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Alden gets state loan for water projects

Low interest rate expected to save the city over $300,000.

Posted: Oct. 5, 2018 12:23 PM

ST. PAUL, Minn. – Alden is getting $1.81 million from the Minnesota Public Facilities Authority.

The money will go toward an addition to the city’s existing water plant, to repair one of the wells, and to install water meters. It’s a loan from the state’s Drinking Water Revolving Fund and officials say the one percent interest rate over 20 years is expected to save Alden $328,641 when compared to a conventional loan.

This money is part of $7.3 million in grants and loans approved for water and sewer projects. Funding is also going to projects in Two Harbors, Hoyt Lakes, Erskine, and Willmar.

“Minnesota communities are utilizing PFA programs to address their water and sewage infrastructure needs,” says Shawntera Hardy, PFA board chair and commissioner of the Minnesota Department of Employment and Economic Development. “These projects are a good investment that will benefit residents and local businesses now and in the future.”

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