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Infrastructure Bank Announces $4.9 Million
for Municipal Resilience Program Action Grants and Names 6 Municipalities to Participate in 2022 Program Round
Cities and towns will implement specific projects to address impacts of climate change
PROVIDENCE, R.I – Rhode Island Infrastructure Bank today announced $4.9 million in Action Grants for participants of the Municipal Resilience Program (MRP). Communities prioritized local actions through the program and will use grant funds to implement projects that will increase their climate resilience.
“The Infrastructure Bank stands by our commitment to Rhode Island’s municipalities to accelerate investment in critical infrastructure and nature-based solutions that will better prepare communities for a changing climate” said Jeffrey R. Diehl, CEO of Rhode Island Infrastructure Bank. “The Bank’s Municipal Resilience Program directly supports cities and towns to identify and fund priority resilience projects, with a particular focus on nature-based solutions and those benefitting disadvantaged communities. We look forward to building on the success of the first three rounds of the program and strengthening relationships with our municipal partners statewide to proactively address climate change.”
With support from The Nature Conservancy, 20 municipalities have completed Community Resilience Building workshops and developed prioritized lists of actionable resilience plans and projects. Municipalities are then eligible to submit applications for MRP Action Grants with a 25% local match requirement. After a competitive review process, the selection committee recommended the following proposals to receive funding for implementation:
● Barrington - Shoreline adaptation and upgradient tree planting at five sites for water quality, flood reduction, and heat reduction benefits; in addition, improvements at the Municipal Tree Nursery to support street tree populations across town
● Bristol - Green infrastructure at Independence Park to improve water quality, reduce flooding, and create safer public access
● Central Falls & Pawtucket - Two parklets, one in each City, along the Pine Street corridor in the Pawtucket-Central Falls Transit Oriented Development District, which will incorporate green infrastructure for water quality and flood reduction benefits
● Cumberland - Planting of 196 trees at 26 locations throughout the Valley Falls and Lonsdale neighborhoods for stormwater management and cooling benefits
● Cumberland - Enhancement of Cumberland’s stormwater management system along Industrial Road, incorporating a combination of green and gray infrastructure techniques
● East Providence - Stormwater management installations incorporating green infrastructure at Beach Road and Willet Pond and floodproofing of the Silver Street Pump Station
● Newport - Shoreline adaptation and green infrastructure installations at the end of Pine Street to improve water quality, reduce flooding, control erosion, and increase public access to the waterfront
● North Kingstown - Shoreline adaptation and green infrastructure at the end of Roger Williams Drive, providing water quality, flood reduction, and erosion control benefits
● North Kingstown - Flooding solutions at the Brown Street Parking Lot in Wickford Village, utilizing green infrastructure and elevation to address both water quality and flooding concerns
● Portsmouth - Stormwater injection facility and green infrastructure at Riverside Street and dredging at Founders Brook to remove silt and vegetation buildup without hardening or channelizing the watercourse to address water quality concerns and reduce flooding
● Providence - Green infrastructure “treatment train” at Mashapaug Pond that will address water quality concerns and allow for the testing of innovative stormwater management methods
● Providence - Emergency generators at the Davey Lopes Recreation Center and the Elmwood Community Center to allow these centers to provide shelter during storm and extreme temperature events, and as a first step to establishing these centers as Resilience Hubs, which will provide information & engagement on climate resilience and transition to clean-energy systems in line with City-wide resilience goals
● Tiverton - Restoration of natural hydrological patterns, relocation of vulnerable infrastructure, and creation of sand dunes stabilized with beach grass at Fogland Beach, Fogland Marsh, and Three Rod Way to address flooding concerns and protect against storm surges
● Warren - Installation of stormwater management green infrastructure at Fern Drive to provide water quality treatment and reduce flooding
● Westerly - Installation of nature-based stormwater infrastructure along Main Street, serving as a nature-based solution demonstration that will improve water quality, reduce flooding, reduce heat, and increase green space
The Bank also named six municipalities to participate in the 2022 round of the MRP. This is the fourth round of the program and increases the number of participating communities to 26.
Selected 2022 municipalities:
● Burrillville
● Charlestown
● Glocester
● Lincoln
● Narragansett
● Richmond
“Municipalities across the state are already feeling the impacts from climate change – from increased damage from storms to rising sea levels,” said Sue AnderBois, The Nature Conservancy’s Climate and Energy Program Manager. “The Nature Conservancy is proud to have partnered with the Infrastructure Bank to bring these planning workshops to 20 of the state’s 39 municipalities already, and we are so pleased to see the municipalities taking advantage of these initial grants to implement the recommendations of their workshops. We know there continues to be additional need for this type of planning and implementation. The proposed Green Bond includes an additional $16 million for implementation grants, and we are working with our colleagues across the region to determine how we can leverage federal infrastructure funds here in Rhode Island.”
All Rhode Island cities and towns are eligible to apply for the Municipal Resilience Program. More information on the program can be found here.
About Rhode Island Infrastructure Bank
Rhode Island Infrastructure Bank is Rhode Island’s central hub for financing infrastructure improvements for municipalities, businesses, and homeowners. We leverage capital in a revolving fund to offer innovative financing for an array of infrastructure-based projects including water and wastewater, road and bridge, energy efficiency and renewable energy, and brownfield remediation. These quality of life projects improve the State’s infrastructure, create jobs, promote economic development and enhance the environment. For more information, please visit www.riib.org.
About The Nature Conservancy
The Nature Conservancy is a global conservation organization dedicated to conserving the lands and waters on which all life depends. Guided by science, we create innovative, on-the-ground solutions such as Community Resilience Building to our world’s toughest challenges so that nature and people can thrive together. We are tackling climate change, conserving lands, waters and oceans at an unprecedented scale, providing food and water sustainably and helping make cities more sustainable. Working in 72 countries, we use a collaborative approach that engages local communities, governments, the private sector, and other partners. To learn more, visit www.nature.org or follow @nature_press on Twitter.
PRESS RELEASE For Immediate Release: March 30, 2022
Infrastructure Bank Awards $827,000 In Water Quality Grants To 4 Water Systems Across Rhode Island
PROVIDENCE, R.I. – Rhode Island Infrastructure Bank (Infrastructure Bank) today announced the award of $827,000 in water quality grants to 4 public water systems across Rhode Island. Awards come from the Bank’s Water Quality Protection Charge program, which makes funds available to public drinking water suppliers to complete projects that protect sources of drinking water.
· $28,500 grant to the Pawtucket Water Supply Board for the purchase of a conservation easement and right of first refusal for watershed property adjacent to Pawtucket Water’s reservoir in Cumberland.
· $672,000 grant to the Kent County Water Authority for the purchase of two parcels in the Town of Coventry and Hopkins Hill water main looping and re-servicing.
· $2,700 grant to the Richmond Water Supply Board for engineering costs associated with the design and permitting of a water treatment system.
· $123,900 grant to the Westerly Water Department for the development of a Water Supply System Management Plan, a vulnerability assessment, and a dead-end looping project on Spray Rock Road.
“Rhode Island’s communities, residents, and businesses depend on the reliable supply of clean drinking water, and these grants will allow water suppliers across the state to invest in important water quality protection projects,” said Rhode Island Infrastructure Bank CEO Jeffrey R. Diehl.
Through our drinking water programs, the Infrastructure Bank has provided $647 million in loans and grants for drinking water projects across the state.
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About the Rhode Island Infrastructure Bank
Rhode Island Infrastructure Bank is Rhode Island’s central hub for financing infrastructure improvements for municipalities, businesses, and homeowners. We leverage capital in a revolving fund to offer innovative financing for an array of infrastructure-based projects including water and wastewater, road and bridge, energy efficiency and renewable energy, and brownfield remediation. These quality-of-life projects improve the State’s infrastructure, create jobs, promote economic development, and enhance the environment. www.riib.org – Facebook: @RIinfrastructure – Twitter: @RI_InfraBank
Infrastructure Bank Announces $810,000 In Financing & Principal Forgiveness For Ponaganset High School Water System Upgrades
PROVIDENCE, R.I. – Rhode Island Infrastructure Bank (Infrastructure Bank) today announced an $810,000 loan and $200,000 in principal forgiveness for safe drinking water upgrades to Ponaganset High School’s water system. The project is being financed via the Drinking Water State Revolving Fund (DWSRF), which provides below-market interest rate loans to community public water systems, nonprofit noncommunity public water systems, privately organized water suppliers, and local governmental units to complete water infrastructure projects.
Upgrades to Ponaganset High School’s water system will include:
“Rhode Island’s many smaller water systems, like Ponaganset High School’s system, lack a broad base of rate payers to finance necessary, but often expensive system upgrades,” said Rhode Island Infrastructure Bank CEO Jeffrey R. Diehl. “That’s why the Infrastructure Bank is pleased to offer the Foster Glocester School District low-cost financing and principal forgiveness to allow for needed upgrades to ensure the continued supply of safe drinking water at Ponaganset High School.”
“I want to thank Rhode Island Infrastructure Bank for working with us to help finance these needed upgrades to Ponaganset High School’s water system,” said Dr. Michael Barnes, Superintendent of the Foster-Glocester Regional School District. “Our Ponaganset High students, teachers, and staff rely on safe drinking water, and these upgrades will help to ensure just that for decades to come.”
Since the inception of the DWSRF, the Infrastructure Bank has provided $450 million in loans to Rhode Island’s public water systems.
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About the Rhode Island Infrastructure Bank
Rhode Island Infrastructure Bank is Rhode Island’s central hub for financing infrastructure improvements for municipalities, businesses, and homeowners. We leverage capital in a revolving fund to offer innovative financing for an array of infrastructure-based projects including water and wastewater, road and bridge, energy efficiency and renewable energy, and brownfield remediation. These quality-of-life projects improve the State’s infrastructure, create jobs, promote economic development, and enhance the environment. www.riib.org – Facebook: @RIinfrastructure – Twitter: @RI_InfraBank
PROVIDENCE, R.I. – Rhode Island Infrastructure Bank (Infrastructure Bank) today announced a $20 million loan to the Kent County Water Authority, enabling the Authority to move forward with the construction of a new energy efficient administration and maintenance facility in West Greenwich. Financing was provided through the Bank’s Drinking Water State Revolving Fund and Efficient Buildings Fund programs.
