Over $9.5 million will go to water infrastructure projects
10/21/2019 8:02:31 AM
Contact: Eric Lightner
ST. PAUL – The Minnesota Public Facilities Authority today announced more than $9.5 million in awards for four Minnesota cities. Clear Lake, Frazee, Montrose and Waverly will all receive funding for water infrastructure projects.
“Clean water is essential to the health of families, the growth of communities and the expansion of business in our state,” said Minnesota Governor Tim Walz. “These four cities are investing in their future water needs.”
“From new water treatment facilities to repairing old wells, these PFA dollars will protect Minnesota’s water supply and pave the way for future economic success,” said Steve Grove, PFA chair and commissioner of the Department of Employment and Economic Development (DEED).
Details on awards as follows:
Clear Lake, $1,355,004
Clear Lake will be constructing a new well and well house. The project will be funded by a Drinking Water Revolving Fund (DWRF) loan at 1% interest, which is expected to save $111,282 when compared to market-rate financing.
Frazee will be constructing a new drinking water treatment plant and well. Funding for the project will come from a DWRF loan of $1,430,653 at 1% interest and a DWRF principal forgiveness grant of $1,627,638. The loan is expected to save $68,921 when compared to the cost of market-rate financing.
Montrose will build a new well and well house and as add a new generator. The project will be funded by a DWRF loan at 1% interest. The loan is expected to save $83,067 when compared to market-rate financing.
Waverly is replacing the sanitary sewer collection system on the west side of Waverly Lake. Funding will come from a $773,032 Clean Water Revolving Fund (CWRF) loan at 1% interest, a $2,920,400 CWRF principal forgiveness grant and a $171,727 Water Infrastructure Fund (WIF) grant. The CWRF loan is expected to save $105,881 when compared to the cost of market-rate financing.
The Public Facilities Authority (PFA) provides financing and technical assistance to help communities build public infrastructure that protects public health and the environment and promotes economic growth. Since its inception in 1987, the PFA has financed $4.5 billion in public infrastructure projects in communities throughout Minnesota.