Article submitted by Jamie Fleury, The Pilot News Staff Writer
BOURBON — Shannon McLeod, Grant Writer and Administrator for Priority Project Resources Inc., updated the Bourbon Town Council during the regular August meeting on some funding opportunities for the Waterworks Improvement Project.
Project Manager for Wessler Engineering Adam Sitka was present to discuss project financing and the current standing of the State Revolving Fund (SRF) Program loan for the project as well.
The Town of Bourbon is seeking over $5 M from SRF to fund the project. A portion of that funding might be appropriated in the form of a forgivable loan. The Town of Bourbon will not be notified of that eligibility until late September or early October.
The current schedule for project design was to advertise in late September and open bids in October and be closed to start construction by the end of this year or the start of the new year.
The fall-back option if the town is not approved for a portion of the funding in the form of a forgivable loan from SRF would be to apply for an Indiana Office of Community and Rural Affairs (OCRA) grant which is based off need and community rates.
McLeod spoke to the board via teleconference and speakerphone.
Plan A is to fund the project SRF only.
Plan B is to apply for OCRA funding for up to $700,000 through a proposal which is due September 30. “We can submit the proposal and if we get good news from SRF we just don’t move forward and submit the full application. But if we don’t get good news from SRF, we get to move forward with the application to OCRA in November for that $700,000.”
The project will be delayed approximately four to six months waiting on OCRA’s decision if SRF does not provide the full $700,000 in forgivable funding.
Obtaining the additional $700,000 in funding one way or another will reduce rates for residents by $5 to $7 a month per household. “There’s an advantage to that.” said McLeod.
The board approved submitting the proposal which will cost the town $1,000 in administrative fees and $40 for the public hearing notice in the hopes to obtain the additional funding one way or another to reduce out-of-pocket costs for the Town of Bourbon and residents.