“We have significantly outgrown our current facility, and that is why we are so pleased to partner with the Infrastructure Bank on a $20 million financing package that will allow us to build a brand new, state -of-the-art energy efficient administration and maintenance facility to better serve our customers,” said David L. Simmons, PE, Executive Director and Chief Engineer of Kent County Water Authority. “In addition to meeting the spatial needs for future growth and an enhanced customer service experience, we are excited about the many energy efficiency features that will be integrated into the new building including a variable refrigerant flow (VRF) system, LED lighting, and enhanced insulation, just to name a few. In addition, the new facility will feature solar panels and charging stations for a fleet of electric vehicles. Combined, these elements will result in significant energy cost savings for the Authority and our customers while simultaneously moving toward our 100/100 goal to provide 100 % of the water service utilizing 100 % renewable energy sources. We want to thank the Infrastructure Bank for working with us to help make this important project a reality.”
“There is nothing more fundamental to Rhode Island’s communities, residents, and businesses than the reliable supply of clean, safe drinking water and that is why we are pleased to make this $20 million loan to enable the Kent County Water Authority to construct their new administration and maintenance facility,” said Infrastructure Bank CEO Jeffrey R. Diehl. “Through the combination of our Drinking Water State Revolving Fund and Efficient Buildings Fund programs, this loan will allow the Authority to continue to supply drinking water to their customers for decades to come, while also delivering energy cost savings.”
About Rhode Island Infrastructure Bank:
Rhode Island Infrastructure Bank is Rhode Island’s central hub for financing infrastructure improvements for municipalities, businesses, and homeowners. We leverage capital in a revolving fund to offer innovative financing for an array of infrastructure-based projects including water and wastewater, road and bridge, energy efficiency and renewable energy, and brownfield remediation. These quality of life projects improve the State’s infrastructure, create jobs, promote economic development and enhance the environment. For more information, please visit www.riib.org – Facebook: @RIinfrastructure – Twitter: @RI_InfraBank
About the Kent County Water Authority
The Kent County Water Authority supplies and distributes water services on a retail basis to residential, commercial, industrial, and other consumers within reach of its existing infrastructure within Kent County and a portion of Cranston, Scituate, and a small area of North Kingstown. The Authority provides service to over 87,000 inhabitants through 26,700 service connections and 457 miles of water main. kentcountywater.org
PROVIDENCE, R.I. – Today, Rhode Island Infrastructure Bank (Infrastructure Bank) released the Resilient Rhody 3 Year Impact Report detailing progress that has been made by state agency and municipal partners in turning the original 2018 Resilient Rhody report’s recommendations into concrete actions including infrastructure upgrades, coordinated planning, and financing of resilience projects.
Resilient Rhody 3 Year Impact Report highlights:
“Three years ago, a broad coalition of more than 50 stakeholders from state agencies, to municipalities, to non-profits came together to research and release Resilient Rhody. This was Rhode Island’s first comprehensive strategy on the impacts of climate change and actionable strategies to increase resilience in the face of threats to our infrastructure, environment, and public health,” said Jeffrey Diehl, CEO of the Infrastructure Bank. “Given the serious impacts identified in Resilient Rhody, allowing the report to gather dust on a shelf was simply not an option. Rather, as detailed in the Resilient Rhody 3 Year Impact Report, state agency and municipal partners have made real progress increasing resilience. For example, the Infrastructure Bank’s Municipal Resilience Program has worked with 20 municipalities who have participated in workshops led by The Nature Conservancy and the Bank to identify key projects. Through $2.5 million in action grants, we have helped municipal partners bring 22 projects to reality and mobilized an additional $6 million in funding for other resiliency projects like reducing stormwater runoff into Almy Pond in Newport, and constructing a bio-retention stormwater system to reduce flooding and minimize bacterial pollution in Warwick’s Greenwich Bay.”
“From sea level rise to increased flooding events, there is no question that Rhode Island is already feeling the impacts of climate change and that these impacts will only get worse if we fail to take action” said Terrence Gray, Acting Director of the Rhode Island Department of Environmental Management (RIDEM). “That is why RIDEM has been deeply engaged in resilience work since the release of the original Resilient Rhody report in 2018. For example, Resilient Rhody noted the vulnerability of many of our state’s wastewater treatment plants to flooding events that could overwhelm these systems and lead to sewage overflows into our streams, rivers, and Narragansett Bay. To address this, RIDEM led vulnerability assessments of all major treatment plants, and through our $5-million Wastewater Treatment Facility Resilience Fund we invested in hardening improvements at plants in East Greenwich and Woonsocket. This is just one of many actions taken by state agency partners that are detailed in the Resilient Rhody 3 Year Impact Report. While we collectively have much work left to do, we are making progress in ways both big and small towards building a more resilient Rhody.”
Click here for a PDF copy of the full Resilient Rhody 3 Year Impact Report.
About the Rhode Island Infrastructure Bank
Rhode Island Infrastructure Bank is Rhode Island’s central hub for financing infrastructure improvements for municipalities, businesses, and homeowners. We leverage capital in a revolving fund to offer innovative financing for an array of infrastructure-based projects including water and wastewater, road and bridge, energy efficiency and renewable energy, and brownfield remediation. These quality-of-life projects improve the State’s infrastructure, create jobs, promote economic development, and enhance the environment. www.riib.org – Facebook: @RIinfrastructure – Twitter: @RI_InfraBank
PROVIDENCE, R.I. – Rhode Island Infrastructure Bank (Infrastructure Bank) today announced the creation of a new pilot “Regional Resilience Coordinator” position to provide dedicated technical assistance to Aquidneck Island’s municipalities to implement climate resiliency investments. The hiring of this two-year pilot position has been made possible thanks to the support of the van Beuren Charitable Foundation.
“Through our Municipal Resilience Program work with Newport, Middletown, and Portsmouth, each community has identified limited staff capacity and technical expertise as barriers to advancing climate resilience projects,” said Jeffrey R. Diehl, Executive Director and Chief Executive Officer of the Bank. “Thanks to generous grant funding provided by the van Beuren Charitable Foundation, the Infrastructure Bank will be hiring an Aquidneck Island Regional Resilience Coordinator to better facilitate strategic infrastructure investments to increase the island’s resilience to the impacts of climate change including sea level rise, storm water runoff, and flooding events. We are excited to offer this new resource and believe it will serve as a statewide model for regional collaboration.”
For those interested in the two-year pilot Aquidneck Island Regional Resilience Coordinator position, a detailed job description and how to apply instructions can be found here.
About the Rhode Island Infrastructure Bank
Rhode Island Infrastructure Bank is Rhode Island’s central hub for financing infrastructure improvements for municipalities, businesses, and homeowners. We leverage capital in a revolving fund to offer innovative financing for an array of infrastructure-based projects including water and wastewater, road and bridge, energy efficiency and renewable energy, and brownfield remediation. These quality-of-life projects improve the State’s infrastructure, create jobs, promote economic development, and enhance the environment. www.riib.org – Facebook: @RIinfrastructure – Twitter: @RI_InfraBank
PROVIDENCE, R.I. – Rhode Island Infrastructure Bank (Infrastructure Bank) today announced $205,000 in bridge financing and an $83,000 Stormwater Project Accelerator grant to enable Groundwork Rhode Island to complete a new community composting facility and vegetation garden at 34 Fuller Street and 37 Westfield Street in Providence. Funds will be used to install a comprehensive below-grade stormwater management system and corresponding site remediation efforts on the two abutting properties.
“Rhode Island Infrastructure Bank is pleased to be providing Groundwork Rhode Island with the financing and grant resources they need to expand their successful community composting program,” said Infrastructure Bank CEO Jeffrey R. Diehl. “Groundwork had identified a promising site for an expanded composting facility, but soil contamination and the lack of stormwater management systems to control potentially polluted stormwater runoff was holding the project back. With this $288,000 package of bridge financing and a Stormwater Project Accelerator Grant, Groundwork will now be able to complete site remediation and stormwater management work to make their new community composting facility and vegetation garden a reality.”
“Groundwork Rhode Island deeply appreciates the financing and grant resources the Infrastructure Bank is providing so that we can complete construction of our new community composting facility and vegetation garden,” said Amelia Rose, Executive Director. “The Infrastructure Bank has been an incredible partner, helping us work through site preparation, technical, engineering, and financing issues to make this project a reality. A project that when completed will allow more Providence residences, restaurants, and institutions to take advantage of composting by recycling organic materials that would otherwise end up in the landfill.”
About Rhode Island Infrastructure Bank:
Rhode Island Infrastructure Bank is Rhode Island’s central hub for financing infrastructure improvements for municipalities, businesses, and homeowners. We leverage capital in a revolving fund to offer innovative financing for an array of infrastructure-based projects including water and wastewater, road and bridge, energy efficiency and renewable energy, and brownfield remediation. These quality of life projects improve the State’s infrastructure, create jobs, promote economic development and enhance the environment. For more information, please visit www.riib.org
PROVIDENCE, R.I. – Rhode Island Infrastructure Bank (Infrastructure Bank) today announced total savings of $6.4 million from a recent refinancing of Clean Water and Safe Drinking Water State Revolving Fund bonds. These savings will be returned to the Bank’s municipal and quasi-public clients, including:
“We were able to take advantage of the current low interest rate environment and favorable bond market conditions to refinance outstanding bonds and significantly lower our costs, generating savings for our municipal and quasi-public clients, whose loans were originally funded with these bonds,” said Jeffrey R. Diehl, Executive Director and CEO of the Bank. “We are pleased to be returning these savings directly to 27 cities, towns, and quasi-public utilities across Rhode Island. Savings that can be reinvested in other clean or drinking water infrastructure projects.”
