WORTINGTON. The City of Worthington has been approved for a low interest loan of over $ 30.3 million to finance the construction of an improved wastewater treatment plant north of the city.
City Administrator Steve Robinson said the city was informed last week that its Minnesota Public Works Authority Revolving Water Loan Application had been approved for a 20-year loan at 1% interest.
The loan allows Worthington Public Utilities to pay for the new treatment plant over the next two decades through a combination of money it already has in reserves and user tariff revenue.
“A few months ago, we were looking at various funding options,” Robinson said, adding that the issues of city consolidation and the use of WPU reserves were discussed.
Construction is slated to begin later this summer or early fall, with completion expected in late summer 2023.
In July, Worthington City Council signed with Gridor Construction Inc. from Buffalo the contract for the construction of this project. Gridor submitted the lowest of the two bids received, $ 26,205,800.