DATE: January 30, 2024
TO: Mayor and City Council
FROM: Director of Public Works
SUBJECT
Title
Adopt a Resolution Authorizing the City Manager to Negotiate and Execute a Professional Services Agreement with NHA Advisors, LLC for Water Infrastructure Finance and Innovation Act (WIFIA) Loan Application and Funding Consulting Services in an Amount Not-to-Exceed $85,000 for the Water Pollution Control Facility (WPCF) Improvements - Phase II Project
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RECOMMENDATION
Recommendation
That Council adopts a resolution (Attachment II) authorizing the City Manager to negotiate and execute a Professional Services Agreement (PSA) with NHA Advisors, LLC (NHA Advisors) for Water Infrastructure Finance and Innovation Act (WIFIA) Loan Application and Funding Consulting Services in an Amount Not-to-Exceed $85,000 the Water Pollution Control Facility (WPCF) Improvements - Phase II Project.
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SUMMARY
The WIFIA loan Letter of Interest (LOI) and application require documents demonstrating the borrower’s financial creditworthiness. The City’s financial advisor has typically prepared these required documents since the documents involve in-depth financing strategies and credit rating analysis of the Wastewater Enterprise Fund. Staff recommends that Council authorize the PSA with NHA Advisors, in an amount not-to-exceed $85,000, for the preparation of the WIFIA loan application and related consulting services.
ATTACHMENTS
Attachment I Staff Report
Attachment II Resolution