Ortonville receives state funding for watermain project
ST. PAUL – State Rep. Paul Anderson, R-Starbuck, announces the Minnesota Public Facilities Authority has approved the city of Ortonville for more than $3.7 million in state financing to complete Phase 2 of a watermain replacement project.
The funding is provided through a state grant of nearly $3 million and a loan of $745,188. The PFA estimates the loan’s favorable terms – 30 years at 1.259 percent – will save local taxpayers more than $253,000 in interest costs compared with market rates.
“Congratulations to the people of Ortonville who were successful in their application for this funding, and for their commitment to improving the city’s drinking water infrastructure.” Anderson said. “This award will help to ensure this essential project is completed and ease the burden on taxpayers in the process, a win-win for local residents.”
More PFA information is available at www.mn.gov/deed/pfa.