State Rep. Dean Urdahl, R-Acton Township, announces Eden Valley will receive a financing package of $1.3 million for replacement of both a Highway 22 water main and sewer.
There are three components to the package, issued by the Minnesota Public Facilities Authority: $697,316 in a principal forgiveness grant, a $470,625 loan at 1.463 percent interest, and a $174,329 loan at 1 percent interest.
Both loans carry 20-year terms and the PFA estimates the favorable financing will save local taxpayers around $150,000 when compared with current market rates.
“These are important projects for Eden Valley and it is good to see the terms of this package will save local taxpayers,” Urdahl said. “Congratulations to city officials for submitting a successful application and for showing a commitment to improving the drinking water and wastewater systems in town.”