Rexburg wins $11.1 million water development loan

The Idaho Department of Environmental Quality has awarded an $11.1 million low-interest loan to the city of Rexburg.

The money will be used to construct two new water wells, a 2.5 million-gallon storage reservoir, a booster pump station and pay for improvements to the city’s waterline and control systems.

Rexburg qualifies for a disadvantaged loan with favorable repayment terms because the annual cost of drinking water service for residential customers exceeds one and a half percent of the median household income.

The favorable loan terms represent about $7.3 million in savings to the community when compared to average costs for municipal general obligation debt issuances.