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Home My WebLink About5916 RESOLUTION NO. 5916 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF AUBURN, WASHINGTON, AUTHORIZING THE MAYOR TO AMEND THE COMMUNITY AVIATION REVITALIZATION BOARD(CARB) LOAN AGREEMENT TO THE TOTAL AMOUNT OF $1,320,000.00 WITH THE WASHINGTON STATE DEPARTMENT OF TRANSPORTATION FOR PROJECT NO. CP2518, AIRPORT T-HANGAR UPGRADES WHEREAS, RCW 47.68.460 establishes the Washington State Department of Transportation (DOT) Community Aviation Revitalization Board (CARB) loan program, which purpose is to furnish DOT financial loans to public use airports for airport improvements that support general aviation activities and which loans are offered to qualified airports at favorable interest rates; and WHEREAS, the City of Auburn Airport provides aircraft hangars for airport users and tenants, which management intends to add and/or to replace doors for several hangars to better serve the storage and security needs of airport users and tenants, which will enhance the value of airport property; and WHEREAS, an Airport T-Hanger Upgrades project (Project No. CP2518, the "Project") is included in the City's adopted Capital Facilities Plan; and WHEREAS, the proposed Project is estimated to cost approximately $2,897,000; and WHEREAS, the Airport budget has allocated $1,111,000 towards the completion of this Project and anticipates an additional $435,000 in Federal Aviation Administration grant funding through the recently passed Infrastructure Bill; and Resolution No. 5916 July 2, 2026 Page 1 of 3 WHEREAS, in January 2026, the City entered into a Community Aviation Revitalization Loan Agreement, a CARB program loan, to finance the Project; and WHEREAS, the agreement is in the amount of$1,200,000.00 and has a 10-year payback term at 2% interest; and WHEREAS, the Community Aviation Revitalization Loan Agreement allows for the City to request additional loan funds up to 10% of the loan award due to project cost escalation; and WHEREAS, the Community Aviation Revitalization Loan Agreement amendment increases the agreement amount by $120,000 for a total amount loan agreement of$1,320,000; and WHEREAS, given the favorable interest rate of the CARB loan and the need to finance the Project for the benefit of airport users and tenants, amendment of the CARB loan to fund the Project is in the City's best interest; and WHEREAS, the annual loan payments of principal and interest shall be paid for from the Airport budget. NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF AUBURN, WASHINGTON, HEREBY RESOLVES as follows: Section 1. The Mayor is authorized to amend the Community Aviation Revitalization Loan Agreement and to execute all necessary loan agreements required to finalize the CARB loan amendment for the Project for the loan terms as set forth herein. Resolution No. 5916 July 2, 2026 Page 2 of 3 Section 2. The Mayor is authorized to implement those administrative procedures necessary to carry out the directives of this Resolution. Section 3. The City Clerk is authorized to make necessary corrections to this Resolution including, but not limited to,the correction of scrivener's/clerical errors, references, Resolution numbering, section/subsection numbers, and any references thereto. Section 4. This Resolution will take effect and be in full force on passage and signatures. Dated and Signed this July 6, 2026. CITY OF AUBURN Kil...0, . NANCYBA AYOR ATTEST: APPROVE' ' - 6\FORM: eark0 el k 1,, Shawn Campbell, MMC, City Clerk ason Whalen, City Attorney Resolution No. 5916 July 2, 2026 Page 3 of 3 The FIRST AMENDMENT to AGREEMENT GCC1340 entered into between the Washington State Department of Transportation(hereinafter referred to as "WSDOT"), and