Due to the nature and timing of the City's share of the capital financing for the Aquatic Center, interim financing is necessary for the project to begin while a long term financing strategy can be completed this summer/fall.

The Wastewater Capital fund has sufficient reserves to make available, as a temporary loan, the contracted amount of up to $8 million to provide for the City’s share of the construction of the Aquatic Center in partnership with the YMCA. Draws will be made as construction invoices are paid to cover the cost.

The attached resolution provides for this temporary funding and for the repayment of the interfund loan once external financing for the Aquatic Center is secured. Debt service will be paid primarily from Parks Capital Charter Amendment funding with REET funds as a potential secondary source.