Treasurer Magaziner, Officials Highlight $2.2 Million in Financing to Upgrade School’s Heat/AC System

 Treasurer Magaziner, Officials Highlight $2.2 Million in Financing to Upgrade School’s Heat/AC System

OCTOBER 6, 2016 / CRANSTON, RI: General Treasurer Seth Magaziner and Rhode Island
Infrastructure Bank CEO Jeff Diehl today joined state and local officials including,
Mayor Allan Fung, State Senator Joshua Miller, State Representative Robert Lancia,
along with Cranston City Councilors Mario Aceto and Michael Farina, in touring a
Rhode Island Infrastructure Bank (RIIB) financed project at Edgewood Highland School.
The tour was led by Cranston School Superintendent Jeannine Nota and Principal Marlene
Thanks to a $2.2 million low-interest loan from the RIIB, Edgewood Highland School
is upgrading its outdated heating and air conditioning system.
«When I proposed an infrastructure bank for the state, this is exactly the type
of project I hoped it would finance,» said Treasurer Magaziner. «Not only does this
financing provided support construction and building jobs that our state needs,
it will also help our local municipalities save on utility costs.»
«Our school building is nearly 50 years old and our HVAC was in desperate need of
an upgrade,» said Principal Gamba. «The loan provided by Rhode Island Infrastructure
Bank has improved the educational climate for students, while also reducing energy
bills for the school.»
The RIIB is providing financing that is supporting Rhode Island’s labor force, while
also energizing the state’s clean energy economy.
«Not only has this project improved the learning environment for our elementary
school students, the new system is more energy efficient, which will save taxpayers
money over the long term», said Cranston School Superintendent Jeannine Nota.
During its first round of financing, Rhode Island Infrastructure Bank has provided
$17.2 million in financing to support a variety of energy efficiency and renewable
energy projects in Pawtucket, Providence, Cranston, West Warwick, Westerly and Newport.
«The Efficient Buildings Fund is a great tool for municipalities. The low-cost
provided by the program assists cities and towns in making much needed improvements
to their energy infrastructure that reduce energy costs long term and our reliance
on fossil fuels», said Jeff Diehl, CEO of Rhode Island Infrastructure Bank. «We
look forward to working with the City of Cranston on other projects in the future.»
The first round of projects financed through Rhode Island Infrastructure Bank’s
Efficient Buildings Fund program is expected to create or support 263 jobs and
save local taxpayers more than $20 million in energy costs.
The Infrastructure Bank is now accepting applications for Round 2 of funding. The
application period for Round 2 will close at noon on December 21, 2016. Eligible
public entities include municipalities, public schools, quasi-state entities and
other local governmental units, such as drinking water or wastewater service providers.
Projects eligible for financing include cost-effective energy efficiency measures
and the installation of renewable energy infrastructure, including solar panels
and wind turbines. The Round 2 application can be found here:
About Edgewood Highland School: Built in 1970, Edgewood Highland School is a public
elementary school in Cranston, RI. Principal Marlene Gamba and her staff work to
educate and engage 215 students in grades kindergarten through 5th grade. The school
operates with the core belief that quality public education is central to our democracy