SUMMARY: RESOLUTION authorizing submission of a loan application to the TEXAS WATER DEVELOPMENT BOARD’S Flood Infrastructure Fund Program.
RECOMMENDATION: (Summary) Approve a Resolution authorizing the City to make a loan application with the Texas Water Development Board, to access the Flood Infrastructure Fund program.
SPECIFIC EXPLANATION: Houston Public Works wishes to apply for a zero-interest rate loan from the Texas Water Development Board (TWDB) under the Flood Infrastructure Fund program, to improve the stormwater and drainage system in the City of Houston.
Passed by Legislature and approved by Texas voters, the TWDB administers a Flood Infrastructure Fund program to provide financial assistance in the form of loans and grants for flood control, flood mitigation and drainage projects. The Flood Intended Use plan details the structure of each funding cycle.
The City of Houston wishes to apply to the Texas Water Development Board (TWDB) for financial assistance by requesting a multi-year loan commitment from the Flood Infrastructure Fund Program to improve the City’s stormwater and drainage system. The source of funds is anticipated to be used for increased conveyance improvements along Taylor's Gully. This stormwater project will provide needed flood mitigation in an area experiencing repetitive flooding.
In accordance with the rules and regulations estimated of the TWDB of making such application, City of Houston is required to adopt a resolution to accompany such application. The estimated amount of this multi-year loan application is $15,000,000. Interest rates on this program are zero percent for a twenty to thirty-year period.
It is recommended City Council approve a resolution authorizing the City to make a loan application with the Texas Water Development Board for the Flood Infrastructure Fund program.
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Carol Ellinger Haddock, P.E.
Director
Houston Public Works
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Tantri Emo, Finance Director / Chief Business Officer
Finance Department