Hi MSV readers,
Thanks to our fiscally prudent decisions and AA+ credit rating, we've been on strong financial footing to make critical infrastructure upgrades to our City. These include:
Washington Street project: Our main commercial corridor will be revitalized with new modernized traffic signals and pedestrian counters, rain gardens, curb extensions, a repaved road and new water mains, replacing the century old mains.
Water main upgrades: Over the next six years, we'll be investing substantially in upgrading our water main system. In addition to the $7 million for Washington Street and $5.2 million dedicated to other identified priority areas, we will be making more substantial investments in the years ahead.
Construction of three resiliency parks: Our two resiliency parks under construction in the Southwest and at 7th and Jackson are designed to reduce localized flooding with underground stormwater detention systems. Our park in Northwest Hoboken will be the City's largest park and designed with the capacity to store at least 1 million gallons of rain. A temporary pop-up park will open this summer at the Northwest Park while the planning process gets underway for the permanent park.
Flood resiliency pumps: Our new H-5 flood pump, combined with our H-1 flood pump have prevented flooding in 5 of 6 rain storms this year that would have previously resulted in flooding. Together, the H-1 and H-5 flood pumps can pump out 3.75 million gallons of rain an hour from our streets.
Finally, thanks to our responsible budget practices and strong credit rating, we've financed these green infrastructure projects by qualifying for low interest loans with principal forgiveness through the New Jersey Environmental Infrastructure Trust, saving Hoboken taxpayers over $20 million.
I look forward to touching base again soon!