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BelRed Street Network

A map of the location of the BelRed Street Network Project
Project Type: 
Roadways and Bridges
Sponsor / Borrower: 
City of Bellevue
Credit Agreement Status: 
Active
TIFIA Assistance: 
$99.6 million
Primary Revenue Pledge: 
State or Local Appropriations
Project Cost Details: 

$323.2 million in total project costs; $301.86 million in project costs eligible for TIFIA financing

Duration / Status: 

Under construction; substantial completion is expected in 2022.

Fiscal Year Closed: 
FY2017
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 are expected to improve access to transit, reduce travel times, and improve access to employment along the Project path.

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 Advisors / 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(s): 
USDOT TIFIA
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.
Project Contacts: 

Ron Kessack
Assistant Director Capital Program Services
Phone: 425-452-4631
RKessack@bellevuewa.gov

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