Gov. Bill Lee and the Tennessee Department of Environment and Conservation (TDEC) Commissioner David Salyers have announced a significant financial boost for the City of Dyersburg, with a $2.5 million loan aimed at improving water infrastructure. This loan is part of a larger initiative that also includes funding for the City of Memphis, bringing the total to $44.6 million in loans approved by the Tennessee Local Development Authority for water infrastructure improvements.
Highlighting the importance of this development, Gov. Lee stated, “Strong and reliable water infrastructure is critical for Tennessee communities and this loan program makes needed upgrades possible. We look forward to the benefits Tennesseans will see as a result of these improvements.” Echoing this sentiment, Commissioner Salyers emphasized the vital role of clean water and the significance of the loan program as a primary tool in delivering this essential resource sustainably.
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The loan awarded to the City of Dyersburg originates from the Clean Water State Revolving Fund Loan Program and will focus on several key areas. These include infiltration and inflow corrections, the rehabilitation of sewer lines, the lining of manholes, and enhancements to pump stations. Notably, the loan terms are favorable, with a 20-year repayment period at an interest rate of 1.72 percent. Additionally, Dyersburg will benefit from $1,250,000 in principal forgiveness, reducing the overall financial burden.
The State Revolving Fund Loan Program offers communities, utility districts, and water and wastewater authorities an alternative to private financing, providing loans at lower interest rates. These rates can range from zero percent to below market rate, depending on the economic health of the community in question.
In the current fiscal year, TDEC has awarded $24,327,750 in drinking water loans and $83,541,000 in clean water loans to address the state’s infrastructure needs. Comparatively, during fiscal year 2023, TDEC allocated $47,345,000 in drinking water loans and $64,095,945 in clean water loans, totaling $111,440,945.
Since its inception in 1987, Tennessee’s Clean Water State Revolving Fund Loan Program has granted more than $2 billion in low-interest loans. Similarly, the state’s Drinking Water State Revolving Fund Loan Program, established in 1996, has provided over $300 million in low-interest loans, underscoring the state’s commitment to maintaining and improving water infrastructure for the well-being of its communities.
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