The South Amelia Island Beach Nourishment project is managed by the SAISS Municipal Service Benefit Unit and is funded by State and Federal grants as well as a bank loan serviced by Synovus. The 2021-2022 beach renourishment project cost is $15,069,600.75. The loan was authorized up to $16.6 million, of which $11.6 million was drawn. The MSBU paid $3.4 million of the grant reimbursements for direct payment of certain project costs. Collectively, SAISS MSBU has received State and Federal Grants totaling $8.46 million to date which represent both funds for the project and to further reduce loan costs. As additional grant reimbursements are received, the MSBU is seeking to further pay down the loan in advance of the original payment schedule to reduce interest expense.
State and Federal Grants have reimbursed $8.46 million to date, which represent 99.1% of the eligible reimbursements. On April 11, 2022, the BOCC approved an early loan repayment of $2.63 million from reimbursements. On June 15, 2022, the BOCC approved an early loan repayment of $2.38 million in reimbursements and from excess capital assessments a repayment of $1,118,985.36. The SAISS MSBU has received two reimbursements in the month of June and expect several more in July.
The SAISS MSBU requests BOCC authorization to make a final early repayment of the reimbursement funds that will total $80,552.33. SAISSA recommends the use of the remaining reimbursements be used to prepay the loan to reduce interest expense. |