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Community Receives $905,345 in Water Bank Loans. Estimated Savings to ratepayers of $754,201.
The Borough of Bellmawr recently completed drinking water improvements that are being funded with approximately $905,345 in loans from the NJ Water Bank, a joint low-rate funding program of the DEP and the NJ I-Bank. This project qualified for a NANO loan, which provided 50% principal forgiveness totaling $452,673 as the improvements serve a population of less than 10,000. Including interest cost savings, total savings for this project is estimated to be $754,201 over the 30-year term of the loan or 83% of the total project costs. In addition, this project created an estimated 11 direct construction jobs.
The project involved various improvements to the Borough's drinking water infrastructure including replacement of approximately 23,000 linear feet of cast iron water mains and valves throughout the Borough bringing the system into compliance with water quality requirements.
"We are committed to clean water and reliable service, dictating critical infrastructure improvements," said Chuck Sauter, Mayor of Bellmawr Borough. "In addition to enhancing the integrity of our service, these upgrades contribute to the economic vitality of the Borough. By taking advantage of the NJ Water Bank's financing, we saved a whopping 83% of total project costs and passed those savings on to our rate payers while improving their water service."
This project was designed by Remington Vernick Engineers and constructed by RTW Construction and Booth Mechanical, Inc.
Pictures courtesy of Arcadis Design & Consultancy.