New London one of four towns sharing $9 million in state infrastructure funding
NEW LONDON – New London is one of four Minnesota communities that is sharing $9 million in state funding for infrastructure projects.
The Minnesota Public Facilities Authority announced the allocations this week.
“The Public Facilities Authority continues to be a valuable tool for investing in Minnesota,” said Minnesota Governor Tim Walz. “I can’t think of a better use for taxpayer dollars than making sure Minnesota’s drinking water is safe.”
New London will receive $1,594,397 to replace and loop water mains along Cedar Street and Third Avenue. The project was undertaken this summer and is nearly complete, according to New London City Administrator Trudie Guptill.
Funding will come from a 1% loan from the Drinking Water Revolving Fund . The loan is expected to save the city $157,177 when compared to the cost market-rate financing.
The other communities that received the PFA funds are Albertville, which received $2 million to improve their wastewater treatment facility; Battle Lake, which received $4.7 million to replace portions of its water main distribution system and rehabilitation segments of its sewer collection system and Greenbush, which received $676,486 to instal and loop water mains.
While the money for New London is strictly a low-interest loan, funding for the other communities included grants, state appropriations and low-interest loans.
“These infrastructure investments will protect our waterways and pave the way for future economic success,” said Steve Grove, commissioner of the Department of Employment and Economic Development.
“I congratulate these four cities on their awards,” Grove said.