The City of Fayetteville will receive three state loans totaling $17.8 million for the City of Fayetteville to improve water infrastructure.
The City of Fayetteville will receive a loan of $15.2 million from the Drinking Water State Revolving Fund Loan Program for the replacement of aging waterlines. The loan has a 20-year term at 2.3 percent interest. The city received $7.5 million in principal forgiveness, with the remainder of the loan amount to be paid back as principal.
Fayetteville received a separate loan for $1.8 million from the Drinking Water State Revolving Fund Loan Program for water treatment plant improvements. The loan has a 20-year term at 2.3 percent interest. The city received $1.26 million in principal forgiveness, with the remainder of the loan amount to be paid back as principal.
Another loan for Fayetteville is $800,000 from the Drinking Water State Revolving Fund Loan Program for water treatment plant expansion. The loan has a five-year term at 2.1 percent interest. The city received $250,000 in principal forgiveness, with the remainder of the loan amount to be paid back as principal.
