City of Port Townsend Agenda Bill AB26-052 2026-05-04
Partial PWB Loan/Grant Recommended for Lawrence Street Project
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Description
The City is set to execute a $2,347,524 loan and grant agreement with the Public Works Board for the Lawrence Street CSO Separation and Street Restoration. The 20-year loan is set at 1.06% interest.
Contract Details
Contract Amount
$2,347,524 (PWB loan $1,173,762; PWB grant $1,173,762)
Vendor
WASHINGTON STATE DEPARTMENT OF COMMERCE PUBLIC WORKS BOARD
Agency
City of Port Townsend, WA
Contract Type
FINANCIAL_SERVICES
Document Date
May 4, 2026
Contract Term
20-year loan term at 1.06% interest
Renewal Date
2046-05-31
Renewal Info
Loan with 20-year repayment at 1.06%, paired with an equal grant. Allocation among city funds; no local match. Contract execution expected May 2026.
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