The financing package consists of grants and loans and focused on water, sewer and storm water improvements.
Beaufort, North Carolina, commissioners have agreed to accept a $23.6 million package from the U.S. Department of Agriculture for an overhaul of water, sewer and storm water infrastructure in town.
Repairing and replacing the underground infrastructure before resurfacing streets totals around $30 million, reported Carteret County News-Times.
A presentation of the USDA Rural Development’s Water and Waste Disposal Loan and Grant Program offer and a motion to signal to the federal agency the town would accept the terms occurred during a board of commissioners meeting Mar. 1.
Several commissioners stated they did not support an increase in water rates or property taxes in town to accommodate the borrowing, however. The borrowing would not affect sewer rates, according to Carteret County News-Times.
The financing package consists of grants and loans and focused on water, sewer and storm water improvements. The work will include: sewer collection system repairs, rehabilitation and replacement, water distribution system main replacements and storm water collection and transmission pipe replacements and upsizing, reported Carteret County News-Times.
The town prioritized securing grant money for sewer projects, applying for $9 million in grant funding for sewer upgrades to be coupled with a little more than $3 million in loans.
According to Carteret County News-Times, the USDA’s return offer included a sewer package with $5 million in grant funds and $7 million in borrowing, for a total project of $12 million. The USDA’s offer included no grant funding for water upgrades, however, but instead offered more than $8 million in borrowing.
For storm water funding the USDA offered $500,000 in grants to pair with a loan of more than $3.5 million, reported Carteret County News-Times.
The funding for all three areas totals $23,579,000, which the board unanimously accepted Mar. 1. The financing will be at a rate of 1.25% over 40 years and the lifespan of the new infrastructure is likely 60 years, reported Carteret County News-Times.
Once a contractor is approved, the sewer improvements are expected to take up to 24 months and the water project is estimated to take 18 months.