The US Department of Transportation’s (USDoTs) Build America Bureau (Bureau) will provide a $99.6m Transportation Infrastructure Finance and Innovation Act (TIFIA) loan to the city of Bellevue, Washington, for completion of the BelRed Street Network Project. 

The loan is offered to the city at an interest rate of 2.86% for a term of 35 years. 

The loan will be used by the city for development of BelRed Street Network Project, which comprises 12 multimodal roadways. 

"The loan is expected to help transform the BelRed area, and create thousands of new jobs and housing units due to multimodal transportation system."

Build America Bureau executive director Marty Klepper said: "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."

Bellevue is connected to Seattle, the University of Washington, and the Port of Seattle.

The loan is expected to help transform the BelRed area, and create thousands of new jobs and housing units due to multimodal transportation system. 

Substantial completion of the BelRed Street Network Project is expected in early 2023.