February 26th, 2019 NJEIT
The Borough of Pennington recently completed water main replacements that are being funded with $631,180 in loans from the NJ Water Bank, a joint low-rate funding program of the DEP and the NJ I-Bank. This project qualified for 50% principal forgiveness totaling $315,590 as it services a population of 500 residents or fewer. Including interest cost savings, total savings for this project is estimated to be $599,978, over the 30-year term of the loan or 95% of the total project cost. In addition, this project created an estimated 7.5 direct construction jobs.
The project included the replacement of 4" and 6" water mains located along East Curlis Avenue and Weidel Drive with 1,765 linear feet of new 8" DIP water mains. The current water mains are approaching their anticipated useful life and replacement is necessary to avoid future water main failures.
"We are very proud of Pennington's small water company", said Mayor Joe Lawver. "Through careful management, we are able to provide our customers with extremely high-quality service at very competitive rates. Our partnership with the Water Bank allows us to implement our long-term capital plan so that we are ready for the future. Water Bank funding packages allow us to pass cost savings on to our ratepayers."
This project was designed by Van Note Harvey Associates and constructed by John Garcia Construction Co., Inc.
For more information, contact the New Jersey Infrastructure Bank at (609) 219-8600.
3131 Princeton Pike, Building 4 Suite 216
Lawrenceville NJ, 08648 T. 609 219 8600