ST. PAUL - State Rep. Dean Urdahl, R-Grove City, has announced the Minnesota Public Facilities Authority approved a financial package of more than $440,000 for the city of Dassel to use in water-related projects.
The MPFA estimates the favorable financing conditions will save local taxpayers more than $235,000 in interest costs when compared with current market rates available for general obligation bonding.
“Congratulations to Dassel,” said Urdahl, a member of the Capital Investment Committee which authorizes funding for these types of programs. “The town’s successful application shows a commitment to creating jobs, promoting economic recovery and improving water quality.”
The financing package includes funds from the federal American Recovery and Reinvestment Act. It consists of a $352,662 Drinking Water Revolving Fund loan for 20 years at 1.283-percent interest. Another $88,165, which does not have to be repaid, is included in the package.
Dean Urdahl represents District 18B in the Minnesota House of Representatives. The district includes most of Meeker County and a portion of Wright County. This is Urdahl’s fourth term in the Legislature after being elected in 2002, 2004, 2006 and 2008.