The U.S. Department of Transportation (DOT) recently refinanced a $99.6 million Transportation Infrastructure Finance and Innovation Act (TIFIA) loan provided to Bellevue, Washington's ongoing BelRed Improvement project, allowing the city to take advantage of lower interest rates.
The TIFIA loan was refinanced by DOT's Build America Bureau for Bellevue’s BelRed Street Network Project, which aims to redevelop the neighborhood of Bel-Red through additional transportation connections and pedestrian access, a Jan. 3 DOT press release said.
“The Bureau is pleased to support the City of Bellevue by refinancing the original loan to take advantage of lower interest rates,” Build America Bureau Executive Director Morteza Farajian 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 BelRed Street Network Project, part of the larger BelRed Transformation project, is a redevelopment and economic growth plan within the 900-acre area between downtown Bellevue and Overlake/Microsoft, 10 miles east of Seattle, according to the project’s documentation provided by the City of Bellevue. The area is a major employment center for the region that, by 2030, is expected to add approximately 10,000 new jobs and 5,000 new housing units.
The project began in May 2020 with construction along Northeast Spring Boulevard, widening of 124th Avenue Northeast and 130th Avenue Northeast, and improvements along the 120th Avenue Northeast corridor, according to a youtube video posted by Bellevue Television. The project will include the start of service on the East Link Light Rail, assisting to make the effort “a catalyst for the redevelopment of the BelRed neighborhood," the release said.
The project is expected to make the Bel-Red neighborhood more connected and pedestrian-friendly, the release said. The project aims to improve local and regional transportation connections to new parks, trails, bike paths and other amenities. Additions will include 90 new curb ramps to assist those with disabilities, 90 other pedestrian access improvements, 25,000 additional feet of sidewalks and 21,000 feet of new bike lanes.
“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,” Deputy Transportation Secretary Polly Trottenberg said in the release.
