Holland & Knight assisted the Tohopekaliga Water Authority (Toho) in securing up to $292.755 million Water Infrastructure Finance and Innovation Act (WIFIA) loans to upgrade and expand water services for more than 450,000 residents in Central Florida.
The loan was announced at an event in Kissimmee, Florida, on August 13 that was attended by U.S. Rep. Darren Soto, U.S. Environmental Protection Agency (EPA) Deputy Assistant Administrator for Water Mae Wu, EPA Acting Deputy Regional Administrator Cesar A. Zapata and Toho CEO and Executive Director Todd Swingle.
The first tranche of the loan of up to $188.3 million is part of a master agreement between the EPA and Toho Water Authority that will commit up to $292 million in WIFIA assistance to the authority for its One Water Program.
"Supported by this WIFIA financing, Toho's One Water initiative will deliver a portfolio of water projects to responsibly serve our rapidly growing Central Florida community in the years and decades to come," said Mr. Swingle.
The One Water Program aims to ensure clean, safe drinking water for Central Florida, a region that projects continued growth and increases in demand for water. The program reduces reliance on fresh groundwater supplies by increasing the use of potable and non-potable water supplies. With this WIFIA loan, the authority plans to expand multiple water treatment facilities and install a series of water main and pump stations. It will also protect the environment by reducing effluent discharges and help meet the requirements of the state's Central Florida Water Initiative rule.
The EPA's low-interest WIFIA loan will also save the authority $47 million. Project construction and operations are expected to create approximately 1,750 jobs.
Holland & Knight Partners Michael Galano and Michael Wiener and Senior Policy Advisor Lauri Hettinger advised Toho Water Authority on the application process for the loan. The loan was structured to allow for a master loan agreement with multiple tranches. Mr. Wiener and Associate Vlad Popik served as bond counsel to the authority in connection with the first tranche of the loan. This is the fourth WIFIA loan program that Holland & Knight has worked on in Florida with an aggregate principal amount of more than $744 million.
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