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Home My WebLink AboutCopy of Project Funding Scenarios 5-21-2021Port Hadlock, WA - Sewer System Project Funding Sources - Public System Source State Design Appropriation USEDA Grant State Cap. Appropriation Dept. of Ecology (75% Grant) Dept. of Ecology (25% Loan) PWTF Board, Dept. of Commerce (Loan) USEDA-Public Works Program (Grant) Connection Fees County Capital USDA Rural Development (Loan) USDA Rural Development (Grant) Future Appropriation? Other Total Project Funds: Total Project Cost Estimate: Difference: *F/S/L = federal, state, local Grinder Pumps and Private On-Site Source Property Owners Other Total: Total Project Cost Estimate: Difference: Total Project Cost: Estimated Annual Loan Payments Amount Borrowed Borrowing Assumptions: Interest Rate Term of Loan (years) Estimated Annual Loan Payment Anticipated PIF Bridge Loan Required pie charts From Legislative Request 2021: 47. Besides the amount being requested, what amount of local, federal or other state funding does the applicant plan on securing in the future in order to complete the project? Please list by program. SECURE IN FUTURE Dept. of Ecology - Grant USDA Rural Dev Program - Grant USEDA Public Works Program - Grant Dept. of Ecology - Loan USDA Rural Dev Program - Grant PWTF, Dept. of Commerce - Loan Local Funding - Jefferson County Property Owner Funds - Onsite Subtotal Future THIS REQUEST Legislative Request 2021 Subtotal This Request Total Future & This Request EXISTING State Appropriation - Final Design Subtotal Existing TOTAL PT. HADLOCK WASTEWATER F/S/L* State Federal State State State State Federal Local Local Federal Federal State F/S/L Local 2024-2032 assumes PIF (50%) extended thru 2054. Reimbursed by 2050. Draft 2-2-21 GRANT 3750000 1167022 2000000 6917022 5500000 5500000 12417022 1422675 1422675 13839697 Status Secure Denied Applying Future Future Future Future Secure Secure Future Future Status Secure 500000 0.02 20 30578.3591 LOAN 1250000 1167022 2000000 4417022 0 4417022 0 4417022 Amount 1422675 0 20175000 1500000 500000 0 1000000 400000 200000 0 0 25197675 19936719 5260956 Amount 700000 700000 700000 0 20636719 500000 0.02 30 22324.9611 LOCAL 1073956 4287000 5360956 0 5360956 0 5360956 Funding Sources 1422675 20175000 2500000 500000 600000 700000 25897675 TOTAL 16695000 5500000 22195000 1422675 23617675 Received in 2020. Work in progress. Denied October 2020 For "Elevated Hardship" County Loan covered by extended 0.09 Program ending 2054 Loan covered by extended 0.09 Program ending 2054 200 ERUs @ $2,000/each Loan covered by extended 0.09 Program ending 2054 Includes design contingency Construction contingency amount This amount varies depending on number of ERUs. This estimate is for 350 ERUs. Works out to $2,000 per ERU assuming 350 ERUs Assume On-Site Tanks and Grinder Pumps are part of outside funding Will depend on final financing Annual payment is less for longer repayment but cannot exceed useful life State Design Appropriation State Construction Appropriation-Requested Legislative Action Grants (Ecology, USDA-RD, USEDA-PW) Loans (PWTF, ECOLOGY, USDA-RD) Local (County, Sewer Connections) Private On-site Grinder Pumps or $1,073,956 + $275,000 = $1,348,956 or $4,287,000 - $275,000 = $4,012,000 Port Hadlock, WA - Sewer System Project Funding Sources - Public System Source State Design Appropriation USEDA Grant State Cap. Appropriation Dept. of Ecology (75% Grant) Dept. of Ecology (25% Loan) PWTF Board, Dept. of Commerce (Loan) USEDA-Public Works Program (Grant) Connection Fees County Capital USDA Rural Development (Loan) USDA Rural Development (Grant) Future