ST. PAUL - State Rep. Dean Urdahl, R-Grove City, announces the Minnesota Public Facilities Authority has approved two separate financing packages that could save Eden Valley taxpayers more than $225,000 in local water-related projects.
One financing package is a Clean Water Revolving Fund loan which will be used for replacing an existing lift station, sewer line and center pivots. Terms of the loan are $660,457 for 20 years at an interest rate of 1.744 percent. The MPFA estimates the favorable financing conditions will save local taxpayers at least $142,968 in interest costs when compared with current market rates available for general obligation bonding. Urdahl authored House legislation to provide this funding.
The other funding is a Drinking Water Revolving Fund loan which will be used to replace a water main in northeast and southeast parts of Eden Valley. This package includes a $286,462 loan for 20 years at a 1-percent interest rate. The MPFA figures Eden Valley taxpayers will save $82,461 compared with general obligation bonding.
That adds up to a total savings of at least $225,429 for Eden Valley taxpayers.
“This is good news for the people of Eden Valley,” said Urdahl, a member of the Capital Investment Committee which authorizes funding for these types of programs. “Congratulations to city officials and citizens for earning this funding. I was happy to support providing funding for these important projects that will improve Eden Valley's infrastructure.”
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.