City to Receive $1.3 Million Interest-Free Loan From the Virginia Resources Authority
The Virginia Resources Authority announced Thurs., March 30 the State Water Control Board has authorized funding from the Virginia Water Facilities Revolving Fund to the City of Richmond. The funding consists of an interest-free loan in an amount up to approximately $1.3 million. The loan will be used to finance a pilot program to identify the benefits and cost-effectiveness of alternatives to permeable pavement surfaces in city alleyways, and the impact of these alternatives on storm water runoff reduction. “We sincerely appreciate this Virginia Resources Authority loan,” said Mayor Levar M. Stoney. “The pilot program this loan will fund will allow us to better understand what we can do to manage storm water runoff and control water pollution affecting our city.” “This loan will greatly benefit DPU’s ongoing commitment to utilize green infrastructure BMPs (Best Management Practices) within the storm water utility,” said DPU Director Bob Steidel. “Ratepayers will also see a benefit ...