Stone Harbor OKs $7.5M I-Bank Project

STONE HARBOR – Stone Harbor Council discussed an application for New Jersey Environmental Infrastructure Financing for $7.5 million April 18.
The short phrase used in the discussion of the financing was the I-Bank Project. The state funding comes in the form of a low-interest loan and carries the possibility of some principal forgiveness.
The funds would be used to replace potable water mains throughout a large section of the borough. A bond ordinance for the full $7.5 million was introduced at the meeting as a necessary step in the funding process.
The I-Bank funds are limited to potable water infrastructure and cannot be applied to the modernization of the borough’s aging sewer system. For that portion of the work, an additional $3.9 million in previously approved capital funds will be used. Various areas of the borough from 80th to 121st streets will see work as part of the overall project.
Immediate time pressure in the project involves Third Avenue from 80th to 99th streets, which is an area Cape May County plans to repave and place under moratorium beginning in 2024.
The Stone Harbor infrastructure work must be completed ahead of the county project to avoid being barred by the moratorium.
The borough project is also driven by state regulations that require all lead service line replacements by July 1, 2031.
Public Works Director Manny Parada explained that many of the old water mains in the borough used lead connectors that have had no negative impact on the water supply but must be removed as part of the state mandate.