The Minnesota Public Facilities Authority (MPFA) announced over $60.3 million in loans and grants awarded to 17 wastewater and drinking waater infrastructure projects throughout the state on Thursday.
MPFA awards funds to help cities build public infrastructure that protects the environment and public health, promoting economic growth. Since its inception in 1987, MPFA has financed nearly $6.1 billion in public infrastructure projects, impacting most every community in Minnesota.
The city of Wells received a Clean Water SRF-Loan and a Drinking Water SRF-Loan, totalling $2,212,909 for Phase 1 and 2 of a project to reconstruct the sanitary sewer on 6th Avenue Northwest, 5th Avenue Southwest, 5th Avenue Northwest and Broadway.
The two loans are for 20 years with an interest rate of 1.63% and will save the city an estimated $367,639.