Stories indexed with the term ‘revolving loans’

Ann Arbor Petitions for Stormwater Projects

At its Jan. 9, 2012 meeting, the Ann Arbor city council passed four resolutions petitioning the Washtenaw County water resources commissioner to undertake stormwater-related projects with a total cost of around $4.4 million.

The projects each have a portion that qualifies for low-interest (2.5%) state revolving fund (SRF) loans that eventually might be partially forgiven. That portion would be paid out of the city’s stormwater fund. The total of the individual annual loan repayments for the projects would be $133,425 a year for 20 years.

A $2.5 million project in the Allen Creek Drainage District would design and construct stormwater management control measures on Madison Avenue between South Seventh and South Main. The existing corridor would be reconstructed using a traditional road surface, with management of stormwater flow being done through the use of infiltration basins within the right-of-way. The city stormwater portion of the project would be $500,000, with the loan to be paid back over 20 years in annual installments of $31,800.

A $630,000 project on Willard Street, between East University Avenue and South Forest Avenue, would construct a porous road surface, with management of offsite storm flow coming from a pollutant separation unit. Of that project, a little over $300,000 is strictly stormwater-related. The rest would be funded through the city’s street repair millage. It will be financed through revolving loans to be paid in annual installments of $19,110.

A $1,050,000 project in Leslie Park would mitigate against streambank erosion. Financing through revolving fund loans would amount to annual payments of $62,415. [See previous Chronicle coverage of that project: "Creek Project Ramps Up at Leslie Park Golf"]

A $316,000 project throughout the city of Ann Arbor would plant street trees during 2013. The revolving load fund financing would result in annual payment of $20,100 over 20 years.

This brief was filed from the city council’s chambers on the second floor of city hall, located at 301 E. Huron. A more detailed report will follow: [link] [Full Story]