The Missouri Department of Economic Development announced a $500,000 Community Development Block Grant award to the village late last week. That combined with a $2.2 million grant and $2.8 million loan from USDA Rural Development will allow 12 miles of pipe to be laid and a new standpipe to be built.
Village Engineer Matt Marschke spoke about the issue at the Monday night meeting.
“Phase two concludes all of the work from First National Bank all the way up to the Hurricane Deck Bridge to include Captain Ron’s, Bear Bottom Resort, and folks down F Road,” he said. “It also refinances our debt on the existing phase one at a much more attractive interest rate.”
The phase one work will be refinanced from 6% to around 2.5%.
At last night’s trustees meeting Marschke said that the combination of loans and grants would make the system affordable to the end user.
“So along with the basically $2.6 million in grant that we got with the USDA plus this half million that we got from the CDBG and the department of economic development state of Missouri, along with the loan, the user rates are affordable, and we’ve got service and fire flows to everybody along the corridor.”
Bids for phase two will be let on Wednesday with ground being broken in about 90 days.