Rifle City Council dives into pool project as proposal selected
September 15, 2018
Rifle's Art Dague Pool renovation continues to move closer to construction and, while budgetary setbacks have prevented the project from getting off the ground, the city appears to have found a proposal it is comfortable moving forward with.
Both the city finance director and city manager have reviewed the proposal and recommended for council to select the 20-year loan proposal with a two-year construction period from ANB Bank.
Michelle Duran, director of finance for the city, presented the RFP to council last week and advised they jump on the loan and lock in the rate of 3.3 percent before the deadline of Sept. 15.
"We got back seven proposals, with a wide range of interest rates offered and one really great interest rate," Duran advised.
At 3.3 percent, ANB Bank's proposal had the lowest rate, and at a 20-year term was the best offer the city received. Alpine Bank offered the second lowest interest rate at 3.45 percent, but its term was for 18 years.
Council member Ed Green, who spent over 13 years as county manager in Garfield County, said ANB Bank's RFP was a really good deal for the city.
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He said he was on council to make good business decisions, and said he feels that this deal will lower the total cost of the project by a couple hundred thousand dollars.
"We have to remain positive," he added. "Any project like this is a big puzzle."
Last September, Rifle voters gave the OK for the city to take out a loan of up to $6 million, with a repayment cost of not more than $9 million, principal plus interest, in a 753-317 vote.
The original concept was initially projected to cost around $5.7 million during the concept design, but once the project moved to the schematic design the numbers came back much higher.
The city has since moved forward with what it believes is a reasonable revised base plan, projected to cost around $7.7 million. By the end of this year, council will formally decide whether to move forward with the project, or not.