Middlesex Water Company Renew 2018 Woodbridge Township

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NJ I-Bank Project of the Week: Middlesex Water Company receives $8,656,747 in Water Bank loans. Estimated savings to ratepayers of $4,045,379.

The Middlesex Water Company (MWC) recently completed drinking water improvements that are being financed with approximately $8.7 million in loans from the NJ Water Bank, a low-rate financing program jointly administered by the DEP and the NJ I-Bank. For this loan, the I-Bank used funds made available from the Water Infrastructure Finance and Innovation Act (“WIFIA”). In this case, WIFIA loaned $2,452,500 in funds, saving the state revolving funds the resources to finance additional projects that would otherwise not receive funding from the Water Bank. Total savings for this project is estimated to be $4,04,379 over the 30-year term of the loan or 47% of the total project cost. In addition, this project created an estimated 48 direct construction jobs.

The MWC replaced approximately 4 ½ miles of aging water main with new cement lined duct iron pipe. New service lines, valves, and hydrants were replaced, and meter pits were installed, after which all surfaces were restored.

“The replacement of unlined and undersized water mains increases the available water flow to the Woodbridge Township service areas that benefit from the Renew Project.  It is important to note that Middlesex Water Company is dedicated to maintaining a clean water supply for the health of our community and renovating our infrastructure has been an ongoing goal. Strategic borrowing from the NJ Water Bank has saved our ratepayers almost half of the project costs over the course of the loan,” said Woodbridge Mayor John E. McCormac. 

This project was designed by the technical staff at Middlesex Water Company and constructed by J.F. Kiely Construction Company.

Pictures courtesy of Middlesex Water Company

Published 2/22/23