the City of Auburn(hereinafter referred to as "RECIPIENT"), and/or individually referred to as the "PARTY" and collectively referred to as the "PARTIES," RECITALS WHEREAS,the RECIPIENT has provided a written request for additional funds per Section 4— Eligible Project Costs,providing for additional loan funds up to ten percent(10%) of the loan award due to unforeseen project cost escalation. WHEREAS,the RECIPIENT has provided contractor bid(s)demonstrating the original Project Scope of Work cannot be completed without additional funds. WHEREAS, both PARTIES agree to amend AGREEMENT GCC 1340 to add$120,000 in CARB Loan Funds to the Project to preserve the Scope of Work as described in the original AGREEMENT. NOW THEREFORE,the following AMENDMENTS are hereby incorporated into AGREEMENT GCB 1340. AGREEMENT 1. RECITALS are hereby incorporated into this AGREEMENT. 2. Amend Caption heading 'Loan Amount' on the first page of the AGREEMENT to read as follows: Loan Amount: $1,320,000 3.Amend the existing budget table in EXHIBIT A SCOPE OF WORK,PROJECT SCHEDULE &BUDGET and replace it to read as follows: Planning&Engineering(P/E) $ 0.00 Land Acquisition&ROW $ 0.00 Construction $ 1,320,000.00 Project Total $ 1,320,000.00 4. Amend EXHIBIT C,LOAN REPAYMENT SCHEDULE, increasing the total amortized loan debt to $1,320,000 over a ten(10)year repayment period with annual payments. 7. A copy of this AMENDMENT to the AGREEMENT shall be attached to and made a part of the original AGREEMENT. Any references to the"AGREEMENT"shall mean "AGREEMENT as amended." GCC 1340-01 2 8. All other terms and conditions of the original AGREEMENT not hereby amended shall remain in full force and effect. This document may be simultaneously executed in several counterparts, each of which shall be deemed original having identical legal effect. IN WITNESS WHEREOF,the PARTIES hereto have executed this AMENDMENT the day and year last written below. WASHINGTON STATE CITY OF AUBURN DEPART OF TRANSPORTATION By: By: - 07/08/2026 A B. Richart,Director Authorized epresentative WSDOT,Aviation Division Title: Public Works Director Print Name: Ingrid Gaub GCC 1340-01 2 EXHIBIT C, ESTIMATED LOAN REPAYMENT SCHEDULE - CITY OF AUBURN ENTER VALUES LOAN SUMMARY Loan amount $1,320,000.00 Scheduled payment $146,951.02 Annual interest rate 2.00% Scheduled number of payments 10 Loan period in years 10 Actual number of payments 20 Number of payments per year 1 Total early payments $0.00 Start date of loan 1/1/2027 Total interest $149,510.17 Optional extra payments $0.00 LENDER NAME CARB/WSDOT-Aviation Division PMT PAYMENT BEGINNING SCHEDULED EXTRA TOTAL ENDING CUMULATIVE PRINCIPAL INTEREST NO DATE BALANCE PAYMENT PAYMENT PAYMENT BALANCE INTEREST 1 1/1/2027 $1,320,000.00 $146,951.02 $0.00 $146,951.02 $120,551.02 $26,400.00 $1,199,448.98 $26,400.00 2 1/1/2028 $1,199,448.98 $146,951.02 $0.00 $146,951.02 $122,962.04 $23,988.98 $1,076,486.95 $50,388.98 3 1/1/2029 $1,076,486.95 $146,951.02 $0.00 $146,951.02 $125,421.28 $21,529.74 $951,065.67 $71,918.72 4 1/1/2030 $951,065.67 $146,951.02 $0.00 $146,951.02 $127,929.70 $19,021.31 $823,135.96 $90,940.03 5 1/1/2031 $823,135.96 $146,951.02 $0.00 $146,951.02 $130,488.30 $16,462.72 $692,647.67 $107,402.75 6 1/1/2032 $692,647.67 $146,951.02 $0.00 $146,951.02 $133,098.06 $13,852.95 $559,549.60 $121,255.70 7 1/1/2033 $559,549.60 $146,951.02 $0.00 $146,951.02 $135,760.02 $11,190.99 $423,789.58 $132,446.70 8 1/1/2034 $423,789.58 $146,951.02 $0.00 $146,951.02 $138,475.23, $8,475.79 $285,314.35 $140,922.49 9 1/1/2035 $285,314.35 $146,951.02 $0.00 $146,951.02 $141,244.73 $5,706.29 $144,069.62 $146,628.78' 10 1/1/2036 $144,069.62 $146,951.02 $0.00 $146,951.02 $144,069.62 $2,881.39 $0.00 $149,510.17 $1,469,510.17 $1,320,000.00 $149,510.17