By Carmen Russo
PROVIDENCE, RI – Mayor Jorge Elorza today 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.