Providence City Council Committee on Finance Tonight Voted to Approve a $30M Bond for School and Neighborhood Projects
$20M of the bond will be for upgrades to schools, and $10M will be to improve neighborhood community centers and monies for City Hall roof and interior renovations.
Tonight the Chairman of the Providence City Council Committee on Finance, Majority Whip John J. Igliozzi of Ward Seven, and his colleagues approved the City to seek a $30M bond for school and other neighborhood infrastructure projects. In addition to schools, the bond includes monies for repairs and renovations to City Hall and neighborhood community centers.
“When the Administration put forth a proposal to take out a $20M bond for school infrastructure, I requested an immediate analysis of the cost of borrowing an additional $10M in an attractive rate environment to support other much-needed upgrades to City-owned properties,” stated Majority Whip and Chairman of the Council’s Committee on Finance John J. Igliozzi. “Working together with the Mayor and his finance team we found that the additional funds were a reasonable investment and that the rates today are better than they were when we first began this discussion. For the past year, I have been advocating to not only fix our schools but to fix our own house – City Hall. The $10M addition to the bond proposal will go towards fixing the roof of City Hall and other much-needed renovations to the historic building.”
Much of the bond is subject to the Rhode Island Department of Education Housing Aid Reimbursement program which will refund the city 82% of up to $16M of the $20M bond that is earmarked for school infrastructure improvements.
“The best investment we can make is in our youth,” said Mayor Jorge Elorza. “I am proud that we will be able to invest critical dollars into our school buildings and continue to improve public properties throughout our capital city with this bond. I thank the council members for their continued commitment to our schools and our city.”
City Council President Sabina Matos stated, “Whip Igliozzi has an understanding of the City’s financial health that is unmatched, and I’m grateful that he was able to see how the time was right for us to take this important step to not only secure our schools but to secure our other city-owned properties.”
The resolution will be sent to the full City Council for a vote and passage at their regularly scheduled February 7, 2019 meeting.