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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.