LEXINGTON, Ky. (WTVQ) – A little known state board approves much-needed loans to six Eastern Kentucky cities for valuable water and sewer improvements.
The Kentucky Infrastructure Authority approved projects in Georgetown, Richmond, Jackson, Farmdale Water District in Franklin County, Whitesburg and Stanford.
Some are new projects and some are more funding for existing projects.
For instance, Jackson is getting $1,017,000 to begin planning to address sewer problems that are getting worse in the Breathitt County town.
On the other hand, Richmond is getting $3 million more for its $13,142,000 Silver Creek wastewater project and Georgetown is getting $7,857,216 for its $21,4000,000 sewer project.
The additions for cities primarily were because bids came in higher than original estimates. Engineers said higher labor and materials costs, many associated with the ongoing coronavirus pandemic caused those higher costs.
In addition, materials, such as concrete and steel, also are more expensive than in 2019 when many of the estimates originally were done.
The loans range from 20 to 30 years with interest rates as low as .5 percent although most were at 1 percent.
Georgetown $7.8 million to $21.4 million
Richmond $3 million to $13.1 million
Farmdale Water $300,000
Stanford $268,293 to $2,958,293