City awarded $2M loan

Thomaston will use loan to replace leaking water mains

The Georgia Environmental Finance Authority (GEFA) has awarded the City of Thomaston a $2 million Drinking Water State Revolving Fund (DWSRF) loan. The loan will finance replacing more than two miles of existing leaking water mains within the Silvertown East Village. This project will also install new hydrants, valves, services lines, and meters.

Thomaston will pay 1.03 percent interest on the 20-year loan, which includes principal forgiveness of up to $500,000, if all loan funds are drawn. The loan qualifies for a reduced interest rate because it’s an eligible water conservation project.

Thomaston Mayor Hays Arnold credited City Manager Patrick Comiskey with getting the grant, and added they were lucky to get the reduced interest rate.

“Over time, that will basically amount to another grant,” Arnold said. “Those interest rates will not be around forever, and I think we can depend on that.”

“GEFA’s water and sewer programs assist local governments with improving their environmental infrastructure. As part of the Drinking Water program, cities and counties can also receive affordable financing for water conservation projects,” said GEFA Executive Director Kevin Clark. “I’d like to express appreciation to Gov. Deal, state Sen. John F. Kennedy and state Rep. Johnnie Caldwell Jr. for their support. The state’s commitment to helping cities and counties finance infrastructure projects contributes greatly to improving Georgia’s water resources.”

The DWSRF, a federal loan program administered by GEFA, provides communities throughout Georgia with low-interest loans to fund water infrastructure projects that deliver safe, affordable drinking water. Eligible projects include a wide variety of public health or compliance related water supply projects. These projects conserve and improve water resources, and facilitate economic growth and development. Low-interest loans from this program are available up to $25 million.

City Manager Comiskey stated that the city will be receiving contract documents from GEFA within the next month that will need the city council’s approval

“This is part of the Silvertown East Village, where we will be replacing our water lines on 4th, 5th, 6th, and Double C streets,” Comiskey added. “We have a $500,000 Community Development Block Grant (CDBG) grant that will be part of this, and a $500,000 loan forgiveness that will be part of that $2 million that was identified. The balance at $1.5 million will be at an interest rate of 1.03 percent, which is a very low interest rate.”

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