Press "Enter" to skip to content

West Milford supports dam loan application

Mayor Michele Dale and the Township of West Milford Council have endorsed an software by the Farm Crest Acres Affiliation, Inc. for a further New Jersey Division of Environmental Safety mortgage to effectuate dam repairs on the Higher Crest Lake Dam and Decrease Crest Lake Dam within the Farm Crest Acres group of houses in Oak Ridge.

No expenditure of township cash is concerned.

The non-public affiliation is the operator of two dams positioned on Farm Crest Lake (Higher Crest Lake Dam and Decrease Crest Lake Dam.) Each dams have been decided to wish restore, enchancment and rehabilitation, based mostly upon engineering investigations.

A NJDEP Dam Security Part Dam Restoration Mortgage provides loans to personal entities to effectuate such wanted dam repairs with the situation that the municipality the place the dam is positioned signal a mortgage settlement as co-borrower. The Affiliation already has secured Dam Restoration Loans of $600,000 for the Higher Crest Lake Dam and $480,000 for Decrease Crest Lake Dam which township officers signed for the township being co-borrower.

The preliminary mortgage doesn’t absolutely cowl the anticipated value of the required dam repairs and a further $100,000 is estimated to be required with the intention to absolutely cowl the anticipated value. The affiliation needs to make a second software to the NJDEP mortgage funding program to effectuate the complete scope of the required dam repairs. The township officers see the restore, enchancment and rehabilitation of each dams and execution of the NJDEP loans as being in the perfect pursuits of the township residents.

See also  Shareholders applaud Sterling Bank’s improved performance

The most recent township governing physique resolution provides the mayor and township clerk the authority to execute the NJDEP mortgage settlement if the Affiliation presents a co-borrower settlement acceptable to the township.

 

Source 

Be First to Comment

Leave a Reply

Your email address will not be published.

You cannot copy content of this page