Garden City Awarded $525,000 Loan for Land Conservation Project

August 22, 2017

Garden City, Georgia, was awarded a $525,000 Clean Water State Revolving Fund (CWSRF) loan by the Georgia Environmental Finance Authority (GEFA) board of directors.

Project and loan details:

The conservation loan will finance the purchasing of two separate parcels of land—the Porter Property and the Tyson Property. The land purchase will permanently protect undeveloped tracts, including the Savannah and Ogeechee Canals. The protected land will contribute to the Chatham County Greenway, and it will also help improve stormwater drainage in the area.

The city will pay 0.50 percent interest on the 10-year loan. The loan will finance an eligible conservation project, which qualifies for a reduced interest rate, and includes a principal forgiveness up to $131,250 if all funds are drawn.

Quotes:

“GEFA’s loan programs assist local governments with improving their environmental infrastructure. As part of the Clean Water program, cities and counties can also receive affordable financing for land conservation projects.” – GEFA Executive Director Kevin Clark.

“I’d like to express appreciation to Gov. Deal, U.S. Sen. Johnny Isakson, U.S. Sen. David Perdue, U.S. Rep. Buddy Carter, state Sens. Lester Jackson and Ben Watson, and state Reps. Carl Wayne Gillard, Craig J. Gordon, and Bill Hitchens for their support. The state’s commitment to helping cities and counties finance infrastructure development is a main contributor to GEFA’s success.” – GEFA Executive Director Kevin Clark.

Additional information:

The CWSRF, a federal loan program administered by GEFA, provides communities throughout Georgia with low-interest loans to fund wastewater infrastructure and water pollution control projects. The program is jointly funded by the U.S. Environmental Protection Agency and the state of Georgia. Eligible projects include a variety of stormwater and wastewater collection and treatment 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.

GEFA provides loan financing at a reduced interest rate for energy efficiency and renewable energy projects at water and wastewater treatment plants, landfills, and municipal solid waste facilities; water conservation projects in the areas of water loss and end-use water efficiency; and land conservation projects, including fee title and conservation easement projects.