The Public Facilities Authority on Thursday announced it approved a grant and loan totaling nearly $3.7 million for the construction of a new drinking water treatment plant and other improvements to the drinking water system in Verndale.
"I am grateful for the PFA's willingness to provide these funds so that these vitally important water quality projects can move forward," said Rep. John Poston, R-Lake Shore, in a news release. "I was proud to support additional funding at the PFA last year which helped to make these grants and loans to cities around Minnesota possible."
According to a release from the Public Facilities Authority, the Verndale project consists of the construction of a new drinking water treatment plant and other improvements to the drinking water system. Funding for this project includes a Drinking Water Revolving Fund loan of $864,462. The 1 percent, 20-year-loan is estimated to save taxpayers $148,731 when compared to market-rate financing. The rest of the funding will come from a $444,315.72 Water Infrastructure Fund grant, and a $2,397,100.28 Drinking Water Revolving Fund principal forgiveness grant.
