Community Receives $13.2 Million in Water Bank Loans. Estimated Savings to ratepayers of $7.8 million.

NJ I-Bank and NJDEP Helping to Improve New Jersey's Infrastructure, One Project at a Time

The Borough of Carteret recently completed stormwater efficiency improvements that are being funded with a combination of State and Federal financing. The New Jersey Department of Environmental Protection (NJDEP) provided a $1.04 million grant for Open Space acquisition through its Green Acres Program. The stormwater management components of the project are being funded with approximately $13.2 million in loans from the NJ Water Bank. Several components of this project qualified for principal forgiveness totaling $2.48 million as they addressed damage from Superstorm Sandy and improved resilience for future storms. Including interest cost savings, total savings for this project are estimated to be $7.8 million over the 30-year term of the loan or close to 60% of the total project cost. In addition, this project created an estimated 146 direct construction jobs. 

Specific components of the stormwater management improvements include the construction of a nearly two-acre, clay-lined stormwater detention basin, a pump station and generator, a pump station outfall and tidal gate. 24 new stormwater inlets and 13 new manholes were constructed, and 32 existing inlets and 16 existing manholes were replaced.  Stormwater flows are diverted via gravity to the new stormwater detention basin and pumped through a new pump station and force main for discharge to a new outfall into Noes Creek. The new piping system project mitigates stormwater overflows in the center of the Borough, an area which was most frequently impacted by inadequate stormwater management.  

Dan Reiman, Mayor of Carteret, applauded the project's multiple benefits afforded to  the Borough. "This project addresses existing stormwater issues as most of the Borough's infrastructure was constructed over 75 years ago." Stated Mr. Reiman. "This project addresses the environmental issues efficiently and sustainably while creating recreation opportunities and enhancing resiliency at the lowest possible cost, saving our ratepayers money over time." 

This project was designed by T&M Associates and constructed by Lucas Construction Group, Inc.

Pictures courtesy of T&M Associates.

For more information, contact the New Jersey Infrastructure Bank at (609) 219-8600.

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