Peoria secures $13.5M loan for water facility set to enhance city’s resilience by 2026
Jan 20, 2024, 5:45 AM
A $13.5 million loan was recently approved for a new water facility in Peoria scheduled to be completed in 2026. (Photo by Mario Tama/Getty Images)
(Photo by Mario Tama/Getty Images)
PHOENIX — A $13.5 million loan was recently approved for a new water facility in Peoria scheduled to be completed in 2026, officials announced.
The Water Infrastructure Financing Authority of Arizona loan, unanimously approved Tuesday by the Peoria City Council, will go toward the construction of the Sunset Vista Reservoir and Booster Pump Station, according to a press release.
It’s set to be positioned near the Central Arizona Project canal and Lake Pleasant Parkway, the release said.
The facility will aim to store and distribute water sourced from five new wells drilled as part of the CAP/LPP Wellfield project.
Over the years, Peoria has been storing renewable water underground, and the new wells will be able to recover the stored water in case of an emergency.
The new infrastructure, which is on a combination of private and Arizona State Land Department land, is essential to making sure there’s enough backup capacity for Peoria residents and businesses.
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Upon reaching an agreement with the private landowner, the city will be able to begin drilling two of the wells as early as March.
Land rights for the remaining three well sites are expected to be secured from the state by November.
The project is estimated to cost $63.5 million, and will be paid for through a combination of WIFA loans and grants, including the Covid-19 stimulus grant.