About Rhode Island Infrastructure Bank:
_Rhode Island Infrastructure Bank is Rhode Island’s central hub for financing infrastructure improvements for municipalities, businesses, and homeowners. We leverage capital in a revolving fund to offer innovative financing for an array of infrastructure-based projects including water and wastewater, road and bridge, energy efficiency and renewable energy, and brownfield remediation. These quality of life projects improve the State’s infrastructure, create jobs, promote economic development and enhance the environment. For more information, please visit _www.riib.org__
PROVIDENCE, RI – Rhode Island Infrastructure Bank (the Bank) announced today that it is offering $127.965 million* of State Revolving Fund Refunding Revenue Bonds (Federally Taxable) on August 17, 2021, which are expected to be delivered on September 1, 2021.
The bonds will be offered via negotiated sale with Raymond James and Hilltop Securities serving as the senior manager and municipal advisor, respectively, for the transaction. The bonds are rated “AAA” by both S&P Global Ratings Services and Fitch Ratings.
“Our funding optimization strategy together with the current interest-rate environment presents a unique opportunity for the Bank to refinance some of our existing debt and deliver substantial savings to our clients” said Jeffrey R. Diehl, Executive Director and Chief Executive Officer of the Bank. “In undertaking the refunding, we anticipate providing upfront cash payments of approximately $6.2 million to 25 borrowers that utilized our clean and drinking water programs. These savings will help accelerate investment in other eligible clean or drinking water projects.”
Additional information about the upcoming deal, the Bank’s previous projects, and more can be found at www.riibbonds.com, an investor relations platform powered by BondLink.
*Preliminary and subject to change. The size, timing, and structure of the anticipated transaction remain subject to market conditions and the Bank reserves the right to change or modify its plans as it deems appropriate. The Bank is under no obligation to pursue any transaction, any particular structure, or issuance of any bonds. There is no guarantee any contemplated transaction or structure will be completed.
To receive more information, please contact your financial advisor or broker. This press release is not an offer to sell or a solicitation of an offer to buy bonds. Bonds may only be purchased through a registered broker. Carefully review the preliminary official statement.
About Rhode Island Infrastructure Bank
Rhode Island Infrastructure Bank is Rhode Island’s central hub for financing infrastructure improvements for municipalities, businesses, and homeowners. We leverage capital in a revolving fund to offer innovative financing for an array of infrastructure-based projects including water and wastewater, road and bridge, energy efficiency and renewable energy, stormwater and resiliency and brownfield remediation. These quality-of-life projects improve the State’s infrastructure, create jobs, promote economic development, and enhance the environment. For more information, please visit www.riib.org.
PROVIDENCE, R.I. – Rhode Island Infrastructure Bank (Infrastructure Bank) today announced the approval of up to a $400,000 loan from the Efficient Buildings Fund to allow the Coventry Fire District to purchase and install energy efficient light emitting diode (LED) streetlights.
“This loan from the Infrastructure Bank will allow us to install over 900 new energy efficient streetlights across our service area,” said Coventry Fire District Board Chairman Bryan Testen. “These LED streetlights will use at least 75% less energy and last three times longer than our existing streetlights. The taxpayers will benefit from better street lighting which increases public safety, and the annual cost savings will result in a tax decrease - that's a great combination. It’s a smart, energy conscious investment in our district’s road infrastructure, and we thank the Infrastructure Bank for their help in financing this project.”
“The Efficient Buildings Fund is a great and flexible resource for municipalities to upgrade the energy efficiency of all kinds of infrastructure from their buildings to streetlights,” said Jeffrey R. Diehl, CEO of Rhode Island Infrastructure Bank. “We are pleased to provide a below market loan to the Coventry Fire District to finance their streetlight upgrade project which will deliver improved lighting and long-term savings for the residents of the district.”
About Rhode Island Infrastructure Bank:
Rhode Island Infrastructure Bank is Rhode Island’s central hub for financing infrastructure improvements for municipalities, businesses, and homeowners. We leverage capital in a revolving fund to offer innovative financing for an array of infrastructure-based projects including water and wastewater, road and bridge, energy efficiency and renewable energy, and brownfield remediation. These quality of life projects improve the State’s infrastructure, create jobs, promote economic development and enhance the environment. For more information, please visit www.riib.org
PROVIDENCE, R.I. – Rhode Island Infrastructure Bank (Infrastructure Bank) today announced the approval of a $400,000 loan from the Brownfields Revolving Loan Fund to finance environmental remediation work as part of the larger Nexus Lofts redevelopment project located at 49 North Union Street, in downtown Pawtucket. The redevelopment will include 27 affordable market-rate apartments with ground floor office and/or retail.
“Many commercial redevelopment sites in Rhode Island require some form of brownfield remediation, and that’s precisely what the Brownfields Revolving Loan Fund program is for,” said Jeffrey R. Diehl, CEO of Rhode Island Infrastructure Bank. “This $400,000 loan for site remediation work at the Nexus Lofts project will help catalyze further development in the surrounding buildings. We are pleased to help finance a portion of this key project for the continued revitalization of downtown Pawtucket.”
“This brownfields loan is a critical part of our overall project financing and site redevelopment plan,” said Co-Developer Michael Leshinsky. “We want to thank the team at the Infrastructure Bank for working with us to finance the site remediation we need to complete in order to unlock the full potential of our Nexus Lofts project.”
About Rhode Island Infrastructure Bank:
Rhode Island Infrastructure Bank is Rhode Island’s central hub for financing infrastructure improvements for municipalities, businesses, and homeowners. We leverage capital in a revolving fund to offer innovative financing for an array of infrastructure-based projects including water and wastewater, road and bridge, energy efficiency and renewable energy, and brownfield remediation. These quality of life projects improve the State’s infrastructure, create jobs, promote economic development and enhance the environment. For more information, please visit www.riib.org
PROVIDENCE, R.I. – Rhode Island Infrastructure Bank (Infrastructure Bank) today announced more than $3 million in financing and loan forgiveness for safe drinking water upgrade projects for 5 small and community water system providers across the state. The projects are being financed via the Drinking Water State Revolving Fund (DWSRF) program, which provides below-market interest rate loans to community public water systems, nonprofit noncommunity public water systems, privately organized water suppliers, and local governmental units to complete water infrastructure projects.
"Rhode Island's many smaller water systems often lack the broad base of rate payers to finance needed, but often expensive, system upgrade projects on their own," said Rhode Island Infrastructure Bank CEO Jeffrey R. Diehl. "That's why the Infrastructure Bank is pleased to offer low-cost financing and loan forgiveness through the Drinking Water State Revolving Fund to allow our state's smaller water system providers to make the investments needed to ensure the continued supply of safe drinking water."
Since the inception of the DWSRF, the Infrastructure Bank has provided $450 million in loans to Rhode Island's public water systems.
About Rhode Island Infrastructure Bank:
Rhode Island Infrastructure Bank is Rhode Island’s central hub for financing infrastructure improvements for municipalities, businesses, and homeowners. We leverage capital in a revolving fund to offer innovative financing for an array of infrastructure-based projects including water and wastewater, road and bridge, energy efficiency and renewable energy, and brownfield remediation. These quality of life projects improve the State’s infrastructure, create jobs, promote economic development and enhance the environment. For more information, please visit www.riib.org
PROVIDENCE, R.I. – Rhode Island Infrastructure Bank (Infrastructure Bank) today announced three energy efficiency construction projects receiving a total of more than $1.7 million in financing through the Bank’s innovative Commercial Property Assessed Clean Energy (C-PACE) program:
“The Infrastructure Bank is pleased to help make these solar, water conservation, and energy efficiency construction projects happen via our C-PACE program,” said Jeffrey R. Diehl, CEO. “As Rhode Island’s commercial building owners look to upgrade their properties to make them more efficient, C-PACE is an excellent tool that can provide up to 100% project financing. That means no upfront, out-of-pocket costs, and no personal guarantees are needed to make these projects a reality. Repayment occurs via an assessment on the property and typically the energy cost savings from these upgrades outweigh the payment.”
“Greenworks Lending’s mission is to fund projects that have a positive impact on buildings, the businesses that occupy them, local communities and the environment,” said It should be attributed to Michael Doty, Director - New England, Greenworks Lending. “These two projects in particular had significant environmental and economic benefits. They are a perfect example of doing well by doing good.”
“Our congregation wanted to reduce our carbon footprint and our energy costs, so we began looking into solar as an option for our parish,” said Rev. David C. Procaccini, Pastor of St. Francis de Sales Parish in North Kingstown. “The upfront costs of solar installations can be excessive, but thanks to the Infrastructure Bank, we found a financing option through the Bank’s C-PACE program. We’re thrilled to be able to complete this project, reduce our carbon footprint, and save energy cost. We are truly grateful to the Infrastructure Bank for their help making this project a reality.”
“We were interested in the possibility of roof mounted solar, but we had just done a full remodel of our store. Without C-PACE financing this project would not have been possible. With no money out of pocket and C-PACE covering installation costs we will be cash flow positive from day one,” said Mark McQuade, General Manager of Ace McQuade’s in Westerly. “I’m looking forward to reduced electricity costs for years to come, and our customers can know they are shopping at an environmentally friendly hardware store.”
About Rhode Island Infrastructure Bank:
Rhode Island Infrastructure Bank is Rhode Island’s central hub for financing infrastructure improvements for municipalities, businesses, and homeowners. We leverage capital in a revolving fund to offer innovative financing for an array of infrastructure-based projects including water and wastewater, road and bridge, energy efficiency and renewable energy, and brownfield remediation. These quality of life projects improve the State’s infrastructure, create jobs, promote economic development and enhance the environment. For more information, please visit www.riib.org
PROVIDENCE, R.I. – Rhode Island Infrastructure Bank announced $1,500,000 in action grants for participants of the 2020 Resilient Rhody Municipal Resilience Program (MRP). Communities prioritized local actions through the program and will now use grant funds for implementation of projects that will increase their climate resilience.
