Old Town Water and Sewer Replacement Project

This week the State Division of Drinking Water heard a request from Heber City to fund $12.3M in water line replacement costs.  The Division approved the loan request at an interest rate of 2.2%.  Last week the Community Impact Board (CIB) approved the loan request at an interest rate of 2.5%.  Both loans have interest rates that are about .5% to 1% higher than anticipated.  In February the CIB will finalize the terms of their loan with the City.   With the help of Shawn Seager and Dave Steward they’ll be meeting with Senator Ron Winterton and Representative Mike Kohler next week in SLC to solicit their help in lobbying the CIB to reduce their proposed interest rate.  Staff is also coordinating with Zions Bank and Sunrise Engineering to also lobby CIB staff and Board members to reduce the interest rate. Information was obtained according to the Heber City manager report.