State Rep. Dean Urdahl, R-Acton Township, announces Dassel will receive two separate financing packages for work on its water main and sewer system.
The loans – for a combined $1.1 million – have been approved by the Minnesota Public Facilities Authority. The PFA estimates favorable loan terms will save local taxpayers more than $260,000 in interest costs compared with current bond-market rates.
Dassel will use a loan of more than $788,000 for sanitary sewer rehabilitation and replacement work, relocation of the Maple Street lift station and rehabilitation of the Fifth Street lift station.
The second package is a nearly $303,000 loan for the installation of a water main and gate valves.
Both financing packages include 20-year terms with an interest rate of 1 percent.
“Congratulations to Dassel for submitting a successful application,” Urdahl said. “Funding is limited and competition is strong, so it is nice to see Dassel receive approval. These are important projects for the city and it is good the favorable terms of these loans will save local taxpayers.”