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How Gainesville plans to use $28 million loan from Georgia
Gainesville has been awarded a $28 million state loan to provide infrastructure to the 1,324-acre Gainesville 85 Business Park and a planned 350-lot residential development.
The loan will finance the installation of a force main line, gravity sewer, a stormwater detention pond and pump stations, addressing growth particularly around Athens Highway and Gillsville Highway, according to a Georgia Environmental Finance Authority press release Monday, Jan. 25.
The city will pay 0.13% interest on the 20-year loan, which is eligible for a reduced interest rate because Gainesville is a WaterFirst Community.
“Becoming a WaterFirst Community demonstrates a local government s commitment to responsible water stewardship for environmental and economic benefits,” according to GEFA. “Communities that earn the WaterFirst designation are eligible for financial and other benefits from the state of Georgia.”