Appropriation? Other Total Project Funds: Total Project Cost Estimate: Difference: *F/S/L = federal, state, local Grinder Pumps and Private On-Site Source Property Owners Other Total: Total Project Cost Estimate: Difference: Total Project Cost: Estimated Annual Loan Payments Amount Borrowed Borrowing Assumptions: Interest Rate Term of Loan (years) Estimated Annual Loan Payment Anticipated PIF Bridge Loan Required pie charts F/S/L* State Federal State State State State Federal Local Local Federal Federal State F/S/L Local 2024-2032 assumes PIF (50%) extended thru 2054. Reimbursed by 2050. Status Secure Denied Applying Future Future Future Future Secure Secure Future Future Status Secure 500000 0.02 20 30578.3591 Amount 1422675 0 20175000 1500000 500000 0 1000000 400000 200000 0 0 25197675 19936719 5260956 Amount 700000 700000 700000 0 20636719 500000 0.02 30 22324.9611 Funding Sources 1422675 20175000 2500000 500000 600000 700000 25897675 Received in 2020. Work in progress. Denied October 2020 For "Elevated Hardship" County Loan covered by extended 0.09 Program ending 2054 Loan covered by extended 0.09 Program ending 2054 200 ERUs @ $5,000/each Loan covered by extended 0.09 Program ending 2054 Includes design contingency Construction contingency amount This amount varies depending on number of ERUs. This estimate is for 350 ERUs. Works out to $10,667 per ERU assuming 350 ERUs Will depend on final financing Annual payment is less for longer repayment but cannot exceed useful life State Design Appropriation State Construction Appropriation-Requested Legislative Action Grants (Ecology, USDA-RD, USEDA-PW) Loans (PWTF, ECOLOGY, USDA-RD) Local (County, Sewer Connections) Private On-site Grinder Pumps SEWER FUND DEBT SERVICE with PIF Excess to Reserve YEAR 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045 2046 2047 2048 2049 2050 2051 2052 2053 2054 2055 2056 2057 2058 2059 2060 Total: REFUNDED BOND PRINCIPAL & INTEREST ($2,200,000 in 2011) 165654.18 164822.5 163760 162570 165360 163020 157605 162963 159464 155438 163301 158881 159753 161031 162053 162220 162167 161932 161464 163758 3237216.68 Estimated 2% annual increase in PIF revenue 2012 PWTF LOAN PRINCIPAL & INTEREST ($1,676,000 in 2012) 32203.13 66179.24 65890.23 65601.25 65312.25 65023.27 64734.27 64445.27 64156.3 63867.28 63578.31 63289.3 63000.32 62711.33 62422.33 62133.34 61844.34 61555.36 61266.37 60977.37 60688.38 60399.38 60110.4 59821.39 59532.42 59243.42 58954.42 58665.43 58376.44 58087.45 1834069.99 $6.5M 30-yr 2% LOAN (2023) 290200 290200 290200 290200 290200 290200 290200 290200 290200 290200 290200 290200 290200 290200 290200 290200 290200 290200 290200 290200 290200 290200 290200 290200 290200 290200 290200 290200 290200 290200 7545200 PIF TRANSFER (50% of Total) 160000 160000 160000 170000 205379 170000 290730 254399 287466 275000 275000 280500 286110 291832.2 297668.844 303622.22088 309694.6652976 315888.558603552 322206.329775623 328650.456371136 335223.465498558 341927.934808529 348766.4935047 355741.823374794 362856.65984229 370113.793039136 377516.068899918 385066.390277917 392767.718083475 400623.072445145 408635.533894048 416808.244571929 425144.409463367 433647.297652634 442320.243605687 451166.648477801 460189.981447357 469393.781076304 478781.65669783 488357.289831787 498124.435628422 508086.924340991 518248.662827811 528613.636084367 11474562.1754227 EXCESS FUNDS -5654.17999999999 -4822.5 -3760 7430 40019 6980 100921.87 25256.76 62111.77 53960.75 46386.75 56595.73 -228577.27 -223844.07 -218740.456 -212665.05912 -206250.6447024 -199532.741396448 -192457.990224377 -188018.873628864 -17398.8645014418 -10405.4051914706 -3277.84649530001 