Funding will support $74.5 million project at facility in Fridley
5/11/2018 4:01:03 PM
Shane Delaney, 651-259-7236
ST. PAUL – The Minnesota Public Facilities Authority (PFA) approved a $28.9 million loan to the city of Minneapolis to rehabilitate and make other improvements at its water filter plant in Fridley.
The loan from the PFA’s Drinking Water Revolving Fund will support a $74.5 million overhaul of the plant, which provides drinking water to Minneapolis and several surrounding communities.
The 14-year, 1.008 percent loan will save the city $3.56 million compared with what it would have paid for a conventional loan over the same period. Local sources will provide the remaining $45.6 million for the project.
“Communities across Minnesota face serious water-quality challenges,” said Governor Mark Dayton. “This funding supports improvements that will give residents of Minneapolis and neighboring communities access to the safe drinking water they deserve.”
“The Fridley filter plant can treat 140 million gallons of water a day and is part of a system that provides drinking water to about 500,000 residents of the Twin Cities,” said Shawntera Hardy, who chairs the PFA board and is commissioner of the Minnesota Department of Employment and Economic Development. “This renovation will enable the city to update its water infrastructure and improve water quality for customers.”
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.
Upon request, this information can be made available in alternate formats for people with disabilities by contacting the DEED Communications Office at 651-259-7161.