PFA Approves Loans for Two Greater Minnesota Projects

ST. PAUL – The Minnesota Public Facilities Authority (PFA) approved loans totaling nearly $2.96 million for water infrastructure projects in the Greater Minnesota communities of Browerville and Winsted.

“Small cities across Minnesota face high costs to repair or replace aging water infrastructure,” said Shawntera Hardy, who chairs the PFA board and is commissioner of DEED. “These low-interest loans will help Browerville and Winsted pay for improvements that will ensure clean, affordable water for all their residents.”

The following is a description and summary of state funding for each project:

Browerville, $2.28 million The Todd County city of 763 people was approved for a loan of nearly $1.39 million from the PFA’s Clean Water Revolving Fund for wastewater improvements and a loan of $891,971 from the PFA’s Drinking Water Revolving Fund for water main improvements. The 1.111 percent, 20-year loans from each of those funds will save local taxpayers a total of nearly $381,000 compared with the cost of a conventional loan for the same amount.

Winsted, $677,045 The city of 2,355 people in McLeod County was approved for a $677,045 loan from the Drinking Water Revolving Fund to rehabilitate a 600,000-gallon elevated water storage tank. The 20-year, 1 percent loan will save the city $121,970 compared with the cost of a conventional loan.

The Minnesota Public Facilities Authority provides financing and technical assistance to help communities build and maintain infrastructure that protects public health and the environment and promotes economic growth. Since inception in 1987, the PFA has financed $4.5 billion in public infrastructure projects in communities throughout Minnesota. Read more at the PFA website.