The City of Minot received a 12.2 million dollar low interest loan for a cost share on a 43 million dollar flood protection project.
The loan is through the Department of Health’s Clean Water State Revolving Fund.
The loan will help cover a good portion of the utility relocation, water, storm sewer, sanitary sewer, and roads.
The Public Works Director says if you have to bond for these costs – you can end up paying three to four percent interest.
This loan has a two percent interest rate.
“It will help I guess extend our sales tax dollars and make them go further towards the other project within the Souris River Basin now for flood protection,” said Dan Jonasson, City of Minot Public Works Director.
Only six loans were awarded.
They went to places in Argusville, Fargo, Lisbon, and the Garrison Conservancy District.