TWDB closes on $255 million in financing for LCRA reservoir, saving more than $18 million
For immediate release. Contact: Kimberly Leggett at 512-463-5129
AUSTIN – (November 24, 2015) – The Texas Water Development Board (TWDB) today closed on a $255 million bond issuance from the Texas Water Development Fund to help finance the Lower Colorado River Authority’s Lane City Reservoir. The LCRA is expected to save more than $18 million by using financial assistance through the TWDB.
“The TWDB is pleased to serve as a financing resource to the LCRA for the development of such a significant water supply project,” said TWDB Chairman Bech Bruun. “Not only will it provide an additional water supply for the state, but due to the low-interest financing options made available through the TWDB, the project will save LCRA a significant amount of money. It’s a win-win situation for all involved.”
The assistance will be used to finance the planning, real estate acquisition, design and construction of the Lane City Reservoir in Wharton County. The off-channel reservoir will increase LCRA’s overall system firm yield by up to 90,000 acre-feet.
“The TWDB is proud to provide financial assistance for such an impactful project,” said TWDB Board member Kathleen Jackson. “The Lane City Reservoir is the result of hard-working, forward-thinking individuals who are continually looking for ways to develop additional water supplies for Texas. Watching projects move through the planning, design and construction process and come to life is exciting for the agency, and even more exciting for all the people who will benefit from the additional water supply in the region.”
The Lane City Reservoir will be constructed off the main channel of the Colorado River. When complete, it will enhance LCRA’s ability to meet the water demands throughout the lower Colorado River basin.
LCRA broke ground on the reservoir project in December 2014 and expects it to be operational by 2018.
The TWDB is the state agency charged with collecting and disseminating water-related data, assisting with regional planning and preparing the state water plan for the development of the state’s water resources. The TWDB administers cost-effective financial assistance programs for the construction of water supply, wastewater treatment, flood control, and agricultural water conservation projects.