City Approved by Selection Committee for Low-Interest Federal Loan for Wastewater Improvements

The City of Sandy is pleased to announce that Sandy has been selected by the Environmental Protection Agency (EPA) to submit a full application to receive a Water Infrastructure Finance and Innovation Act (WIFIA) loan. This low-interest loan is a key component of the City’s plan to cost-effectively finance needed improvements to the City’s sewer system.  More information on Sandy’s wastewater improvement project is available here.  

The announcement from EPA states that the WIFIA Selection Committee chose the City’s proposal, along with 54 others from across the country, “after a robust statutorily required review process.”  WIFIA financing is provided by the EPA “to help address some of the most pressing challenges faced by water systems across this country.”  The full text of the EPA announcement is available here.

WIFIA loans provide favorable terms that will directly benefit Sandy ratepayers through lower rate increases than what otherwise would be needed to finance the wastewater project over the next several years.  The terms include low interest rates, flexible installments, and an extended repayment period.

The City has been invited to submit an application for assistance up to $33,445,100 (or not to exceed 49% of the total eligible project costs).  The City estimates that WIFIA financing will save the community over $15 million through 2040.