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Community Receives $1,311,000 in Water Bank Loans.
Estimated Savings to ratepayers of $574,562.
Ventnor City recently completed a bulkhead replacement project that is being funded with approximately $1.3 million in loans from the NJ Water Bank, a joint low-rate funding program of the DEP and the NJIB. Several components of this project qualified for principal forgiveness totaling $246,624 as they addressed damage from Superstorm Sandy and improved resilience for future storms. Including interest cost savings, total savings for this project are estimated to be $574,562 over the 20-year term of the loan or 44% of the total project cost. In addition, this project created an estimated 15 direct construction jobs.
The project included the replacement of sections of bulkheads throughout the City that were damaged due to Superstorm Sandy. The bulkheads were installed on Sacramento, Derby & Winchester Avenues, Lilly Park, Vassar Square and Ventnor Garden Plaza. The project was designed to protect public infrastructure and private investments from impacts caused by stormwater flooding and mitigate against future damage to streets, homes, water systems and other utilities. The project site is a well-established neighborhood that has endured frequent flooding and significant impacts from Superstorm Sandy.
According to Beth Holzman, Mayor of Ventnor City, "The replacement of the damaged bulkheads will significantly improve the conditions of the surrounding environment as well as water quality in the City. The more we stay on top of maintenance and resiliency planning, the better prepared we will be to avoid costly damage in case of future storms. By protecting our infrastructure, we ensure uninterrupted service, protect our environment and save money in the long run."
This project was designed by Remington, Vernick & Walberg, managed by the City Engineer & constructed by Walters Marine Construction.
Pictures Courtesy of Ventnor City.