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Cortlandville Town Board Applies For Loan to Cover $4.2 Million Sewer Project
Thursday, January 17, 2013
Cortlandville Town Board Applies For Loan to Cover $4.2 Million Sewer Project
The Town of Cortlandville has voted to apply for a $750 thousand loan as part of a $4.2 million sewer replacement project.
 
The Town Board voted unanimously last night to apply for a 30 year loan from the New York State Environmental Facilities Corporation. The public benefit corporation assists local governments and private interests with financing for infrastructure project that safe guard water and air quality.
 
Since 2009, the town has been looking for low cost ways to rehabilitate and replace the main sewer line that runs along Route 13, down Tompkins Street, to the Cortland City line. The line which serves multiple commercial developments in that area is more than 50 years old and is starting to fail.
 
Last year the town applied for a 2.4 million dollar grant from the U-S-D-A which had funded the Polkville waterline extension project, but funds ran out before they could be awarded.
 
Town Supervisor Dick Tupper said the U-S-D-A has advised the town to apply for the E-F-C loan, which could be an interest free loan, saving the town thousands in interest payments over the next 30 years. 
 
The town has already spent $250 thousand dollars on engineering work for the line which will run from the Finger Lakes East Business Park all the way to the city.
 
The town and the city recently signed a new 34 year sewer agreement which was required for this loan application.
 
Tupper says with the development of Byrne Dairy’s new yogurt plant and tourism center replacing this line is even more critical as the plant will generate large volumes of waste water.
 
Tupper is hopeful the loan will be awarded, otherwise the town will look to bond for the work.
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