Senator Tony Lourey (DFL-Kerrick) today announced new financial assistance made available by the Minnesota Public Facilities Authority (PFA) to improve the region’s drinking water and wastewater infrastructure. As a result of PFA’s financial assistance, local taxpayers will save millions on their property tax bills in interest costs compared to market rate financing.
“Minnesotans are thoughtful stewards of our natural resources, whether it’s our land, air, or water,” said Sen. Lourey. “If we want to stay true to those values, addressing our region’s aging water infrastructure must be a priority. I’m very pleased by the PFA’s decision to invest locally and help us make progress toward that goal. This is something we can all celebrate.”
The PFA’s financial assistance totals $22,717,532 in loans and $2,883,072 in grants for the Western Lake Superior Sanitary District (WLSSD) to finance projects that include the rehabilitations of interceptor sewers, pipes, and pumps. Local taxpayers are estimated to save $3,563,019 over the life of multiple 15-year PFA loans. More information is available here.
City of Carlton
The PFA is providing the City of Carlton with a 30-year $2,175,099 loan and a $3,697,782 grant to finance the construction of a new drinking water treatment plant, new well, and related water transmission lines. According to conservative estimates, the financial assistance will save Carlton taxpayers $753,364 in interest costs over the life of the 30-year loan. More information is available here.
“I’ve put a lot of work towards making these investments possible, and a lot of friends and partners at all levels of government in our region have done the same,” added Sen. Lourey. “I remain involved in discussions with local officials about providing financial assistance for other projects, including a water line extension through Twin Lakes.”
A complete list of all recent PFA awards is available here.