Water tower money sentTwo Harbors has been awarded $3 million from the Minnesota Public Facilities Authority for improvements to its water infrastructure.
Two Harbors has been awarded $3 million from the Minnesota Public Facilities Authority for improvements to its water infrastructure.
The money will go toward the new water tower being constructed in the industrial park.
The funding consists of a $2.4 million loan at 2.5 percent interest over 20 years and $596,874 in principal forgiveness. The loan will save the city $683,399 compared with market-rate financing.
The money is part of $28.5 million awarded. Wabasso received $500,000 towards a new water tower and Minneapolis will use $25 million to improve its drinking water treatment plant.
“These three projects further the state’s efforts to improve water quality in Minnesota communities, and they will create construction jobs,” said Dan McElroy, PFA chair and commissioner of the Minnesota Department of Employment and Economic Development. The funding included $7.6 million from the American Recovery and Reinvestment Act.
DEED is the state’s principal economic development agency, promoting business recruitment, expansion and retention.