Brookhaven awarded $5.7 million loan for PDK Greenspace acquisition
Brookhaven awarded $5.7 million loan for land conservation project
Conservation project qualifies for interest rate reduction
ATLANTA – February 14, 2017. Brookhaven, Ga., was awarded a $5,700,000 Clean Water State Revolving Fund (CWSRF) loan by the Georgia Environmental Finance Authority (GEFA) executive committee.
Project and loan details:
The loan will finance the acquisition of 33 acres of forested land adjacent to the DeKalb-Peachtree Airport (PDK) that will preserve one of the largest remaining tracts of urban forest in Metro Atlanta, and help protect the watershed of Peachtree Creek. The land will be publicly accessible and will include unpaved walking trails as part of the greenspace.
The city will pay 0.89 percent interest on the 20-year loan. The loan will finance an eligible conservation project, which qualifies for a reduced interest rate, and includes principal forgiveness up to $500,000, if all funds are drawn.
“GEFA’s loan programs assist local governments with improving their environmental infrastructure. As part of the Clean Water program, cities and counties can also receive affordable financing for land conservation projects.” – GEFA Executive Director Kevin Clark.
“We are grateful to GEFA for awarding us this loan, which includes $500,000 in principal forgiveness, for the financing of the PDK Greenspace. It helps us keep the promise we made to our residents to keep Brookhaven green and vibrant,” said Brookhaven Mayor John Ernst.
“I’d like to express appreciation to Gov. Deal, U.S. Sens. Johnny Isakson and David Perdue, U.S. Rep. John Lewis, state Sens. Fran Millar and Elena Parent, and state Reps. Meagan Hanson, Scott Holcomb, and Mary Margaret Oliver for their support. The state’s commitment to helping cities and counties finance infrastructure development is a main contributor to GEFA’s success.” – GEFA Executive Director Kevin Clark.
The CWSRF, a federal loan program administered by GEFA, provides communities throughout Georgia with low-interest loans to fund wastewater infrastructure and water pollution control projects. The program is jointly funded by the U.S. Environmental Protection Agency and the state of Georgia. Eligible projects include a variety of stormwater and wastewater collection and treatment projects. These projects conserve and improve water resources, and facilitate economic growth, and development. Low-interest loans from this program are available up to $25 million.
GEFA provides loan financing at a reduced interest rate for energy efficiency and renewable energy projects at water and wastewater treatment plants, landfills, and municipal solid waste facilities; water conservation projects in the areas of water loss and end-use water efficiency; and land conservation projects, including fee title and conservation easement projects.
About the Georgia Environmental Finance Authority (www.gefa.georgia.gov):
The Georgia Environmental Finance Authority (GEFA), headquartered in Atlanta, Ga., is the lead agency for state energy programs; directs the Georgia Land Conservation Program; maintains state-owned fuel storage tanks; and offers financing for reservoir and water supply, water quality, storm water and solid waste infrastructure. Since 1985, GEFA has approved financial commitments totaling more than $3.7 billion to local governments, businesses and nonprofit organizations. For more information, visit www.gefa.georgia.gov, Twitter, Facebook, LinkedIn, YouTube or Flickr.
For more information, contact:
Director of Public Affairs
Georgia Environmental Finance Authority
Ann Marie Quill
City of Brookhaven