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HomeMy WebLinkAbout~Master - Letter of Intent to Apply for Rural Energy Savings Program LoanRESOLUTION NO. 24-577 RESOLUTION AUTHORIZING STAFF TO SUBMIT LETTER OF INTENT TO APPLY FOR RURAL ENERGY SAVINGS PROGRAM LOAN FOR THE CITY OF AMES, IOWA WHEREAS, the Rural Energy Savings Program (RESP) is administered through the US Department of Agriculture's (USDA) Rural Development Office, which provides loans to eligible applicants to provide energy efficiency loans to their customers to implement durable cost- effective energy efficiency measures; and, WHEREAS, loans through RESP are offered a 0% interest rate, for terms of up to 20 years and may be used for the purpose of implementing energy efficiency measures to decrease energy use or costs for rural families and small business; and, WHEREAS, staff recommends submitting a letter of intent to apply for a RESP loan, which does not guarantee funding for the City. Rather, the letter of intent will be evaluated by Rural Development staff and, if it deems Ames as an eligible applicant, may then invite Ames to submit a complete loan application; and, WHEREAS, being designated as an “Rural Utility Service eligible borrower” could also allow Ames Electric to apply for other grants and low-cost loans for a variety of projects through USDA’s Rural Development office; and, WHEREAS, the Rural Energy Saving Program could provide funding to operate a home retrofit program. Further, a successful application would deem the City as an eligible Rural Utility Service borrower, opening further grant and loan opportunities with USDA’s Rural Development office. NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Ames, Iowa, that resolution authorizing staff to submit letter of intent to apply for Rural Energy Savings Program loan is hereby approved. ADOPTED THIS 12th day of November, 2024. _________________________________ ___________________________________ Renee Hall, City Clerk John A. Haila, Mayor Introduced by: Betcher Seconded by: Gartin Voting aye: Beatty-Hansen, Betcher, Corrieri, Gartin, Junck, Rollins Voting nay: None Absent: None Resolution declared adopted and signed by the Mayor this 12th day of November, 2024.