New sign on Hwy. 12 west of Howard Lake posts financing source

HOWARD LAKE, MN – As a requirement of participation in the Public Facilities Authority loan program, the Annandale/Maple Lake/Howard Lake Wastewater Treatment Commission was required to erect a sign recognizing the financing source.
The sign is located on Highway 12, just west of Howard Lake, near Lions Park.
The sign cost the commission $2,640, and states, “This project is financed by the Minnesota Public Facilities Authority (PFA) including funds provided by the American Recovery and Reinvestment Act of 2009.”
As reported previously, the stimulus financing package consists of a $3,998,476 Clean Water Revolving Fund loan for 20 years at 1.076 percent interest, as well as principal forgiveness in the amount of $5,999,619, which does not have to be repaid.
Essentially, 60 percent of the cost of Howard Lake’s forcemain project will be eliminated because of this package from PFA.
“Compared to market rate financing for the project,” PFA Chair Dan McElroy informed the City of Howard Lake, “we conservatively estimate this financing package will save local taxpayers approximately $10,163,546 over the term of the loan.”
Because the cost of construction of the forcemain from Howard Lake to the plant is the obligation of the commission, all three cities will benefit from this 60 percent decrease in anticipated costs.