Good evening, everyone.

I'm Providence Councilwoman Joanne Ryan.

Uh, this is the Committee on Finance Public Hearing on the Mile of History Project.

We have um before we begin, I just want to make some announcements and uh recognize some folks that are with us.

We are uh staffed today by solicitor Leonella Felix.

Thank you, Leonella, for being here.

Finance committee members, of course.

Um to my right, uh Councilwoman Sue Andebois, Councilman Miguel Sanchez, and we have Althea Graves.

Um also want to recognize the councilman in the group.

Um John Goncals.

So noted.

Don't see anyone else.

Okay, awesome.

Um, what we're gonna do this evening is we're gonna start out with uh a number of presenters uh on this matter so that we have a full understanding of what is before us, and then after that presentation, um we will open it um up and engage uh the public in public hearing.

Napoleon, may I ask you please to um deliver the sheets for the people who have signed up to speak, and after the presentation of the matter, we will call the public.

Thank you very much.

Okay, with that, first up, um chief.

Oh Madam Clerk, please read the matter into the record.

Item one an ordinance of the City of Providence approving the financing of the Mile of History Project by the issuance of appropriation obligations, therefore, an amount not to exceed six million two hundred thousand.

Thank you, Madam Clerk.

Okay, presenters, Chief Mancini.

Chief, I'm gonna ask you to be the MC of the presentations this evening if you would be so kind.

I will be honored, Your Honor.

Thank you.

So maybe Madam Chair, good evening, and uh thank you for the opportunity to prepare for the uh public hearing.

I'm joined this evening by a number of individuals.

And before I begin my testimony, I will have them introduced.

Uh we're joined by members of the Milo History Association and their leadership, Mr.

Dan Bowden and Ms.

Liz Marancy.

You'll also hear testimony and presentation from department directors that include Director Joseph Mulligan from the Department of Planning and Director Ted Carr, who is director of economic development.

We also have testimony from the Chief Engineer, uh Craig Hawkins from the Department of Public Works, and last but by no means least, the Director of Tourism uh in the province war convention bureau, Miss Kristen Adamo.

They are all here to provide individual testimony, Madam Chair.

So for the benefit of the public in this committee, Madam Chair, this is a project that uh I was asked to give testimony on from the finance perspective.

And I am here this evening in my capacity as the city's chief financial officer and a person who gave testimony previously when this matter was heard by the Finance Committee in late June.

The project is a project that spans wards one, two, and three along the Benefit Street Corridor, hence the name of the Milo History.

It um again it appeared before the finance committee in late June.

The matter was set to be tabled, and by the will of the council, you're having this as a public hearing this evening.

What I can tell you about this project that's important to note is this project has already been approved by the Rhode Island Department of Transportation, and it now sits on the project priority list.

That is a key element to this project.

In order for this project to proceed and therefore be eligible to borrow under the Rhode Island Infrastructure Bank, you must be approved to be on the Rhode Island DOT project priority list, which they have been approved.

The dollar amount that we will be looking to borrow is an amount of 6.2 million.

5.5 million will be in project dollars, the actual cost of construction, and an additional 700,000 that is necessary for the terms and conditions of the Rhode Island Infrastructure Bank that include a debt service reserve and those cost of issues, including closing costs.

For the benefit of the public and members of the council, a debt service reserve is a provision based upon the size of the loan that is held in reserve.

And should there ever be a failure of payment, which I believe would never occur with a municipal government, that amount would be set aside as a payment to make any fail payment.

It is a typical financing mechanism in all financing matters.

The benefit of borrowing through the Rhode Island Infrastructure Bank, this program, this project is done through the project known as the Road and Bridge Fund.

Therefore, it will receive a 33% interest rate subsidy.

Just today, I spoke to the program manager, Mr.

Greg Miller, and he has said that today, municipal borrowing rates under this program could run between three and a half percent and four and a half percent, and with the subsidy of one third, that actually reduces the rates to 2.33 percent to a maximum of 3%.

The term of the loan could be as long as 20 years.

For effective budgetary affordability, the city council adopted the FY26 budget with a provision already made in the debt service line that would include an amount necessary to meet a payment of 412,000 annually fixed.

That amount is already in the FY26 budget.

It wasn't meant to presume that the council would approve this project, but at the time the budget was submitted by the administration and therefore considered by the council and therefore approved by the council, that provision needed to be included because we were before the finance committee in late June seeking that approval.

The repayment, as I said earlier, will be over a period of 20 years, and that provision has already been made in the debt service line.

During the meeting, and just prior to the meeting in June, we were informed by outside council, and we're here this evening.

We have Mr.

Neil Pandozi from Trout Peppermint and Locke, an associate of Miss Karen Grandy.

They are the city's outside bond council available for any questions.

We were informed that legislation approved by the state general assembly just that day would permit, if passed, and it did pass, any type of borrowing like this to be treated as if it was a general obligation bond and therefore enjoy the benefit of a general obligation bond, which generally assures lower interest rates.