“The Infrastructure Bank is committed to working with our municipal partners to accelerate investment in critical infrastructure and nature-based solutions that better prepare Rhode Island communities for a changing climate” said Jeffrey R. Diehl, CEO of Rhode Island Infrastructure Bank. “We look forward to building on the success of the first two rounds of the program and strengthening relationships with communities statewide to proactively identify the resources needed to make needed resilience projects happen.”
With support from The Nature Conservancy, over the past 12 months municipalities completed Community Resilience Building workshops and developed a prioritized list of actionable plans and projects. Participating municipalities submitted proposals for action grants, with a 25% local match requirement. After a competitive review process, the selection committee recommended the following communities to receive funding for implementation:
The Bank also named six municipalities to participate in the 2021 round of the MRP. This is the third round of the program and the selected municipalities will complete Community Resilience Building workshops with The Nature Conservancy and receive designation as a Resilient Rhody Municipality upon successful completion of the program. They are then eligible to apply for 2021 Action Grants. 19 municipalities, or 49% of the state, are currently participating in the program.
Selected 2021 municipalities:
“The majority of infrastructure and assets at risk to climate change in Rhode Island are owned and managed by municipalities, but these communities often lack the staff capacity, funding, and expertise to plan and prioritize resilience projects,” said Shaun O’Rourke, managing director of program and business development at the Infrastructure Bank and the state’s chief resiliency officer. “Rising sea levels, increasing heat, and extreme storm events will have long-term effects on local infrastructure and residents. The Municipal Resilience Program is collaboratively building a statewide pipeline of priority projects with municipalities to more effectively and efficiently respond to these climate impacts that we are already experiencing.”
In 2020, The Nature Conservancy adapted the in-person, day-long Community Resilience Building Workshop to an entirely online format that will continue with the 6 municipalities chosen for 2021. “While we miss in-person connections, we are seeing community leaders enthusiastic to collaborate in response to and try to get ahead of the impacts of climate change,” said Sue AnderBois, The Nature Conservancy’s Climate and Energy Program Manager. “These action grants from RI Infrastructure Bank are a critical down payment to improve water quality, reduce air pollution and create healthier communities for generations to come.”
The MRP supports the goals outlined in the state’s Climate Resilience Action Strategy (Resilient Rhody) released by Governor Gina Raimondo in 2018. Resilient Rhody identified steps the state can take to protect against unexpected events, like severe weather, while addressing chronic environmental stresses, such as sea level rise and aging infrastructure. The MRP empowers cities and towns to evaluate each of their unique vulnerabilities to changing weather and severe weather events, while providing them with the funds necessary to take on specific resilience projects.
About Rhode Island Infrastructure Bank:
Rhode Island Infrastructure Bank is Rhode Island’s central hub for financing infrastructure improvements for municipalities, businesses, and homeowners. We leverage capital in a revolving fund to offer innovative financing for an array of infrastructure-based projects including water and wastewater, road and bridge, energy efficiency and renewable energy, and brownfield remediation. These quality of life projects improve the State’s infrastructure, create jobs, promote economic development and enhance the environment. For more information, please visit www.riib.org.
About The Nature Conservancy
The Nature Conservancy is a global conservation organization dedicated to conserving the lands and waters on which all life depends. Guided by science, we create innovative, on-the-ground solutions such as Community Resilience Building to our world’s toughest challenges so that nature and people can thrive together. We are tackling climate change, conserving lands, waters and oceans at an unprecedented scale, providing food and water sustainably and helping make cities more sustainable. Working in 72 countries, we use a collaborative approach that engages local communities, governments, the private sector, and other partners. To learn more, visit www.nature.org or follow @nature_press on Twitter.
PROVIDENCE, R.I. –Rhode Island Infrastructure Bank (Bank) today announced that infrastructure expert and respected business leader Vahid Ownjazayeri will serve as new Board Chair, taking over for outgoing Chair Merrill Sherman after six years of service to the Bank.
“The Infrastructure Bank is pleased to welcome Vahid Ownjazayeri as our new Board Chair,” said Jeffrey R. Diehl, CEO. “Vahid’s years of experience at Global Infrastructure Solutions Inc., AECOM, and the Shaw Group in the planning, financing, and construction of major environmental and transportation infrastructure projects will be a tremendous resource as we work to meet the infrastructure financing needs of Rhode Island’s municipalities and commercial property owners.”
Continued Diehl, “I also want to thank Merrill Sherman for her six years of service to the Infrastructure Bank. Thanks to her leadership, counsel, and strategic vision, we have transformed the Bank into a 21st century organization focused on solving the infrastructure investment needs of our communities. Under her tutelage, we have expanded our lending programs by $700 million, and saved our customers $149 million in lower interest and energy costs, while creating and supporting over 16,000 jobs. Merrill’s decades of experience in finance and banking have been invaluable. She has been a truly dedicated Board member, a mentor and a friend, and we thank her for her service to the Infrastructure bank.”
Vahid Ownjazayeri of Providence is a Managing Director at Global Infrastructure Solutions Inc. He previously served as President of AECOM’s Global Infrastructure Business, and then as its Chief Growth and Strategy officer. Prior to that he was the President of the Commercial, State, and Local division of The Shaw Group. He holds a Master's degree in structural engineering and a Bachelor's degree in civil engineering from Northeastern University.
“The Bank is doing absolutely critical work to ensure that Rhode Island’s cities and towns have the project management and financing tools they need to invest in infrastructure projects that increase resiliency, while also creating good-paying construction jobs,” said Ownjazayeri. “I look forward to sharing my experience so the Bank can continue to grow and fulfill its mission to support and finance investments in Rhode Island’s infrastructure. I would like to thank Merrill Sherman for her service dedicated to the Bank and her work to champion this organization through six years of growth. I look forward to building off of her momentum and important work."
“Serving as Board Chair for the past six years, I am proud to have helped guide the growth and continued success of the Bank’s many infrastructure financing programs that are making our communities more resilient, more energy efficient, and creating construction and green economy jobs that contribute to the Rhode Island economy,” said Merrill Sherman. “Rhode Island still has much work to do to build, repair, and preserve critical transportation, water, clean energy and resiliency infrastructure projects. I am confident the Infrastructure Bank, under the leadership of Vahid Ownjazayeri as Board Chair and Jeff Diehl as CEO, will be there to assist our municipalities finance these much-needed investments.”
About Rhode Island Infrastructure Bank:
Rhode Island Infrastructure Bank is Rhode Island’s central hub for financing infrastructure improvements for municipalities, businesses, and homeowners. We leverage capital in a revolving fund to offer innovative financing for an array of infrastructure-based projects including water and wastewater, road and bridge, energy efficiency and renewable energy, and brownfield remediation. These quality of life projects improve the State’s infrastructure, create jobs, promote economic development and enhance the environment. For more information, please visit www.riib.org.
PROVIDENCE, R.I. – Rhode Island Infrastructure Bank (Infrastructure Bank) today announced the promotion of Shaun O'Rourke to Managing Director, Program and Business Development. Mr. O’Rourke assumes the new role after 4 years serving as the Infrastructure Bank’s Director of Stormwater and Resiliency. He is replacing Michael Baer, who is leaving to pursue a new position in the private sector after 6 years of service to the Infrastructure Bank.
“We’d like to thank Michael for his years of work in leading new program and business development for the Infrastructure Bank,” said Jeffrey R. Diehl, CEO. “Thanks to Michael’s work in developing our new investment programs and building connections with Rhode Island’s municipal leaders and commercial property owners, the Bank has invested over $700 million in water, road, and clean energy infrastructure projects that have supported 16,000 jobs, and saved borrowers nearly $200 million through lower financing costs and energy savings. We wish Michael the best of luck in his new endeavor.”
Continued Diehl, “The Infrastructure Bank is pleased to promote Shaun O'Rourke to Managing Director, Program and Business Development, based on his strong record of running our stormwater and resiliency programs. Shaun is a true climate change leader who has been focused on ways to accelerate the state and its municipalities’ transition to clean energy and greater climate resiliency as Rhode Island’s first gubernatorial appointed Chief Resiliency Officer. Bringing those skills and experience to his new role, we look forward to continuing to grow our portfolio of infrastructure financing solutions for our state’s cities and towns, businesses, and homeowners.”
About Rhode Island Infrastructure Bank:
Rhode Island Infrastructure Bank is Rhode Island’s central hub for financing infrastructure improvements for municipalities, businesses, and homeowners. We leverage capital in a revolving fund to offer innovative financing for an array of infrastructure-based projects including water and wastewater, road and bridge, energy efficiency and renewable energy, and brownfield remediation. These quality of life projects improve the State’s infrastructure, create jobs, promote economic development and enhance the environment. For more information, please visit www.riib.org.
PROVIDENCE, R.I. – Rhode Island Infrastructure Bank and The Nature Conservancy are proud to announce the opening of the application period for the 2021 Municipal Resilience Program (MRP). Building off the program’s success over the past two years, the Municipal Resilience Program aims to equip municipalities with the tools necessary to assess their vulnerability to climate change, while providing the necessary funding to take on specific community resilience projects. Successful applicants gain access to technical assistance from The Nature Conservancy and the opportunity to apply for action grants through the Infrastructure Bank. The Bank has committed $2 million in grant funding for projects identified in the 2019 and 2020 MRP rounds and additional funding will be available for participating municipalities in 2021.
“The Infrastructure Bank is committed to assisting communities invest in green infrastructure that withstands and adapts to a changing climate” said Jeffrey R. Diehl, CEO of Rhode Island Infrastructure Bank. “We look forward to continuing this important program and strengthening our partnership with communities as they prepare and invest in critical infrastructure.”
Since the program’s inception in 2019, Barrington, Bristol, Little Compton, Newport, Middletown, Pawtucket/Central Falls, Portsmouth, South Kingstown, Warwick, Warren, Westerly and Woonsocket completed Community Resilience Building workshops. During the workshop process, participating municipalities developed a list of priority projects and subsequently applied to the Bank for a share of action grant funding, which require a 25% local match. A range of resilience projects have emerged from the workshops including; stormwater management, coastal restoration, dam repair/removal, tree planting, culvert repair, and flood mitigation. Grant awards for projects identified in the 2021 MRP process will be announced in early 2022.
