SUPPORTING LOCAL INFRASTRUCTURE BANKS

WHEREAS, The U.S. Conference of Mayors has identified the need for greater investment in American infrastructure to create, repair, and replace interstate and local transportation networks, including rail, roads, sidewalks, bridges, and water systems; and

WHEREAS, infrastructure investment should also include strategic investments in buildings, parklands, as well as human capital; and

WHEREAS, studies have shown that pedestrian and bicycle infrastructure projects create about 11-14 jobs per $1 million of spending while road infrastructure projects create about 7 jobs per $1 million; and  

WHEREAS, the federal government in recent years has not provided the financial resources to provide localities with much needed improvements; and

WHEREAS, this lack of federal support has left the United States with more than 70,000 bridges in need of repair, close to half of U.S. roads in inadequate condition, and; and

WHEREAS, in 2008, the World Economic Forum ranked United States infrastructure among the 10 best in the world. By 2011, that ranking dropped to 24th, behind almost all major European nations, Singapore, Australia, and Canada; and

WHEREAS, local municipal leaders have been left to take on rebuilding infrastructure with local funds; and

WHEREAS, establishing local infrastructure banks would provide crucial funding for national projects that would not only yield local benefit, but also create thousands of jobs and stimulate the U.S. economy; and

WHEREAS, mayors in cities like Chicago have created local infrastructure banks to compensate for the lack of federal resources; and

WHEREAS, Chicago has proposed creating an infrastructure trust, which will be funded by investments from private investment companies in partnership with the city, not requiring an increase in taxes, funding not only transportation projects, but also energy efficient projects and local recreation areas.

NOW, THEREFORE, BE IT RESOLVED, that the U.S. Conference of Mayors supports local infrastructure banks that are necessary to help revitalize local public works projects; and

BE IT FURTHER RESOLVED that the U.S. Conference of Mayors urges Congress to appropriate funds to supplement local infrastructure projects.