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EVERETT CITY COUNCIL AGENDA ITEM COVER SHEET <br />PROJECT TITLE: <br />Financing Agreement with <br />Briefing <br />COUNCIL BILL # <br />US Bank for the High- <br />Proposed Action <br />Originating Department Engineering/Finance <br />efficiency Light Emitting <br />Consent <br />Contact Person Susy Haugen <br />Diode (LED) street lighting <br />x Action <br />Phone Number 8612 <br />project <br />First Reading <br />FOR AGENDA OF August 5, 2015 <br />Second Reading <br />Third Reading <br />Initialed by: <br />Public Hearing <br />Budget <br />Advisory <br />Department Head <br />CAA <br />Council President 0") <br />Location <br />Preceding Action Attachments Department(s) Approval <br />Interagency Agreements Agreement Legal <br />with DES dated 5/20/15 <br />Engineering <br />Chant Agreement with <br />Finance <br />Dept. of Commerce <br />7/22/15 <br />q <br />Amount Budgeted <br />2,155,720 <br />Expenditure Required <br />2,155,720 <br />AccountNumber(s): <br />Budget Remaining <br />-0- <br />Additional Required <br />-0- <br />DETAILED SUMMARY STATEMENT: <br />On May 20, 2015, the City Council authorized the Mayor to sign Interagency Agreements with the <br />Washington State Department of Enterprise Services to enroll in a program to convert approximately 2,300 <br />of the City's streetlights to high -efficiency light emitting diode (LED) lighting. On July 22, 2015, the City <br />Council authorized the Mayor to sign the Interagency Grant Agreement with the Washington State <br />Department of Commerce grant funding in the amount of $500,000. <br />The total cost of the project is $2,155,720. Funding sources include the $500,000 Department of Commerce <br />grant, PUD energy incentives in the amount of $307,817, and $1,3.7,903 in local funding. The financing <br />agreement under consideration will provide the balance of the funding needed to complete this project. The <br />term is 15 years with an APR of 2.97%. The proposed fielding source for these debt service payments is CIP <br />3. Debt service payments on this contract will replace the Public Works Trust Fund Loan that will mature in <br />2016, <br />l i?CCI,,I �EI�ID�'< TIOi,' (Exact action requested of Codicil): <br />� a 6 ai; v -171 'm S i ?' ? U1 -efficiency f illi �i u IiiinLy <br />zL�thorize t11e ,h.�'Or `LO Sl�il i_le illiui�Cll1�, �iec'ilCllt ���_'111t �, ��+i_.C-O� the _li�.l-eTL�CIei_'j <br />Diode (LED) sheet lighun project. <br />57 <br />