Tumwater's planned $30 million water tank on 93rd drives bond and rate planning

Staff told the council the current biennial budget includes a large water-storage tank on 93rd Avenue estimated at about $30 million and that the project remains on the books but unbuilt. "We have a big water storage tank budgeted uh out on 93rd about approximately $30 million project," the presenter said, noting the city has not yet gone to bid and that the project will move into future capital years.

Because financing for such projects depends on bond proceeds, staff said higher market bond rates since initial planning have increased the debt-service burden and thus contributed to the capital portion of the proposed rate increases. Staff said they are finalizing project readiness to go out to bid and will include a demonstration that the city can repay bonds when presenting financing plans to council.