FORT WAYNE, Ind. (WOWO): The City of Fort Wayne has closed a $108 million loan from the state of Indiana.
The state’s Finance Authority announced Tuesday morning the low-interest loan comes from the Authority’s Clean Water State Revolving Fund.
The money will finance needed improvements to the city’s wastewater system and treatment plant, including rehabilitation to the sewer system, improvements to the wastewater treatment plant and wet weather ponds, and the construction of a deep rock tunnel that was unveiled to the public back in February.
The tunnel will be used to store water during wet weather in an attempt to curb the city’s sewer overflow issues.
The state says since the city used the revolving fund’s program instead of a traditional loan, Fort Wayne saved more than $23 million in interest expenses.