Concord has raised $114 million to pay for citywide capital improvement projects focused on addressing backlogged roadway maintenance and repair needs in the City.
The new funding was generated through a tax-exempt debt issuance (borrowing), which was rated AA by S&P Global, meaning the City has a strong credit rating.
This is made possible with the passage of Measure V in November, and it provides significant funding to make a near-term impact toward addressing the City’s deferred roadway and infrastructure maintenance needs.
“We’re so grateful to Concord voters for passing Measure V, which has allowed us to move quickly and take advantage of the historically low interest rate environment to advance our vital roadway projects,” said Mayor Tim McGallian.
The City’s investments will start immediately with a citywide roadway base repair project this summer followed by significant investment in many of Concord’s streets and roadways over the next three to five years. On June 8, the Concord City Council will consider the projects proposed for FY 2021-22. Members of the public are invited to participate.