The Indianapolis City-County Council Monday night approved a plan to pay for infrastructure projects with up to $120 million in revenue bonds.
The funding is a key part of Mayor Joe Hogsett’s 2019 city budget and it could finance a variety of projects – streets, bridges, traffic signals, curbs and sidewalk improvements.
Scott Kreider is a Republican councilor and co-chair of a new infrastructure study commission, which is tasked with discussing the new funds.
Kreider says city administrations ignored the issue for decades, which left the city’s infrastructure in a state of crisis.
“I think it’s...I can’t remember the last number, between $740 – $750 million, just to bring things up to fair condition. And I don’t know about you, but I prefer not to live in a city where things are ‘fair,’” Kreider says.
Kreider says projects will be chosen according to how badly they are needed, and how long the repairs will last. He says bridge repairs are especially important.
The proposal passed unanimously.