Meeting participants approved an increase to a previously authorized engineering contract and received an update that bank financing has preliminary approval but awaits final paperwork. The fee was described as rising by $7,500 from the amount the board approved in July, producing a new total fee of $37,050. Staff said a bank commitment letter is expected within days.

The change was presented as an amendment to a previously approved resolution; staff said the additional $7,500 reflects work tied to recent items including coordination with the bank and a DASNY-related ramp. Participants asked for clarification and then moved to approve the revised contract amount. A voice vote was taken; staff reported the motion passed.

Why it matters: the engineering fee and the pending financing are components of the larger project-development package discussed throughout the meeting. The board’s approval permits staff to continue design and coordination work while the lender completes its final review.

Details: according to meeting discussion, the $7,500 increase brings the contract total to $37,050 (the transcript included a formatting error that listed “$37.05”; this article corrects that to the plausible total consistent with a $7,500 increase). Staff advised members that a bank commitment letter is expected shortly and that the lender (identified in the meeting only as the financing partner) has offered to cover interest costs in the deal; staff said the lender was “willing to discount 100% of the interest” and was negotiating on principal. No loan documents were signed during the meeting; staff said final approval should be available by the next business day or at the next meeting.

Discussion versus action: the fee increase was approved as a formal action (voice vote); the financing update was informational and described as having preliminary approval. Staff said they will return with the commitment letter and related closing documents before finalizing the financing.

Next steps and follow-up: staff said they will circulate the bank commitment letter and the revised contract documents once available and will proceed with the design and related permit submissions tied to the engineering scope.