Iowa Department of Natural Resources_State Revolving Fund for Bee Branch CreekAugust 1, 2011
Michael C. Van Milligen, City Manager
City of Dubuque
50 W. 13th St.
Second Floor
Dubuque, IA 52001
Dear Mr. Van Milligen:
I am writing to inform you of the terms for the loan forgiveness that the City of
Dubuque will receive for a portion of your Clean Water SRF Upper Bee
Branch project (GNS10 -5).
Use of Clean Water SRF monies for loan forgiveness is a requirement of the
fiscal year 2010 and 2011 federal appropriations for the program. Iowa is
targeting some loan forgiveness to help make green infrastructure projects
more affordable for local communities.
The terms of the SRF loan and loan forgiveness will be as follows:
• The amount of loan forgiveness will be 30 percent of the final amount
drawn on your SRF loan. Currently you have requested $14,767,000,
which is subject to change once the project has gone to bid and the
SRF - eligible costs are determined.
• The loan forgiveness will be based on the original scope of the project
as presented in your Intended Use Plan application and approved by
the SRF project manager. Additional work may not be added to
increase the loan amount and therefore the amount of loan
forgiveness.
• Once the loan is signed and you have drawn all your funds, 30 percent
of the final disbursed amount will be forgiven. The remaining amount
will be subject to the usual terms of the SRF loan program.
SRF
STATE
REVOLVING FUND
INVESTING IN IOWA'S WATER
www.iowasrf.com
Please feel free to contact me if you have any questions or need more information.
Sincerely,
F4L-Puu/sm-—
Patti Cale- Finnegan, SRF Coordinator
Iowa Department of Natural Resources
401 SW 7th Street, Suite M
Des Moines, IA 50309
515- 725 -0498
Patti.cale- fnnegan @dnr.iowa.gov
cc: Deron Muehring, Civil Engineer
Wayne Petersen/Tony Toigo, Iowa Department of Agriculture and Land
Stewardship
Tracy Scebold, Iowa Finance Authority
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