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PFA Approves Loan for Stockton Project

5/31/2017 10:42:52 AM

Shane Delaney. 651-259-7236
Shane.M.Delaney@state.mn.us

ST. PAUL –
The city of Stockton has been approved for a $785,013 low-interest loan from the Minnesota Public Facilities Authority (PFA) to improve the quality of its drinking water.

The funding from the PFA’s Drinking Water Revolving Fund will enable the southeastern Minnesota community to build a new well and make other improvements to the municipal water supply. The 1.089 percent, 20-year loan will save the city $130,045 in interest costs compared with what it would pay for a market-rate loan of the same amount.

“Communities like Stockton have benefited from the Drinking Water Revolving Fund for nearly 20 years in Minnesota,” said Shawntera Hardy, who chairs the PFA board and is commissioner of the Minnesota Department of Employment and Economic Development. “This funding will improve the city’s water facilities and give Stockton residents and businesses access to safe, clean drinking water.”

The Drinking Water Revolving Fund has awarded more than $800 million in low-interest loans for 400 projects around the state since it was launched in 1999. The funding has provided more than $171 million in interest savings to local governments and taxpayers.

The Minnesota Public Facilities Authority 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 at the PFA website.



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