NORTHWEST RESILIENCY PARK LOAN CLOSING

The City of Hoboken closed today on a $66,902,264 construction loan with the NJ Water Bank for the construction of the Northwest Resiliency Park, the former BASF property, in Northwest Hoboken. The 5.418-acre park will serve several purposes including but not limited to on-grade storm water detention through green infrastructure, on-grade public park and open space, and sub-surface storm water capacity and quality treatment. The sub-surface storm water storage will be designed to receive approximately 1 million gallons of storm water from a new high-level storm sewer system designed by the North Hudson Sewerage Authority. The system treats the flows for water quality and either reuses it for irrigation or discharges it to the combined sewer system. The surface green infrastructure and on-site stormwater management measures will be designed to manage all storm water falling on-site and on adjacent roadways to accommodate up to a 10-year, 12-hour rain event. The public park has been designed through a community planning process to include a multi-purpose athletic field, play areas, trees, lowland rain gardens, a central civic terrace, ice rink/fountain, and open space. The asphalt cap that currently serves as an engineering control pursuant to the approved Remedial Action Work Plans will be replaced with site specific engineering controls comprised of soil, visual and engineered barriers, and pavements.