07-25-2019 - Laserfiche WebLink

Metro Flood Diversion Authority—June 27, 2019 2 For consideration today, is a resolution to approve the execution of the agreements between Cass County and Fargo and to consent to the amended loan agreements with Wells Fargo Bank. MOTION, passed Mr. Grindberg moved and Mr. Peterson seconded to adopt the Resolution Approving the Execution and Delivery of the Intergovernmental Agreement (Series 2019) between Cass County, North Dakota and the City of Fargo, North Dakota; Consenting to First Amendment to Loan Agreement between Wells Fargo Bank, N.A., and Cass County, North Dakota; and Consenting to First Amendment to Loan Agreement between Wells Fargo Bank, N.A. and the City of Fargo, North Dakota. On roll call vote, the motion carried unanimously. WIFIA Letter of Interest Mr. Shockley discussed financial assistance through the Water Infrastructure Finance and Innovation Act (WIFIA) program established by Congress, which is divided into two components: WIFIA EPA and WIFIA Army Corps of Engineers. For consideration today is a letter of interest for the WIFIA EPA program. In 2019 Congress appropriated $60 million to issue up to $6 billion in loans from 2019 to 2020. The Diversion Authority is applying for a portion of the project that is considered eligible for storm water, which includes the diversion channel and related infrastructure. The total amount of eligible components is around $1.1 billion. WIFIA allows an entity to secure a loan for about 49% of the eligible costs, and the Diversion Authority would be looking for a loan of $560 million. The advantage of this financing is it at Treasury rates and would not need to be paid until five years after substantial completion of the project with a 35-year re-payment plan. A letter has been drafted that shows the Diversion Authority’s interest in applying for a loan and is the first step in the process. The Diversion Authority should hear back from the EPA within 90 to 120 days if it determines the Diversion Authority is invited to apply for a loan. Mr. Shockley said other loan opportunities are available and will be forthcoming for consideration by the board. MOTION, passed Mr. Grindberg moved and Mr. Peterson seconded to approve the submittal of the WIFIA Letter of Interest to the Environmental Protection Agency. On roll call vote, the motion carried unanimously. 7. PUBLIC OUTREACH UPDATE Committee report The Public Outreach Committee met on June 26th. Rocky Schneider from AE2S distributed and reviewed project talking points that were drafted to provide to the public. Chair Scherling has asked for the talking points to be updated each month for board members to have available when asked questions about the project. Mr. Schneider showed the most recent public outreach video with Cass County Commissioner Vern Bennett. All of the videos are on the Diversion You Tube channel and receive a lot of interest by the public. Business Leaders Task Force Mr. Dawson anticipates the task force will meet within the next month. Mrs. Scherling thanked them for their support of the project. 8. LAND MANAGEMENT Committee report The Land Management Committee met on June 26th. Mrs. Scherling said one of the main issues discussed was land acquisitions needed for the project.