Executive Director David E. Zimmer, CFA
New Jersey Infrastructure Bank
New Jersey Infrastructure Bank
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NJ I-Bank Water Infrastructure News (WIN): the North Hudson Sewer Authority borrows $18,445,835 in Water Bank Loans, saving ratepayers approximately $7,154,278.
The North Hudson Sewer Authority (“NHSA”) recently completed a high-level storm sewer system, that is being financed with approximately $18 million in loans from the NJ Water Bank, a low-rate funding program jointly administered by the DEP and the New Jersey Infrastructure Bank (“I-Bank”). Because this project addresses CSO issues, it was eligible for $2 million in principal forgiveness (“PF”). Total savings for this project, including PF and lower interest costs, is estimated to be $7,154,278 over the 30-year term of the loan or 39% of the total project costs as compared to the authority financing it independently. In addition, this project created an estimated 220 direct one-year construction jobs.
NHSA’s H6/H7 Long Term Control Plan (LTCP) project focuses on reducing CSOs and mitigating street flooding in Hoboken. The financed project represents the first of multiple phases and includes the installation of a high-level storm sewer system, along with a new stormwater pump station that works with the one-million-gallon storage tank at the Northwest Resiliency Park in Hoboken. The new stormwater system will remove stormwater from the streets supported by the H6 and H7 drainage basins and convey it to the storage tank in the park, before being pumped out to the Hudson River. The stormwater removed will free up capacity in the sewer system and reduce overflows.
Future H6/H7 LTCP work will be done in phases 2 and 3, including enhancing the pump station, electrical systems, and expanding the stormwater collection system.
Ravi S. Bhalla, Mayor of the City of Hoboken, applauded the project for its benefits to Hoboken. “This project represents sustainable urban planning, integrating stormwater infrastructure with public spaces to address climate change challenges while improving community amenities. Our sewer authority capitalized on strategic financing through the Water Bank, to save our community money while enhancing the environment, public health and quality of life here in Hoboken.”
This project was designed by NHSA in-house engineers with consulting by Mott MacDonald and Hazen & Sawyer. It was constructed by J. Fletcher Creamer & Son, Inc.
Pictures courtesy of Hazen and Sawyer
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