Project

NJ I-Bank Transportation Project: Orange City receives $8.6 million in Transportation Bank loans saving ratepayers approximately $2.3million.

 The City of Orange Township recently completed roadway improvements that are being financed with approximately $8.6 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 $2,301,251 over the 20-year term of the loan or 27% of the total project cost. In addition, this project created an estimated 102 direct construction jobs.

The project included improvements on approximately 6.7 miles of road surface involving 31 different roadways. The upgrades included paving, utility upgrades, street tree planting, as well as the rehabilitation of driveways, sidewalks, and curbs. The project also included safety upgrades comprised of intersection improvements, high-visibility crosswalks, bicycle-safe grates, and ADA-compliant curb ramps.

According to Dwayne Warren, Mayor of the City of Orange Township, “This project presents an exciting opportunity for the city, making an important contribution to our larger initiative to revitalize infrastructure. Borrowing from the Transportation Bank has provided us with smooth streets, safe sidewalks, bicycle lanes and ADA-compliant curb ramps, all at strategic pricing.”

Pennoni Associates, Inc. provided ongoing engineering design and construction management services to the city throughout the project.

Pictures courtesy of Pennoni Associates, Inc.

Published 10/16/2023