Title
Administration - Discussion of GEFA loan for a dam restoration project
Body
Action Required:
Guidance
Description:
The Georgia Environmental Facilities Authority (GEFA) has a low interest loan program that staff has been researching to determine if it is a viable source of funding for Martins Landing Foundation dam restoration project. The maximum term of the loan is 20 years with a $10-million limit. The City Attorney has reviewed the loan conditions and determined that the City of Roswell cannot lend its credit to repay a loan on behalf of a private entity even when the private entity agrees to repay the loan and guarantees it through a separate agreement with the City. Additionally, grant opportunities for the dam project have been researched and exhausted at this point.
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