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Council hears plans to finance Green Parks and Green Streets projects through NJ Infrastructure Bank
Summary
Finance staff presented two green‑infrastructure funding items: a $4.05 million appropriation for Green Parks projects and a $6.5 million ordinance for Green Streets work. Staff said both would seek financing through the New Jersey Infrastructure Bank; council asked for project specifics and a list of completed Green Street projects.
City finance officials briefed the Newark Municipal Council on two green‑infrastructure funding items on Sept. 3: a Green Parks project appropriation of $4,050,000 and a Green Streets appropriation of $6,500,000. Both items were described as seeking favorable NJ Infrastructure Bank financing with potential principal forgiveness.
"This is for specific projects for the Green Parks projects... they are applying for funding through the New Jersey Infrastructure Bank. And similarly as to the prior ordinance, once adopted we will be applying for funding through the Infrastructure Bank again through principal forgiveness and favorable interest rates," Benjamin Guzman, acting director of finance, said when introducing the Green Parks item.
Council members asked for more project‑level detail. In response to a question about how many Green Street projects are complete and how many remain, a staff member said, "We've completed 3 so far. We have a total of 13." The administration said Green Street projects have been completed in multiple wards and that finance would coordinate project‑specific updates with operating departments.
Council members also asked for forecasts of how fee changes (in a separate soil erosion and sediment control ordinance) might affect revenue; the engineering director said staff would return with a quantitative forecast.
Ending: Finance and operating departments said they would supply project lists, ward locations and revenue forecasts to the council before subsequent hearings and appropriations.
