JACKSON – Charles Tyner, who is currently both Chairman of the Northampton Board of Commissioners and Interim Governor of the county, announced at his meeting here on July 7 that their USDA Rural Development Loan has been formally approved.
The funds, which amount to $ 4,992,000, will be used for the Phase 6 Water Expansion Project, which has been in progress over the past several years.
More than 200 households will be added to the district’s water supply in Phase 6. Most of these roads are concentrated in the northeastern part of the district, but there are also two near Lake Gaston.
The list of roads that will receive new or expanded water services in Phase 6 include Mandrake Court (Henrico), West Main Street (Murfreesboro), Stanley Drive (Henrico), Galatia Road (Pendleton), Barrett Cabin Road (Murfreesboro), Turkey Branch Road). (Murfreesboro), Vaughan Creek Road (Pendleton), Horn Road and Whites Road (Pendleton), Big John Country Road (Pendleton), Pineridge Lane and Stanley Barnes Road (Pendleton), Willis Hare Road (Pendleton) and Boons Bridge Road (Pendleton).
Last month, panelists approved a Letter of Conditions from the USDA as the final step towards loan approval. According to this letter, in a breakdown of the project budget, more than $ 3.6 million will go towards construction costs, and an additional $ 608,000 will be allocated to pay for engineering. Legal services, easement acquisition, contingencies and interest capitalized (bridge financing) account for the remainder of the projected costs.
The loan has a maturity of 40 years, with the first payment to be made after the completion of the project. Tyner announced at the July 7 meeting that the interest rate would be 1.5 percent.
Tyner also said they would be putting the project up for auction soon, and he hoped they could even expand the project even further to cover homes that are within a mile or so of the new lines. He also calculated that the expansion of Phase 6 will take less than the three-year forecast announced at the meeting last month, but did not specify a timeline.
“We are moving forward. People will receive water, ”he concluded.