The Rhode Island Infrastructure Bank closed a round of loans totaling roughly $6 million for repair projects through the municipal road and bridge revolving fund. It will issue the loans in varying amounts to Pawtucket, Cranston, Bristol and New Shoreham.
The fund provides low-interest loans to borrowers that the state Department of Transportation has identified for municipally owned road and bridge infrastructure improvements. The program enables municipalities to borrow at interest rates lower than they could realize by borrowing on their own.
According to metrics published by the Council of Economic Advisors, it is estimated that these loans will create or support about 78 jobs.
Pawtucket will receive $3 million for a citywide repaving and pavement management program. Cranston is in line for $1.8 million to replace the Main Street Bridge, constructed in 1858 and believed to be Rhode Island's oldest active highway bridge.
Bristol will get up to $1.2 million for townwide pavement, supplementing an earlier round. New Shoreham will receive a $296,000 loan for road improvements to Old Town Road.
