Freeport staff: SRF loan approved at just above 2%; USDA loans to follow

The City of Freeport's city manager reported on Aug. 27 that the city has a State Revolving Fund loan offer with an interest rate "just above 2%" and expects complementary low‑interest loans through the U.S. Department of Agriculture to cover remaining project financing. The manager said staff will return to the council with the Newberry design and a request to advance the project once those details are finalized.

The announcement came during the consent and updates portion of the meeting as staff reviewed financing strategy for upcoming capital work. "The interest rate is gonna be just above 2%," the city manager said. He added that USDA low‑interest lending is the second piece of the financing plan and that staff will bring specific implementation steps back to council for approval.