Funds will cover a range of wastewater improvements in the metro area
12/19/2019 2:11:03 PM
ST. PAUL – The Minnesota Public Facilities Authority (PFA) awarded $50 million to the Metropolitan Council from the Clean Water Revolving Fund (CWRF).
The Metropolitan Council will use the funds to improve interceptor systems serving the metropolitan service area, including projects in Waconia, Brooklyn Park, Champlin, Minneapolis and Saint Paul. In addition, improvements will be made to a number of the Council’s wastewater treatment plants, including plants in Empire Township and Eagan.
“These projects protect the metro waterways and ensure clean water is available for generations to come,” said PFA Chair and Commissioner of the Minnesota Department of Employment and Economic Development, Steve Grove.
The low interest CWRF loan is expected to save $1,266,688 in interest costs when compared to market rate financing.
The CWRF is supported by federal capitalization grants from the U.S. Environmental Protection Agency (EPA) and state matching funds. These funds combine with PFA revenue bonds to make low interest loans to communities throughout Minnesota for wastewater and storm water infrastructure projects. Since its creation in 1990, the CWRF has awarded more than 565 loans for over $3.1 billion statewide, providing over $691 million in interest savings to local governments and their taxpayers.
The Minnesota PFA provides financing and technical assistance to help communities build and maintain infrastructure that protects public health and the environment and promotes economic growth. Since inception in 1987, the PFA has financed $4.5 billion in public infrastructure projects in communities throughout Minnesota. Read more on the PFA website.