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Borough receives $383,513 in Water Bank loans. Estimated savings to ratepayers of $62,204.
Bradley Beach Borough recently completed storm water improvements that are being funded with approximately $383,513 in loans from the NJ Water Bank, a joint low-rate funding program of the DEP and the NJ I-Bank. Total savings for this project are estimated to be $62,204 over the 17-year term of the loan or 16% of the total project cost. In addition, this project created an estimated 5 direct construction jobs.
The Borough is currently operating an aged sewer collection and stormwater system originally constructed in the early 1900’s. The project addressed approximately 15% of the sanitary sewer system and 90% of the stormwater infrastructure system. Storm drains were replaced with 18-inch diameter reinforced concrete pipe. Approximately 30 drainage inlets and 14 manholes were also replaced.
According to Gary Engelstad, Mayor of Bradley Beach, “This project is an example of our commitment to improve our aging water infrastructure. We have improved energy efficiency and wastewater management which reduced risks to public health and the environment. Thanks to the NJ Water Bank Program, this project accomplished all that at an affordable price that will save our ratepayers money over time.”
This project was designed by Leon Avakian and constructed by Precise Construction.
Picture courtesy of Leon Avakian.