Nine municipalities, 16 projects tap road, bridge fund

PROVIDENCE – The Municipal Road and Bridge Revolving Fund, a cost-saving program designed to provide a predictable funding source for local road and bridge improvements, benefited nine Rhode Island municipalities and 16 projects, generating $785,000 in savings in fiscal 2014.
Created by the General Assembly last year, the fund helps municipalities make major road repairs at lower borrowing costs than those that could be achieved on an open market. More than $10 million was allocated for the program last fiscal year, according to a statement from General Treasurer Gina M. Raimondo.
Pawtucket received $1.8 million in fiscal 2014, bringing the city’s total use of the fund to $3.5 million for street and bridge reconstruction since the program’s inception.
Newport has been allocated $1.5 million through the program. This increase in funds will assist in financing the Broadway Streetscape Improvement Project, revitalize the mixed-use corridor in the city, improve safety features and “create major improvements along the southern portion of the project,” including pavement and sidewalk reconstruction, according to the statement.
Cumberland and Coventry were two new recipients of program funding in 2014. Cumberland was allotted $500,000 to address roadway and sidewalk reconstruction of Forest Avenue. Coventry has been extended $340,000 for sidewalk construction on Reservoir Road.
Lawmakers allocated $5 million in the fiscal 2015 budget, for an overall total of $15.2 million since the program’s inception. •

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