Township backs Upper Greenwood Lake loan application

Group seeks $1M for dredging, rehab project


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  • Upper Greenwood Lake Property Owners Association has town endorsement for a loan application. PHOTO BY ANN GENADER



BY ANN GENADER

The Township of West Milford passed a resolution on Wednesday, Sept. 6 endorsing the submittal of a loan application to be made by the Upper Greenwood Lake Property Owners Association (UGLPOA) to the New Jersey Department of Environmental Protection Division of Dam Safety and Flood Control under the 2004 Lake and Stream Restoration Loan Program.

The private lake association is seeking a loan from the state in the amount of $1,000,000 to fund the dredging and rehabilitation of Upper Greenwood Lake.

According to the resolution the Board of Directors of the UGLPOA Inc. agrees to complete the lake dredging project and reimburse the state in accordance with the terms and conditions of the loan agreement.

Also agreed by the UGLPOA is provision of a guarantee on the payment of the loan to the township; that in the event that the audited financial statements for the IGLPOA go below $1 million, the township has the right to request additional collateral in the form of a line of credit and/or become the receiver of the rents or fees charged by the UGLPOA Inc.

The NJDEP Dam Division and Flood Control Restoration Loan offers loans to private entities to effectuate such dredging with the condition that the municipality within which the lake is located co-signs the loan.

The resolution states that the Township of West Milford sees this as the most cost effective method to provide the funding necessary to dredge and rehabilitate the lake.

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