The loan comes from the Ohio EPA’s Water Pollution Control Loan Fund (WPCLF), which was created in 1989 and has provided funds for everything from publicly-owned treatment facilities to landfill closures and agricultural best management practices. In Akron, the $31.6 million loan will save the city $4.8 million over the market rate.
The basin will alleviate overflows to the Little Cuyahoga River, improving water quality in the area and that portion of the river. Construction on the project is beginning this month and is expected to be completed in late 2017. The loan will also go towards supporting the Toledo Metropolitan Park District’s Water Resource Restoration Sponsorship Program (WRRSP), allowing Akron to contribute enough to purchase 117-acres of water resource habitat, including imperilled wetlands in Fulton County.
The loan program is partially funded by federal grants and is self-perpetuating through loan repayments and bond investments.
EPA testimony statements are available online at www.epa.gov.