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LODA — Engineer Tom Overmyer told the Loda Village Board on Wednesday that he needs to start work now so that a new water tower can be completed by the end of 2015.
The board plans to vote in March on an agreement with Overmyer for the design of the proposed water tower and permitting work for $42,000.
Overmyer said there is no grant money available for water tower design but there is for construction. He suggested the board apply in January 2014 for a construction grant of up to $450,000. Overmyer said the village has a better chance of its grant application being accepted if design work is completed and permitting is secured.
If a construction grant is received, the village will be required to match 25 percent of the amount. Overmyer said the village’s matching amount can be gotten through the state’s revolving-loan fund. Were the village to borrow $150,000, the annual payment would be $9,200, he said. That is a monthly cost of about $4.17.
Please read the full story in the Feb. 20 edition of the Paxton Record.