|
PFA Awards $15.4 Million
for Pipestone Project
~City will build new water treatment plant~
ST. PAUL – The city of Pipestone was approved for $15.4 million in funding from the Minnesota Public Facilities Authority (PFA) to build a new water treatment plant.
The facility will reduce the amount of naturally occurring radioactivity in the city’s drinking water and lower the discharge of chlorides into the environment. The funding includes a $7 million grant from the Point Source Implementation Grant Program and an $8.4 million loan from the Drinking Water Revolving Fund. The 1.135 percent, 30-year loan will save the city $2.14 million compared with what it would have paid in interest for a conventional loan of the same amount.
“Replacing aging water and wastewater systems is an investment in the future,” said Shawntera Hardy, who chairs the PFA board and is commissioner of the Minnesota Department of Employment and Economic Development. “This project will help make drinking water safer for Pipestone residents and protect the local environment.”
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.
-30-
|
