Village Council members voted 4-2 (“nays” by Michael Bracken and Ed London) during the Tuesday, Oct. 14 Village Council meeting to authorize Village Manager Steve Williamson to submit a loan application for $60 million from the Clean Water State Revolving Fund Loan Program to beat the Dec. 11 filing deadline.<\/p>\n
That total would be broken up into $20 million loans for each of three years, the maximum allowable.<\/p>\n
“This does not obligate us to take a loan,\u201d Capital Improvement Projects and Grants Manager Colleen Durfee said. \u201cIf we don’t do the project, that money would not go against our debt service.”<\/p>\n
The total cost of a stormwater project with elevated roads, but not including the undergrounding, would be about $72 million, it was understood.<\/p>\n
Black & Veatch helped the Village in the formulation of the application at a cost of $10,000, with another $20,000 collected if the loan is approved, Durfee explained.<\/p>\n
Other paid consultants have helped with grant funding, Durfee said, in response to a question.<\/p>\n
The loan generally comes in at 3.5% interest rate, “much lower than the market rate,” she added.<\/p>\n","protected":false},"excerpt":{"rendered":"Village Council members voted 4-2 (“nays” by Michael Bracken and Ed London) during the Tuesday, Oct. 14 Village…\n","protected":false},"author":2,"featured_media":20489,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[16450,2927,126,123,125,124,16451,16452],"class_list":["post-20488","post","type-post","status-publish","format-standard","has-post-thumbnail","category-miami","tag-flood-project","tag-flooding","tag-key-biscayne","tag-miami","tag-miami-headlines","tag-miami-news","tag-road-project","tag-stormwater"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/posts\/20488","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/comments?post=20488"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/posts\/20488\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/media\/20489"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/media?parent=20488"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/categories?post=20488"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/tags?post=20488"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}