The Case for Infrastructure
A Message from Infrastructure Bank CEO Jeffrey R. Diehl
Infrastructure never takes a remote day. Rather, local infrastructure forms the fabric of our life and our economy. Infrastructure investment is a community investment. It creates well-paying local jobs, protects the water we drink, air we breathe, and maintains the roads we drive on.

In response to the pandemic, the Infrastructure Bank moved quickly from the standard practice of bi-weekly to weekly disbursements. This measure ensured that municipalities’ and their vendors would not face any working capital challenges while engaged with projects supported by the Infrastructure Bank. In turn, creating a more stable and certain business environment for contractor’s and their employees. Since March when the pandemic took hold, the Bank has disbursed over $55 million into Rhode Island’s economy to support the crucial work being undertaken.

The importance of supporting jobs and payrolls in the current economy makes it even more essential that the Bank continue to innovate and cut through red tape to make infrastructure projects a reality. To do this, we work with municipalities, quasi-state agencies, local utilities, businesses and building owners to accelerate infrastructure investments that plan for the future - protecting jobs and paychecks in the process.

Looking forward, the Infrastructure Economy can prepare Rhode Island for the effects of climate change while also spurring wide-ranging community benefits, economic development and job creation across diverse communities. For instance, a stormwater project supported by the Bank resulted in two new and state of the art recreational fields in Central Falls. This project exemplifies how through innovative design practices, infrastructure projects can provide both water quality and community benefits.

America’s future will be shaped by the infrastructure choices we make today. So, let’s build for tomorrow.

-         Jeffrey Diehl
United for Infrastructure Across Rhode Island
This September, from the 14th through the 21st, the Infrastructure Bank joined America’s businesses, workers, citizens, and elected leaders from all levels of government to celebrate United for Infrastructure Week. As part of these celebrations, Bank staff spent the week traveling around the state to visit with clients and check-in on the status of active projects. Take a look below to check out pictures form the week and to learn more about the great work being completed across Rhode Island.

North Smithfield is extending water service to transition 3,000 residents from contaminated water wells to the town’s primary drinking water system, while saving $945,000 in the process through loan forgiveness and a below market interest rate with the Bank.

Progress continues on the Aloft Hotel in Providence’s 195 district. By accessing C-PACE financing for energy efficiency features, the Aloft Hotel will reduce its projected carbon footprint and energy costs by over 30% when compared to what is required via energy and building code.

Central Falls is making great progress on their Green and Complete Streets initiative, ensuring that road projects minimize environmental impact while creating safer streets for the community.

Narragansett Bay Commission continues stormwater water work in Central Falls. Loan forgiveness provided by the Bank, enabled innovative & green design practices that resulted in the construction of two new athletic fields for City residents.
Municipal Resiliency Projects Full Steam Ahead
The Municipal Resilience Program is a partnership between The Nature Conservancy and Rhode Island Infrastructure Bank, aimed at jump-starting infrastructure investment to mitigate the impacts of climate change across the Ocean State.

Westerly, which participated in the initial round of the program, has been aggressively pursuing the projects identified and prioritized through the MRP and proactively looking for the requisite funding to complete them. Through the help of a federal grant and low-cost financing from the Infrastructure Bank, one project has already begun to move forward. Specifically, the project revolves around dredging and improving fish passage in the Pawcatuck River.

To learn more about this exciting initiative, check out some of the news stories below.