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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.”
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