White Pine, Dandridge receive TDEC loans for utility work

White Pine and Dandridge will benefit from a total of over $1 million in Tennessee Department of Environment and Conservation (TDEC) revolving fund loans for water and sewer improvements, Governor Bill Lee announced earlier this month.
White Pine will use a total of $650,000 in loans for planning and design of a new water storage tank, as well as sewer line rehabilitation. The agreement includes $250,000 in principal forgiveness on the sewer project, as well as another $75,000 in principal forgiveness for the water tank planning project. The remainder is to be paid back over five years at 2.38 percent interest.
Dandridge will receive a $400,000 loan for its wastewater project to improve lines between the Exit 417 area on Interstate 40 and the sewer plant. The town’s agreement includes $200,000 in principal forgiveness with a 2.38 percent interest amount on the remainder. The Dandridge project will replace and rehabilitate 4,300 linear feet of sewer line and 18 manholes.
The loans are among five approved recently by the Tennessee Local Development Authority totaling $16.2 million.
“Water infrastructure can be a challenging issue for a community, and this program provides crucial funding for improvements,” Lee said. “We commend these communities for showing such commitment to meeting their needs and going through this process.”
Through the State Revolving Fund Loan Program, communities, utility districts, and water/wastewater authorities can obtain loans with lower interest rates than through private financing. The low rates can vary from zero percent to below market rate, based on each community’s economic health.

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