“Municipalities are taking action to combat rising sea levels and increased storms that will have long-term effects on local infrastructure and residents,” said Shaun O’Rourke, director of stormwater and resiliency at the Infrastructure Bank and the state’s Chief Resiliency Officer. “The Municipal Resilience Program has demonstrated the impact of identifying and accelerating investment in local priority actions through planning and project pipeline building.”
“The MRP workshops are driving community-wide conversations about on-the-ground efforts to address climate change, such as how to make sure our roads, culverts and wastewater systems can handle more frequent and intense storms,” said Sue AnderBois, The Nature Conservancy’s Climate and Energy Program Manager. “Yesterday’s solutions aren’t working anymore. We are looking forward to working with more cities and towns in 2021 to make Rhode Islanders safer and more resilient to climate change.”
All Rhode Island cities and towns can apply for the 2021 Municipal Resilience Program here. Municipalities are encouraged to apply as regional clusters or multi-municipal groups. Regional groups need not share a boundary but should be able to work well together based on their geography as well as other commonalities. MRP workshops are scheduled to start in May 2021 and will likely be conducted online. Applications are due no later than 4 PM on January 29th, 2020. At least 5 municipalities will be selected for the 2021 round of the program.
About Rhode Island Infrastructure Bank:
Rhode Island Infrastructure Bank is Rhode Island’s central hub for financing infrastructure improvements for municipalities, businesses, and homeowners. We leverage capital in a revolving fund to offer innovative financing for an array of infrastructure-based projects including water and wastewater, road and bridge, energy efficiency and renewable energy, and brownfield remediation. These quality of life projects improve the State’s infrastructure, create jobs, promote economic development and enhance the environment. For more information, please visit www.riib.org.
PROVIDENCE, R.I. – Rhode Island Infrastructure Bank (Infrastructure Bank) announced $1.9 million in principal forgiveness loans through the Drinking Water State Revolving Fund (DWSRF) for small water systems in Tiverton, Chepachet, and Richmond. Upon completion, the three projects will improve water quality, system resilience and lessen the financial burden on the communities.
Hillsdale Housing Cooperative, a residential community located in Richmond for those aged 55 and older, received a $1,230,919 principal forgiveness loan. The cooperative utilized the forgivable loan to fund comprehensive system and distribution upgrades to its deteriorating community drinking water system.
Lawrence Sunset Cove Association, a homeowner’s association located in Tiverton, received a $576,100 principal forgiveness loan to improve its water supply, treatment technologies and distribution systems. These preemptive upgrades will ensure that the well-based community water system continues to deliver safe, and quality water to residents.
The Harmony Hill School received a $100,000 principal forgiveness loan to fund improvements to its drinking water distribution, treatment and pumping infrastructure. Harmony Hill School is a day and residential youth developmental facility located in Glocester.
“A number of rural Rhode Island communities gain access to drinking water through small drinking water systems,” said Jeffrey R. Diehl, CEO of the Infrastructure Bank. “Improvements to these aging systems can be cost prohibitive, which is why the Infrastructure Bank and EPA strive to provide these small and, often, disadvantaged communities with loan forgiveness. Ultimately, access to clean drinking water is an inherent right of all Rhode Islander’s - irrespective of their income levels.”
According to the Environmental Protection Agency, 90% of New England's drinking water systems are small or disadvantaged. Of this 90%, a vast majority utilize ground water sources. Small systems provide drinking water to less than 3,300 people and often have limited financial and operational resources compared to larger systems.
The Drinking Water State Revolving Fund is a financing program that provides below-market interest rate loans to public and private drinking water systems to complete water infrastructure upgrades. To date, the Drinking Water State Revolving Fund has provided more than $615 million in low-cost project-financing to 29 water systems across the State. In turn, these dollars drive public health improvements and support more than 17,500 well-paying jobs across Rhode Island’s building trades.
About Rhode Island Infrastructure Bank:
Rhode Island Infrastructure Bank is Rhode Island’s central hub for financing infrastructure improvements for municipalities, businesses, and homeowners. We leverage capital in a revolving fund to offer innovative financing for an array of infrastructure-based projects including water and wastewater, road and bridge, energy efficiency and renewable energy, and brownfield remediation. These quality of life projects improve the State’s infrastructure, create jobs, promote economic development and enhance the environment. For more information, please visit www.riib.org.
PROVIDENCE, R.I. – Rhode Island Infrastructure Bank proudly announces the closing of $327,584 in financing for Green Line Apothecary in Providence. Through the Bank’s Commercial Property Assessed Clean Energy (C-PACE) program, the building owner was able to borrow against energy efficiency measures previously installed while increasing liquidity during a challenging economic environment.
“Rhode Island C-PACE affords building owners the opportunity to leverage energy efficiency and clean energy measures installed any time after July 2015,” said Jeffrey R. Diehl, CEO of Rhode Island Infrastructure Bank. “This allows C-PACE to support more local businesses and assist them in accessing capital during these difficult financial times.”
Green Line Apothecary’s building, located at 905 N Main Street in Providence, was retrofitted for energy efficiency in 2019 including the installation of LED lighting throughout, high efficiency HVAC equipment, and a building envelope upgrades that exceed building code requirements. These efficiency measures, completed by Lineage Corporation, will save the business over $7,500 a year on energy costs. Greenworks Lending provided the private capital for this C-PACE loan.
“At Green Line Apothecary, we are not just green in name only. Our modern version of the neighborhood drugstore means being engaged and responsible members of the communities we serve,” said Ken Procaccianti, President & Chief Operating Officer of Green Line Apothecary. “And practicing environmental sustainability is a crucial part to being a community steward. The Rhode Island C-PACE program enabled Green Line Apothecary, and its design & build firm Lineage Corporation, to implement significant energy efficient improvements to its Providence facility. Green Line now serves Rhode Island statewide and looks forward to working again with RI C-PACE, Greenworks Lending and Rhode Island Infrastructure Bank.”
With locations on Main Street in Wakefield and North Main Street in Providence, Green Line Apothecary is a pharmacy and soda fountain inspired by the vintage apothecary. Guests can experience their old-fashioned soda fountain and personal service while filling their prescription needs at their modern pharmacy.
About Rhode Island Infrastructure Bank:
Rhode Island Infrastructure Bank is Rhode Island’s central hub for financing infrastructure improvements for municipalities, businesses, and homeowners. We leverage capital in a revolving fund to offer innovative financing for an array of infrastructure-based projects including water and wastewater, road and bridge, energy efficiency and renewable energy, and brownfield remediation. These quality of life projects improve the State’s infrastructure, create jobs, promote economic development and enhance the environment. For more information, please visit www.riib.org.
About Rhode Island C-PACE
Rhode Island C-PACE is a program of the Rhode Island Infrastructure Bank that enables owners of commercial and industrial buildings to finance up to 100 percent of eligible energy efficiency, renewable energy, water conservation, and environmental health and safety improvements. Financing is provided by private capital providers at competitive rates with repayment terms that can span up to 25 years. For more information, visit www.ri-cpace.com.
About Greenworks Lending
Greenworks Lending is the largest provider of Commercial Property Assessed Clean Energy (C-PACE) financing in the country. Led by several of the industry’s founding policy developers and standard-setters, Greenworks Lending is a private capital provider uniquely dedicated to funding commercial real estate through C-PACE. Greenworks has provided financing to hundreds of commercial properties and is active in 23 states. Greenworks Lending’s C-PACE financing makes clean energy a smart financial decision for commercial property owners. For more information visit www.greenworkslending.com.
PROVIDENCE, R.I. – Rhode Island Infrastructure Bank (Infrastructure Bank) today announced $30 million in below-market rate financing through its Drinking Water State Revolving Fund (DWSRF) for projects across four borrowers, including the Town of Cumberland, the City of Newport, Providence Water Supply Board, and Smithfield Water Supply Board. By financing these projects through Infrastructure Bank loan programs, these clients will realize over $10.9 million in lifetime debt-service savings compared to borrowing independently from banks or the bond market.
“There is no greater natural resource than water,” said Jeffrey R. Diehl, CEO of Rhode Island Infrastructure Bank. “The Infrastructure Bank is proud to support local communities and drinking water systems as they take bold action to ensure that public drinking water remains safe and reliable for their residents and ratepayers.”
Providence Water received $19.1 million to finance its ongoing work to modernize its distribution infrastructure. To advance these efforts, Providence Water will continue to retrofit older water main pipes, as well as clean and line additional pipes in its system. As part of this loan, the Bank provided Providence Water with $9.75 million in loan forgiveness. This allows Providence Water to complete this critical work, while saving ratepayers money.
The City of Newport borrowed $4,131,000 to upgrade its system by rehabilitating water mains in the areas of Annandale Road, Narragansett Avenue, Thames Street, Spring Street and Roseneath Avenue. The project also calls for the installation of new valves, fittings, water services, curb stops and fire hydrants.
Through a $4 million loan, the Town of Cumberland and the Cumberland Water Department will be rehabilitating and replacing water mains. The Cumberland Water Department operates as an enterprise fund within the Town servicing roughly 23,000 people north of Marshall Avenue.
Smithfield Water Supply Board will be rehabilitating and recoating up to three existing water storage tanks with a $2,730,000 loan. The project will include removing and replacing existing coatings as well as installing water mixers and an advanced filtration system on the tanks at Island Woods, Rocky Hill and Burlingame. The Infrastructure Bank provided an innovative borrowing solution that afforded Smithfield maximum flexibility in executing the work while it conducts further studies to determine what additional repairs, if any, are necessary.
About Rhode Island Infrastructure Bank:
Rhode Island Infrastructure Bank is Rhode Island’s central hub for financing infrastructure improvements for municipalities, businesses, and homeowners. We leverage capital in a revolving fund to offer innovative financing for an array of infrastructure-based projects including water and wastewater, road and bridge, energy efficiency and renewable energy, and brownfield remediation. These quality of life projects improve the State’s infrastructure, create jobs, promote economic development and enhance the environment. For more information, please visit www.riib.org.
