SIOUX FALLS, S.D. (KELO.com) — The largest loan in the history of Sioux Falls has officially been set in motion.
The city council approved the first phase of what will be a $159 million loan from the state of South Dakota to upgrade the city’s wastewater treatment plant.
City officials say the upgrade is needed as the city continues to grow and more strain is put on the system.
The council approved a $42 million loan Tuesday for costs undertaken in 2020. The full borrowing breakdown looks like this:
Loan 1 (2019 for 2020): $41,625,000
Loan 2 (2020 for 2021): $18,500,000
Loan 3 (2021 for 2022): $87,500,000
Loan 4 (2022 for 2023): $11,375,000
Construction is expected to get underway next year; the plant should be finished by 2024.
