For Immediate Release
September 14, 2005
Contact:
Joe Pittman
(724) 357-0151
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State Approves Cherry Tree Borough Financing Package

PENNVEST okays $1.15 million loan/grant for major water line upgrade

The Pennsylvania Infrastructure Investment Authority (PENNVEST) today approved a $1.15 million financing package for a needed upgrade to water lines operated by the Cherry Tree Borough Municipal Authority, according to Senator Don White, R-41st District and a member of the PENNVEST board.

Cherry Tree will receive a $901,643 grant and a $254,227 low-interest loan, which will cover the projected cost of the project.

"I am pleased that Cherry Tree’s application was approved and that it will receive this important financing. This is a vital project for the community and involves the replacement of some water lines that date back to 1898," Senator White said. "The best part is that by using the PENNVEST financing, this work can be done without placing a burden on the ratepayers."

State Representative Sam Smith, R-66th District, also hailed the PENNVEST announcement.

"This project is important from an economic and environmental standpoint," Representative Smith said. "It will improve the service to the 142 homes in that area and give the community the capability of expanding."

The project involves the replacement of approximately 18,000 feet of water line, dredging of the Peg Run Reservoir and upgrades and rehabilitation to the water plant.