Fargo-Moorhead Funding Moving Forward
- Business & Finance
The Diversion Authority Finance Committee Chair Fargo Commissioner Tony Grindberg, and Board Chair Fargo Mayor Tim Mahoney yesterday thanked Sen. John Hoeven for his recent work to secure Water Infrastructure Finance and Innovation Act (WIFIA) financing for the FM Area Diversion Project.
The Senator announced that the Project’s WIFIA application is now ready to be processed by the Environmental Protection Agency (EPA).
“Securing low-interest financing is a critical step we have been working toward for many years,” Commissioner Grindberg said.
“The WIFIA component of our financial plan is an innovative way to provide financing for a project like this. We are applying for $561 million in long-term, low-interest financing that could mean more than $600 million in savings on interest payments throughout the life of the loan,” he added.
“Our relationship with our congressional delegation and federal partners is crucial to moving forward with building permanent flood protection for our citizens,” Mayor Mahoney said. “We are pleased to see the U.S. Army Corps of Engineers continuing to make progress building the Diversion Inlet and Control Structure south of Horace, and soon they will be starting the Wild Rice River Control Structure.”