PROVIDENCE, R.I. – The Rhode Island Commercial Property Assessed Clean Energy (C-PACE) program, a program of Rhode Island Infrastructure Bank, announced the closing of $6.4 million in financing with the Preserve Sporting Club & Residences. The Preserve is incorporating energy efficiency features into the construction of 18 condominium units. The Hilltop Lodge at The Preserve features a state-of-the-art, highly efficient HVAC system, energy efficient windows, LED lighting throughout the facility and a building envelope rating that exceeds standard code. The comprehensive upgrades, financed by Twain Financial Partners, will reduce annual energy expense by over 20%.
“Rhode Island’s hospitality and lifestyle industry are increasingly utilizing our C-PACE program for new construction and large-scale renovations,” said Jeffrey R. Diehl, CEO of Rhode Island Infrastructure Bank. “We are proud to work with The Preserve to expand their property portfolio and reduce energy usage and costs in the process.”
The three-story, 40,000 square foot building, features one-level condominiums and access to The Preserve’s 3,500 acres and amenities. Construction of the building, by MTM Corporation, will be completed by September 2020. Over the 25-year financing term, the hotel is expected to reduce its carbon footprint by the equivalent to the annual energy output of 300 Rhode Island homes.
The Preserve Sporting Club & Residences added “The Preserve Sporting Club & Residences is pleased to use the Rhode Island C-PACE program to help us fund and build a more energy efficient development, allowing us to save energy and operating costs in the long term. Conserving our natural resources and being more energy efficient is important to us, because our primary goal is to be good stewards of the beautiful land we have here at The Preserve.”
The Preserve, located in Richmond, R.I., is a four-season New England sporting club with more than 3,500 acres of protected nature. The Preserve features an 18-hole par-3 golf course, clay and grass tennis courts, fly fishing ponds, an equestrian center, zip-line, rock climbing areas, walking and bicycle trails, three world class sporting clay courses, longest indoor underground automated public shooing range in the world. In addition to private residences, guest lodging at The Preserve includes luxury single family residences, townhomes, condominiums, safari tents, cabins and treehouses, nestled in scenic areas.
About Rhode Island Infrastructure Bank:
Rhode Island Infrastructure Bank is Rhode Island’s central hub for financing infrastructure improvements for municipalities, businesses, and homeowners. We leverage capital in a revolving fund to offer innovative financing for an array of infrastructure-based projects including water and wastewater, road and bridge, energy efficiency and renewable energy, and brownfield remediation. These quality of life projects improve the State’s infrastructure, create jobs, promote economic development and enhance the environment. For more information, please visit www.riib.org.
PROVIDENCE, R.I. – Rhode Island Infrastructure Bank announced $1 million of financing to the Town of Westerly for an Aquatic Ecosystem Restoration Project which calls for the dredging of Winnapaug Pond and the planting of eelgrass to restore the marsh. The loans are being financed through the Bank’s Clean Water and Stormwater Infrastructure Fund and are expected to reduce the Town’s debt service by 33% throughout the duration of the loan.
“The Infrastructure Bank is committed to accelerating investments in climate resilience and the preservation of Rhode Island’s natural resources,” said Jeffrey R. Diehl, CEO of Rhode Island Infrastructure Bank. “This loan will not only provide cost effective financing that reduces the financial burden on the Town, it will also serve as a catalyst to unlock an even greater amount of grant funding that will be invested in the community and the environment.”
This project is an outcome of Westerly’s participation in the Municipal Resilience Program, which is co-managed by the Infrastructure Bank and the Nature Conservancy. The Program helps municipalities prioritize actionable infrastructure projects designed to mitigate the impacts of climate change. Westerly was selected as one of the first five municipalities to participate in the program.
“Better prepared municipalities lead to a better prepared Ocean State. Our changing climate will have long-term effects on local infrastructure and residents,” said Shaun O’Rourke, Director of Stormwater and Resiliency at the Infrastructure Bank and the State’s Chief Resiliency Officer. “The Infrastructure Bank is glad to see the town taking decisive steps to put their strategy into action.”
The dredging project is expected to benefit the environment by improving water quality, reducing sedimentation and spurring eelgrass growth. The latter provides natural water filtration, foraging space for crabs and an abundant food source for waterfowl. In addition to funding the entirety of the project, the loan will also serve as a “State Match” to unlock $2,442,569 of grant funding awarded to the Town by the U.S. Department of Agriculture for a Natural Systems Demonstration Project in Winnapaug Pond.
“Working with the Infrastructure Bank not only provided the mechanism to obtain over $5 million in funding to implement two significant grant projects, it also provided the Town with a process to gain consensus within the community and with its partners to identify, apply for, and receive grant funding for large-scale resiliency projects,” said Westerly Town Manager Mark Rooney. “We are looking forward to beginning the project in the fall of 2020.”
About Rhode Island Infrastructure Bank:
Rhode Island Infrastructure Bank is Rhode Island’s central hub for financing infrastructure improvements for municipalities, businesses, and homeowners. We leverage capital in a revolving fund to offer innovative financing for an array of infrastructure-based projects including water and wastewater, road and bridge, energy efficiency and renewable energy, and brownfield remediation. These quality of life projects improve the State’s infrastructure, create jobs, promote economic development and enhance the environment. For more information, please visit www.riib.org.
PROVIDENCE, R.I. – Rhode Island Infrastructure Bank (Infrastructure Bank) announced $1.4 million in low-interest financing through the Drinking Water State Revolving Fund (DWSRF) for the extension of a drinking water main line in North Smithfield. The extension will provide access to North Smithfield’s primary drinking water system for 3,000 residents currently living with contaminated drinking water wells.
“Access to safe, clean and affordable drinking water is fundamentally important for all Rhode Islanders,” said Jeffrey R. Diehl, CEO of the Infrastructure Bank. “We are proud to support North Smithfield as it expands its water system infrastructure to deliver safe drinking water to its residents, with the attendant positive health outcomes.”
As part of the loan, the Bank provided the Town with approximately $850,000 of principal loan forgiveness on the original $1.4 million amount. Together, the principal forgiveness and low interest rate will generate $945,000 of debt-service savings, compared with traditional financing.
The Drinking Water State Revolving Fund is a financing program that provides below-market interest rate loans to public and private drinking water systems to complete water infrastructure projects. To date, the Drinking Water State Revolving Fund has provided $578.6 million in low-cost project-financing to 29 water systems across Rhode Island.
About Rhode Island Infrastructure Bank:
Rhode Island Infrastructure Bank is Rhode Island’s central hub for financing infrastructure improvements for municipalities, businesses, and homeowners. We leverage capital in a revolving fund to offer innovative financing for an array of infrastructure-based projects including water and wastewater, road and bridge, energy efficiency and renewable energy, and brownfield remediation. These quality of life projects improve the State’s infrastructure, create jobs, promote economic development and enhance the environment. For more information, please visit www.riib.org.
PROVIDENCE, R.I. – Rhode Island Infrastructure Bank (the Infrastructure Bank) announced the closing of a $2.5 million loan with the Providence Marriott Downtown today. Through the Bank’s Commercial Property Assessed Clean Energy (C-PACE) program, the hotel, at 1 Orms Street, installed a state-of-the-art, highly efficient HVAC system along with new controls and LED lighting throughout the facility. The comprehensive upgrades will reduce the hotel’s annual energy expense by almost 40% when compared to their current usage.
“RI C-PACE financing has helped twenty-six buildings make upgrades and offset their energy costs,” said Jeffrey R. Diehl, CEO of Rhode Island Infrastructure Bank. “The Providence Marriott project is one of the C-PACE program’s largest loans to-date.”
The energy efficiency upgrades will offset the facility’s energy consumption. Over the 18-year financing term, the hotel is expected to reduce its carbon footprint by 12,945 metric carbon tons, a figure equivalent to the annual energy output of 1,500 Rhode Island homes.
“The PACE funds helped us install state-of-the-art HVAC and lighting systems that provide our guests with superior guestroom comfort,” said Richard Jabara, CEO of Meyer Jabara Hotels. “This work is part of our broader “re-imagination” of the hotel, bringing it to the latest Marriott standards and incorporating features our guests desire including farm-to-table food options, an expanded coffee shop hosting local roasters and electric vehicle (“EV”) charging stations. The associated environmental benefits of the PACE funded improvements are also very important to us and to our many valued individual and corporate guests. We are grateful for the assistance provided by the Infrastructure Bank, Thompson Partners, our consultant that developed the PACE project and secured third party financing, Greenworks Lending that provided the funding and National Grid for providing technical assistance and incentive funds.”
The Providence Marriott Downtown is a full-service hotel. It has been serving local organizations and transient guests since its opening in 1975. The hotel contains 354 guest rooms, extensive meeting space, a ballroom, an on-site salon and spa and a guest favorite in-door and outdoor pool with a pool-side bar. The hotel is also looking forward to the opening of a new restaurant.
C-PACE helps commercial and industrial property owners lower their energy costs through financing for energy efficiency upgrades and the installation of renewable energy systems. Projects eligible for C-PACE financing include efficiency measures such as lighting, insulation, heating and cooling systems, and renewable energy projects in addition to other related construction projects.
About Rhode Island Infrastructure Bank:
Rhode Island Infrastructure Bank is Rhode Island’s central hub for financing infrastructure improvements for municipalities, businesses, and homeowners. We leverage capital in a revolving fund to offer innovative financing for an array of infrastructure-based projects including water and wastewater, road and bridge, energy efficiency and renewable energy, and brownfield remediation. These quality of life projects improve the State’s infrastructure, create jobs, promote economic development and enhance the environment. For more information, please visit www.riib.org.
PROVIDENCE, R.I. – Rhode Island Infrastructure Bank announced $1.3 million in financing for LED streetlight conversions and stormwater improvements in Pawtucket. By borrowing through the Infrastructure Bank at below market interest rates, the City will save $157,336 on debt service payments over the lifetimes of the loans. Of the $1.3 million, $1 million is for streetlight conversions through the Efficient Building Fund (EBF), and $350,000 is a Clean Water State Revolving Fund loan for a stormwater mitigation project adjacent to the future Pawtucket-Central Falls Train Station.
