Bellevue, Wash. Receives $99.6 Million Loan from DOT
The money will go toward the Belred Street Network Project.
The U.S. Department of Transportation's Build America Bureau will provide a $99.6 million Transportation Infrastructure Finance and Innovation Act (TIFIA) loan to Bellevue, Wash., the agency announced. The loan will go toward the BelRed Street Network Project.
The project is a combination of 12 roadways planned to support the new Belred neighborhood in the northern part of the city. The loan will accelerate the transformation of the BelRed area, creating new jobs and housing units.
Marty Klepper, executive director of the bureau, said in the release: "We are also pleased to have successfully worked with Bellevue to complete the credit review and approval process in eight months under a new streamlined process specially designed for entities with highly rated credit, shortening the overall transaction time and costs."