Project

NJ I-Bank Transportation Project: The City of Bayonne City receives $1.6 million in Transportation Bank loans saving ratepayers approximately $423,979.

The City of Bayonne recently completed roadway improvements that are being financed with approximately $1.6 million in loans from the NJ Transportation Bank, a low-rate funding program administered jointly by the DOT and the NJ I-Bank. Total savings for this project are estimated to be $423,979 over the 20-year term of the loan or 27% of the total project cost. In addition, this project created an estimated 19 direct, one-year construction jobs.

The work performed consisted of the resurfacing and reconstruction of multiple streets and avenues in the City of Bayonne. The project included hot mix asphalt milling and/or pavement repairs, the installation of new concrete curbs, sidewalk and curb ramps, and improvements to storm and sanitary sewer structures.

According to Jimmy Davis, Mayor of the City of Bayonne, “Financing this large capital project through the Transportation Bank allowed us to complete the full scope of the project and freed up funds in the budget for other critical needs.”

This project was designed by CME Associates and constructed by 4 Clean Up.