Environmental Facilities Corporation's board of directors today approved $16.7 million in interest-free and low-interest financing for improvements to the water drainage and collection systems in the Erie County Town of Tonawanda.
It is the second phase of a major overhaul of the town's aging sewer infrastructure, including new infrastructure to prevent sewer overflows during wet weather. Construction is under way on this multi-year, five-phase project, known as the Parker-Fries Interceptor Project, with phase 2 work expected to be completed by Sept. 30, 2013.
The EFC board approved an $8.3 million, interest-free loan, along with an $8.3 million, low-interest loan. In 2014, the town is expected to refinance both loans with long-term financing through EFC.
EFC is a public benefit corporation dedicated to promoting environmental quality through a wide range of funding and technical assistance focused on protecting, improving and restoring New York's precious natural resources.
EFC's largest programs are its successful clean water and drinking water state revolving funds, which together have provided more than $15 billion in low-cost financing and grants for projects that help protect water quality in New York state.