“By taking advantage of the Bank’s Efficient Buildings Fund to upgrade their streetlights, Pawtucket will generate significant savings for the community and make a positive impact on the environment,” said Jeffrey Diehl, CEO of the Infrastructure Bank. “The future Pawtucket-Central Falls Train Station will be a hub of economic activity for the Blackstone Valley. The stormwater improvements will significantly reduce pollutants from rainwater runoff and add to the beautification of the area.”
Pawtucket is converting approximately 6,000 streetlights to LED lights across the city, saving significantly on annual energy savings. This is the City’s second time borrowing from the EBF program; in 2017 the City borrowed $3.9 million for energy efficiency improvements in municipal buildings. The City’s stormwater project received $77,000 in principle forgiveness funding and is expected to be completed by the end of the summer.
“The City is constantly looking for innovative ways to save the taxpayers’ money. Transitioning over to LED lights not only saves us money but is environmentally friendly. The improvements to the train station district will make Pawtucket cleaner and greener,” said Pawtucket Mayor Donald R. Grebien. “We thank the Rhode Island Infrastructure Bank as these projects may not have been feasible without their continued partnership.”
The Efficient Buildings Fund provides below-market interest rate loans to municipalities, school districts and quasi-state entities to invest in clean energy projects. Since 2016, the Efficient Buildings Fund has reduced energy, maintenance and debt-service costs for municipalities by approximately $66 million dollars through investments in onshore wind, solar, LED lighting and highly efficient heating and cooling improvements. These projects are estimated to reduce emissions equivalent to the annual carbon footprint of 3,400 American homes. Overall, the Bank’s Efficient Buildings Fund has provided $33 million in loans to thirteen borrowers across the State.
Through the Clean Water State Revolving Fund, municipalities and quasi-public agencies are able to access below-market interest rate loans for the completion of projects that mitigate water pollution. To date, the fund has provided $1.5 billion in loans to Rhode Island communities.
About Rhode Island Infrastructure Bank:
Rhode Island Infrastructure Bank is Rhode Island’s central hub for financing infrastructure improvements for municipalities, businesses, and homeowners. We leverage capital in a revolving fund to offer innovative financing for an array of infrastructure-based projects including water and wastewater, road and bridge, energy efficiency and renewable energy, and brownfield remediation. These quality of life projects improve the State’s infrastructure, create jobs, promote economic development and enhance the environment. For more information, please visit www.riib.org.
PROVIDENCE, R.I. – Rhode Island Infrastructure Bank announced $1.4 million in financing through the Efficient Buildings Fund (EBF) for infrastructure upgrades in the Pascoag Utility District (PUD) today. PUD is utilizing the funds to upgrade its power grid through the acquisition and integration of a battery storage facility. By borrowing with the Bank, as opposed to a traditional private lender, PUD ratepayers will save $50,000 on debt-service over term of the loan.
“The Bank’s Efficient Building Fund provides a wide-range of options for municipalities and utilities to make significant infrastructure investments and reduce energy usage and costs,” said Jeffrey R. Diehl, CEO of the Infrastructure Bank. “PUD’s investment in battery storage technology will provide a stronger, more resilient power grid for its customers.”
The innovative addition of a 3MW/9MWh battery storage facility on Davis Drive in Pascoag, RI will increase reliability and eliminate the need for PUD to expand and increase the capacity of existing infrastructure through more expensive, traditional methods.
The Efficient Buildings Fund provides below-market interest rate loans to municipalities and their utilities, school districts and quasi-state entities to invest in clean energy projects. Since 2016, the Efficient Buildings Fund has reduced energy, maintenance, and debt-service costs for municipalities by approximately $66 million dollars through investments in onshore wind, solar, LED lighting and highly efficient heating and cooling improvements. These projects are estimated to reduce emissions equivalent to the annual carbon footprint of 3,400 homes.
Overall, the Bank’s Efficient Buildings Fund has provided $33 million in loans to thirteen municipalities across the State.
About Rhode Island Infrastructure Bank:
Rhode Island Infrastructure Bank is Rhode Island’s central hub for financing infrastructure improvements for municipalities, businesses, and homeowners. We leverage capital in a revolving fund to offer innovative financing for an array of infrastructure-based projects including water and wastewater, road and bridge, energy efficiency and renewable energy, and brownfield remediation. These quality of life projects improve the State’s infrastructure, create jobs, promote economic development and enhance the environment. For more information, please visit www.riib.org.
PROVIDENCE, RI – Rhode Island Infrastructure Bank (Infrastructure Bank) announced $30.9 million in low interest loans for road and bridge projects in Providence, Warwick and Cumberland through the Municipal Road and Bridge Revolving Fund (MRBRF). With the closing of these loans, the Bank’s Road and Bridge Program has provided over $100 million in low interest loans to 19 municipalities across the state.
“The Infrastructure Bank is proud to support local communities make significant investments in their transportation infrastructure,” said Jeffrey Diehl, Infrastructure Bank CEO. “Our below-market interest rate loans will deliver over $2.6 million of debt service savings for Providence, Warwick, and Cumberland over the lifetime of the loans. Additionally, the project financing will support approximately 332 well-paying jobs across Rhode Island.”
The Bank’s Loan and Bridge program provides below-market interest rate loans to municipalities to complete critical right-of-way improvements. Since the program’s inception in 2015, the program has lent over $105 million to 19 communities for local road and bridge improvements. Over this 5-year span, the MRBRF has supported over 1,100 local jobs for Rhode Island’s skilled laborers.
Providence received a $20 million loan to fund the second phase of road and sidewalk improvements. Over the 20-year term of the loan, Providence is expected to save over $2.1 million in interest payments. In 2018 the city borrowed $10 million with the Bank for the first stage of improvements.
“Today's Providence is built by years of strategic investments that would not be possible without partners like the Rhode Island Infrastructure Bank,” said Providence Mayor Jorge O. Elorza. “These funds play a key role in our mission to make our streets safe for all methods of transportation and travel. I want to thank RIIB for their shared vision and commitment in making Providence a city that works for every resident.”
Warwick received an $10.0 million loan to design, construct, and repair streets and sidewalks. Over the course of the 10-year loan, the city is expected to save $300,000 in interest payments. This is the second time the city has taken advantage of MRBRF financing. In 2015, the city used a $1.6 million loan from the Infrastructure Bank for the replacement of the Mill Creek Bridge.
“Rhode Island Infrastructure Bank has been essential to saving Warwick taxpayer dollars,” said Mayor Joseph. J. Solomon. “We are proud to continue working with the Bank to upgrade Warwick’s infrastructure in a way that delivers savings to the community; by spending wisely we can do more for our taxpayers. With interest rates at historic lows and the Bank offering below-market rates, this is a prime opportunity to make investments in our infrastructure.”
Cumberland received a $2.5 million loan to support town-wide street pavement improvements. Over 20-year loan term, the city is expected to save $200,000 in loan payments. Previously, Cumberland borrowed $500,000 from the Road and Bridge program for roadway and sidewalk reconstruction.
“With the help of the Infrastructure Bank, we are not only able to resurface our roads,” said Cumberland Mayor, Jeffrey Mutter. “We will also be able to deliver the benefits of safer travel, reduced maintenance, more attractive neighborhoods, and extended asset life at a lower cost to taxpayers.”
About Rhode Island Infrastructure Bank:
Rhode Island Infrastructure Bank is Rhode Island’s central hub for financing infrastructure improvements for municipalities, businesses, and homeowners. We leverage capital in a revolving fund to offer innovative financing for an array of infrastructure-based projects including water and wastewater, road and bridge, energy efficiency and renewable energy, and brownfield remediation. These quality of life projects improve the State’s infrastructure, create jobs, promote economic development and enhance the environment. For more information, please visit www.riib.org.
PROVIDENCE, R.I. – Rhode Island Infrastructure Bank announced $1,000,000 in action grants for inaugural participants of the Municipal Resilience Program (MRP). Through the program, five communities developed climate resilience plans with prioritized local actions and will now use the grant funds for implementation.
“The Infrastructure Bank is committed to accelerating investment in sustainable infrastructure that better prepares Rhode Island communities for a changing climate” said Jeffrey R. Diehl, CEO of Rhode Island Infrastructure Bank. “We look forward to building on the success of the first round of the program and partnering with communities statewide to prepare and invest in critical infrastructure.”
To develop a prioritized list of actionable plans and projects, program participants completed Community Resilience Building workshops led by The Nature Conservancy. At the conclusion of the workshop process, the participating municipalities submitted action grant proposals for identified projects with a required 25% local match. After a competitive review process, the selection committee recommended the following projects to receive funding for implementation:
Barrington – $201,000
Coastal restoration for flood mitigation at Walker Farm
Green infrastructure for water quality benefits at Bowden and Opechee Streets
Portsmouth – $339,000
Rehabilitation and stabilization of the Melville Dam
Three flood mitigation projects to expand the capacity of existing infrastructure for increasing precipitation volumes
Warren – $156,000
Westerly – $304,000
Flood protection wall at the Old Canal St. Pump Station
Two green infrastructure projects to reduce flooding and improve water quality of the Pawcatuck River
The Infrastructure Bank and Nature Conservancy will be announcing the 2020 round of the Municipal Resilience Program participants at the Infrastructure Banks’s Legislative Day on February, 12th, from 3pm – 4pm at the Statehouse. Also being highlighted during the program will be the grant recipients from the 2019 Program Round.
“Better prepared municipalities lead to a better prepared Ocean State. Rising sea levels, increasing heat, and extreme storm events will have long-term effects on local infrastructure and residents,” said Shaun O’Rourke, Director of Stormwater and Resiliency at the Infrastructure Bank and the State’s Chief Resiliency Officer. “The Municipal Resilience Program is building a statewide pipeline of priority projects to more effectively and efficiently respond to the climate impacts we are already experiencing.”
