PROVIDENCE, R.I. – Rhode Island Infrastructure Bank has closed on a $1.5 million Municipal Road & Bridge Revolving Fund loan for the Town of Hopkinton for road resurfacing work. The project will be a two-step process, including a shimming of the roads and then a rubber chip seal surfacing that will be completed in early Summer. Additionally, a Maltene Replacement Technology (MRT) treatment will be applied to Town roads, extending the useful life of the existing asphalt surface by an estimated 8-10 years.
“Roads are basic infrastructure that Rhode Island’s cities, towns, businesses, and residents rely on every day, and we are pleased to provide low-cost financing to the Town of Hopkinton so they can maintain and improve their roads,”
Rhode Island Infrastructure Bank is Rhode Island’s central hub for financing infrastructure improvements for municipalities, businesses, and homeowners. We leverage capital in a revolving fund to offer innovative financing for an array of infrastructure-based projects including water and wastewater, road and bridge, energy efficiency and renewable energy, and brownfield remediation. These quality-of-life projects improve the State’s infrastructure, create jobs, promote economic development, and enhance the environment. www.riib.org – Facebook: @RIinfrastructure – Twitter: @RI_InfraBank