Title
Amending the financing and spending budgets in the Department of Parks and Recreation Capital Projects Fund to establish the Como Hoofstock Project financed by an Energy Conservation Loan from the Internal Borrowing Fund.
Body
WHEREAS, the Parks and Recreation Department has identified a need for improvements to the 35-year old heating system in the Hoofstock building at the Como Park Zoo and Conservatory; and
WHEREAS, the project is anticipated to result in energy efficiencies and utility cost savings and has been identified as an eligible project for funding through the City’s Energy Conservation Loan Program; and
WHEREAS, the Parks and Recreation Department will use the funds for installing two high efficiency hot water boilers and associated pumps, piping, and valves to improve the heat distribution in the Hoofstock building, allowing for increased comfort, reduced maintenance costs, and energy savings; and
WHEREAS, the Energy Conservation Loan Program was established in 2007 to help departments retrofit city owned facilities to reduce energy usage and carbon dioxide emissions; and
WHEREAS, the existing loan fund guidelines dictate that Energy Conservation Loans are paid back over terms not exceeding five years through energy savings attained by the projects; and
WHEREAS, loans made to fund projects of significant size and scope necessary to reach the City’s sustainability goals are not typically able to repay within this term; and
WHEREAS, to provide incentives for the use of these funds and reach the City’s goals around energy savings and sustainability, the loan for the Como Hoofstock project will be exempted from the term restrictions in the original program guidelines; and
WHERAS, departments who use the program are charged an interest rate equal to the 5-year treasury note plus 1% on the day of the loan drawdown; and
WHEREAS, the project is anticipated to be completed in 2018 and will be financed by an Energy Conservati...
Click here for full text