ST. PAUL – State Representative Greg Davids (R-Preston) is pleased to announce that the Minnesota Public Facilities Authority (PFA) has approved wastewater treatment plant project financing for the City of Caledonia.
“Caledonia’s wastewater treatment facility needs some improvements, and this funding will greatly assist the city,” Davids said. “Congratulations to the local and state partners who are helping this project move forward.”
According to the PFA, Caledonia will receive a Clean Water SRF-Loan of $8,281,954, and a Clean Water SRF-Principal Forgiveness Grant of $821,794. It also will receive a SPAP 2020 Caledonia-Wastewater Treatment Plant grant of $7 million.
Combined the PCA’s contribution to the project totals $16,103,748.
In addition to the grant dollars awarded, the PFA conservatively estimates that the PFA loan (20 years at 1.000%) will save Caledonia taxpayers approximately $129,907 in interest costs compared to market rate financing.