Last week, U.S. Environmental Protection Agency (EPA) officials announced a $424 million Water Infrastructure Finance and Innovation Act (WIFIA) loan to Fla.’s Miami-Dade Water and Sewer Department. EPA’s fourth WIFIA loan to Miami-Dade County aim to help finance upgrades to eliminate the use of ocean outfalls and increase the system’s resiliency to extreme weather events.
“Congratulations to our partners at Miami-Dade County on closing your fourth WIFIA loan – a first for this low-interest loan program,” said EPA Assistant Administrator for Water, Radhika Fox. “This project will improve water quality for wildlife and recreation and bolster climate resiliency while creating 2,700 quality jobs.”
The department’s Ocean Outfall Legislation projects include multiple efforts to improve water quality and help meet regulatory requirements by enhancing wastewater treatment processes in its north and central districts. The newly-funded projects will increase the system’s climate resiliency by modernizing facilities to be better protected and able to operate during extreme weather events. Related projects include improvements to wastewater treatment processes, rehabilitation of a sewer pump station, and construction of new injection well pump stations.
The announcement marks Miami-Dade County’s fourth WIFIA loan, bringing the total amount of financing provided by EPA to over $1 billion. This $424 million WIFIA loan will help finance nearly half of the $866 million project costs for the final phase of Miami-Dade County’s Ocean Outfall Legislation Project. The remaining project costs will be funded through revenue bonds and borrower cash. Miami-Dade Water and Sewer Department is expected to save $79 million in interest costs through its WIFIA loan. Construction will occur between 2021-2027, with construction and operation expected to create over 2,700 jobs.
“Partnering with the EPA and utilizing their WIFIA loans allows us to accelerate wastewater projects, which demonstrate that investments in infrastructure can provide economic, environmental and employment benefits for our community,” said Miami-Dade Water and Sewer Department Director Roy Coley. “This allows our department to be a responsible steward of not only our natural resources, but also our customers’ financial investments.”
