ALBANY - The village received a $150,000 loan from the state to help pay for street projects on Sugar River Parkway.
The Board of Commissioners of Public Lands announced the loan Thursday.
Village Clerk Laurie Keepers said the loan will help cover the cost of a three-block project, which includes a one-block water main project, a three-block curb and gutter replacement and a three-block street restoration.
Keepers said the village applied for the loan in June and was happy to learn the village's application was approved quickly. The money will have to be paid back in three years with a 3.5 percent interest rate.
This wasn't the first time Albany received a loan from the state to help with a village project. A loan helped the village build a storm water retention pond a few years ago, Keepers said.
Albany was one of five municipalities to receive a loan from the state.
The Board of Commissioners of Public Lands announced the loan Thursday.
Village Clerk Laurie Keepers said the loan will help cover the cost of a three-block project, which includes a one-block water main project, a three-block curb and gutter replacement and a three-block street restoration.
Keepers said the village applied for the loan in June and was happy to learn the village's application was approved quickly. The money will have to be paid back in three years with a 3.5 percent interest rate.
This wasn't the first time Albany received a loan from the state to help with a village project. A loan helped the village build a storm water retention pond a few years ago, Keepers said.
Albany was one of five municipalities to receive a loan from the state.