council further authorizes the City Manager to take or perform any actions required for implementation of this Resolution to receive funding from the State Infrastructure Bank and authorizes the City Manager, or designee, to effectuate any budget transfers and execute any contract and/or related documents necessary to ensure that the funds are properly expended.