“The Nature Conservancy is proud to be an implementation partner on the Municipal Resilience Program. Municipalities across the state are already confronted with the realities of climate change. The workshops empower communities to collaboratively figure out how to meet these challenges,” said Sue AnderBois, The Nature Conservancy’s Climate and Energy Program Manager. “These grants will help the initial Resilient Rhody Municipalities implement some of their priorities – and we are pleased to see that the Governor’s proposed Beach, Clean Water and Green Bond includes funding for an additional 20 municipalities.”
The program supports the goals outlined in the state’s Climate Resilience Action Strategy (Resilient Rhody) released by Governor Gina Raimondo in 2018. Resilient Rhody identified steps the state can take to protect against unexpected events, like severe weather, while addressing chronic environmental stresses, such as sea level rise and aging infrastructure. The MRP empowers cities and towns to evaluate each of their unique vulnerabilities to changing weather and severe weather events, while providing them with the funds necessary to take on specific resilience projects.
More information about the program can be found here.
About Rhode Island Infrastructure Bank
Rhode Island Infrastructure Bank is Rhode Island’s central hub for financing infrastructure improvements for municipalities, businesses, and homeowners. We leverage capital in a revolving fund to offer innovative financing for an array of infrastructure-based projects including water and wastewater, road and bridge, energy efficiency and renewable energy, and brownfield remediation. These quality of life projects improve the State’s infrastructure, create jobs, promote economic development and enhance the environment. For more information, please visit www.riib.org.
About The Nature Conservancy
The Nature Conservancy is a global conservation organization dedicated to conserving the lands and waters on which all life depends. Guided by science, we create innovative, on-the-ground solutions such as Community Resilience Building to our world’s toughest challenges so that nature and people can thrive together. We are tackling climate change, conserving lands, waters and oceans at an unprecedented scale, providing food and water sustainably and helping make cities more sustainable. Working in 72 countries, we use a collaborative approach that engages local communities, governments, the private sector, and other partners. To learn more, visit www.nature.org or follow @nature_press on Twitter.
Rhode Island Infrastructure Bank (Infrastructure Bank) is proud to announce the closing of a Clean Water State Revolving Fund and Drinking Water State Revolving Fund bond refinancing transaction, with a principal value of $153.8 million. The transactions will generate $7.8 million of savings for 26 municipalities and utilities.
“Through proactive balance sheet management, the Infrastructure Bank monitors interest rate environments to identify opportunities to lower our cost of borrowing,” said Jeffrey R. Diehl, CEO of Rhode Island Infrastructure Bank. “By refinancing existing debt at lower interest rates, we can provide savings to our customers and maximize the amount of capital available to finance additional infrastructure projects.”
The refinancing of Drinking Water and Clean Water State Revolving Fund bonds is part of a strategic effort by the Bank to take advantage of low interest rates and provide financial savings to customers. This past July, the Bank completed a refinancing for Drinking Water State Revolving Fund bonds, which generated more than $550,000 of cash-savings for borrowers. In 2019, the Bank has created $8.4 million of cash-savings for borrowers.
“Ensuring that Rhode Islanders have access to, and can afford, clean water is core to the Infrastructure Bank’s mission and is important to every one of us,” said Rhode Island General Treasurer Seth Magaziner. “This refinancing of clean water debt will help Rhode Island cities and towns save millions of dollars, which can be used to create additional economic opportunity; so that Rhode Island remains a great place to work and live.”
Over the last five years, the Bank has provided $33.4 million in savings to borrowers by refinancing existing debt at lower interest rates.
Rhode Island Infrastructure Bank is providing $350,000 in financing for drinking-water system improvements at the Four Seasons Mobile Home Cooperative Association in Tiverton, the Providence-based bank announced.
The financing was made possible through the bank’s Drinking Water State Revolving Fund. The principal “forgiveness” loan will allow Four Seasons to improve the safety and quality of residents’ drinking water without compromising the cooperative’s finances, the bank said.
Rhode Island Infrastructure Bank is pleased to announce that it has become a signatory to the Green Bond Pledge. In doing so, the Bank is reinforcing its commitment toward financing projects that directly account for environmental impact and climate risk.
The Green Bond Pledge asserts that when applicable, bonds financing long-term infrastructure and capital projects will address environmental impacts and climate risk. The Pledge calls on signatories (cities, county and state governments, and corporations) to incorporate resilient and sustainable solutions when planning, designing and building/rehabilitating infrastructure assets. By adhering to the core tenets of the Pledge, signatories ensure that both communities and investors will be positioned to “withstand the 100-year storm”.
Rhode Island Infrastructure Bank announced the closing of its inaugural public-market Green Bond issuance for the Efficient Buildings Fund (EBF) program today. The Bank’s inaugural $18.3 million Efficient Buildings Fund Green Bond was given a top rating of “AA” by Standard and Poor’s (S&P). The Efficient Buildings Fund provides below-market interest rate loans to municipalities, school districts and quasi-state entities to invest in clean energy projects.
Rhode Island Infrastructure Bank (Infrastructure Bank) announced $559,826 in saving for five borrowers at Pawtucket Water Authority on Friday, July 26th. The refinancing of Drinking Water State Revolving Fund bonds is part of a strategic effort by the Bank to take advantage of low interest rates and provide financial savings to customers.
“The Infrastructure Bank is committed to proactively working with municipalities to leverage our programs to save money and reduce the cost of infrastructure investment,” said Jeffrey R. Diehl, Executive Director and CEO of Rhode Island Infrastructure Bank. “By refinancing existing debt at lower interest rates, we can provide savings to our customers and maximize the amount of capital available to finance additional infrastructure projects.”
The five borrowers who benefited from this refinancing are:
“The Infrastructure Bank’s refinancing of water debt has helped cities and towns save over a half million dollars,” said Rhode Island General Treasurer Seth Magaziner. “This money can now help create greater economic opportunity and put people to work protecting the vital resources that make Rhode Island a great place to live.”
In response to low interest rates, the Bank has sought to proactively manage its balance sheet as a way of delivering savings to borrowers. Over the last five years, the Bank has provided $25 million in savings to borrowers by refinancing existing debt at lower interest rates.
“The City of Pawtucket has made record investments in our local infrastructure, due in-part to the innovative, low cost borrowing programs available through the Infrastructure Bank,” said Mayor Donald R. Grebien. “The city, and its entities like Pawtucket Water, will continue to seek savings and efficiencies to ensure that our taxpayers are getting the best bang for their buck.”
Rhode Island Infrastructure Bank announced $18.5 million in financing for road and bridge projects in Central Falls, Pawtucket, and Westerly. The municipalities will save $1.4 million in interest payments by financing their projects through the Bank. Additionally, the project financing will support approximately 200 well-paying jobs across Rhode Island in the building trades.
“The Infrastructure Bank is proud to partner with our local communities to make significant investments in their roads and bridges,” said Jeffrey Diehl, CEO and Executive Director of the Infrastructure Bank. “Our low-interest rate loans translate into over a million dollars in savings for Central Falls, Pawtucket, and Westerly.”
The Infrastructure Bank’s Municipal Road and Bridge program finances projects at below-market interest rates and has lent over $49 million for projects in the past 24 months. Since its inception, the Infrastructure Bank has provided almost $75 million in lending to 19 communities for local road and bridge improvements.
“Pawtucket utilized our financing in 2018, as well, to continue their record investment in resurfacing their roads. We are excited that Central Falls is taking advantage of the program for the first time to invest in its growing community,” said Diehl.
The Infrastructure Bank also issued the second public bond for the Municipal Road and Bridge program for $15.4 million with a debt rating of “AA” by Standard and Poor’s (S&P).
Central Falls received a $1.5 million loan to start the initial phase of the City’s Green and Complete Streets initiative. This is the first Green and Complete Streets ordinance in New England and will ensure that road projects minimize environmental impact while creating safer streets for the community. Central Falls will save $161,513 in debt service payments.
“This is a great opportunity for our city to borrow money at a subsidized rate to improve the infrastructure of our beloved square mile,” said Mayor James A. Diossa. “These funds will allow us to fix streets that require the most repair such as Cross Street. The City of Central Falls encourages local cities and towns to consider R.I. Infrastructure Bank’s program options for their infrastructure plans.”
Pawtucket received a $1.9 million loan to resurface their roadways, including major thoroughfares like Pawtucket Avenue, Main Street, Beverage Hill Road and Walcott Street. The City will save $224,188 in debt service payments by borrowing through the Infrastructure Bank.
“The Rhode Island Infrastructure Bank has been essential to saving Pawtucket taxpayer dollars,” said Mayor Donald R. Grebien. “This partnership between the State and local municipalities is exactly the type of success story that taxpayers need and deserve. We are proud to continue working with the Bank to upgrade Pawtucket infrastructure in a cost effective manner.”
Westerly received a $14.8 million loan to perform the reconditioning and resurfacing of approximately 21 miles of roads and the construction of the Boombridge Road Bridge. The first phase of the plan, financed through the Infrastructure Bank, is anticipated to span a three-year period to address road improvements and a partnership project with R.I. Department of Transportation and C.T. Department of Transportation to repair the Boombridge Road Bridge.
“Through the approval of our voters and financing through the Infrastructure Bank, the Boombridge Road Bridge, an important access between the two states, will finally be open after 10 years,” said Westerly Town Manager Mark Rooney. “This project and the resurfacing of our roads will ensure safer travel, reduced maintenance, more attractive neighborhoods, and extended asset life.”
Rhode Island Infrastructure Bank issued the first Efficient Building Fund (EBF) loan following its inaugural public bond issuance last month. A portion of the proceeds will provide below market financing to the Town of North Kingstown for its streetlight retrofit project. Recently, North Kingstown purchased their streetlights from National Grid to convert them to energy-saving LED lights.
“By taking advantage of the Bank’s Efficient Buildings Fund to upgrade their streetlights, North Kingstown will generate significant savings for the Town and make a positive impact on the environment,” said Jeffrey Diehl, CEO of the Infrastructure Bank. “The EBF program finances projects that reduce energy costs for municipalities, save tax payers money, reduce greenhouse gas emissions and protect the environment.”
