ST. PAUL - State Rep. Dean Urdahl, R-Acton Township, announces Annandale will receive a financing package to conduct water main improvements, with favorable loan terms saving taxpayers more than $200,000.
The Minnesota Public Facilities Authority recently approved Annandale’s financing application for water main improvements along Chestnut Street, Myrtle and Poplar avenues. The city will conduct the project with support from a $1.2 million Drinking Water Revolving Fund 20-year loan, at an interest rate of 1.959 percent. The PFA estimates local taxpayers will save $205,112 in interest costs compared with current market rates.
“Congratulations to the city of Annandale for submitting a successful application,” Urdahl said. “Funding is limited for projects like these, so I was pleased to hear Annandale received approval. It is important to maintain our vital infrastructure, including our drinking water. I was happy to support this project and it is good the terms of the loan will protect local taxpayers.”