Infrastructure Bank, RI Department of Transportation Soliciting Applications for Road and Bridge Projects

Rhode Island Infrastructure Bank and the Rhode Island Department of Transportation (RIDOT) are now accepting applications for municipal road and bridge infrastructure projects seeking financing. Beginning on May 1, RIDOT will start accepting applications from cities and towns interested in receiving project financing through the Municipal Road and Bridge Revolving Fund. Entities financing projects through the program receive an interest rate that is discounted by 33% relative to the borrower’s market rate and loans may be repaid over the useful life of the project.

To date, the Infrastructure Bank has financed more than $43 million in road and bridge infrastructure projects. In addition to creating jobs for local tradespeople, these projects help to improve the economic competitiveness of Rhode Island’s cities and towns. Past projects financed range from repaving roadways and sidewalk enhancements to bridge rehabilitation and culvert replacements.

Municipalities interested in completing projects can receive an application by contacting Meredith Brady, Administrator, Division of Planning at the Rhode Island Department of Transportation, via email at Meredith.brady@dot.ri.gov or by phone at 401-222-6940. Questions specific to financing terms should be directed to Michael Baer, Managing Director at Rhode Island Infrastructure Bank, via email at mbaer@riib.org or by phone at 401-453-4430, ext. 127. For more information about Road and Bridge financing click here.