Loans

West Milford supports dam loan application

West Milford supports dam loan application
Written by Publishing Team

Mayor Michael Dale and West Milford Town Council approved an application from Farm Crest Acres Association, Inc. To obtain an additional loan from the New Jersey Department of Environmental Protection to carry out dam repairs in the Upper Crest Lake Dam and Lower Crest Lake Dam in the Farm Crest Acres Homes community in Oak Ridge.

It does not involve spending town money.

The private association operates two dams located on Farm Crest Lake (Upper Crest Lake Dam and Lower Crest Lake Dam). Both dams have been identified as in need of repair, improvement and rehabilitation, based on engineering investigations.

The Dam Restoration Loan at the NJDEP Dam Safety Department provides loans to private entities to carry out the necessary repairs to the dam on the condition that the municipality in which the dam is located signs a loan agreement as a co-borrower. The association has already secured dam restoration loans worth $600,000 for the Upper Crest Lake Dam and $480,000 for the Lower Crest Lake Dam that town officials signed off on for the township being a participating borrower.

The initial loan does not fully cover the expected cost of required repairs to the dam and it is estimated that an additional $100,000 is required to cover the full projected cost. The association wants to submit a second application for the NJDEP Loan Financing Program to activate the full scope of the dam’s required repairs. Township officials are of the view that repairing, improving, and rehabilitating both the dams and implementing the NJDEP loans are in the best interests of the townspeople.

A recent town board decision gives the mayor and town clerk the authority to enforce the NJDEP loan agreement if the association submits a joint borrower agreement acceptable to the town.

.

About the author

Publishing Team

Leave a Comment