Gainesville has been awarded a $28 million state loan to provide infrastructure to the 1,324-acre Gainesville 85 Business Park and a planned 350-lot residential development.
The loan will finance the installation of a force main line, gravity sewer, a stormwater detention pond and pump stations, addressing growth particularly around Athens Highway and Gillsville Highway, according to a Georgia Environmental Finance Authority press release Monday, Jan. 25.
The city will pay 0.13% interest on the 20-year loan, which is eligible for a reduced interest rate because Gainesville is a WaterFirst Community.
“Becoming a WaterFirst Community demonstrates a local government's commitment to responsible water stewardship for environmental and economic benefits,” according to GEFA. “Communities that earn the WaterFirst designation are eligible for financial and other benefits from the state of Georgia.”
“We are very appreciative of our partnership and support we have received from GEFA,” Gainesville City Manager Bryan Lackey said.
The low interest rate “will result in significant savings for our ratepayers while allowing us to accelerate our much needed capital projects,” he added.