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BelRed Street Network

A map of the location of the BelRed Street Network Project
Project Type
Roads and Bridges
Financing Type
TIFIA
Status
Credit Agreement Executed
Sponsor/Borrower
City of Bellevue
Project Description

The City of Bellevue, Washington is developing the BelRed Street Network (Project), a combination of 12 multimodal roadways, to support the new BelRed neighborhood in the heart of the City. The Project, along with the introduction of East Link light rail by Sound Transit, is intended to provide a catalyst for redevelopment of the BelRed neighborhood to be connected, multi-modal, pedestrian-friendly, and transit-oriented. The Project will deliver multi-modal mobility enhancements that will improve access to make it multi-modal, pedestrian-friendly, and transit-oriented.  

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

Read the refinance news release. 

Project Link
City Website
Project Details
TIFIA Assistance
$99.60M
Primary Revenue Pledge
State or Local Appropriations
Project Cost
$323.20M
Fiscal Year Closed
FY2022
Duration/Status
Under construction; substantial completion is expected in 2022.
Funding Sources
City of Bellevue:  $158.9 million
TIFIA loan:  $99.6 million
Sound Transit:  $22.4 million
Federal Grant:  $22.1 million
State Grant:  $17.6 million
Private Contributions:  $2.6 million
Project Delivery/Contract Method
Design-Bid-Build
Project Advisers/Consultants
To the City of Bellevue:

Financial Advisor - Piper Jaffray
Legal Advisors - Pacifica Law Group, LLP
To USDOT Build America Bureau:

Financial Advisor - Montague DeRose/High Street Consulting
Legal Advisor - Bryant, Miller & Olive
Project Lender
USDOT TIFIA
Credit Assistance Detail
Direct loan: $99.6 million. The TIFIA loan is secured by a limited tax general obligation pledge of the City of Bellevue.
Financial Status
The TIFIA Loan Agreement was executed on June 9, 2017, and is expected to mature in 2056. The project was refinanced in December 2021.
Application Details
Applicant
The City of Bellevue
LOI Fiscal Year Received
FY2016
LOI Received Date
Credit Agreement Executed
Initial Eligibility Review
Review Complete
Creditworthiness Review
Review Complete
Application Review
Review Complete
Estimated Project Cost
$317.20M
TIFIA Request
$100.00M
Instrument Type
Direct Loan