Bellevue Council Moves Closer To $100 Million Loan For Road Projects

BELLEVUE, WA - The City Council last week moved received an update on a $100 million low-interest federal loan to fund transportation projects around the city.

The federal Transportation Infrastructure Finance and Innovation Act loan could be put toward projects like expanding 124th Avenue Northeast between Bel-Red Road and Northrup Way, and improvements along 130th Avenue between Bel-Red and Northrup.

Bellevue will pay for 66 percent of the transportation projects, and the TIFIA loan will pick up the rest. The city has already budgeted money for the projects in its capital improvement budget.

The city may move soon on the loan to lock in a low interest rate. The rate was 3.13 percent as of early January. The loan will be repaid over the course of 35 years.

The next step is for City Council to approve a bond ordinance, which will formally direct city administrators to pursue the loan.

Image used under Creative Commons