DEQ low interest rate loan for City of Moscow Well 10 would save dollars

DEQ low interest rate loan for City of Moscow Well 10 would save dollars »Play Video
Moscow Mayor Bill Lambert said the financing is almost unprecedented.
MOSCOW, ID - The City of Moscow is getting ready to build a new well that'll serve as a back-up to their main water source, and the Department of Environmental Quality will finance it.

The DEQ recently offered the city a $4.3-million loan to pay for the well number ten construction project. In Monday's City Council meeting, Moscow's Finance Director Don Palmer explained that the low interest rate of 2.25% would save the city up to a million-dollars when compared to other financing options from banks.

"A few years down the road, we're going to look at that and say, 'Man, what a marvelous things happened to us,' because financed something for that, it's almost unprecedented," said Moscow Mayor Bill Lambert.

Moscow Public Works Director Les MacDonald said well number ten will be located near the Washington State line in west Moscow, and it'll be similar to well number nine. Palmer said the city will start with project design this fall, and it's schedule to be completed in December 2017.