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Westerly council authorizes application to Infrastructure Bank for wastewater treatment upgrades
Summary
The council approved a resolution authorizing the town manager to complete loan paperwork to the Rhode Island Infrastructure Bank for a major wastewater treatment facility upgrade (application cap discussed at about $85 million, including contingency); the manager said some federal and other grant funds will be pursued to reduce borrowing burden.
The Westerly Town Council on Sept. 22 voted to authorize the town manager to submit a loan application to the Rhode Island Infrastructure Bank to fund upgrades at the town wastewater treatment facility. The proposed borrowing cap discussed at the meeting was approximately $85 million, including required contingencies.
Town staff said the request reflects the next step in a multi-year project; the manager said the town had already applied and that the approved resolution was a necessary formal step for the application packet. Councilors asked about potential grant offsets — staff said $2 million in federal funds had been received and the town is continuing to seek grants and other funding that would reduce the borrowing need.
The Infrastructure Bank loan's interest rate will be set at closing; staff said recent market movement had lowered rates from their highs and estimated a likely rate in the mid‑to‑high 3% range at the time of closing. Council approved the authorization after brief discussion about the scale of the project and the town's continuing pursuit of grants.
What happens next: Town staff will submit the application materials and continue to pursue grant funding and federal assistance to offset the loan; the council will receive updates on financing and project scoping.
