A public hearing on the city of Eagle River applying for a 40 year USDA Rural Development loan at an interest rate of 1.125% saw no one testifying for or against therefore the city council approved completing the application for $1.87 million to go along with a $1 million community development block grant for capital improvements.
According to project manager Pat Morrow of MSA Engineering the preliminary report had the loan interest rate of 2.25%. “The rapid response by the city to have the application submitted by the end of September, the interest rate will be 1.125% and will save the city approximately $500,000 over the life of the loan,” Morrow told the council.
Among the capital improvements listed in the application are building equipment and controls, modification of fire protection standards in wastewater collection and treatment facilities, replace process equipment, and rehabilitate the Forest Street lift station valve vault and add standby power.
