F-M Diversion Applies For Loan That Could Save Project $600 Million
FARGO, N.D. – The Fargo-Moorhead Diversion Board of Authority applies for a $510 million Water Infrastructure Finance and Innovation Act loan for comprehensive flood protection.
The WIFIA loan removes the risk of increasing interest rates and provides lower rates than other financing options. It also allows the Diversion Authority to draw down funds as needed, which can make for less debt. The loan could save the project $600 million in interest payments over 40 years.
“There are almost 20% of the K-12 students in the state of North Dakota are inside the protected area. Over $20 billion of property, so we just want to remind ourselves how important this is,” North Dakota Gov. Doug Burgum said.
The Diversion Authority says it will put out bids for the ditch part of the diversion next year. It anticipates to see most of the work to begin in 2021.