CORPUS CHRISTI, Texas — The Texas Water Development Board gave the OK for $535,111,000 in financing to help fund the city of Corpus Christi's Inner Harbor Seawater Desalination Plant.
The money will come through the State Water Implementation Fund for Texas, or SWIFT, program.
A city of Corpus Christi news release states the decision was unanimous.
The design phase is scheduled to begin by the end of the year.
”It just means we are really utilizing the tools that the State of Texas is offering us to secure these monies for a project such as desalination which is a huge project so it means a great deal towards the taxpayer.” explained Mayor Paulette Guajardo
That was the mayor's response to the city getting the low interest loans from the state. But what exactly does it mean to taxpayers? A huge cost savings according to Chief Operating Officer for CC Water Drew Molly, ”we would ultimately save the ratepayer $126 million over the life of the project. So, it’s a 30 year note, basically we are borrowing money for 30 years to pay for this project. And over the years we would save the ratepayer $126 million.”
The city is also applying for a grant to help pay for the desalination plant and getting those federal dollars would be a huge win. ”We think we will be successful with grant funding. We don’t know how much but we know we have e a great relationship with the bureau of reclamation. They’re partners of ours on the choke canyon reservoir so we have a very good familiarity with that organization.” said COO Drew Molly, CCW
City Manager Peter Zanoni who had his contract renewed by city council on this day, also added that the city could get up to 180 million dollars through the U.S. Bureau of Reclamation. That decision won't be reached until sometime around next March.
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