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Absecon City moves to secure $4 million in IBank funding for drainage, sewer and ADA upgrades
Summary
Council introduced a $2 million bond ordinance and is pursuing a separate $2 million IBank sanitary-sewer grant, together totaling $4 million in IBank funding to address long‑standing drainage and sewer projects; engineering said the funds function as principal‑forgiveness loans and will be forgiven after project completion. City hall lobby ADA work is slated to start Nov. 17.
Absecon City Council on Nov. 6 introduced a $2 million bond ordinance to fund drainage management improvements in the Obse(c/in) Estates neighborhood and heard that the city is also applying for a separate $2 million IBank sanitary‑sewer grant, bringing the municipality’s IBank funding pursuit to about $4 million.
The city engineer, Ed, told the council the IBank program is structured as a principal‑forgiveness loan. "You technically set it up as a loan … you then do the project. They will provide the city with the funds to pay the bills. So you're never actually borrowing any money," Ed said, adding that…
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