Providence seeks $40 Million for stronger neighborhoods, infrastructure
Providence Seeks $40 Million for Stronger Neighborhoods, Infrastructure
PROVIDENCE, RI – Mayor Jorge Elorza Thursday announced the city’s plan to seek a $40 million Neighborhood Infrastructure Bond to make needed investments and build stronger neighborhoods throughout the capital city.
"Making the necessary long term investments in our infrastructure is an essential component of building stronger and more vibrant neighborhoods across Providence," said Mayor Elorza. "The Neighborhood Infrastructure Bond will work to improve every neighborhood, and will continue to lay the foundation for a long term capital improvement plan that invests in repairing our streets, sidewalks, parks, recreation facilities, and other critical infrastructure.”
“I look forward to working in collaboration with my colleagues on the City Council to pass this ordinance, and to presenting this proposal to the residents and voters of Providence,” continued Mayor Elorza.
The bond will invest $40 million in infrastructure improvements to every neighborhood in the city. It will continue the city’s road and sidewalk re-surfacing program and begin investing in other major categories that have lacked long-term capital investment plans including parks, public spaces, and recreation facilities.
With more than $64 million in debt set to come off the city’s books in the next two years, the city will be able to secure the additional bonds without increasing the city’s annual debt payments. Following city council approval, the bond will go before Providence voters for approval during November’s general election.
The city has already secured $10 million for capital improvements to its school buildings for this summer through the Rhode Island Health and Education Building Corporation School Building Authority Capital Fund.
(release from City of Providence)