Essex Fells Borough (“the Borough”) recently designed and installed a permanent water treatment system that is being financed with approximately $7.9 million in loans from the NJ Water Bank, a low-rate funding program jointly administered by the DEP and the New Jersey Infrastructure Bank (“I-Bank”). Because the project addresses emerging contaminants, it is eligible for $1 million in principal forgiveness (“PF”). Total savings for this project, including PF and lower interest costs, is estimated to be $3,938,151 over the 30-year term of the loan or 50% of the total project costs as compared to the borough financing it independently. In addition, this project created an estimated 95 direct one-year construction jobs. 

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