French-Reneker-Associates Successful in Aiding Three for Three Communities in Award of a Sponsored Project!
What is a sponsored project?
The Iowa Department of Natural Resources created a new category, effective Fiscal Year 2014, for funding projects to improve water quality called “water resource restoration sponsored projects,” more commonly referred to as “Sponsored Project.” The program is only eligible for communities utilizing a Clean Water State Revolving Fund (CWSRF) loan to fund wastewater improvements. The program reduces the interest rate on the CWSRF loan to offset the cost of the “Sponsored Project.” The net effect is a larger loan with the same payments and term covering both the wastewater improvements and the Sponsored Project. The cost of the Sponsored Project can be up to about 10% of the CWSRF loan. Projects eligible for sponsored project funding must improve water quality in the watershed in which the publicly-owned wastewater facility is located. For the first round of funding, 83 entities had eligible projects and could submit applications by July 19, 2013.
Who applied for a Sponsored Project?
Thirty-two entities submitted applications totaling $36 million of eligible projects. French-Reneker-Associates assisted three communities in submitting applications: New London submitted an application for $325,500; Donnellson submitted an application for a $315,000; and Blakesburg submitted an application for $45,000.
Who was awarded a Sponsored Project?
A total of $12.7 million was awarded to a total of 22 communities. New London, Donnellson, and Blakesburg were all awarded their full requested amount. Congratulations New London, Donnellson, and Blakesburg! For more information regarding Sponsored Projects contact Kent Rice or Heather Thomas with our firm.