RIIB Financing Helps East Providence Revitalize Water Tower

The landmark water tower in East Providence’s Kent Heights neighborhood recently underwent a transformation thanks to a low-interest loan from Rhode Island Infrastructure Bank. Contractors and city officials recently unveiled the freshly painted tower, which also features the City’s interlocking “EP” logo. Rehabilitating the facade of the water tower was a complicated project undertaken to prolong its useful life and avoid any structural damage from increasing rust. During rehabilitation, the water tower needed to be encapsulated to prevent damage to the surrounding community from paint and rust removal, as well as adding the new paint. The total cost of the project was $1.2 million. 

This was financed through Rhode Island Infrastructure Bank’s Drinking Water State Revolving Fund, which provides below-market financing for projects that ensure access to safe drinking water. Projects eligible for financing through the program include water treatment facilities, transmission and distribution systems, water sources (such as wells), lead pipe remediation and water storage tank installation or upgrade. Additionally, the program can be used to finance the consolidation of two or more water systems or to create new water systems. The program provides financing for both large and small water systems.

In February, the Infrastructure Bank and the Rhode Island Department of Health will mail project solicitation letters to each public water system in Rhode Island. Water suppliers with infrastructure needs are encouraged to apply for financing through the Infrastructure Bank. To date, more than $488 million in drinking water projects have been financed through the Infrastructure Bank.