HARRISBURG –Sen. Michele Brooks announced that the city of Corry in Erie County was approved for an $11.2 million low-interest loan from the Pennsylvania Infrastructure Investment Authority (Pennvest) to help finance a water system improvement project.
The interest rate on the 20-year loan is one percent for the first five years, and then 1.742 percent for the remainder of the loan, which is far below current market rates.
“Last year’s water leak in Corry and three major waterline breaks caused customers to lose water service for days and created a tremendous burden for water customers,” Sen. Brooks said. “As a result of this service loss, the water authority was able to identify a host of system deficiencies which this loan will help to address.”
Specifically, the project will reconstruct several well houses, add two new well pumps, purchase two emergency generators, undertake system-wide meter replacement and waterline replacement, complete new service connections, replace 24 fire hydrants and install leak detection equipment.
“This important infrastructure improvement probably would not have happened without this competitive state loan and the hard work of our local officials,” Sen. Brooks stated. “With Corry’s water system lines dating back to the 1800s, this much-needed loan will allow for necessary upgrades.”
“I appreciate the support of the Pennvest Board, the Municipal Authority of the City of Corry, and our other local officials for bringing this vital health and safety project to fruition,” she added.
Contact: Diane McNaughton