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PENN YAN   ADVERTISEMENT

 

State awards Penn Yan $985K for plant improvements

    PENN YAN—The New York State Environmental Facilities Corp. (EFC) has awarded the village of Penn Yan a $985,537 grant for a $4 million upgrade of the wastewater treatment plant, Wednesday, Oct. 10.
    Earlier this year, EFC approved a $4 million, interest-free loan for the village to install new filtration equipment, among other improvements, at the treatment plant.
    Many of the components in Penn Yan’s treatment plant are worn out and in need of replacement. Construction of the new system is set to begin in April and should be completed within a year.
In 2014, EFC is expected to convert Penn Yan’s short-term loan into a 30-year, interest-free financing.
    “When combined with our no-interest financing, EFC’s grant to Penn Yan will save the village more than $1 million in total costs, while also improving public health and the environment,” said Matthew J. Driscoll, EFC’s president and CEO.
    EFC is the arm of New York state government that finances the construction and repair of local wastewater and drinking water systems. With its Triple-A credit rating and its management of two revolving-loan funds, EFC can borrow money and finance local infrastructure projects at a much lower cost compared to the interest rates available to local governments.
    For Penn Yan, the $985,537 grant and the short-term interest-free loan were made available through New York’s Clean Water State Revolving Fund (CWSRF). EFC manages the largest State Revolving Fund for Clean Water and Drinking Water projects in the nation. Together, these State Revolving Funds have provided more than $15 billion in low-cost financing and grants for water-quality infrastructure across New York state.

 


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