Sleepy Hollow Lake Receives Environmental Facilities Corporation (EFC) Clean Water State Revolving Fund Financing
First Private Community to Access This Financing Option
Athens, N.Y. (Apr. 8, 2019) — As part of its communitywide amenity and infrastructure program, Sleepy Hollow Lake (SHL), is the first non-municipally owned entity to secure market rate financing through the Clean Water State Revolving Fund (CWSRF) program administered by the New York State Environmental Facilities Corporation, in order to upgrade its sewer treatment plant for future needs.
“As SHL owns and operates our own sewer treatment plant, it was incumbent upon us to seek funds for this improvement,” said Ken Gifford, president of SHL Association of Property Owners. “We were able to obtain a $10 million line of credit from the Bank of Greene County for the majority of our capital improvement work, including roads, culvert replacement, lake and watershed management projects, and more, but needed an additional $5 million to rebuild our sewer plant.”
With the assistance of SHL’s consultants, Delaware Engineering, a Short-Term Market Rate Financing (loan) was closed in the fall of 2018 in the amount of $5,245,588 with the initial term during design and construction at 1.85% interest with a maturity date of Oct. 11, 2023. At the conclusion of the project, the short-term loan will be converted into a long-term loan with a favorable interest rate and term.
“It has been very rewarding working with SHL on the community’s infrastructure,” said Brock Juusola, P.E., senior engineer and partner with Delaware Engineering. “SHL’s stewardship of the environment and fiscal prudence are exceptional and lead to a high quality of life for residents,” said Juusola.
“The EFC has been a pleasure to work with throughout this process,” said Laurel Wolfe, Association Manager, Sleepy Hollow Lake. “The community is thrilled to be able to receive funding through this program, especially with all of our redevelopment efforts; we are relieved that our wastewater treatment plant will be able to handle any upcoming growth,” said Wolfe.
“EFC President & CEO Sabrina Ty said, “New York’s Clean Water State Revolving Fund is a critical component of Governor Cuomo’s comprehensive plan to overhaul the state’s vast water infrastructure network by offering communities of all sizes flexible financing options to advance and implement wastewater and water quality improvement projects that would otherwise be cost prohibitive. EFC is proud to partner with Sleepy Hollow Lake to help upgrade this community’s treatment plant and help preserve, protect, and improve water quality.”
Located 120 miles north of New York City in one of the most beautiful areas of the Hudson River Valley, Sleepy Hollow Lake is a 2,200-acre residential community surrounding a two-and-a-half-mile man-made lake.
Bordering the Hudson River and Catskill Mountains, recreational and cultural opportunities abound. Boating, fishing, skiing, hiking, tennis, swimming, biking, and sightseeing are all within easy access. Thirty miles to the north, New York State’s capital city, Albany, offers exciting dining, shopping, and theatre opportunities.