Proposed by the Mile of History Association, the project would use approximately $6.2 million financed by the city to make repairs to the area of historic Benefit Street. The private nonprofit organization proposed earlier in the year that the city obtain one or more loans through the Rhode Island infrastructure Bank.
The project’s supporters explained that repairs to the roadways and sidewalks mentioned in their project was not just for appearances sake but also to ensure the safety of the thousands of tourists who are drawn to walk or drive through the neighborhood.
Banner printing services help communities direct visitors to areas of interest.
Councilwoman Jo-Anne Ryan said:
“If you put historic tourism features aside, this project qualifies for precious general obligation bonds. If we went to bond today, the GOB rate would be about 2.33%; that is a very, very attractive rate. It actually saves the city $2 million in bond funds for other sidewalk projects.”
The first vote was 8-5 in favor of the project, with those voting against it doing so because they felt money for roads and sidewalks should be spread equitably throughout the city. Council’s second vote on the matter could take place at a special meeting in December or be held in the new year.