Commerce Development Authority Receives $931,320 Water System Funding with 100% Principal Forgiveness from the OWRB
OKLAHOMA CITY – The Commerce Development Authority (Authority) received approval for $931,320 in funding with 100% Principal Forgiveness on Tuesday from the Oklahoma Water Resources Board (OWRB) to improve the Authority’s water infrastructure. Construction of upgrades and improvements to the water system will be financed by the Oklahoma Drinking Water State Revolving Fund (DWSRF).
The Commerce Development Authority will use the funding to replace the aging water infrastructure by constructing 2,469 linear feet of 12-inch polyvinyl chloride (PVC) water line and 4,774 linear feet of 6-inch PVC water line along River, Quincy, and Vine Streets. The existing water lines have a history of leaks and do not meet current distribution standards for pipe size and materials. With a planned street renewal project on the horizon, replacing the water lines beforehand will help prevent further deterioration, protect water quality, and reduce future maintenance costs for the City of Commerce.
Lori Johnson, chief of the OWRB’s Financial Assistance Division, calculated that the Authority’s customers will save an estimated $1,460,000 compared to traditional financing.
“This investment of $800,000 to replace outdated water lines in Commerce will not only improve water quality and accessibility for residents but also strengthen the foundation for future growth in our district," said Sen. Micheal Bergstrom, R-Adair. "Ensuring clean, reliable water for our communities is critical, and I appreciate our partners at the Commerce Development Authority and the Oklahoma Water Resources Board who have made this project a reality.”
"To have this amount forgiven is a game changer for this community," said Rep. Steve Bashore, R-Miami. "Safe, clean drinking water is something everyone relies upon, and its importance can't be overstated. I'm so grateful these funds are available for this important project."
Julie Cunningham, Executive Director of the OWRB, and Rob Singletary, Executive Director of the Oklahoma Department of Environmental Quality (ODEQ), express their sincere appreciation to State Senator Micheal Bergstrom and State Representative Steve Bashore for their support of the DWSRF program.
The DWSRF program is administered by the OWRB and the ODEQ with partial funding from the U.S. Environmental Protection Agency (EPA). The DWSRF program has provided approximately $2.4 billion in drinking water loans to provide communities with the resources necessary to maintain and improve the infrastructure that protects our valuable water resources statewide.
Since 1983, the Oklahoma Water Resources Board has approved over $7.8 billion in loans and grants for water and wastewater infrastructure improvements throughout Oklahoma.
