Butler County Commissioners approved the loan rates for the latest round of funding from the county’s infrastructure bank.
A 10 year loan for just over $23 million was approved at a rate of 1.707 percent with Key Bank to help provide funding for local municipality projects. The county issued a Request for Proposal at their last meeting, and received interest in five banks.
The next lowest loan rate came from JP Morgan Chase at 1.96 percent, but also included over $12,000 in bank fees.
Five different projects were included in the loan. (Detailed lists of the projects are listed below.)
“The real success story here is the Chicora Sewer Authority and the Prospect Borough. Even their loan amounts aren’t that high at $245,000 and $400,000 respectively,” The county’s Chief of Economic Development and Planning Mark Gordon said. “If they were doing that on their own, they never would have been able to do that.”
The Butler County Infrastructure Bank takes a loan out and then helps subsidize projects in local municipalities.
The $23 million loan is the most ever in the three year history of the Infrastructure Bank. The total has now eclipsed $40 million according to Gordon.
“When you upgrade sewer systems, that allows for more developments. That allows municipalities to have more capacity.”
When you bring water to other areas that don’t have municipal water, that stimulates more growth. That stimulation and growth generates more property taxes, school taxes that brings more people to the county,” Gordon said. “That’s a good thing.”
PROJECTS:
- Butler Township Pullman Recreation Complex Transportation Improvements: A new athletic recreation facility is being planned for the Pullman Square complex by Butler Township. This loan will provide safe and efficient access for the community and pubic transit by realigning Hollywood and Armco Drives to create a new four-way intersection and reconfiguring of Whitestown Road and Hansen Avenue. The project budget is $6.5 million.
- Chicora Borough Sewer Authority Treatment Plant Holding Tank Repairs: The project aims to ensure the structural integrity of the sewer service by repariing the concrete treatment and sludge holding tanks and structural beam at the sewage treatment plant. The treatment plant that was built in 1997 is currently operating at 65 percent, and these repairs will extend the life of the plant by 25 years according to officials. The project budget is $245,000
- Municipal Water Authority of Adams Township Route 8/Butler County Airport Water Line Extension Project: The project will extend a water line six miles north along Route 8 from Overbrook Road in Middlesex Township to the Butler County Airport in Penn Township. Officials say this will help bring safety and economic benefits including emergency response at the airport. They also cite the ability to enable future commercial and residential development along the Route 8 corridor. The project budget is $5.05 million
- Prospect Borough Monroe Street Extension and Crab Run Culvert Replacement: The Monroe St. Extension project will provide a new asphalt driving surface and upgraded drainage system. The project budget is $400,000
- Harmony Pump Station Infrastructure Improvement Project: The Western Butler County Authority Plan identifiefd the need to upgrade the Harmony Pump Station and associated infrastructure within the next five years. The station requires upgrades to address its condition due to age, existing hydraulic ccapacity issues, and future growth. Officials also say the Harmony Pump Station equipment has become less reliable and, overall, the station’s conveyance capacity is undersized. The project will hope to meet anticipated residential and commercial growth. The project budget is $10.6 million.
The post Infrastructure Bank Loan Approved For Five Projects appeared first on ButlerRadio.com – Butler, PA.
