The Village of Russells Point has secured funding to replace, repair and install new storm water infrastructure in various areas throughout the village. The most recent projected cost is $4,152,444 base on preliminary engineering estimates.
The entire project is currently being engineered for final design by Choice One Engineering and is estimated to be bid out in April of 2023 with construction estimated to start in June of 2023.
Funding for the entire project will be paid through the following sources:
Army Corps of Engineering Grant
The Village was awarded a grant from the U.S. Army Corps of Engineers which will cover $994,444 of the project including the Village's match of $331,481.33.
8/1 - The U.S. Army Corps of Engineers has completed a draft environmental assessment. Click here for more information.
Ohio Dept. of Development HB 168 Grant
The Village was awarded an infrastructure design grant in connection with the Storm Water Infrastructure Project in the amount of $100,000. These funds were used toward the engineering costs to design the final plans for the village wide storm water infrastructure improvements.
USDA Grant & Loan
USDA has set aside $1,200,000 in grant funding and $1,858,000 in loan. The loan will be secured by a General Obligation Bond for 40 years at a rate of 1.50% with estimated annual payments of $61,946.