Governor Announces GEFA loans and grants
| Tuesday, July 22, 2008 |
Contact: Office of Communications 404-651-7774, Shane Hix, GEFA, (404) 584-1043
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ATLANTA – Governor Sonny Perdue announced today the approval of three Georgia Fund commitments totaling $5,410,842, one Drinking Water State Revolving Fund (DWSRF) commitment of $2,933,874, and one water reuse grant of $300,000. The Georgia Environmental Facilities Authority (GEFA) Executive Committee approved the loans and grant to help finance water, sewer and solid waste infrastructure projects for Lamar County, the Middle Georgia Regional Solid Waste Authority, and the cities of Springfield, Woodstock and Hinesville.
“Infrastructure improvements increase the quality of life for Georgia citizens, and they help cities and counties create jobs and promote economic development,” said Governor Sonny Perdue. “I’m pleased these investments are being made in water, sewer, and solid waste infrastructure.”
“GEFA’s programs are a tangible commitment by Governor Perdue and the General Assembly to assist local governments across the state with their efforts to provide clean water, sewer, and solid waste improvements,” said GEFA Executive Director Chris Clark. “In addition to the public’s health and safety, these projects are critical to a community’s ability to prosper economically.”
Clark expressed appreciation to Governor Perdue and the Georgia General Assembly for their support. He credited Governor Perdue’s commitment to helping Georgia cities and counties finance infrastructure development as one of the main contributors to GEFA’s success. Governor Perdue recommended and the General Assembly approved Amended FY2008 and FY2009 budget appropriations of $120 million for water infrastructure and reservoir development.
“The projects that we agreed to finance today illustrate how GEFA helps communities of all sizes, in all areas of the state,” said J.C. Warren, chairman of the GEFA board of directors and a member of the Screven County board of commissioners. “From the smallest of communities to the largest, GEFA is investing in communities that are willing to invest in themselves.”
GEFA helps communities prepare for economic growth and development through the provision of low interest loans and grants. The Georgia Fund is a state funded loan program administered by GEFA for water, wastewater and solid waste infrastructure projects. The loan program has maximum flexibility and accessibility, providing fast loan approvals. The Georgia Fund finances loans to local governments for projects such as water and sewer lines, treatment plants, pumping stations, wells, water storage tanks and water meters. Low interest loans from this program range from $20,000 to $50 million. The DWSRF is a federal loan program administered by GEFA for drinking water infrastructure projects.
Details of the loans and grants approved today are below:
LamarCounty
Lamar County was approved for a DWSRF loan of $2,433,874 to help finance water system infrastructure improvements. The project will add new customers to the water system by eliminating approximately 176 private wells. Lamar County will pay zero percent interest on the 20-year loan along with a $500,000 subsidy. GEFA is financing the entire estimated cost of the $2,933,874 project.
City of Springfield
The city of Springfield was approved for a Georgia Fund loan of $1,380,842 to help finance improvements to the water system infrastructure. The city will pay 4.27 percent interest on the 20-year loan. The total project cost is $2,523,484 with the Effingham County Industrial Development Authority providing the remaining funds of $1,142,642.
City of Woodstock
The city of Woodstock was approved for a Georgia Fund loan of $3,500,000 to help finance repairs and replacement of sewer system infrastructure. The city will pay 4.27 percent interest on the 20-year loan. The total cost is $3,500,000 with GEFA providing the entire amount.
City of Hinesville
The city of Hinesville was approved for a water reuse grant of $300,000 to help finance construction of reuse water distribution lines to provide irrigation at county facilities, the Cherokee Rose Country Club and Fort Stewart.
Middle Georgia Regional Solid Waste Authority
The Middle Georgia Regional Solid Waste Authority was approved for a Georgia Fund loan of $530,000 to help finance the construction of two new cells at the authority’s landfill. The authority will pay 4.27 percent interest on the 20-year loan. The total cost is $530,000 with GEFA providing the entire amount.
Cities and counties interested in more information regarding GEFA loans and grants should visit www.gefa.org or call (404) 584-1000.
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