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San Francisco based bond startup Neighborly has partnered with Burlington, VT's local government for Burlington's 10-year, $27 million sustainable infrastructure plan. Neighborly will act as the platform through which the city will issue up to $8m in infrastructure bonds to citizen investors.
Under the Neighborly program, the repairs to the bike path can be paid for by the people who live alongside it and use it daily, said James McIntyre, the head of public finance for the four-year-old company. He described investment as a path for democratic involvement for citizens. "Everyone who lives in the city of Burlington has a vested interest in these bonds whether they realize it or not," he said. Last September, Burlington participated in the Neighborly Bond Challenge in Los Angeles, winning the chance for Neighborly to work free-of-charge as the city's broker-dealer. Of the pool of about two dozen entrants, Austin, Texas; Somerville, Mass.; Housing Trust Silicon Valley; and Lawrence, Kansas were also winners.
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