U.S. Department of Transportation Announces Refinancing of the $99.6 Million of Credit Assistance to City of Bellevue, Washington, for the BelRed Street Network
WASHINGTON D.C. – The U.S. Department of Transportation today announced that its Build America Bureau has refinanced a $99.6 million TIFIA loan for the City of Bellevue’s BelRed Street Network Project. The Bureau provides Transportation Infrastructure Finance and Innovation Act (TIFIA) loans and other surface transportation infrastructure financing to reduce the costs of infrastructure projects.
“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 Deputy Transportation Secretary Polly Trottenberg.
Along with the start of service on the East Link Light Rail, the BelRed Street Network Project will serve as a catalyst for the redevelopment of the BelRed neighborhood, helping make it connected, multi-modal, pedestrian-friendly, and transit-oriented.
“The Bureau is pleased to support the City of Bellevue by refinancing the original loan to take advantage of lower interest rates,” said Build America Bureau Executive Director Morteza Farajian. “By working together, we are able to overcome the challenges posed by the pandemic and keep important public works projects on the path to completion.”
The Project will add:
- Approximately 90 new and upgraded curb ramps, and approximately 90 other pedestrian access improvements in compliance with the Americans with Disabilities Act (ADA)
- 25,000 linear feet of sidewalk
- 21,000 linear feet of dedicated and separated bike lanes
- Bike signals to enhance cycling safety
The U.S. Department of Transportation’s Build America Bureau was established as a “one-stop-shop” during the Obama Administration to help states and other project sponsors carry out infrastructure projects. The Bureau offers low-interest and long-term credit programs, technical assistance, and best practices in project planning, financing, delivery, and operation. The Bipartisan Infrastructure Law, signed by President Biden in November 2021, expands project eligibility for the Bureau’s TIFIA credit program and extends maturity of the loans, giving borrowers additional flexibility.
To date, the Bureau has provided more than $36.6 billion in financing through the TIFIA credit program, supporting more than $124 billion in infrastructure investment across the country. For more information, please visit the Bureau website on TIFIA.