Freeholders And NJDOT Launch First Highway Project Financed With New Infrastructure Bank Funds
Freeholder Director Louis Cappelli, Jr. was joined today by local officials and representatives from the New Jersey Department of Transportation (NJDOT) and the New Jersey Infrastructure Bank to announce the beginning of a rehabilitation project on Westfield Ave. (CR610) in Pennsauken. The $2.1 million project was announced in January as the first in New Jersey to receive funding from the newly formed New Jersey Transportation Bank.
“The Freeholder Board is extremely excited to make Camden County the first community in New Jersey to benefit from the Transportation Bank’s innovative financing solutions,” said Freeholder Director Louis Cappelli, Jr. “Improving transportation infrastructure continues to be seen as one of the most meaningful investments the Board can make in the County. This project shows that when state and local governments align their interests, our constituents stand to gain the most.”
Each official spoke about the unique opportunity presented by the availability of the new funds to partner state and local governments and invest in transportation infrastructure across New Jersey.
“Pennsauken is greatly appreciative of what’s going on here today,” says Pennsauken Mayor Jack Killion. “If it weren’t for the Freeholders, the Department of Transportation Commissioner, the State, and everyone else involved, the major repairs planned for Westfield Ave. would not be possible. This project is greatly needed; and the funding received from the New Jersey Transportation Bank is going to go to good use. We can’t thank everyone enough for their support of this project.”
“The Transportation Infrastructure Bank, along with county and municipal aid grants, provides local governments with expanded resources to improve their road networks,” said NJ Department of Transportation Commissioner, Diane Gutierrez-Scaccetti. “The Transportation Trust Fund support of the Bank is essential to returning New Jersey’s surface transportation infrastructure to a state of good repair.”
Loans offered by the Transportation Bank are intended to aid local governments by offering significantly reduced interest rates versus market competitors, and by minimizing the principle that is used to calculate that interest. This uniquely structured financing system minimizes the cost of interest payments for local transportation improvements, and greatly increases the ability of local governments to make affordable investments in critical infrastructure projects.
The unique financing structure of the loan offered by the Transportation Bank, coupled with immediate reimbursement for related costs, also means that municipalities are able to start projects, such as the Westfield Ave. rehabilitation, sooner, and move forward at a much faster pace than usual.
“This funding allows the Department of Public Works to drastically increase the pace at which we begin and complete this project, which is primarily beneficial to the residents and commuters who travel Westfield Ave. every day,” Cappelli said. “This is a major county thoroughfare that sees heavy use and industrial traffic in some areas. This project is going to significantly improve the drivability of the roadway.”
Construction for the Westfield Ave. project is anticipated to cost approximately $2.1 million. The loan provided by the NJTIB was awarded for up to $2.5 million and can be used to cover project design in addition to the cost of construction. Once crews begin working in the coming weeks, they will begin milling and overlaying the stretch of Westfield Ave. from Tinsman Ave. to Rt. 130 in Pennsauken.
