Tennessee awards $47 million in funding for Springfield water infrastructure upgrades
(UI) — Tennessee Governor Bill Lee and Tennessee Department of Environment and Conservation (TDEC) Commissioner David Salyers have announced a $47 million funding boost for Springfield’s water infrastructure.
The funding comes through the State Revolving Fund Loan Program and is aimed at supporting significant improvements to the city’s water systems.
The city of Springfield will receive two loans totaling $47 million from the Clean Water State Revolving Fund. One loan of $37 million and another for $10 million will go toward constructing a new wastewater treatment plant. Notably, the $10 million loan includes $5 million in principal forgiveness. Both loans have a 20-year term.
This announcement is part of a larger allocation by the Tennessee Local Development Authority, which approved four loans totaling $48.6 million for water infrastructure projects in various communities, including Springfield, Erwin Utilities Authority, and Northwest Dyersburg Utility District.
“The State Revolving Fund Loan Program provides significant financial help to communities with needs for water infrastructure improvements,” Lee said. “Across our state, projects such as these give Tennesseans the service they need and boost the local economy. We look forward to seeing the impact of the projects these loans will help deliver.”
The two loans for Springfield come from the Clean Water State Revolving Fund. One is for $37 million, another for $10 million, both going toward a new wastewater treatment plant. The $10-million loan comes with $5 million in principal forgiveness. Each has a 20-year term at 2.49 percent interest.
Through the State Revolving Fund Loan Program, communities, utility districts, and water and wastewater authorities can obtain loans with lower interest rates than through private financing. These low interest rate loans can vary from zero percent to below market rate, based on each community’s economic health.
Tennessee’s Clean Water State Revolving Fund Loan Program has awarded more than $2 billion in low-interest loans since its inception in 1987. The state’s Drinking Water State Revolving Fund Loan Program has awarded more than $300 million in low-interest loans since its inception in 1996.
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