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NJ I-Bank Project of the Week: Point Pleasant Beach Borough Little Silver Lake Drainage Improvements. Borough receives $1,111,146 in Water Bank loans. Estimated savings to ratepayers of $791,868.
The Borough of Point Pleasant Beach recently completed clean water improvements on Little Silver Lake that are being financed with approximately $1 million 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 principal forgiveness totaling $550,073 as it improved water quality in the Barnegat Bay watershed.
Including interest cost savings, total savings for this project is estimated to be $791,869 over the 30-year term of the loan or 71% of the total project cost. In addition, this project created an estimated 13 direct construction jobs.
Little Silver Lake, the drainage point for almost 250 acres in the Borough of Point Pleasant, floods during heavy rain events. This project dredged the lake to remove accumulated sediments and storm debris, lowered its elevation, and reconstructed the failing bulkhead at the west end of the lake. Other improvements made by this project include replacement of a dilapidated weir structure that served to regulate the water surface elevation and the installation of self-regulating tide gates to provide resiliency and storm protection from higher tide events. The removal of accumulated sediments and decaying organic matter increased the depth at the inflow of the lake, improving circulation and benefitting water quality.
Paul M. Kanitra, Mayor of Point Pleasant Beach Borough, emphasized the need for the project. “We implemented several different approaches to tackle the flooding issues from Little Silver Lake. The project has dramatically reduced flooding on Arnold Avenue, a major throughfare to the borough beachfront, as well as the surrounding residential streets. The community also benefitted from the environmental improvements and strategic financing. Borrowing from the NJ Water Bank will save our ratepayers enormously over time.”
The project was designed by T&M Associates and constructed by Albert Marine Construction.