NYS Environmental Facilities Corporation April 25, 2013 Minnowbrook Local Leaders Conference April 25, 2013.

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Presentation transcript:

NYS Environmental Facilities Corporation April 25, 2013 Minnowbrook Local Leaders Conference April 25, 2013

NYS Environmental Facilities Corporation April 25, 2013 The Environmental Facilities Corporation Clean Water State Revolving Fund (1987 Clean Water Act Amendments) Provides financial assistance for wastewater and water quality infrastructure Drinking Water State Revolving Fund (1996 Safe Drinking Water Act) Provides financial assistance for drinking water infrastructure Providing Low-cost Financing and Technical Assistance to Municipalities, Businesses, and NY State Agencies for Environmental Projects

NYS Environmental Facilities Corporation April 25, 2013 New York’s Water Infrastructure Backbone of our Communities Retains Business and Industry Foundation of Economic Development Protects Water Resources Provides a Better Place to Live and Play

NYS Environmental Facilities Corporation April 25, 2013 Brief Background on the SRF’s

NYS Environmental Facilities Corporation April 25, 2013 How SRF Programs Work

NYS Environmental Facilities Corporation April 25, 2013 Clean Water State Revolving Fund A variety of publicly-owned water quality improvement projects are eligible for low-interest financing including: Point Source Projects (wastewater treatment facilities) Nonpoint Source Projects (stormwater management projects and landfill closures) Certain habitat restoration/protection projects in national estuary program areas

NYS Environmental Facilities Corporation April 25, 2013 Drinking Water State Revolving Fund Provides subsidized low-interest rate financing and limited grants for public and private drinking water infrastructure including: Treatment plants Distribution mains Storage facilities

NYS Environmental Facilities Corporation April 25, 2013 Clean and Drinking Water SRFs Clean and Drinking Water SRFs Clean WaterDrinking Water Leveraged rate financing with 50% subsidy for up to 30 years (1.57% November 2012) Leveraged rate financing with 33% subsidy for up to 20 years and years at AAA rates (2.09% November 2012) Hardship financing as low as 0% interest for up to 30 years Grants up to $2 million for hardship projects + financing as low as 0% interest for up to 30 years Subsidy financing determined on priority scoring system, impacts of water quality and public health Short-term financing for 3 years at 0% interest Short and Long-Term Market Rate Programs (AAA tax-exempt rate) (Long-Term Market Rate- 3.14%)

NYS Environmental Facilities Corporation April 25, 2013 SRF Intended Use Plan (IUP) SRF Intended Use Plan (IUP) Effective October 1 st through September 30 th (Federal Fiscal Year) Project Priority Lists of potentially eligible projects Annual List (Projects expecting financing in current year) Multi-Year List (Projects to be financed in future years) Published on an annual basis, describes program, identifies funds available, and the use of those funds. Excerpt from 20XX Final CWSRF IUP - Project Category: B Project #Applicant NameService Area Project Description Est. Amount Additional Above ST SPDES noScore C1-XXX-XX-00GREAT NECK, VILLAGE OFVILLAGESTP UP$17,200,000 NY C1-XXX-XX-00NASSAU COUNTYBAY PARK, SD #2NPS, STMSEW$430,000 NY C6-XXX-XX-00UTICA, CITY OFPHASE A1CSO, I/I CORR$2,850,000 NY C9-XXX-XX-00TONAWANDA, TOWN OFPARKERS-FRIES INTERCEPTORCOLL, INT$24,310,000 NY C6-XXX-XX-00ONEIDA COUNTYPHASE 1CSO, I/I CORR$5,300,000 NY C6-XXX-XX-01ONEIDA COUNTYPHASE 2ACSO, I/I CORR$20,500,000 NY “Subsidy Line”

NYS Environmental Facilities Corporation April 25, 2013 CWSRF IUP Categories CategoryDescription APopulations up to 3,500 BPopulations 3,501 – 2 million CPopulations over 2 million (New York City) DHardship Communities ENon-Municipal, Non-Point Source GGIGP

NYS Environmental Facilities Corporation April 25, 2013 FFY 2013 State Revolving Fund Program Updates and Best Practices

NYS Environmental Facilities Corporation April 25, 2013 CWSRF Finance Application Process FFY 2013 Beginning October 1, 2012, all financing applications are required to include: 1. Complete and signed application form 2. SEQR (completed) and SHPO (signed off) 3. Sewer District Formation (where applicable) 4. Bond Resolution adopted Applications not complete by February 1, 2013 are considered bypassed.

NYS Environmental Facilities Corporation April 25, 2013 Project Funding Process 3. Applicant creates sewer or water district, if applicable. 2. Applicant initiates required environmental reviews- SEQR/SHPO, DEC issues SERP and regional certs. 1. EFC/DOH receives Listing Form and Engineering Report from the Applicant. The project is then scored and added to the IUP.

NYS Environmental Facilities Corporation April 25, 2013 Project Funding Process 6. Applicant submits an application. EFC and Applicant collaborate to develop and properly size the financing. The closing will be scheduled when sufficient documentation has been submitted. 5. DOH/DEC and/or EFC approve the engineering report. 4. Applicant executes a bond resolution authorizing debt

NYS Environmental Facilities Corporation April 25, 2013 Project Funding Process 9. EFC closes long-term financing and tracks project until it is complete. 8. EFC continues to develop the financing. This includes: -updating the budget to reflect current budget costs -coordinating the submission and review of contracts -processing disbursement requests 7. EFC closes short-term financing.

