On Thursday, the Public Facilities Authority (PFA) approved loans to two local communities for water infrastructure projects.
Elbow Lake was awarded a loan of $170,193 from the Drinking Water Revolving Fund and a $532,000 grant from the Water Infrastructure Fund for a water main replacement on Division Street. The 30-year, 1 percent loan will save the city $50,273 compared with the cost of a conventional loan.
Additionally, the city also was approved for a $600,400 loan from the Clean Water Revolving Fund to rehabilitate the sanitary sewer collection system for Division Street. The 20-year, 1 percent loan will save taxpayers $109,257 compared with a conventional loan.
Along with Elbow Lake, Wheaton was approved for a $1.17 million loan from the Drinking Water Revolving Fund to rehabilitate an elevated water storage tank and install meters. The 20-year, 1 percent loan will save the city $199,669 compared with the cost of a conventional loan.
Rep. Jeff Backer (R-Browns Valley) said he appreciated the PFA recognizing the need for the loans, which he said will allow taxpayers to see savings with the lower interest rates.