Municipal Road and Bridge Revolving Fund – MRBRF

fillerimgEstablished by the General Assembly, the purpose of the MRBRF is to provide low interest loans to borrowers identified by the Rhode Island Department of Transportation (RIDOT) for road and bridge infrastructure. The MRBRF is administered by the Rhode Island Clean Water Finance Agency. The General Assembly budgeted $6.9 million for road and bridge repair for 2014. Fourteen municipalities submitted applications for 23 infrastructure plans to the RIDOT between 9/15/13-10/15/13. RIDOT evaluated all projects and ranked each one. A final Project Priority List (click to list) was forwarded to the agency at the end of 2013. Ratings were based on several factors, including economic benefits, mobility effectiveness, cost effectiveness, safety, and readiness to proceed in 2014. In June 2014, the state awarded an additional $3.3 million for the MRBRF.

Rhode Island Clean Water Finance Agency will lend out $10 million in loans for roads and bridges. Municipalities have until 4/11/14 to submit loan applications and letters of interest requesting funds from the MRBRF for projects listed on RIDOT’s Project Priority List. 

In 2015 the state budgeted $5,000,000 for road and bridge repair. Ten communities submitted applications for fifteen infrastructure plans to the Department of Transportation. A final Project Priority List (click here to view list) was submitted to the Agency at the end of 2014. The Agency contributed an additional $3,500,000 for the Municipal Road and Bridge Revolving Fund. Six communities received Road and Bridge Loans in 2015 for seven projects, totaling $8.8 million.

As required by statute the Department of Transportation evaluated and submitted the 2016 Project Priority List (click here to view the list) for the Municipal Road and Bridge Fund. There were 12 projects submitted by 9 communities.  Projects ranged from public safety to road resurfacing and bridge replacement.  The single most requested type of project was road resurfacing, and many projects focused on areas in need of infrastructure to improve and promote business  locations.

The state provided the RI Infrastructure Bank with $6,375,431 to fund projects for 2016. Four communities received Road and Bridge Loans in April 2016 for a total of $6,226,000. Many communities on the list withdrew their application because they did not have the authority to borrow funds.

DOT will be sending letters and applications at the end of August for funding in 2017.

 

 

 

 

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