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NJ I-Bank Project of the Week: Buena Borough MUA receives $1,298,000 in Water Bank loans. Estimated savings to ratepayers of $392,486.
The Buena Borough Municipal Utilities Authority (“MUA”) recently completed clean water improvements that are being financed with approximately $1.3 million in loans from the NJ Water Bank, a low-rate funding program jointly administered by the DEP and the NJ I-Bank. Total savings for this project are estimated to be $392,486 over the 30-year term of the loan or 30% of the total project cost. In addition, this project created an estimated 15 direct construction jobs.
The project consists of the planning, design and construction of structural, mechanical and electrical component improvements at Pump Stations 1, 2, and 3. Flow meters will be installed at each pump station and the grit removal system will be upgraded at pump station 1. This project will maintain compliance within the State’s NJPDES permit requirements and the added flow meters will help to identify and quantify extraneous flows. In addition, pump replacements with premium efficiency motors will result in energy savings.
David Zappariello, Mayor of Buena Borough, emphasized the importance of the project, and noted that “Strategic borrowing from the NJ Water Bank promotes financial advantages to our community by passing savings on to our ratepayers.”
This project was designed by Remington & Vernick Engineers and constructed by MBE Mark III Electric, Inc.
Pictures courtesy of Remington & Vernick Engineers
Published March 1, 2023