Governor Bill Lee and Tennessee Department of Environment and Conservation (TDEC) Commissioner David Salyers have announced a significant development for the City of Fayetteville—a $15 million loan aimed at enhancing the city’s water infrastructure. This funding is part of a series of loans approved by the Tennessee Local Development Authority, which also includes financial support for the Town of Dandridge, the Town of Jacksboro and Caryville/Jacksboro Utilities Commission, and two loans for the Town of White Pine. In total, these loans amount to $16.2 million.
Governor Lee highlighted the importance of the program, stating, “Water infrastructure can be a challenging issue for a community, and this program provides crucial funding for improvements. We commend these communities for showing such commitment to meeting their needs and going through this process.”
Latest TN News
Commissioner Salyers added, “One of the most important issues facing a community is dependable water service, and these loans can help address those needs. Tennesseans benefit from the process behind these loans, and we look forward to the results that will come from these efforts.”
The loan for Fayetteville is sourced from the Drinking Water State Revolving Fund Loan Program and focuses on waterline replacement to enhance pressure and reduce water loss. It is structured with a 20-year term at an interest rate of 1.87 percent.
The State Revolving Fund Loan Program allows communities, utility districts, and water and wastewater authorities to obtain loans at lower interest rates compared to private financing. These loans, with interest rates ranging from zero percent to below market rate, depend on the economic health of each community.
For the current fiscal year, TDEC has allocated $31,686,173 in drinking water loans and $71,142,500 in clean water loans to address Tennessee’s infrastructure needs. During fiscal year 2024, TDEC awarded $54,108,182 in drinking water loans and $85,350,843 in clean water loans, totaling $139,459,025.
Since its inception in 1987, Tennessee’s Clean Water State Revolving Fund Loan Program has provided over $2 billion in low-interest loans. The Drinking Water State Revolving Fund Loan Program, established in 1996, has issued more than $300 million in low-interest loans.
Source: Read Original Release
Coffee County Secures Grant for Redevelopment
Coffee County has received a $20,000 grant from the Tennessee Department of Environment and Conservation to identify and prioritize sites for redevelopment as part of the Brownfield Redevelopment Area Grants (BRAG) program. The funding is part of a broader initiative aimed at transforming blighted properties into economically viable sites while ensuring environmental protection. More information about the BRAG program can be found on the official TDEC website.