MANKATO — The city of Mankato received a low-interest loan of nearly $1.2 million from the Minnesota Public Facilities Authority to help pay for improvements to its wastewater infrastructure.
Mark Knoff, Mankato’s public works director, said the new infrastructure will enable moving wastewater from the city of Madison Lake to Mankato for treatment. He said the project is expected to be completed in September 2009.
The PFA awarded the loan from its Clean Water Revolving Fund. The financing was approved at an interest rate of about 1.9 percent for a term of 20 years, saving the city $291,079 in debt-service costs compared with borrowing at market rates.
“Loans from the PFA are crucial for helping Minnesota communities finance upgrades to their sewer and water facilities,” said a statement from Dan McElroy, commissioner of the Minnesota Department of Employment and Economic Development and chairman of the PFA. “City of Mankato taxpayers will save a significant amount of money, thanks to the low interest rate on this loan.”
Paul Eger, commissioner of the Minnesota Pollution Control Agency, joined the PFA in announcing the loan. “Low-interest loans are a wise use of state dollars,” Eger said. “Thanks to this funding, the city is helping to protect the environment while providing improved services that promote a strong economy.”
The PFA has financed more than $2.5 billion in infrastructure projects since being created by the Minnesota Legislature in 1987. The PFA operates three revolving-loan funds for infrastructure projects: the Drinking Water Revolving Fund, Clean Water Revolving Fund and Transportation Revolving Loan Fund.
Local News
Mankato receives $1.2M loan
Money to pay for wastewater infrastructure
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