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Waynesville board votes to reject $8.7M SRF loan to pursue $5M DEQ grant despite risk of losing both
Summary
Council voted to reject an $8.7 million 0% State Revolving Fund loan so the town can pursue a $5.0 million DEQ grant; staff warned the grant is competitive and funding cycles differ, and that rejecting the loan carries a risk of losing both funding options.
The Town of Waynesville board voted to reject an $8,700,000 State Revolving Fund (SRF) loan offer so the town could pursue a $5,000,000 grant from the Department of Environmental Quality. The presiding officer put the question to the board, Councilmember (unnamed) S4 moved to "protect the $5,000,000," a second was recorded and the motion passed by voice vote.
Rob explained the financial trade-offs behind the vote. He said the SRF loan was offered at 0% interest with a 20-year amortization, but the town was not granted the principal forgiveness that distressed communities are often told they would receive. "We were granted the loan last week for…
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