Public Hearing: YES ☐ NO ☒ Department: Public Works - Sanitation
SUBJECT:
Title
Commission District(s): Commission Districts 3 & 6
Acceptance Of An additional $3,000,000 GEFA Loan For The Seminole Road Landfill Phase 3 Unit 2 Cell Construction Project (Cells 1 & 2)
Body
Information Contact: Tracy Hutchinson
Phone Number: 404.294.2177
PURPOSE:
To propose acceptance of an additional $3 million dollars in Georgia Environmental Finance Authority (GEFA) Loan GF2018006 funds to support the construction of two cells (19.3 acres) at the Seminole Road Landfill, Phase 3 Unit 2, located in Ellenwood, GA (“the Project”).
NEED/IMPACT:
Full construction of the project requires a total of $6 million dollars. The Board of Commissioners approved the acceptance of $3 million dollars in GEFA funds on December 4, 2018, for the project. This item approves the acceptance of an additional $3 million dollars in GEFA loan funding to complete the construction of the project.
FISCAL IMPACT:
There is a one-time $30,000 loan origination fee. Interest will continue to accrue on the additional funds drawn during the construction period. After the total spend down, the loan payment will be approximately $51,600 per month for 5 years.
RECOMMENDATION:
Recommended Action
To approve the acceptance of an additional $3 million dollars in GEFA loan funding and authorize the County Attorney and Chief Executive Officer to execute all necessary documents.