New York Construction Report staff writer
The Environmental Facilities Corporation (EFC) has approved $234.5 million to get shovels in the ground for critical water and sewer infrastructure projects, including flood mitigation measures that protect critical clean water systems from high water events.
The board also approved long-term financing over $7.7 million to municipalities to provide savings on debt service for these projects.
More than $148 million is for a clean water resiliency project to heldp Long Beach’s long-term recovery from devastation caused by Hurricane Sandy in 2012. This critical project will safeguard the city’s wastewater treatment systems with flood mitigation measures, convert the city’s water pollution control plant into a pump station and connect it with Nassau County’s South Shore Reclamation Facility.
Also, a grant and interest-free financing package that includes $38 million in federal Bipartisan Infrastructure Law (BIL) funding was approved to modernize the Village of Bath’s wastewater treatment plant to reduce pollution in the Chesapeake Bay Watershed and increase the plant’s capacity for future growth and development.
“EFC always stands ready to provide creative funding solutions to our partners in local government and further our mission of getting critical water quality infrastructure projects underway,” New York State Environmental Facilities Corporation President & CEO Maureen Coleman.”
Approvals include financings through the Clean Water State Revolving Fund and Drinking Water State Revolving Fund, and grants already announced pursuant to the Water Infrastructure Improvement and Intermunicipal Grant programs.
Clean Water Projects:
Village of Bath, Steuben County – $23,712,500 short-term interest-free financing and $14,767,125 grant from BIL general supplemental funds, as well as $1,287,500 short-term interest-free financing and $2,722,500 CWSRF grant for the planning, design and construction of wastewater treatment plant improvements, including nutrient removal and disinfection upgrades.
City of Long Beach, Nassau County – $148,926,731 short-term, market-rate financing to convert the City of Long Beach Wastewater Treatment Plant into a pump station to connect with the Nassau County South Shore Reclamation Facility.
Village of Lyndonville, Orleans County – $576,437 short-term interest-free financing for the planning, design and construction of disinfection improvements at the village’s wastewater treatment plant.
Village of Rhinebeck, Dutchess County – $5,500,000 short-term interest-free financing for the planning, design and construction of upgrades to the village’s wastewater treatment and collection system.
Village of South Dayton, Cattaraugus County – $392,400 short-term interest-free financing and $357,600 short-term market-rate financing for the planning, design and construction of improvements to the village’s wastewater treatment plant and sanitary collection system.
Drinking Water Projects:
Albertson Water District, Nassau County – $3,000,000 WIIA grant for the installation of new equipment at Well 3A for the treatment of emerging contaminants.
Village of Little Valley, Cattaraugus County – $2,940,000 short-term interest-free financing and $3,010,000 DWSRF grant for the construction and installation of a new well supply and wellhouse, improvements to the existing well and replacement of approximately 30,000 linear feet of water mains in various areas of the village.
Plainview Water District, Nassau County – Two WIIA grants totaling $6.4 million for the installation of new equipment at the Plainview Water District’s Plants No. 3 and 4 for the treatment of emerging contaminants.
Town of Schodack, Rensselaer County – $709,200 WIIA grant for the installation of 5,700 linear feet of water main with valves, hydrants and other related appurtenances.
Town of Willsboro, Essex County – $2,495,525 short-term interest-free financing, $4,991,048 short-term market-rate financing and $5,000,000 WIIA grant for the construction of a new water treatment plant.
Refinancing completed projects will achieve long-term debt service savings
The EFC board approved long-term refinancing totaling $7.7 million for three existing projects. Short-term financing provides capital for design and construction of projects. Once project construction is completed, the short-term financing is typically refinanced to long-term financing for up to 30 years, saving municipalities significant interest expenses versus financing on their own.
Projects approved for long-term interest-free financing include the City of Amsterdam in Montgomery County, the Town of Hume in Allegany County and the Village of Mayville in Chautauqua County. Based on current market conditions, these long-term financings are projected to save ratepayers an estimated $16.2 million in interest payments and previously authorized grants over the life of the financings.
