The City of Greenville will save millions of dollars on the Town Creek Culvert Drainage Improvement Project thanks to an interest-free loan from the State.

Planning for the project is underway at a cost of approximately $7.3 million. North Carolina’s Department of Environment and Natural Resources’ Clean Water State Revolving Fund (CWSRF) has agreed to give Greenville the amount in an interest-free loan. If the City had to borrow the money to fund the project, it would have to pay about 3% interest, which comes to roughly $2.4 million over the course of a 20-year loan.

“We are very excited to be able to save our taxpayers such a tremendous amount of money,” said City Manager Barbara Lipscomb. “This project will help improve our current drainage as well as prepare for future growth in Greenville’s center city.”

The Town Creek Culvert runs from 9^th Street to the Tar River and drains stormwater from approximately 250 acres in Greenville’s Uptown District. It was built prior to 1935 and needs to be substantially rehabilitated or replaced. Improvements will need to take place prior to the completion of the Tenth Street Connector Road Improvement, which is scheduled to be completed in 2017.

North Carolina’s CWSRF was established in 1987 as a way to help the State assist in funding wastewater treatment facilities and projects associated with estuary and nonpoint source programs. The State Treasurer determines the loan terms for each project.

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