3986.463374794 11390.2898422899 18936.4230391357 26627.6888999184 34467.0102779168 42457.3180834751 50601.6824451446 58903.1138940476 67364.8245719285 75989.9894633671 84781.8676526345 93743.8036056871 102879.198477801 169989.981447357 179193.781076304 188581.65669783 198157.289831787 207924.435628422 217886.924340991 518248.662827811 528613.636084367 LIFE TO DATE EXCESS -5654.17999999999 -10476.68 -14236.68 -6806.67999999999 33212.32 40192.32 141114.19 166370.95 228482.72 282443.47 328830.22 385425.95 156848.68 -66995.39 -285735.846 -498400.90512 -704651.5498224 -904184.291218848 -1096642.28144322 -1284661.15507209 -1302060.01957353 -1312465.424765 -1315743.2712603 -1311756.80788551 -1300366.51804322 -1281430.09500408 -1254802.40610416 -1220335.39582625 -1177878.07774277 -1127276.39529763 -1068373.28140358 -1001008.45683165 -925018.467368284 -840236.59971565 -746492.796109963 -643613.597632162 -473623.616184805 -294429.835108501 -105848.178410671 92309.1114211158 300233.547049538 518120.471390529 1036369.13421834 1564982.77030271 1564982.77030271 1564982.77030271 1564982.77030271 1564982.77030271 1564982.77030271 1564982.77030271 Deficit years can be covered in several ways: 1) Internal funding from capital 2) Use more than 50% of PIF for these years 3) Internal borrow and repay with surplus in later years End of current PIF program End of 20-year PIF extension What PIF (50%) is Available after 2011 Bonds & 2012 PWTF? 61622.73 66355.93 71459.544 77534.94088 83949.3552976 90667.2586035521 97742.0097756231 102181.126371136 272801.135498558 279794.594808529 286922.1535047 294186.463374794 301590.28984229 309136.423039136 316827.688899918 324667.010277917 332657.318083475 340801.682445145 349103.113894048 357564.824571929 366189.989463367 374981.867652634 383943.803605687 393079.198477801 460189.981447357 469393.781076304 478781.65669783 488357.289831787 498124.435628422 508086.924340991 518248.662827811 528613.636084367 Funding sources use a variety of repayment calculation methods. PWTF uses level principal payments, with interest on the outstanding balance Loan Calculator 6500000 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 Ecology uses level payments over the repayment period, more like a mortgage Assumptions Principal: Year 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 Total 0.02 Principal 216666.6667 216666.6667 216666.6667 216666.6667 216666.6667 216666.6667 216666.6667 216666.6667 216666.6667 216666.6667 216666.6667 216666.6667 216666.6667 216666.6667 216666.6667 216666.6667 216666.6667 216666.6667 216666.6667 216666.6667 216666.6667 216666.6667 216666.6667 216666.6667 216666.6667 216666.6667 216666.6667 216666.6667 216666.6667 216666.6667 6500000 6500000 Annual Payment 290200 290200 290200 290200 290200 290200 290200 290200 290200 290200 290200 290200 290200 290200 290200 290200 290200 290200 290200 290200 290200 290200 290200 290200 290200 290200 290200 290200 290200 290200 8706000 Balance 6500000 6283333.3333 6066666.6667 5850000 5633333.3333 5416666.6667 5200000 4983333.3333 4766666.6667 4550000 4333333.3333 4116666.6667 3900000 3683333.3333 3466666.6667 3250000 3033333.3333 2816666.6667 2600000 2383333.3333 2166666.6667 1950000 1733333.3333 1516666.6667 1300000 1083333.3333 866666.6667 650000 433333.3333 216666.6667 0 Years Interest Rate 30 Interest 130000 125666.6667 121333.3333 117000 112666.6667 108333.3333 104000 99666.6667 95333.3333 91000 86666.6667 82333.3333 78000 73666.6667 69333.3333 65000 60666.6667 56333.3333 52000 47666.6667 43333.3333 39000 34666.6667 30333.3333 26000 21666.6667 17333.3333 13000 8666.6667 4333.3333 2015000 30 0.02 Years Payment (Annual) 346666.6667 342333.3333 