TCC approves loan document to fund Eastanollee Wastewater Plant upgrades
The Toccoa City Commission approved a motion to receive a loan through the Georgia Environmental Finance Authority to fund the Eastanollee Wastewater Plant upgrades.
During its meeting on Monday, the Toccoa City Commission heard from City Manager Billy Morse, who explained that the estimated cost for Phase I of the project is just over $7.3 million.
Morse says GEFA has approved the city for a Principal Forgiveness Grant of $1-million, if all funds are drawn.
Additionally, Morse says the 30-year loan has an interest rate of 2.17 percent.
According to Morse the project at the Wastewater Plant will include upgrades to existing plant headworks and related appurtenances.
A motion approving the loan documents was made by Commissioner Gail Fry with Commissioner David Austin seconding the motion.
The motion was approved unanimously.