City of Mt. Vernon to Save Almost $600-Thousand Thanks to IEPA Loan Forgiveness

City of Mt. Vernon to Save Almost $600-Thousand Thanks to IEPA Loan Forgiveness

MT. VERNON — The IEPA has announced that they have approved the city of Mt. Vernon’s application for a loan for the Opdyke Water Tower renovation project. But the good news doesn’t stop there for the city. 75% of the loan awarded will be forgiven on the principal, and the interest has been lowered from 1.84% to 1.38%.

In a press release Thursday afternoon, Mt. Vernon mayor John Lewis says after forgiveness, the city will owe less than $200,000 of the almost $800,000 original loan from the state.

Lewis gives credit to City Manager Mary Ellen Bechtel, her staff, and Round Table Design for putting the loan application together. He also credits the city’s Utilities Committee for their hard work over the past two years setting the priorities and strategies to combat the city’s water and sewer infrastructure needs.