State Representative Greg Davids (R-Preston) announces that the Minnesota Public Facilities Authority (PFA) has approved a $1,286,324 loan for the City of Caledonia to improve its drinking water.
“I congratulate the city and state officials who worked together and made this financing happen,” Davids said. “A community’s drinking water should never be compromised, and this loan will ensure Caledonia has the drinking water infrastructure in place to meet the needs of its residents.”
According to the PFA, the loan will be used by Caledonia to construct Wellhouse No. 8, associated wellhead improvements, watermain and instill a natural gas generator.
Davids said the PFA loan (20 years at 1.000%) is expected to save local taxpayers approximately $11,852 in interest costs compared to market rate financing.