Subject:
Title
Approval to Apply for the Florida State Revolving Fund (SRF) for Utility Services Projects.
End
Fiscal Impact:
To be determined upon acceptance of the loan and the amount provided by SRF. Loan amount typically does not exceed $25M per project.
Dept/Office:
Utility Services
Requested Action:
Recommendation
It is requested that the Board approve the Utility Services Department to apply for SRF funding for the Utility Services Projects outlined within the Agenda Report.
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Summary Explanation and Background:
The Utility Services Department has various projects underway, which are required by State and Federal law related to clean potable water and wastewater nutrient reduction. Many of these projects are estimated to cost over $30M. Although SRF typically caps its loan amount to utility departments at approximately $25M, it is an option for funding the projects, even though it may be a partial fund. The advantage of SRF is that it is a low-interest 30-year loan through the State via the Environmental Protection Agency. Typically, the interest is 2-3% less than the bond market.
As this Department is proceeding with the engineering, planning, and design of a variety of projects, financial planning is also underway. One of the options is to pursue SRF to either fully or partially fund selected utility services projects, pending SRF loan allocation. Annually, SRF are provided funds for allocation beginning in August. For us to submit projects for consideration for the August meeting, it is recommended that the project facility plans be submitted by March 2026 to allow all State Agencies time to review and comment on prior to the August 2026 SRF meeting. A requirement of SRF is that at the time of the August meeting, all project plans must be 90% or greater completed.
As such, the following are projects that this Department is requesting to apply for SRF funding, which will be 90% or greater completed, thus requesting approval from the Board to do so:
• South Beaches: Deep Injection Well Improvements-Phase 1: Well Installation (District 3)
• South Beaches: Wastewater Treatment Facility to Advanced Wastewater Treatment (AWT) Conversion-6 MGD Treatment Train (District 3)
• South Beaches: Riverside Drive Force Main Improvements-Riverside Drive 30-inch Parallel Force Main (Districts 4 & 5)
Clerk to the Board Instructions:
E-mail Clerk Memo to karina.perez@brevardfl.gov and mail the original Memo to Utility Services Department.