NYS Environmental Facilities Corporation April 25, 2013 Detailed project budget and schedule Identification of proper financing Certified copy of the authorizing bond resolution MWBE information Permits/Approvals as needed Key contact information Contracts/agreements and related amendments Invoices supporting costs incurred to date Inter-municipal agreements Debt information Documents detailing existing debt and/or third party funding sources Financial information necessary to complete a Credit Assessment Most Common Items Needed to Complete Your Application

NYS Environmental Facilities Corporation April 25, 2013 MWBE/EEO Program Changes FFY 2013 The participation goal is 20% combined MBE/WBE as of 10/1/2012 The goal applies to: Construction contracts greater than $100,000 Non-construction contracts greater than $25,000 Change orders and amendments greater than $25,000 The bid packet is a resource for guidance, goals, and good faith effort information SRF recipients are required to designate an MBO Enhancing forms New Excel Quarter Report Forms Visit MWBE website for more information

NYS Environmental Facilities Corporation April 25, 2013 CWSRF Hardship Eligibility Limited to sewage treatment projects primarily serving ≥ 50% residential areas Changes FFY 2012FFY 2013 Project cost for reduced interest rate financing $14 Million$18 M / $25 M Census/MHI Year Data2000 data2010 data Maximum MHI to qualify for Hardship $65,090$83,405

NYS Environmental Facilities Corporation April 25, 2013 Target Service Charge Qualifies for Hardship Does not qualify for Hardship $ Per Equivalent Dwelling Unit Median Household Income CW: 2010 Hardship Eligibility Curve

NYS Environmental Facilities Corporation April 25, 2013 Davis-Bacon (D-B) Applicability Permanent requirement for CWSRF and DWSRF Applies to Federal, State or recycled funded projects Applies to the entire project, even if the project is only partially funded by the SRF Applies to construction contracts over $2,000 and all subcontracts on prime contracts over $2,000, regardless of the subcontract amount

NYS Environmental Facilities Corporation April 25, 2013 Energy Efficiency FFY 2013 Engineering reports are required to incorporate NYSERDA Baseline Standard Practices Energy evaluations may be performed by NYSERDA to identify energy efficiency opportunities for many CWSRF projects There may be no cost to the community for NSYERDA energy evaluations Interested communities are encouraged to contact EFC

NYS Environmental Facilities Corporation April 25, 2013 Smart Growth Public Infrastructure Policy Act FFY 2013 All projects to be financed must be evaluated for compliance Smart Growth Assessment required with all engineering reports submitted after October 2012 SG guidance available on EFC’s website

NYS Environmental Facilities Corporation April 25, 2013 PLUS 2013 Project Updates- Will be required for all active projects in April 2013 If April 2013 updates are not received prior to the deadline for comments on the draft IUP, the project will not be eligible for financing in FFY 2014

NYS Environmental Facilities Corporation April 25, 2013 February 1, 2013Applications Due for Subsidized Financing for projects in Cat. D and above the subsidy lines in Cat. A and B March 2013PLUS Updates for 2014 IUP May 1, 2013Deadline: Submit Hardship Applications for inclusion in Category D of the 2014 IUP (project must be on the IUP) June 2013Draft 2014 IUP Issued July 2013Public Hearing on Draft 2014 IUP August 1, 2013Deadline: Submit project listing information for Final 2014 IUP September 30, 2013End of FFY 2013 IUP financing period October 1, 2013Beginning of FFY 2014 IUP financing period

NYS Environmental Facilities Corporation April 25, 2013 March 1, 2013Applications due for Subsidized Financing May 13, 2013Applications due for Market-rate Financing September 30, 2013End of FFY 2013 IUP financing period December 1, 2013Hardship Applications due

NYS Environmental Facilities Corporation April 25, 2013 Annual List Requirements FFY 2014 Annual List Requirements FFY 2014 To be included on the Annual Year Project Priority List: Approvable Engineering/Technical Report or “Land Acquisition Plan” & Targeted Parcels List for Land Acquisition Executed contract for engineering planning services (if planned to finance cost with project) for listings after October 1, 2012 Smart growth assessment

NYS Environmental Facilities Corporation April 25, 2013 Current EFC Initiatives

NYS Environmental Facilities Corporation April 25, 2013 Projects that qualifies under EPA’s definition of Green Project Reserve Highly competitive, award-winning grant program Available through CFA After 4 rounds, ~$92M allocated to 121 green projects across the state, including 17 projects announced in December 2012 No cap - up to 90% funding for eligible costs Green Innovation Grant Program (GIGP)

NYS Environmental Facilities Corporation April 25, 2013 CWSRF Engineering Planning Grants Planning of CWSRF-eligible projects Engineering Reports Environmental Review Application through Consolidated Funding Application (CFA) Administered with NYS Department of Environmental Conservation (DEC) A total of $1 million awarded to 37 local entities Grants up to $30,000; 20% local match, can be in-kind services Communities less than 30,000 population MHI equal or less than $55,000 (2010 US Census) $2 million available

NYS Environmental Facilities Corporation April 25, 2013 EFC Client Services Application Assistance Legal, Engineering, Financial Expertise Individual Project Consultations On-site Visits Field Offices Public Outreach and Education Co-Funding Post Closing Assistance

NYS Environmental Facilities Corporation April 25, 2013 How EFC Fits Into the Future Growing jobs Helping build a base to support economic development Supporting business Equals strong infrastructure and reliability Promoting economic development Identify industries with site-specific needs Supports Water Infrastructure Industry Creating innovative partnerships Generating private investment Every $1 invested = $6.35 return

NYS Environmental Facilities Corporation April 25, Financing for a Sustainable Future The New York State Environmental Facilities Corporation Jason Denno Environmental Project Manager