Program also provides additional funding to support projects in process
PROVIDENCE, R.I. - The Municipal Road and Bridge Revolving Fund, a program championed by Treasurer Raimondo, recently allocated additional funding for FY 2014. Five municipalities, including two new towns, benefited from the increase in funding. The fund received two separate appropriations of $6.9 million and $3.3 million as part of last fiscal year's budget. In total, FY 2014 funding benefits nine local communities and 16 projects, generating more than $785,000 in overall savings for participating cities and towns.
"The Municipal Road and Bridge Revolving Fund is an innovative and cost-saving program that will continue to provide a predictable funding source so that the state's cities and towns may invest in road and bridge improvements," said Raimondo. "Through this program, we are rebuilding Rhode Island's infrastructure and putting people back to work right away."
"Assuring our state's bridges and roadways are functional and safe is a top priority of the House," said Speaker Nicholas Mattiello. "The Municipal Road and Bridge Revolving Fund is an inventive plan that will not only address our state's deteriorating infrastructure, but will also continue to benefit Rhode Island's cities and towns in the long-term."
"This program creates more jobs for Rhode lslanders and makes our infrastructure safer at a low cost to our cities and towns," said Senate President Teresa Paiva Weed. "Investing in the maintenance of our local roads and bridges is an essential step towards bettering Rhode Island."
Cumberland and Coventry are two new recipients of program funding. The town of Cumberland has been allotted $500,000 to address roadway and sidewalk reconstruction of Forest Avenue. This is part of a larger, ongoing plan for town-wide infrastructure repair. The town of Coventry has been extended $340,000 to address sidewalk construction on Reservoir Road.
Westerly's funding increased by $225,000, bringing the town's total to $625,000. This additional funding will be used to further reconstruction of the Boombridge Road Bridge.
Newport's funding increased by $500,000, bringing the town's total to $1.5 million. 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.
Pawtucket received the largest increase in funding, $1.8 million, which brings the town's total to $3.5 million for major street and bridge reconstruction.
Additionally, the state legislature allocated $5 million in the FY 2015 budget for an overall total of $15.2 million since the program's inception. The application process for FY 2015 funding will begin this fall.
The Municipal Road and Bridge Revolving Fund was created and passed as part of the 2013 legislative session. It was quickly implemented by the Rhode Island Clean Water Finance Agency and the Department of Transportation.
The Municipal Road and Bridge Revolving Fund: • Builds on the success of the Rhode Island Clean Water Finance Agency • Provides a dependable funding source for long-range planning and infrastructure investment • Affords access to capital at lower rates, thereby lowering annual debt service payments for local budget relief • Creates economic opportunities for the construction trades and their suppliers
Recently, Raimondo commended the General Assembly for their support of the Municipal Road and Bridge Revolving Fund. In addition to the cities and towns that have received newly increased financing, East Providence, Burrillville, New Shoreham, and Warwick received funding for local road and bridge projects through the initial launch of this program.