WARWICK – Mayor Joseph J. Solomon said today that, following the City Council’s final 8-1 vote Monday night in favor of his Roadway Improvement Initiative, which includes road paving and installation of LED streetlights throughout Warwick, his administration will move quickly to have funding in place for the spring construction season.
“When I took office, I pledged that improving our infrastructure would be a priority of my administration,” the Mayor said. “My Roadway Improvement Initiative will allow us to accelerate our schedule to pave streets and install cost-effective and environmentally-friendly LED lights throughout the City. I would like to thank the council members who sponsored the legislation on my behalf – Councilwoman Travis and Councilmen Howe, McElroy, McAllister and Sinapi – as well as Councilmen Corley, Rix and Ladouceur, who voted in favor of this initiative – for recognizing the value of this program to our community and supporting it.”
The initiative, which the Mayor announced in October, sought Council approval to enter into an agreement with the Rhode Island Infrastructure Bank (RIIB) for $10.3 million in funding the design, construction, repair, rehabilitation and improvements of City streets and sidewalks, including, but not limited to, paving, traffic control devices, and drainage and safety improvements and landscaping. The Council majority also approved $3.2 million through the RIIB for the purchase of street lights and the conversion of existing fixtures to LED technology.
When he announced the program, the Mayor noted the historically low interest rates available as a common-sense and cost-effective way to address the City’s myriad infrastructure needs. The weighted interest rate for the bonds is expected to be 1.3 percent. Savings from the LED technology will significantly offset debt service costs.
“Once the funding is in place, residents can be assured that we will be moving full speed ahead with a schedule for improvements so that we can begin work as soon as possible,” Solomon said. “I know those on the Council who supported this initiative are just as excited as I am to see improvements throughout the City next year.”