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TLDA approves $4.4 million drinking-water loan for Cedar Grove Utility District
Summary
The Tennessee Local Development Authority approved a $4.4 million State Revolving Fund loan to Cedar Grove Utility District for replacement of asbestos water main; the district qualified for 50% loan forgiveness, making the repayable principal $2.2 million over 20 years at 1.97% interest.
The Tennessee Local Development Authority on July 21 approved a $4.4 million drinking-water loan to Cedar Grove Utility District in Carroll County to replace aging asbestos water mains.
Vena Jones, a TLDA staff member, told the authority the district requested $4,400,000 to replace about 83,000 linear feet of asbestos pipe and that SRF staff had determined the utility qualifies as a small or disadvantaged community. "They are eligible for 50% loan forgiveness making the debt request…
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