Richmond Hill was awarded a $3 million Georgia Fund loan by the Georgia Environmental Finance Authority (GEFA) board of directors, it was announced Monday in a press release from the GEFA.
The loan will finance the installation of water main, sewer force main, and reuse water main infrastructure. The recent annexation of industrial- and commercially-zoned land from unincorporated Bryan County requires new infrastructure to support current and future development at Belfast Commerce Park. This project will provide a direct route to the city’s sewage system, distribute reclaimed water in other areas of the community, and improve water quality.
The city will pay 1.44% interest on the 20-year loan, which is eligible for a reduced interest rate because Richmond Hill is a WaterFirst Community.
The Georgia Fund, a state-funded loan program, provides communities with low-interest loans for water, wastewater, water conservation, and solid waste infrastructure projects. Eligible projects include water and sewer lines, treatment plants, pumping stations, wells, water storage tanks, and water meters. These projects conserve and improve water resources and facilitate economic growth and development.