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NJ I-Bank Project of the Week: Newark City receives $19,452,964 in Water Bank loans. Estimated savings to ratepayers of $10,945,125.
Newark City recently completed clean water improvements that are being financed with approximately $19.5 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 $10,945,125 over the 30-year term of the loan, or 56% of the total project cost. In addition, this project created an estimated 233 direct construction jobs.
The project involved comprehensive structural evaluation and rehabilitation of approximately 350 miles of small diameter (less than 22-inch) sewers made of various materials including Vitrified Clay, Concrete, Asbestos, Cement, Cast Iron Ductile, Iron Corrugated Metal, and PVC, at various locations throughout the City of Newark.
According to Mayor Ras Baraka, Mayor of Newark, “This Comprehensive Structural Evaluation and Rehabilitation of Small Diameter Sewers will involve robotic inspection of about 350 miles of 22-inch and smaller pipes. That in turn will enable us to undertake critical repairs and rehabilitation. When our sewer system can manage the effluent during heavy rain events, it benefits public health throughout Newark by reducing the likelihood of raw sewage being released into streets or nearby water bodies in the future.”
This project was designed by CDM Smith and constructed by Montana Construction Corp., Vortex Company, Spinello Companies.
Pictures courtesy of CDM Smith