Last month, the Georgia Environmental Finance Authority (GEFA) board of directors announced that Richmond Hill was awarded a $2.9 million Georgia Fund loan to finance the installation of water main, sewer force main, and re-use main infrastructure.
This loan was granted to Richmond Hill through a loan program administered by GEFA .
“Thank you to (GEFA Executive) Director (Kevin) Clark and GEFA for their hard work to help Richmond Hill secure this loan,” said Sen. Ben Watson, R-Savannah). “The funding needed to make these improvements is now available and I look forward to seeing these updates being made to the infrastructure in this community. I am sure it will have a positive impact on citizens and businesses alike.”
Specifically, this 20-year loan will help Richmond Hill improve overall water quality, distribute and reuse water in other areas of the community.
The city will pay 1.75 percent interest on the 20-year loan, which is eligible for a reduced interest rate because the city is a WaterFirst Community.
“GEFA loans help local governments improve their environmental infrastructure,” said GEFA Executive Director Kevin Clark. “Financing water, wastewater, solid waste, and energy, land and water conservation projects encourages economic growth and the stewardship of our environment.”
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