BOARD AGENDA MEMORANDUM
SUBJECT:
Title
Receive and Discuss Information on the Pacheco Reservoir Expansion Project and Water Storage Investment Program Award Discussion, and Adopt a Resolution for Water Storage Investment Program Funding Commitment for the Pacheco Reservoir Expansion Project.
End
RECOMMENDATION:
Recommendation
A. Receive and discuss information regarding the Pacheco Reservoir Expansion Project;
B. Water Storage Investment Program Award Discussion; and
C. Adopt the RESOLUTION for WATER STORAGE INVESTMENT PROGRAM FUNDING COMMITMENT FOR THE PACHECO RESERVOIR EXPANSION PROJECT.
Body
SUMMARY:
The Pacheco Reservoir Expansion Project (PREP) is on track to meet several milestones before the end of 2021. The Planning Study Report summarizing the Project Planning Phase will be completed and submitted as a non-agenda memo. The PREP Team has completed several basis of design studies that are being used to develop the 30% plans, specifications, and construction cost estimate. The Draft Environmental Impact Report (EIR) is set for release for public review and comment in November 2021. The Board of Directors will consider approval of the PREP following completion of the Final EIR.
Additional updates related to the project funding and financing are provided below.
Water Storage Investment Program (WSIP)
On July 24, 2018, the California Water Commission (CWC) awarded Santa Clara Valley Water District (Valley Water) $484.6 million of Maximum Conditional Eligibility Determination (MCED) funding for PREP under the State's Water Storage Investment Program (WSIP) program. The MCED was increased to $496.7 million on February 3, 2021 to reflect an inflation adjustment of approximately 1%. Valley Water executed an Early Funding Agreement with CWC on December 10, 2018 for $24.2 million to fund a portion of certain eligible project costs, including costs related to permitting oversight and coordination, environmental documentation and permit support, data r...
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