ST. PAUL - State Rep. Dean Urdahl, R-Grove City, announces the Minnesota Public Facilities Authority has approved a financing package that could save Cosmos taxpayers nearly $600,000 in costs relating to watermain replacement and looping.
The package includes funds from the federal American Recovery and Reinvestment Act and consists of a $243,200 Drinking Water Revolving Fund loan. The loan is for 20 years at an interest rate of 1 percent and principal forgiveness in the amount of $360,676 which does not have to be repaid.
Urdahl is a member of the Capital Investment Committee that authorizes funding for these types of programs. He contacted the PFA about the need for this funding after meeting with Cosmos city officials.
“Congratulations to the city of Cosmos for putting together a strong application, and to the local taxpayers who will benefit from this financing,” Urdahl said. “I was pleased to support PFA funding that was used for this project, which will help put people to work and promote economic recovery while improving the water quality in Cosmos.”
The PFA conservatively estimates the package will save Cosmos taxpayers $588,581 over the term of the loan.
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.