UCCC agrees to loan West College Corner funding
October 26, 2022 at 7:14 p.m.
The Town of West College Corner has been approved for a large grant, with a loan included as well, to improve the town's wastewater system. West College Corner received a grant from the USDA for a little more than $1.2 million and a loan for $487,000 in a 75/25% split of the total amount.
The loan includes a provision, bidding be completed before the loan is disbursed. However, according to a letter from WCC requesting consideration for the short-term loan, “in order to get the project to the bidding phase, the community must authorize their engineering firm to complete final design and bidding documents…The project engineer believes that $200,000 will cover the costs to get the project to bid.”
For these reasons, at the Oct. 20 UC Council meeting, West College Corner asked the council for $200,000 to be paid back at current interest rates within the next two to three years. After brief discussion as to whether or not interest should be included, it was decided to offer the loan from existing funds and charge the current interest rate of 2.75%.
This loan makes it possible for the project to get underway, with March 2024 as anticipated construction date.
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The Town of West College Corner has been approved for a large grant, with a loan included as well, to improve the town's wastewater system. West College Corner received a grant from the USDA for a little more than $1.2 million and a loan for $487,000 in a 75/25% split of the total amount.
The loan includes a provision, bidding be completed before the loan is disbursed. However, according to a letter from WCC requesting consideration for the short-term loan, “in order to get the project to the bidding phase, the community must authorize their engineering firm to complete final design and bidding documents…The project engineer believes that $200,000 will cover the costs to get the project to bid.”
For these reasons, at the Oct. 20 UC Council meeting, West College Corner asked the council for $200,000 to be paid back at current interest rates within the next two to three years. After brief discussion as to whether or not interest should be included, it was decided to offer the loan from existing funds and charge the current interest rate of 2.75%.
This loan makes it possible for the project to get underway, with March 2024 as anticipated construction date.