Municipalities to benefit from low-interest loans through R.I. Infrastructure Bank

JEFFREY R. Diehl, executive director of the R.I. Infrastructure Bank, said the quasi-government agency “looks forward to financing more of these projects in the future.” / COURTESY R.I. INFRASTRUCTURE BANK
JEFFREY R. Diehl, executive director of the R.I. Infrastructure Bank, said the quasi-government agency “looks forward to financing more of these projects in the future.” / COURTESY R.I. INFRASTRUCTURE BANK

PROVIDENCE – Four municipalities will share $6 million in loans for infrastructure repair projects through the Municipal Road and Bridge Revolving Fund from the R.I. Infrastructure Bank.
Loans will be issued in varying amounts to Pawtucket, Cranston, Bristol and New Shoreham.
Gov. Gina M. Raimondo said the projects will improve neighborhoods, spur economic development and help build stronger communities.
The MRBRF provides low-interest loans to borrowers identified by the state Department of Transportation for municipally-owned road and bridge infrastructure improvements. Established by the General Assembly during the 2013 legislative session, the MRBRF provides municipalities with a funding source for long-term planning and infrastructure investment.
The fund allows municipalities to borrow at interest rates lower than they could realize by borrowing on their own. Lowering the annual debt service payments provides direct budget relief for municipalities and also creates opportunities for the construction trades and their suppliers, the infrastructure bank said.

According to metrics published by the Council of Economic Advisors, it is estimated that these loans will create or support approximately 78 jobs.
The loans will be distributed as follows:

  • Pawtucket will receive a $3 million loan for a Citywide Repaving-Pavement Management Program that calls for the pavement of approximately 30 miles of Pawtucket’s streets.
  • Cranston will receive a $1,755,000 loan to replace the Main Street Bridge. Constructed in 1858, it is believed to be the oldest highway bridge actively used in Rhode Island. In 1983, the bridge was listed on the National Register of Historic Places.
  • Bristol will receive up to $1,175,000 to fund a town-wide pavement rehabilitation program. Bristol previously received a loan through the MRBRF in an earlier round of funding.
  • New Shoreham will receive a $296,000 loan for road improvements to Old Town Road.

Jeffrey R. Diehl, executive director of infrastructure bank, said they “look forward to financing more of these projects in the future.”

No posts to display