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Mitchell seeks up to $3.675 million in SRF funds for Fifth Avenue water and sewer upgrades
Summary
City staff opened and closed a public hearing and the council approved a resolution authorizing applications for up to $2,350,000 from the Clean Water SRF and $1,325,000 from the Drinking Water SRF to upgrade water and sewer along Fifth Avenue from Burr to Foster.
The Mitchell City Council authorized the mayor to sign applications seeking state SRF assistance for the Fifth Avenue utilities project, which would upgrade water and sewer lines between Burr and Foster streets.
City staff told the council the city is seeking up to $2,350,000 from the Clean Water State Revolving Fund and $1,325,000 from the Drinking Water State Revolving Fund. Staff said expected loan terms are about 3.5% for 20 years (clean water) and 3.25% for 30 years (drinking water), and that the state Board of Water and Natural Resources may forgive all or part of loan principal depending on the board’s evaluation.
After no public commenters stepped forward during the hearing, the council moved and passed the resolution authorizing the mayor to sign the two SRF applications. Staff said only the amounts, source and final terms will be set by the board when applications are scheduled for review.
Next step: staff will submit the applications to the South Dakota Board of Water and Natural Resources and report back when the board sets funding terms.
