Published June 8 2016
In a follow-up to recent discussions about long-range financial planning, the City Council on Monday took a deeper look into how to address the gap between critical capital investments and available funding.
One possible funding mechanism is a Transportation Infrastructure Finance and Innovation Act (TIFIA) loan to pay for key mobility projects that support projected growth in the BelRed, Wilburton and downtown areas. Federal TIFIA loans provide credit assistance for qualified projects of regional and national significance. Borrowers are then able to repay the low-interest loan over a period of up to 35 years.
Councilmembers directed staff to take the next step in the application process by submitting a letter of interest to the U.S. Department of Transportation. If the council decides to continue its pursuit of the loan, it could close late this year or in early 2017.
Later in the briefing, Fire Chief Mark Risen discussed his department's Fire Facilities Plan. Currently there remains approximately $100 million worth of projects identified, which staff has prioritized based on need. The recently updated recommendations for these infrastructure improvements focus on maintaining services levels, completing seismic upgrades and creating the greatest public benefit. Projects include critical upgrades to neighborhood fire stations and a new facility to serve the rapidly growing downtown area.
The council is considering two potential measures for the November ballot to support projects related to neighborhood safety -- improvements for fire facilities and transportation projects citywide. Residents and others can learn more and provide feedback at the following open houses, each taking place from 5 to 7 p.m.:
- June 28 at Bellevue Youth Theatre
- June 29 at South Bellevue Community Center, community rooms A & B
- June 30 at City Hall, room 1E-108
More information on the long-range financial planning topics discussed Monday is available online.
Bellevue Youth Theatre award
To kick off the full session, council members were presented with the Bellevue Youth Theatres recent "Grand Award for Excellence in Concrete" by the Washington Aggregates & Concrete Association. The award is the highest recognition given by WACA, a nonprofit industry trade association. BYT was recognized for its unique design, technical merit and environmental sensitivity.
The new facility also received awards in the Cast-in-Place Structures and Special Applications -- Technical Merit categories. A wide variety of public works projects are nominated for the award every year, including roads, bridges, airports, dams, museums and utility structures, as well as private residential, commercial and industrial structures. The city last won an award from WACA 12 years ago for the Meydenbauer Bridge project.