SHERIDAN — Thursday the State Loan and Investment Board comprised of the top five elected officials for the State of Wyoming, approved a loan for the Wyoming Park neighborhood project in Sheridan.
The Drinking Water State Revolving Fund loan will assist with the reconstruction of portions of Burkitt, Custer and Works streets. The project will include the replacement of water lines, sanitary sewer lines and storm systems as well as reconstruction of the street surfacing, curb, gutter and sidewalks.
City Project Manager Joe Schoen attended the SLIB meeting.
“This project will address one of the worst conditioned streets in Sheridan,” Schoen said. “The project will provide a beautifully redesigned look and feel created in collaboration with the neighborhood.”
Mayor Dave Kinskey thanked SLIB and city staff for their efforts.
“We are blessed in Wyoming to have many funding resources and appreciate the legislative support for these programs,” Schoen said.
The officials approved a loan in the amount of $562,816.30 from the Wyoming Drinking Water State Revolving Fund. Current water and sewer revenues are earmarked to repay the loan requirements of $281,408.15. The loan will have terms of 2.5 percent interest for 20 years. The remaining loan balance of $281,408.15 will be forgiven as part of the loan agreement.