City of Cayce Receives State Drinking Water Revolving Loan FundMonday, November 7, 2016
CAYCE, SC – The City of Cayce has been awarded a $23.5 million State Drinking Water Revolving Loan Fund loan (SRF) for the replacement of approximately 75% of the City's in-town water lines. It is one of the largest awards ever given for water line replacement projects in the state by this entity. The loan is a 30-year loan with a 1.8% interest rate from the South Carolina Water Quality Revolving Fund Authority.
This award is a result of over 2 years of planning, surveying and engineering work to meet the rigorous guidelines for SRF funding. The City's engineering firm, American Engineering Consulting, has been integral in the City's approval of this application. The City's sound fiscal management and strong record in project management increased their eligibility for this funding and incredible low interest rate. Cayce’s high credit rating means that the City does not have to put money towards a debt service fund, which considerably saves taxpayer money.
The City received the loan commitment letter on September 28, and has 90 days to meet the criteria of the letter. Bids will be opened for the project on November 8, 9 and 10 with construction beginning in late January or early February.
The project will take place in the Avenues, Broad Acres, Edenwood, Julius Felder, Frink Street and Knox Abbott Area, which are some of the oldest lines in the City’s water system. (See Attached Map). The project will include a new one million gallon water tank, replacement and upsizing of waterlines, replacement of all existing fire hydrants, and adding additional hydrants. This project will improve water pressure, water flow and fire protection. This proactive project has the added potential benefit of lowering the City’s already strong ISO rating which in turn can save residents money on insurance costs.
“I am so proud of our diligent and tireless City Council members for working together to address this and other infrastructure. We are excited that our strong credit rating and effective project management continues to benefit our residents. Our Council has strong success with taking care of our municipal responsibilities in cost efficient manners so that the current and next generation of residents benefit. ” stated City of Cayce Mayor Elise Partin.
City staff has presented this project to the Neighborhood Associations. As we continue to communicate with neighborhood leaders and other property owners, we will make an official announcement once contractors are chosen and a firm timeline is in place.