Providence Saves Over $1M through the Infrastructure Bank’s Road & Bridge Fund

Rhode Island Infrastructure Bank recently provided $10 million in financing to the City of Providence and the Providence Public Buildings Authority through the Bank’s Municipal Road and Bridge Revolving Fund (MRBRF) for road and sidewalk improvements. Financing through the MRBRF will save the city a total of $1.6 million in interest costs.

The $45 million bond is part of a capital improvement plan that the Providence City Council Finance Committee approved in July 2017. The capital improvement plan covers a variety of projects over the next two years, including recreational facility improvements, sewer repairs, and building repairs in Providence City Hall.

The MRBRF provides low-interest loans to cities and towns for projects vetted by the Rhode Island Department of Transportation for road and bridge infrastructure improvements. The program offers municipalities a funding source for long-term planning and infrastructure investment at interest rates lower than those they could realize by borrowing directly on the bond market.