Project

NJ I-Bank Water Infrastructure News (WIN): Gloucester Township receives $1.6 million in Water Bank loans saving ratepayers approximately $288,947.

 Gloucester Township (“Gloucester”) recently completed stormwater improvements that are being financed with approximately $1.6 million in two 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 $288,947 over the 30-year term of the loan or 19% of the total project cost. In addition, this project created an estimated 8 direct construction jobs.

One of the projects undertaken by Gloucester with the proceeds of this loan addressed the flooding on Redwood Street, which isolated the community in the southwest part of the township and caused erosion resulting in downstream water quality deterioration. The Township improved the drainage channel by raising the street to accommodate the installation of a larger culvert. The result is the reduction of the amount of erosion and sediment entering the stream and nearby lake.

Another component of the financed project replaced or repaired part of Gloucester’s existing stormwater collection system. Some of the components were aging and had shifted out of alignment because of soil erosion causing localized flooding. The Township rehabilitated stormwater outfalls to eliminate further degradation, flooding, and sinkholes. This project stabilized eroded areas and reduced the adverse impacts of stormwater runoff on surface water quality.

 David R. Mayer, Mayor of Gloucester Township commended the project. “Our decision to finance these projects through the NJ Water Bank was a no-brainer. By eliminating flooding and improving water quality, we benefit the environment and the community at the lowest possible rates.”

This project was designed by Remington Vernick Engineers and constructed by Compass Construction, Inc.

Published July 29, 2024

Pictures courtesy of Remington Vernick Engineers