ST. PAUL – State Rep. Dean Urdahl, R-Grove City, announces the Minnesota Public Facilities Authority has approved a financing package of nearly $1.5 million for Grove City to use in the construction of a new well, water treatment plant and meters.
The Drinking Water Revolving Fund is a 20-year loan at an interest rate of 1.258 percent. The MPFA estimates the favorable financing conditions will save local taxpayers nearly $440,000 in interest costs when compared with current market rates available for general obligation bonding.
“Congratulations to the people of Grove City,” said Urdahl, a member of the Capital Investment Committee that authorizes funding for these types of programs. “I was happy to support PFA funding that was used for this project.”
Urdahl successfully authored legislation in the 2008 session to increase PFA funding, providing added financial support for projects.