The New York Environmental Facilities Corp. (EFC) board of directors has approved a three-year, $7.3 million loan to the city of Oswego to upgrade equipment at the West Side Excess Flow Management Facility and expand the pump station’s capacity.
The interest-free loan will save the city $74,500 over the cost of borrowing on its own, according to EFC President and CEO Matthew Driscoll. EFC is an arm of Governor Andrew Cuomo’s administration that says it provides low-cost financing for local governments to improve their drinking water and wastewater infrastructure.
“EFC is proud to assist the City of Oswego in its efforts to improve its wastewater system,” Driscoll said in a news release. Half of the $7.3 million financing package is a no-interest loan of $3.65 million, while another $3.65 million will be available at a subsidized market rate not to exceed 6.75 percent, according to the release. Both loans are expected to be refinanced next year with a 30-year loan from EFC.
The Oswego project includes an upgrade to the existing West Side Excess Flow Management Facility (EFMF), including the replacement of bar screens, screw pumps, grit removal system, effluent pumps and other equipment and accessories, according to the EFC news release. The project is required by a consent decree with the New York Department of Environmental Conservation and the U.S. Environmental Protection Agency to evaluate and upgrade the EFMF pump station and optimize the EFMF’s performance.
The short-term, interest-free financing is available through the state’s Clean Water State Revolving Fund (CWSRF). EFC says it manages the largest state revolving fund for clean water and drinking water projects in the U.S. The EFC says it has provided more than $15 billion in low-cost financing and grants for water-quality improvements across New York state.
Contact Rombel at email@example.com