Project

NJ I-Bank Project of the Week: Red Bank Borough receives $1,616,199 in Water Bank loans saving ratepayers approximately $339,968.

 Red Bank Borough recently completed clean water improvements that are being financed with approximately $1.6 million in loans from the NJ Water Bank, a low-rate funding program jointly administered by the DEP and the NJ I-Bank. Including interest cost savings, total savings for this project is estimated to be $339,968 over the 20-year term of the loan or 21% of the total project cost. In addition, this project created an estimated 19 direct one-year construction jobs. 

The existing sanitary sewer collection system serving Red Bank Borough was aging and in need of replacement. The primary goal of this project was to eliminate excess infiltration/ inflow (I&I) by replacing deteriorating clay pipe sewer mains and lining structurally sound ones. The indirect benefits of this project included the reduced incidence of sanitary sewer overflows, increased efficiency of the collection system, reduced maintenance and operation costs, the elimination of emergency repairs, and compliance with Federal, State and Local regulations.

William Portman, Mayor of Red Bank Borough, stressed the importance of updating infrastructure, unseen by most, but necessary to all. “We’re dedicated to maintaining a clean and efficient collection system for the health of the community, the protection of the environment and the subsequent savings to our ratepayers. Renovating components of our infrastructure has been an ongoing goal, and the NJ Water Bank has saved our ratepayers money every step of the way.”

This project was designed by CME Associates and constructed by Lima, Charlie Construction, Inc. and Montana Construction Corp., Inc.

Pictures courtesy of CME Associates

Published October 11, 2023