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TLDA approves $5M SRF loan for Pikeville wastewater plant
Summary
The Tennessee Local Development Authority approved a $5 million Clean Water SRF loan for the City of Pikeville to fund planning, design and construction of a new wastewater treatment plant. SRF staff recommended a 20-year loan at 1.4% with $1.45 million in principal forgiveness for the economically disadvantaged system.
The Tennessee Local Development Authority voted to approve a $5,000,000 Clean Water State Revolving Fund loan to Pikeville to fund planning, design and construction of a new wastewater treatment plant.
TDEC staff recommended a 20-year loan at 1.4% interest and noted Pikeville qualified for $1,450,000 in principal forgiveness because it is classified as economically disadvantaged. Vina Jones, presenting the SRF review, reported Pikeville serves about 690 customers and has operating revenues that SRF found sufficient to support repayment. "SRF recommends board approval of the Pikeville loan request based on the information provided," Jones said.
Board members asked about the project’s total cost and existing support; staff said the project cost is about $21,000,000 with ARPA funds and previous SRF awards covering other portions. The board approved the loan by voice vote. The action reduces the SRF unobligated balance and moves the Pikeville project into construction planning.
