The U.S. Department of Transportation’s (USDOT) Build America office refinanced a $ 99.6 million TIFIA loan for the city of Bellevue, Wash., BelRed Street Network Project.
The office provides loans under the Transport Infrastructure Financing and Innovation Act (TIFIA) and other surface transport infrastructure finance to reduce the costs of infrastructure projects.
“The DOT is proud to work with Bellevue on the Belred Street Network Project, which will connect people to jobs and support Bellevue as a growing economic center,” said Assistant Secretary for Transportation Polly Trottenberg.
Along with the commissioning of the East Link Light Rail, the BelRed Street Network Project will act as a catalyst for the redevelopment of the BelRed neighborhood, helping to make it connected, multimodal, pedestrian-friendly and focused on public transport.
“The office is pleased to support the city of Bellevue by refinancing the original loan to take advantage of lower interest rates,” said Morteza Farajian, executive director of the Build America office. “By working together, we are able to overcome the challenges posed by the pandemic and keep important public works projects on track for completion.”
The project will add:
- Approximately 90 new and improved ramps, and approximately 90 other pedestrian access improvements under the United States Disability Act (ADA).
- 25,000 linear feet of sidewalk.
- 21,000 linear feet of dedicated and separate cycle paths.
- Bicycle signals to improve bicycle safety.