WIFA Closes Two Loans totaling, $66,581,000 with Queen Creek
PHOENIX - On June 24th, 2020, the Water Infrastructure Finance Authority and the Town of Queen Creek closed their Clean Water State Revolving Fund (CWSRF) and Drinking Water State Revolving Fund (DWSRF) loans. Both of the SRF loans have a 30-year repayment term and a 1.984% interest rate. The DWSRF loan is for $57,981,000, and the CWSRF loan is for $8,600,000. The combined $66.5 million in funding will help Queen Creek bolster its water resources portfolio, increase long-term stability, and enhance its water resources sustainability. “WIFA provides significantly lower interest rates than traditional financing,” said Queen Creek Vice Mayor Julia Wheatley. “By regularly evaluating opportunities to refinance and amend our loans, it benefits our residents in reduced costs. I’m excited that we’re able to achieve our community’s strategic objectives while being extremely efficient with ratepayer dollars.”
Financing for the two new projects are outlined below:
Drinking Water Project- Queen Creek Groundwater Extinguishment Credit Acquisition
The acquisition of water resources for the Town of Queen Creek were financed by the Drinking Water State Revolving Fund (DWSRF). The DWSRF program is administered by WIFA of Arizona with joint funding from the U.S. Environmental Protection Agency and Arizona. This project will expand the Town’s water resources portfolio through the acquisition of Ground Water Extinguishment Credits (GWEC) that will allow for long-term stability and resiliency, and enable the Town to meet its current and projected long-term water resource requirements for its existing customers in a manner that is cost-effective and will significantly benefit its ratepayers.
Clean Water Project - Encanterra Reclaimed Water Exchange Agreement
The payoff of the Reclaimed Water Exchange Agreement between the Trilogy Encanterra community and the Town of Queen Creek was financed by the Clean Water State Revolving Fund (CWSRF). The CWSRF program is administered by WIFA of Arizona with joint funding from the U.S. Environmental Protection Agency and Arizona. The Reclaimed Water Exchange Agreement facilitates the mutually beneficial purchase and exchange of effluent between Trilogy Encanterra and the Town, which will enhance the sustainability of water for Queen Creek and provide quality water to the Encanterra Community.
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