Memphis Lands $15M Loan to Improve Water System
By: Toby Sells
As freezing weather has exposed issues with Memphis’ water infrastructure, the city received a $15.3 million state loan to improve it.
State officials announced the loan Friday, February 19th. It will be used to address infiltration and inflow correction within the wastewater collection system. The loan has a 20-year term at 0.61 percent interest.
“Modernizing local infrastructure across Tennessee is one of our key initiatives this year,” said Tennessee Governor Bill Lee. “These loans provide an affordable way for communities to finance important projects that will greatly benefit their residents and deliver clean water.”
This fiscal year, the state has awarded $5.3 million in drinking-water loans and $76.1 in clean-water loans to meet the state’s infrastructure needs.