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Council told city will seek $15 million increase for Pequodock/McCormick water work via NJ Infrastructure Bank
Summary
Acting finance director said the city will seek an additional $15 million for work at the Pequodock and McCormick water treatment plants, to be financed through the New Jersey Infrastructure Bank with anticipated principal forgiveness of around 50%; council asked for additional debt-service and lease-cost details.
The Newark Municipal Council heard details on Sept. 3 about a proposed increase of $15 million for ongoing work at the city's Pequodock water treatment plant and related work at the McCormick water treatment plant.
"This is to amend an existing project for the Pequodock water treatment plant. There's been a need to increase due to cost overruns, and for additional work that's being done to the McCormick Water Treatment Plant. So we're looking to increase…
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