338000 333666.6667 329333.3333 325000 320666.6667 316333.3333 312000 307666.6667 303333.3333 299000 294666.6667 290333.3333 286000 281666.6667 277333.3333 273000 268666.6667 264333.3333 260000 255666.6667 251333.3333 247000 242666.6667 238333.3333 234000 229666.6667 225333.3333 221000 8515000 283833.3333 8515000 Avg. Annual Payment Checks Ecology Integrated WQ Interest Rates Table 12: SFY22 Wastewater Construction Hardship Loan Interest Rates & Grant/Forgivable Principal Loan Eligibiiity Based on Ecology, State Fiscal Year 2022 Funding Guidelines, August 2020 https://fortress.wa.gov/ecy/publications/documents/2010024.pdf https://ecology.wa.gov/About-us/How-we-operate/Grants-loans/Find-a-grant-or-loan/Water-Quality-Combined-Funding-Program/WQC-funding-cycle What does this mean for Pt. Hadlock UGA Sewer Project? Ecology SFY22 WW Construction Hardship Loan Interest Rates & Grant Eligibiiity Sewer Cost divided by MHI Hardship Designation 20-Year Loan Rates 30-Year Loan Rates Grant Eligibility Pt Had/Irondale UGA MHI* Hardship Cost by Tier** *Annual Median Household Income from Ecology Appendix M-1, Funding Guidelines SFY2021 **The monthly cost per ERU to be eligible for each hardship tier = MHI / 12 x %MHI for tier. Washington State MHI Ecology Hardship Continuum for Port Hadlock's Median Household Income of $54,257 Hardship Designation Non-Hardship Moderate Hardship Elevated Hardship Severe Hardship Facility Plan examples of grant $$ showed Severe to Elevated hardship. <2% Non-hardship 0.012 0.016 Not eligible 54257 up to $90 70116 Sewer Fee Divided by MHI <2% > 2% but <3% >3% but <5% > 5% > 2% and <3% Moderate Hardship 0.008 0.012 50% (up to $5M) 90.4283 0.773817673569513 Monthly Sewer Cost per ERU up to $90 90.4283 135.6425 226.0708 >3% and <5% Elevated Hardship 0.004 0.008 75% (up to $5M) 135.6425 Pt. Had as % of WA st > 5% Severe Hardship 0 0.004 100% (up to $5M) 226.0708 Project Funding Sources - Public System Source EDA Grant State Cap. Appropriation Dept. of Ecology Loan (PWTFB) Connection Fees County Capital Other Other Total Project Funds: EDA Project Cost Estimate: Difference: Remaining Project Sources - Public System *(Excluding privite on-site grinder pumps/lines) Source State Design Appropriation State Cap. Appropriation USDA Rural Development (Loan) USDA Rural Development (Grant) Other Other Remainder Project Funds: Total Project Funds: Total Project Cost Estimate: Difference: Grinder Pumps and Private On-Site Source Property Owners Other Total: Total Project Cost Estimate: Difference: Total Project Cost: F/S/L F/S/L S S/F S/L L L F/S/L S S F F F/S/L Local Status Denied Applying Future Future Secure Secure Status Secure Planned Planned Planned Planned Status Secure Amount 0 5000000 5000000 4196727 1000000 1180000 16376727 16376727 0 Amount 1422675 0 1068658.5 1068658.5 0 3559992 19936719 19936719 0 Amount 3733423 3733423 3733423 0 23670142 Note: This is construction of the treatment plant, waste water re-use area, main influent pipeline from SR-116 to plant. It is also the collection system for commercial/industrial Core Area and Alcohol extension. Denied October 2020 For a hardship County Loan covered by extended 0.09 Program ending 2054 Assume 200 ERUs (out of 350 thought to exist) @ $5,000/each From existing 0.09 Program ("PIF") ending 2032 Note: This is mostly residential collection lines not eligible for EDA. Received in 2020. Work in progress. Loan covered by extended 0.09 Program ending 2054 Includes design contingency. Represents construction contingency amount. This amount varies depending on number of ERUs. This estimate is for 350 ERUs. Works out to $10,667 per ERU assuming 350 ERUs