4. B. 1.
Commissioners Court - Regular
Rescind TWDB documents for Cindy Park project
Maria Medrano, Grants Department
Rescind an order executed on May 31, 2017 approving a Principal Forgiveness Agreement with the Texas Water Development Board for construction funding in relation to the Cindy Park Colonia project, which authorized the County Judge to execute this agreement; rescind the May 31, 2017 execution of a Note pursuant to the Principal Forgiveness Agreement; and rescind the May 31, 2017 execution of an Escrow Agreement with Value Bank Texas in accordance with the Principal Forgiveness Agreement with the Texas Water Development Board.
The Texas Water Development Board (TWDB) administers loan and grant programs that provide for the planning, acquisition, design, and construction of water related infrastructure and other water quality improvements. On April 28, 2015, the Commissioners Court executed a Loan Forgiveness Agreement with TWDB in the amount of $200,000 for planning and design for a new water distribution system in the Cindy Park Colonia. At the same Court meeting, an Escrow Agreement was executed with ValueBank Texas in accordance with the Loan Forgiveness Agreement.
On September 14, 2016, the Commissioners Court adopted a resolution authorizing the submission of an Application for Financial Assistance for Water and Wastewater Infrastructure Construction to TWDB. This new Application for Financial Assistance will be for the construction portion of the Cindy Park Colonia project. The new water distribution system will provide water to Cindy Park from the nearest surface water source at Indian Trails Colonia, using the plans and designs provided by LNV, the project engineer for the first phase of the project. The funding is being provided as 100% loan forgiveness in the amount of $830,000. Before the loan forgiveness can be closed and the funds delivered, the County must execute a resolution to designate a representative to execute all required documentation. This resolution authorizes the County Judge as the designated representative. Upon the County Attorney’s recommendation, the resolution was drafted as a Commissioners Court order. The Loan Forgiveness Agreement incorporates the above referenced order and contains important contractual obligations. Pursuant to the Loan Forgiveness Agreement, the County must also select an escrow agent, which is defined as a state or national bank designated by the Texas Comptroller as a state depository institution. The Escrow Agreement allows ValueBank Texas to receive the loan proceeds so that the funds are not comingled with any other accounts. On May 31, 2017, the Commissioners Court authorized the execution of all the aforementioned documents; however, some policy changes within the Texas Water Development Board caused some minor changes to the contract language, as well as formatting, so the County has been asked to use the newly formatted agreement and other documents.
Information about available funds
Funds NOT Available:
Account Code(s) for Available Funds
No file(s) attached.
AgendaQuick©2005 - 2020 Destiny Software Inc., All Rights Reserved