Council approves $4.4 million in State Infrastructure Bank loans for bike and shared‑use path projects
Council accepted two SIB loan agreements totaling approximately $4,401,000 to fund downtown bicycle improvements, McCrae Boulevard shared use path and Buffalo Soldier/Brown Street shared‑use paths, replacing planned local match funding from capital asset sales; loans carry ~3.56% interest and a term up to 25 years.
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The El Paso City Council unanimously approved resolutions to accept State Infrastructure Bank (SIB) loan agreements to fund local match obligations for multiple federally funded transportation projects. Joaquin Rodriguez (Capital Improvement Department) described two loan agreements: roughly $1,854,000 for downtown bicycle improvements and McCrae Boulevard shared‑use path, and $2,547,000 for Buffalo Soldier Reconstruction and Brown Street shared‑use path, for a combined request of about $4,401,000.
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