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File #: RES PH 21-145    Version: 1
Type: Resolution-Public Hearing Status: Passed
In control: City Council
Final action: 7/7/2021
Title: Amending the financing and spending plan in the Department of Parks and Recreation’s Capital Projects Fund to establish the Como Hoofstock Geothermal Heating Project budget in the amount of $528,475, financed by an internal loan and the transfer of annual program funding for capital maintenance projects.
Sponsors: Mitra Jalali
Attachments: 1. Como Barn Goethermal Preliminary Loan Agreement with all attachments - rev5-25-21, 2. RES PH 21-XXX Como Hoofstock Geothermal Heating Financial Analysis_5-24-2021
Title

Amending the financing and spending plan in the Department of Parks and Recreation’s Capital Projects Fund to establish the Como Hoofstock Geothermal Heating Project budget in the amount of $528,475, financed by an internal loan and the transfer of annual program funding for capital maintenance projects.

Body

WHEREAS, the Department of Parks and Recreation needs to purchase and install a replacement for the heating system in the Hoofstock building at the Como Park Zoo and Conservatory; and

WHEREAS, Parks and Recreation, with the help of Sustainable Energy Savings, Inc. and other City staff, has developed a budget plan to install a new Geothermal Heating System; and

WHEREAS, Parks and Recreation will use additional funds for the installation of the geothermal heating unit, geothermal well, backup electrical boiler, and associated pumps, piping, and valves to improve the heat distribution in the Hoofstock building, allowing for increased comfort; and

WHEREAS, Parks and Recreation estimates the total cost of the Como Hoofstock Geothermal Heating Project to be up to $528,475; and

WHEREAS, the project is expected to be completed in 2021 and will be financed by a transfer from annual program funding and interest earnings in the amount of $328,475; and

WHEREAS, Parks and Recreation proposes to finance the remaining $200,000 of the project through the use of an interdepartmental loan; and

WHEREAS, there are available funds in Fund 700, (the "City Internal Loan Fund"), to make an advance in 2021; and

WHEREAS, the advance, until repaid, will bear interest at the monthly City treasury portfolio investment rate, ("Pool Rate"), which is variable and reset monthly by the City and will be paid as part of the project cost; and

WHEREAS, the advance will be secured and repaid by energy savings attained by the projects; and

WHEREAS, the Internal Loan has been documented in the Record of Internal Loan, which is attached in substantially final form, ...

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