One of Petersen’s first orders of business for Logan City is to get a low interest loan

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Source: CVDaily Feed
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The public heard a lot about a wastewater treatment plant during the recent Logan City Mayoral campaign. Mayor-elect Craig Petersen was successful in defeating incumbent Mayor Randy Watts and he brought up the expensive project during their debates.

On KVNU’s Crosstalk program Monday, Petersen said he was not questioning the need for the facility because it has been mandated and he is not questioning the cost. Rather, he wants to save money financing it.

The mayor-to-be said the state is considering giving the city a big loan.

“It’s a $70 million loan and I think the $70 million is going to happen,” Petersen explained. “The question is what interest rate we’re going to have to pay on it. The amount of interest, it’s going to be a very low interest loan; it won’t be more than one percent, might be as low as half a percent or zero percent.”

Petersen continued by explaining that the interest rate on the loan is the most important thing for Logan City to negotiate.

“One of the first issues we’re going to have to fight through is to convince the state to give us that money at the lowest interest rate,” he continued. “You might think half a percent, one percent doesn’t matter very much. Really it does. That half percent is about $3 million.

Petersen will be officially sworn in at the January 7, 2014 meeting of Logan’s Municipal Council.