Astoria budgets $51,700 for Eighth Street waterline debt service tied to Business Oregon grant

The Astoria City Council on Sept. 2 adopted a supplemental budget to place $51,700 into Eighth Street Debt Service Fund No. 263 to accept and pay debt service tied to a waterline project.

City manager Spence told the council the Eighth Street project included an upsized water line paid in part by an economic development grant from Business Oregon. The full project ultimately cost about $490,000; the city’s role is to receive payment from the private beneficiary and then remit the debt service to the state agency, Spence said. The council previously established the debt service fund and on Tuesday approved a $51,700 appropriation to receive the expected payments.

Why it matters: the appropriation enables the city to accept funds and meet repayment obligations related to the upgrade of a line that serves the Bolen Hotel and adjacent properties.

The motion to amend the budget for Eighth Street Debt Service Fund No. 263 was moved by Councilor Davis and seconded by Councilor Adams; the roll-call vote was recorded as unanimous Aye.

Ending: With the budget amendment approved, the finance office will record the incoming payment and process the state repayment as required.