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Town of Tonawanda, Wilson among 17 WNY projects earmarked for $85 million in NYS clean water infrastructure

by jmaloni

Submitted

Thu, May 8th 2014 07:50 pm

Environmental facilities corp. marks 25th anniversary of New York state's clean water revolving loan fund

$1.3 billion slated for financing statewide this year

New York state's clean water state revolving loan fund, the nation's premier loan program for local wastewater systems, is marking its 25th year of operation with a low-cost financing program available to virtually any local government in the state.

A new business model instituted at EFC is now allowing more municipalities than ever before to receive infrastructure loans at subsidized interest rates as low as zero percent. This year, $1.3 billion in projects are slated for financing with as many as 17 projects in Western New York ready to proceed.

"As we mark the 25th anniversary of New York's revolving loan fund, New York state is expanding its efforts to help local governments create reliable infrastructure for the collection and treatment of wastewater and stormwater," said Matthew Driscoll, president and CEO of the New York State Environmental Facilities Corp. EFC is the arm of Gov. Andrew Cuomo's administration that provides low-cost financing for local governments to improve their wastewater and drinking water infrastructure.

In addition to the 17 loans slated for financing in Western New York (see list below), more than 100 infrastructure projects statewide have or are expected to close loans worth $1.3 billion from the current federal fiscal year.

EFC's new business model allows shovel-ready projects to receive immediate financing. Nearly half of the projects slated for financing are benefitting from this new business model. In the past, these projects would have to wait behind higher-scoring projects even if those higher-rated projects were not ready to proceed.

"With our new business model, we are assisting more local governments in protecting public health, improving the environment and expanding economic development opportunities through new or improved wastewater systems," Driscoll said. "Millions of New Yorkers have benefited from New York state's clean water state revolving loan fund, the largest and most-active clean water fund in the nation, and now we can help even more localities to improve their infrastructure before a problem occurs."

Western New York projects approved/eligible for funding:

Municipality

Estimated Financing Amount

Brocton, Village of

$4,754,540

Buffalo Sewer Authority

$9,143,901

Buffalo Sewer Authority

$238,699

Cuba, Town of

$168,500

Cuba, Town of

$1,720,000

Cuba, Village of

$1,050,000

Erie County

$7,602,000

Hamburg, Village of

$977,000

Hamburg, Village of

$770,000

Hamburg, Village of

$1,024,000

Machias, Town of

$9,500,000

Olean, City of

$18,502,000

Tonawanda, Town of

$13,016,132

Silver Creek, Village of

$4,801,970

Silver Creek, Village of

$4,604,148

Westfield, Village of

$5,650,000

Wilson, Village of

$1,700,000

 

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