The Pierre City Commission has approved financing the water treatment facility voters approved in June through the State Revolving Fund.
During a public hearing portion of last night’s (Tues.) commission meeting, AE2S project engineer Delvin DeBoer says going through the fund could provide the city with substantial savings.
Pierre city utilities manager Brad Palmer says there were multiple options for obtaining financing.
But, city finance officer Twila Hight says the 2.5 percent interest rate isn’t locked in for the loan yet.
DeBoer says there are several variables in the financing that are yet to be determined, so estimates from the state Department of Environment and Natural Resources were used to provide information for last night’s public hearing.
Seventy-three percent of Pierre voted to move ahead with building a proposed $37 million water treatment facility. The design phase is expected to take about a year. City officials expect to have the project completed and the treated water flowing in 2021.
