$32.7 Million for Creation of Infrastructure Bank
WASHINGTON, DC – This past weekend, Virginia Governor Bob McDonnell and the State Legislature finalized the state’s new budget which includes $32.7 million for the creation of a new State Infrastructure Bank (SIB) and millions more for transportation projects needed throughout the state. The SIB will provide local agencies and private entities low interest loans to fund important and merit-based rail, road, transit and port projects. In response, Marcia Hale, president of Building America’s Future, issued the following statement:
“Governor McDonnell has shown real leadership in cooperation with the state legislature in setting aside funding to create a State Infrastructure Bank. We are optimistic their work will inspire leaders across the nation, and at all levels, to put aside politics and work together in addressing our nation’s most important issues. After years of calling for the creation of a National Infrastructure Bank, Building America’s Future is confident the newly created Virginia SIB will provide long-term benefits for the state’s workforce, local economies and future.”
Building America’s Future (www.BAFuture.org) is a bipartisan and national infrastructure coalition comprised of state and locally elected officials to help secure a renewed and reformed federal commitment to infrastructure. Co-chaired by Mayor Michael Bloomberg (I-NYC), former governors Arnold Schwarzenegger (R-CA) and Ed Rendell (D-PA), Building America’s Future is dedicated to smart infrastructure investment – energy systems, roads and bridges, mass transit, water and sewer systems, rail, ports, airports, levees and dams, schools and housing – to enhance the quality of life and safety of our communities, create jobs and economic growth, and promote energy independence. Building America’s Future supports a reformed and robust transportation policy for the United States.