Concord Raises $114 Million for Roadway Projects

Concord Raises $114 Million for Roadway Projects

Concord Raises $114 Million for Roadway Projects
Road repairs in Concord. (Photo by Pete Cruz)

CONCORD, CA (May 21, 2021) — The City of Concord has raised $114 million to pay for citywide capital improvement projects focused on addressing backlogged roadway maintenance and repair needs in the City.

Tax-exempt debt issuance (borrowing) generated the new funding, which S&P Global rated AA, meaning the City has a strong credit rating.

Passage of Measure V in November made this possible. 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. It 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. A citywide roadway base repair project kicks off this summer. After that, significant investment in many of Concord’s streets and roadways will occur. It will spread out 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.

Meeting details will be available through the Citys website. They will post the meeting agenda no later than June 4. They will also develop projects for the following four years over the next 14 months.