Village of Red Hook Red Hook Infrastructure – Sewer Project Monthly Report July/August 2023
Red Hook Sewer Project
Substantial Completion was achieved on March 30, 2023. Restoration & Punch List remain to be completed prior to Final Completion being achieved.
The General Contractor, Carver Construction, has been back to do some paving repair, fill in settled areas, and provide some reseeding. I have not gotten an updated punch list recently. The following items are still outstanding:
Electrical Contract:
-
Propane tank at WWTP site- schedule start-up training session.
-
Install roof on control panel structure.
General Contract:
1.Perform final inspection of each STEP control panel, fix any issues with electrical seals, etc. Carver shall provide a letter stating that they have performed the required final inspection of each control panel.
-
Provide final spare STEP pump as part of spare parts list. All other spare parts have been delivered.
-
Provide required O&M Manuals.
-
Provide record drawing per specification Section 017700.1.5.F.
-
Provide photographic documentation (pre and post work) per Section 013223.
FINANCING
Our loan with USDA-RD closed on August 11, 2023, for $3,673,000. The original loan was for $3,700,000. We have made $27,000 in principal payments to EFC which accounts for the reduction in the final loan amount.
This funding was sent out today (8/14) by wire transfer to NYS Environmental Facilities Corporation (EFC) to reduce the short-term financing that we have received from EFC. We also now have access to the $1,200,000 grant from USDA-RD which will cover the remainder of the project costs.
The EFC short-term loan will be closed and replaced with the long term, zero interest financing for the full project amount. When that financing closes, the USDA-RD loan will be paid off. The USDA-RD loan has 1 & 7/8% interest so there will be an estimated $34,000 in interest to fund at the EFC closing.