Bond, Consulting or Both:
NHA Contributions: NHA was brought in to serve as a project manager and advisor after the City had a winning bidder. The City desired to award the contract but was unable to until adequate funding was secured. To meet the accelerated timeline, NHA created a comprehensive funding and construction draw-down schedule that helped enable all parties to stay coordinated and meet key deadlines.
Due to project delays, the USDA loan application had been in progress for five years and required a funding extension. NHA managed the process of applying for an extension and submitted the 611-page application for extension on behalf of the City. The application was approved by USDA without complication.
Securing SRF or USDA funding was contingent upon securing a loan from the other agency. NHA worked with the City’s grants consultant to ensure that both agencies were kept aware of the status of the other agency’s loan.
To meet each agency’s requirements regarding acceptable uses of funding and deadlines to utilize grant and loan funds, NHA developed an analytical model that allocated funding to project costs in line with each loan’s stipulations and prioritized use of funds from each source that helped the City to draw down funds prior to the respective deadlines.
Finally, NHA worked with the City to secure a $2M line of credit to help ensure that the City would have adequate liquidity to pay construction invoices while waiting for reimbursement from SRF and USDA.
Project Completion: August 2018
NHA Contact: Eric Scriven, Mark Northcross and Christian Sprunger