|Hoboken extends United Water contract 10 years
HARRINGTON PARK, N.J., July 16 /PRNewswire/ -- United Water announced today that it has signed a 10-year contract extension with the City of Hoboken, NJ. for the operation and maintenance of its water system. As part of the new contract, United Water will make an initial payment to the City of $2.7 million along with an additional $300,000 to further upgrade remote meter reading technology. United Water will also invest up to $350,000 per year for the life of the contract in capital improvements. Water service rates for the city's 35,000 residents will remain consistent with the rate structure in effect. The contract will be in effect through 2024.
"We've been hard at work since 1994 when our contract with Hoboken first began," said Robert Iacullo, president, United Water New Jersey. "Since that time, we've replaced all the meters in the system, made significant infrastructure repairs and installed new mains and hydrants for newly developed areas within the city. In all, we've made over $3.2 million in capital improvements. This contract extension will enable us to continue delivering a safe, reliable supply of water service to the residents of Hoboken." The United Water - Hoboken agreement was the first public private partnership of its kind in New Jersey. This is the second extension awarded to the company.
Hoboken Mayor David Roberts said, "This extension validates the value of public private partnerships." The mayor was also pleased that the contract includes provisions for capital improvement projects.
United Water is New Jersey's largest private water services provider, delivering service to more than 1.2 million people. United Water provides water and wastewater service to more than 7.5 million people in the U.S. The company is a wholly owned subsidiary of ONDEO Services, part of the Suez Group, the world's leader in water management services.