The Build America Bureau recently refinanced a $99.6 million Transportation Infrastructure Finance and Innovation Act (TIFIA) loan for the BelRed Street Network Project in Bellevue, Wash.
“The bureau is pleased to support the city of Bellevue by refinancing the original loan to take advantage of lower interest rates,” Morteza Farajian, Build America Bureau executive director, said. “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 start service on the East Link Light Rail and serve as a catalyst for the redevelopment of the BelRed neighborhood. Work includes 25,000 linear feet of sidewalk, 21,000 linear feet of dedicated and separated bike lanes, bike signals, approximately 90 new and upgraded curb ramps, and approximately 90 other pedestrian access improvements in compliance with the Americans with Disabilities Act.
The bureau provides TIFIA loans and other surface transportation infrastructure financing to reduce the costs of infrastructure projects. It also offers technical assistance and best practices in project planning, financing, delivery, and operation.
The Bipartisan Infrastructure Law expands project eligibility for the bureau’s TIFIA credit program and extends the maturity of the loans.