OAK RIDGE, Tenn. — Oak Ridge received a large loan from the Tennessee Local Development Authority so it could improve its drinking water infrastructure, according to a release from the Tennessee Department of Environment and Conservation.
The release said it was one of four loans approved by the development authority. Other loans were given to the Tullahoma Utilities Authority, the City of Winchester and the Town of Woodbury. In total, the release said the authority gave out $24.7 million in loans.
Oak Ridge's loan has a 30-year term at a 3.33% interest rate. It is meant to help the city build a new membrane filtration water treatment plan.
The state offers loans like Oak Ridge's, which are designed to help communities find financing for projects that address infrastructure needs. The State Revolving Fund Loan Program primarily addresses general water-related infrastructure concerns. Oak Ridge's loan comes from a fund in the program that addresses drinking water concerns.