Village staff seeks council approval of $11.5 million State Revolving Loan Fund amendment for meter replacement project

Village staff presented Amendment 1 to the State Revolving Loan Fund (SRLF) award for the utility meter replacement project during the agenda review. The amendment adds approximately $4.6 million to previously awarded principal, bringing total project principal to about $11.5 million when combined with the earlier tranche; staff also said the funding package includes capitalized interest and loan fees.

Staff told council the loan term would be 20 years at an interest rate of 3.41% and that the village has been working the bid process; contract awards for construction were anticipated at the January council meeting with active field work expected in 2026. A staff presenter said the SRLF initially funded only a portion of the project and the current amendment fulfills the original application.

The item was presented for council consideration during the agenda review; the transcript did not record a formal council vote or adoption in this agenda‑review session. Staff indicated the loan amendment is intended to allow the project to proceed in full.