Columbus utilizes State's new sustainable infrastructure incentive program
INDIANAPOLIS, December 22, 2008-The City of Columbus, Indiana is the first community to utilize the Indiana Finance Authority (IFA)'s State Revolving Fund (SRF) Loan Program's new Sustainable Infrastructure/Green Initiatives (SI/GI) Incentive Program when it closed a low-interest loan to finance needed improvements to its wastewater treatment plant.
By utilizing an SRF loan instead of a traditional loan, the City of Columbus will save an estimated $1,129,970 over the life of the loan. By incorporating sustainable components into the design of their project, the City of Columbus received an additional interest rate reduction, based on the scoring of their SI/GI components, which accounts for $40,000 of their interest savings.
"Our badly aged and damaged sewer system needs to be replaced. We are grateful to the SRF Loan Program, because it gives us the opportunity to complete these projects," said Keith Reeves, director of Columbus City Utilities. "Because of SRF's new sustainable infrastructure incentive, we received an interest-rate deduction for incorporating energy-efficient controls into our system."
The project to construct a new pump station includes the installation of two submersible pumps, a back-up power source, radio telemetry, and odor control equipment. Also part of the new construction will be several thousand feet of force main.
Reeves added that this project is good practice for the city's next big project, the construction of a new wastewater treatment plant. The city plans to incorporate more sustainable infrastructure components into their design, which will make them eligible for a greater interest-rate reduction under SRF's SI/GI incentive program.
The project will enable the city to reduce its combined sewer overflows and deliver additional flows to the newly proposed wastewater treatment plant. The main objective of this improvement is to comply with the city's Long-Term Control Plan for wastewater improvements.
"One of Governor Daniels' top priorities is improving the overall quality of life in Indiana," said Jennifer Alvey, Public Finance Director of the State of Indiana. "The IFA's Environmental Programs focus on improving health of Hoosiers, while protecting our environment. We are pleased that the SRF SI/GI Incentive Program offers a creative way to help the citizens of Columbus finance necessary wastewater improvements with the lowest possible interest rate, while taking steps to lessen our impact on the environment."
Governor Mitch Daniels created the IFA in 2005 to more effectively manage State-related financial programs such as the Wastewater and Drinking Water SRF Loan Programs under one entity. Since the inception of the IFA, the SRF Loan Programs have loaned more than $719 million to local communities at below-market interest rates, saving utility customers more than $127 million in interest.
Communities can get more information about obtaining an SRF loan by contacting Bill Harkins at (317) 234-4862, wharkins@ifa.in.gov, or by visiting http://www.srf.in.gov/.
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About the State Revolving Fund (SRF) Loan Programs:
The IFA's State Revolving Fund (SRF) Loan Programs provide low-interest loans to Indiana communities for projects that improve wastewater and drinking water infrastructure. The Programs' mission is to provide low-cost financial assistance in order to construct necessary and environmentally sound drinking water and wastewater infrastructure; to facilitate statewide compliance with state and federal drinking water and wastewater quality standards; to maintain a fiscally self-sufficient program as a continuing source of funding for improvement and protection of public health and water quality; and to conduct any other activity permitted by the Safe Drinking Water Act or the Clean Water Act.
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