Siemens Financial Services' municipal financing helps Colorado City
To expand its water treatment infrastructure to accommodate a growing population, the city's Metropolitan District needed a solution that would include design, equipment, and construction. It passed on funding through the Drinking Water State Revolving Fund because the application and approval process would take too long and prove more costly. Instead, Siemens Financial Services provided tax-exempt financing totaling $1.85 million to help furnish the city with a Memcor membrane system...
WARRENDALE, PA, Jan. 16, 2007 -- The Colorado City, CO, Metropolitan District recently sought to expand its water treatment infrastructure to accommodate a growing population. In order to accomplish this, it needed a solution that would include design, equipment, and construction.
Seeking to better serve residents and complete the project quickly, the city decided not to apply for funding through the Drinking Water State Revolving Fund as there would be a long delay due to the application and approval process and ultimately it would prove more costly. Instead, Colorado City searched for a solution provider that could not only provide equipment to increase the supply of drinking water in its community, but offer financing for the project as well.
Siemens offered a single solution. Siemens Water Technologies furnished its MEMCOR® Products membrane system to provide an absolute barrier against harmful protozoa and bacteria, ensuring reliable, high quality drinking water. Siemens Financial Services (SFS) provided tax-exempt financing totaling $1.85 million. The treatment system, third-party engineering costs, and construction costs were bundled into the financing package.
The Siemens solution allowed Colorado City to expand its water treatment facilities to keep up with the community's growth. The financing package from SFS proved beneficial to the city in numerous ways.
"The built-in financing from Siemens saved taxpayer dollars and expedited the expansion of our drinking water treatment facilities needed to serve our growing population," according to Bob Flinn, a member of the Metro Water District Board of Directors.
"Siemens was the clear choice to provide the equipment and financing for our growing water treatment needs. The process of working with just one organization was extremely fast and efficient, and the financing gave us the ability to start the project quickly and make the most of our budget," said Frank Main, Metro Water District manager...