SPRINGFIELD — The Illinois Environmental Protection Agency (IEPA) announced Tuesday that it has awarded a $180,000 loan to the village of Buckley for the restoration of its 50,0000-gallon water tower.
The low-interest loan is being provided by the IEPA’s state revolving fund. The village qualifies to have $108,000 of the loan amount forgiven by the state.
The village will use the loan funds to pursue a project that includes the high-pressure power-washing and recoating of the interior and exterior of the water tower, the repairing of the vent, ladders and overflow box, as well as the replacement of the cathodic protection system and making safety upgrades for the water tower.
“The village of Buckley is grateful and proud to be able to make much-needed improvements to our water tower,” said Sheree Stachura, president of the village board. “This infrastructure project ensures the safety of our drinking water. In addition, the principle forgiveness and low-interest loan has made this improvement possible and affordable for our residents.”
The project is expected to be completed by December.
In fiscal year 2019, IEPA’s state revolving fund loan programs provided low-interest loans totaling nearly $684 million. With more than $59 million forgiven by the state, qualifying loan applicants will not have to repay a portion of their loans.
“This program is providing vital funding through low-interest loans to address major infrastructure needs of systems throughout Illinois,” IEPA Director John J. Kim said. “This is just one example of how our state revolving fund provides cost savings to local communities, while allowing them to meet the needs of their residents.”