UTCA STATEMENT ON ANNOUNCEMENT OF WIFIA LOAN TO NJ I-BANK

Farmingdale – Utility and Transportation Contractors Association (UTCA) Senior Director Dan Kennedy issued the following statement today regarding the U.S. Environmental Protection Agency (EPA) announcing a $221 million Water Infrastructure Finance and Innovation Act (WIFIA) loan to the New Jersey Infrastructure Bank (I-Bank), funding that will be used to repair and improve the state’s water infrastructure:

“Today is an example of the progress that can be made when government is willing to innovate and expand beyond its traditional way of doing business. This loan will free up an additional $100 million to rebuild New Jersey’s crumbling water infrastructure. The structure of this deal also creates savings for local governments – for taxpayers – while creating over 1,800 jobs.

“While we celebrate this progress, there is also an inescapable truth: this helps narrow the funding gap we face in addressing New Jersey’s full water infrastructure needs but we are nowhere near ‘mission accomplished’ with today’s good news. The State of New Jersey must continue this progress and expand funding by leveraging an additional $1.2 billion from its share of American Rescue Plan funding.

“This is an especially proud day for UTCA, as we fought to ensure that the I-Bank enabling legislation specifically allowed for the application and receipt of WIFIA funds. As Infrastructure Week comes to a close, these dollars are another reminder that with funding in place, we can make a real difference in overcoming New Jersey’s long-standing water infrastructure challenges. We need the New Jersey Department of Environmental Protection to apply the same spirit of innovation as they work with borrowers to get projects ready for construction. Our members can get to work starting tomorrow. All we need is the green light to move ahead.”

UTCA of New Jersey is a non-profit trade association headquartered in Wall, New Jersey. UTCA represents approximately 1,000 member firms in the public and private sectors, active in all phases of heavy, highway, utility, and marine construction, as well as site work including remediation of brownfields and contaminated sites. For more information, log on to http://www.utcanj.org and follow on Twitter @UTCANJ.

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