ST. PAUL – Eden Valley taxpayers will save an estimated nearly $173,000 through state financing awarded to the city for separate water and sewer projects through programs Rep. Dean Urdahl, R-Acton Township, funded as chairman of the House Capital Investment Committee
First, the Minnesota Public Facilities Authority approved a $691,692 grant and a $172,023 loan for watermain installation on portions of Central Avenue E., Cossairt Avenue E., Church Street N. and various alleys south of State Highway 55. The PFA estimates the loan – 20 years at 1-percent interest – will save local taxpayers approximately $30,918 compared with market-rate financing. These taxpayer savings are in addition to the nearly $700,000 grant that will not be repaid.
In addition, the PFA approved a $799,239 loan for sanitary sewer replacement along Athletic Park and Brook Street Alley. The PFA indicates the terms of the loan – also 20 years at 1-percent interest – will save taxpayers approximately $142,008 in interest compared with market rates.
Capital investment bills Urdahl has led to enactment the last two years have provided a combined $239 million in PFA funding.
“I have been a strong advocate at the Legislature for providing PFA funding that can be used for essential infrastructure projects such as these and I am proud of the work we have done in that regard,” Urdahl said. “These grants and loans help fund important projects that might otherwise cause an undue burden on local taxpayers or even be left undone. Congratulations to the people who put together Eden Valley’s successful applications to make improvements on the city’s infrastructure.”
The PFA indicates loan disbursements are contingent upon receipt of Eden Valley’s general obligation bond and related documents.