Richmond granted $1.3 million loan from Virginia Resources Authority

RICHMOND, Va (WRIC) — Richmond City was granted a $1.3 million dollar loan from The Virginia Resources Authority Thursday, with funding authorized by State Water Control Board from the  Virginia Water Facilities Revolving Fund.

The loan will finance a pilot program to identify the benefits and cost-effectiveness of alternatives to pavement surfaces in city alleyways and the impact of these alternatives on stormwater runoff reduction.

Mayor Levar M. Stoney is thankful for the generous loan.

“We sincerely appreciate this Virginia Resources Authority loan,” Stoney said. “The pilot program this loan will fund will allow us to better understand what we can do to manage stormwater runoff and control water pollution affecting our city.”

Bob Steidel, Director of the Department of Public Utilities sees the loan as extremely beneficial.

“This loan will greatly benefit DPU’s ongoing commitment to utilize green infrastructure BMPs (Best Management Practices) within the storm water utility,” Steidel said. “Ratepayers will also see a benefit as a result of the interest-free funding.”

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