NJ I-Bank Transportation Project: Somerdale Borough receives a $2.1 million Transportation Bank loans saving ratepayers approximately $164,852.

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

Somerdale Borough recently completed roadway improvements that are being financed with a $2.1 million loan from the NJ Transportation Bank, a low-rate funding program administered jointly by the NJ DOT and the NJ I-Bank. Total savings for this project are estimated to be $164,852 over the 10-year term of the loan or 8% of the total project cost. In addition, this project created an estimated 24 direct one-year construction jobs.

The work performed consisted of the reconstruction of Evergreen, Gloucester, and Ava Avenues. Evergreen Avenue serves as a critical path for children walking to and from school, and for residents walking to and from the Cooper Towne retail center and other commercial properties. It is also a critical link for the cycling community traveling along the East Atlantic Avenue bike path. Several of the street corners either lacked curb ramps or had curb ramps that were non-compliant. In addition, the poor condition of the roadway and storm drainage system created hazardous conditions for motorists and pedestrians alike, as well as for residents of Evergreen Avenue.

The improvements included the removal of all concrete curbing and driveway aprons, full depth roadway reconstruction, new stop signs, painted stop bars and crosswalks.

According to Gary J. Passanante, Mayor of Somerdale, "This project has improved travel efficiency and safety in town, and we are now compliant with Stormwater and ADA regulations. We're very pleased to have smooth roadways, pedestrian friendly sidewalks, and safe bike lanes. Borrowing from the NJ Transportation Bank made all of this work possible with strategic pricing that will save our ratepayers in the long run."

This project was designed by Key Engineers and constructed by Think Pavers Hardscaping.


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

Like us on Facebook and connect with us on LinkedIn.

TAGS: Road Asset Transportation NJDOT 2023