Granite Falls awards hydroelectric financing
GRANITE FALLS — City Council members in Granite Falls awarded $1,890,000 in financing for projects to replace two hydroelectric turbines in the city’s dam and install a new control system.
Northland Securities Inc. offered the awarded financing package. The 15-year issue offers a true interest rate of 3.5357 percent, according to City Manager Bill Lavin.
The city had previously awarded a $1.3 million bid to Robert L. Carr Company, of Marshall, to install two 250-kilowatt capacity turbines. They will replace two 1930s-vintage turbines and work alongside an existing 750-kilowatt turbine.
The city also recently awarded a $140,519 bid to CG Automation of Springfield, N.J., for a SCADA, or supervisory control and data acquisition system for the municipal utilities system.
The city will be able to undertake the hydroelectric project without increasing electric rates, according to Lavin.
The city transferred $200,000 in municipal reserve funds to reduce its financing needs for the project.
It is also able to commit $67,000 in light fund revenues each year to the debt requirements that in recent years had been earmarked for flood, severance fund, and airport construction funds.
In other business, council members approved action that will allow the Granite Falls Hospital and Nursing Home to annex property recently purchased for a new nursing home. The action would annex the Voss property to the Granite Ridge Place property on the city’s east side.