WASHINGTON, D.C. – May 22, 2015 – (RealEstateRama) — London will construct a 1 million gallon water tower to help improve its water distribution and service to its customers, thanks to a low-interest loan from Ohio EPA.
The new storage tank is part of the plan to increase water supplies for the city’s growing peak summertime water demand. Later this year, the city also will install a new ground water treatment plant at the same location as the storage tank to supplement production from the existing water treatment plant.
Created in 1998, the Water Supply Revolving Loan Account (WSRLA) provides below- market interest rate loans for compliance-related improvements for community water systems and non-profit, non-community public water systems. The reduced interest rate on this $3.6 million loan will save London $743,000 compared to a conventional, market-rate loan.
Projects eligible for WSRLA funding include design and construction loans for new, replaced, rehabilitated, upgraded or expanded water treatment plants and their components. In addition, the WSRLA can provide technical assistance to public drinking water systems in a variety of areas from the planning, design and construction of improvements to enhancing the technical, managerial and financial capacity of these systems.
Ohio EPA’s revolving loan funds are partially supported by federal grants and designed to last indefinitely through repayment of loans and investments in bonds. The WSRLA is managed jointly by Ohio EPA’s Division of Environmental and Financial Assistance and Division of Drinking and Ground Waters, with assistance from the Ohio Water Development Authority. Ohio EPA is responsible for program development and implementation, individual project coordination, and environmental and other technical reviews/approvals of projects seeking funds. The Ohio Water Development Authority provides financial management of the fund.
More information about the WSRLA is available at: http://epa.ohio.gov/defa/EnvironmentalandFinancialAssistance.aspx.
The Ohio Environmental Protection Agency was created in 1972 to consolidate efforts to protect and improve air quality, water quality and waste management in Ohio. Since then, air pollutants dropped by as much as 90 percent; large rivers meeting standards improved from 21 percent to 89 percent; and hundreds of polluting, open dumps were replaced with engineered landfills and an increased emphasis on waste reduction and recycling.
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MEDIA CONTACT: Heather Lauer
CITIZEN CONTACT: Kristopher Weiss