IBank Board Approves $7.5 Million Loan to Help Laguna Beach Protect Residents, Keep Beaches Open, and Prevent Sewer Spills
Six Wastewater Systems Project designed to increase reliability of the city’s
sewer system
SACRAMENTO (March 24, 2022) – The California Infrastructure and Economic Development Bank (IBank) board of directors approved $7.5 million in loan financing for the City of Laguna Beach for a project that will protect the health of residents, help keep beaches open for six million beachgoers each year, and help prevent sewer spills into the ocean.
The board approved the $7.5 million Infrastructure State Revolving Fund loan for phase one — the city’s Six Wastewater Systems Project. The series of six projects is designed to reduce the risk of sewer spills and increase the reliability of the sewer system. This first phase will allow the city to upgrade the collection system. Phase two will replace a portion of a pressurized sewer pipeline known as the North Coast Interceptor in Aliso Canyon.
The project will increase reliability of the wastewater treatment plant and replace parts that are at the end of their useful life, having been installed 30 years ago. The project is expected to create 35 jobs during the construction period.
“This project is critical to the local coastal environment in Laguna Beach and the surrounding region,” IBank Executive Director Scott Wu said. “The City of Laguna Beach is ensuring they are keeping their residents healthy and safe, and protecting the ocean water quality, surrounding beach, and pristine coastline environment.”
The city estimates the project cost for phase one and phase two to be approximately $17 million. With a total project timeline expected to be more than five years, the city is breaking the project into two phases, which they plan to finance with two separate loans from IBank. The city expects to request an IBank loan for the second phase in 2024.
About the California Infrastructure and Economic Development Bank: IBank was created in 1994 to finance public infrastructure and private development that promote a healthy climate for jobs, contribute to a strong economy, and improve the quality of life for Californians and communities throughout the state. IBank is located within the Governor’s Office of Business and Economic Development and is governed by a five-member board of directors.
IBank issues tax-exempt and taxable revenue bonds, provides financing to public agencies, provides credit enhancements, acquires and leases facilities, leverages state and federal funds, and provides loan guarantees and other credit enhancements for small businesses. Visit us at ibank.ca.gov.
Karen C. Naungayan
Deputy Director of External Affairs
Email Karen, HERE
Office: 916.447.8474
Mobile: 916.207.9132
