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Funding for Bull Run projects on City Council agenda

Pamplin Media Group – The Outlook

Jim Redden

The City Council will consider authorizing up to $745 million worth of revenue bonds to help fund two major Portland Water Bureau projects on Wednesday, April 8.

The two Bull Run Treatment projects are the planned Filtration Plant currently estimated at $820 million and the Corrosion Control Facility approved at $20 million.

According to a financial impact statement accompanying the ordinance, additional costs including contingencies, financing, indirect costs and inflation could push the final costs of the projects to approximately $1.5 billion.

The authorization is necessary for the city to qualify for low-interest federal funding for the projects under the Water Infrastructure Finance and Innovation Act intended to support such local projects.

If approved, the WIFIA loan would lock in low U.S. Treasury interest rates and save the city $350 million in debt payments after the completion of the projects.

The Filtration Plant is required by the U.S. Environmental Protection Agency and the Oregon Health Authority to remove potentially deadly Cryptosporidium from Bull Run water. The corrosion control project is intended to reduce lead entering drinking water from homes and buildings plumbed between 1970 and 1985.

The city estimates construction of the Bull Run Treatment Projects will create 7,500 direct construction jobs. Contracts related to the projects ensure contractors are paying prevailing wage rates and maximizing opportunities for disadvantaged, minority-owned, women-owned, emerging small businesses, and Service Disabled Veterans Business Enterprise contractors and subcontractors.

You can find the ordinance and impact statement here.

Source: https://pamplinmedia.com/go/42-news/461286-374942-funding-for-bull-run-projects-on-city-council-agenda?wallit_nosession=1

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