Number
080766
Version
SUBSTITUTE 1
Reference
080398
Sponsor
The Chair
Title
Substitute resolution to authorize up to $2,336,322 of Contingent Borrowing to finance energy savings capital projects as contemplated in Council File 080398.
Analysis
The Common Council of the City of Milwaukee adopted File Number 080398 on July 30, 2008, which authorized the award of a Guaranteed Energy Savings Performance contract to Johnson Controls, Inc. for energy saving improvements to the Milwaukee Safety Academy and the City’s traffic signal system. The initial draft of this performance contract included third party funding for the capital improvements included in this contract, to be repaid through savings realized in reduced energy, operation and maintenance costs. During review of this agreement, it was determined that additional savings could be achieved if these improvements were to be financed by the City. With the adoption of Common Council File Number 080398, Department of Public Works Capital Improvement Funds currently available were transferred on an interim basis to execute the contract for this project, until a Contingent Fund appropriation and borrowing for the project can be subsequently approved by the Common Council. If approved, this resolution would authorize the additional Contingent Fund borrowing for this project.
Body
Whereas, Common Council File Number 080398, adopted on July 30, 2008, authorized the award of a Guaranteed Energy Savings Performance Contract to Johnson Controls, Inc. for energy saving improvements to the Milwaukee Safety Academy and the City’s traffic signal system; and
Whereas, The City will achieve savings associated with reductions in energy, operation and maintenance costs as a result of energy saving improvements to be implemented under this Contract, which are intended to be used to finance these improvements; and
Whereas, The total cost of implementation of the defined energy savings capital improvements included ...
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