IBank Board Approves $20 Million Loan to Help Encinitas Improve Road Safety for Pedestrians and Drivers
The Leucadia Streetscape project will make it easier and safer for families to get to the beach, and walk or bike to local shops and restaurants
FOR IMMEDIATE RELEASE
SACRAMENTO (May 26, 2022) — The California Infrastructure and Economic Development Bank (IBank) board of directors approved $20 million in loan financing to the City of Encinitas for a project that will preserve and revitalize the North Coast Highway 101 Corridor and improve access and safety for drivers, bicyclists, and pedestrians.
The board approved the $20 million Infrastructure State Revolving Fund loan for “Segment C” of the city’s Leucadia Streetscape project — at the north end of the North Coast Highway 101 Corridor. The project will include the construction of roundabouts, new wider sidewalks, buffered bike lanes, increased parking options, additional lighting, and new stormwater infrastructure.
This section of Highway 101 runs through the Leucadia community and is lined with shops and cafes. The project will improve safety and convenience, enhance walkability, create new buffered bike lanes, and improve transit options.
“This project will improve safety not only for drivers, but also create safe, walkable, bikeable communities, allowing more people get out of their cars and helping the environment,” said IBank Executive Director Scott Wu. “IBank is happy to finance an infrastructure project that will directly benefit the people of Encinitas for years to come — and also increase access to a number of small businesses, which are so vital to the economy and community.”
“This is a transformative mobility and community enhancement project that has been in the works for over a decade,” explained City of Encinitas Mayor Catherine Blakespear. “The city will finally be able to see the Streetscape vision become a reality.”
The Leucadia Streetscape project is expected to create 217 jobs during the construction period with a total cost of more than $65 million. The project comprises segments A, B, and C. Segments A and B are being financed by the city from its reserves and other funding, with Segment C to be financed with the IBank loan. The project is expected to take about three years to complete.
About the California Infrastructure and Economic Development Bank: IBank was created in 1994 to finance public infrastructure and private development that promote a healthy climate for jobs, contribute to a strong economy, and improve the quality of life for Californians and communities throughout the state. IBank is located within the Governor’s Office of Business and Economic Development and is governed by a five-member board of directors.
IBank issues tax-exempt and taxable revenue bonds, provides financing to public agencies, provides credit enhancements, acquires and leases facilities, leverages state and federal funds, and provides loan guarantees and other credit enhancements for small businesses. Visit us at ibank.ca.gov.
Karen C. Naungayan
Deputy Director of External Affairs
Email Karen, HERE
Office: 916.447.8474
Mobile: 916.207.9132
