Project

NJ I-Bank Project of the Week: Hopatcong Borough receives $465,454 in Water Bank loans saving ratepayers approximately $357,461.

Hopatcong Borough recently completed clean water improvements that are being financed with almost a half a million dollars in loans from the NJ Water Bank, a low-rate funding program jointly administered by the DEP and the NJ I-Bank. This water quality restoration project qualified for principal forgiveness for half of the project costs totaling $230,423. Including interest cost savings, total savings for this project are estimated to be $357,461 over the 20-year term of the loan or 77% of the total project cost. In addition, this project created an estimated 6 direct construction jobs.

This project involved the construction of a sanitary sewer system and was designed to address water quality and health concerns posed by private septic systems of properties on Hudson Avenue abutting Lake Hopatcong. The project improved the water quality for local residents and for the lake.

The Borough installed approximately 2,300 linear feet of new 2.5-inch PVC sanitary sewer pipe and installed service and grinder pumps at the 32 residential homes on Hudson Avenue.

Michael Francis, Mayor of Hopatcong Borough, noted “This small project yielded great success. We protected the lake and raised property values without any tax increases or fees to ratepayers. It was critical for the health of the community and the lake to connect these homes to a proper sewer system. Financing it through the Water Bank enabled us to execute this significant achievement with a strategic plan that this small community can afford. I intend to return to the NJ Water Bank for future projects.”

This project was designed by Mott MacDonald and constructed by Lakeside Construction.

Pictures courtesy of Hopatcong Borough 

Published 6/28/2023