Burlington closes $4.8 million in wastewater loans as larger financing advances
The state authority approved a $13 million financing structure; the city has received a $382,486 grant and completed design, while an $8.5 million leveraged loan remains in process.
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Burlington has closed $4.8 million in loans for its wastewater-treatment project, while an $8.5 million leveraged loan remains in process.
A new city administrator’s report says the city received a $382,486 state grant and a signed grant contract. It marks the treatment facility’s design and engineering as complete and says construction was being eyed for December. The report lists Nov. 5 as the bond-sale date and Nov. 24 as the planned closing on the loan agreement with the state revolving fund, but does not state whether the bond sale occurred.
The city’s Sept. 28 council packet says it closed a $4.5 million loan and a separate $300,000 design-and-engineering loan on Aug. 5. That report said the $8.5 million leveraged loan was expected to become available in November once bonding was secured.
The Colorado Water Resources and Power Development Authority’s March 6 meeting minutes record approval of a $13 million funding structure, including $8.5 million in leveraged financing, $3 million in direct loans and $1.5 million in principal forgiveness. The authority also authorized negotiations on the leveraged loan; that approval did not mean the full financing had closed.