ENCINITAS, CA — The City of Encinitas has secured a $20 million loan from the Bank for Infrastructure and Economic Development of California to preserve and revitalize a section of the North Coast Highway 101 Corridor.
The Leucadia Streetscape project is estimated to cost a total of more than $65 million, according to a press release from IBank. The bank’s loan will cover construction of roundabouts, wider sidewalks, protected bike lanes, more parking options, additional lighting and new stormwater infrastructure for Segment C, a designated area at the north end of the Coast Highway. Section C runs through the community of Leucadia and is already full of shops and cafes.
The city plans to fund Sections A and B through funds from its reserves. The project is expected to take about three years to complete. The City Council voted in May 2021 to submit a financing proposal to the bank rather than seek voter approval for a bond measure, according to a report by Encinitas Advocate. The entire Streetscape project was scheduled to begin just before the coronavirus pandemic began. With the pandemic, the Board voted to split the project into three different phases due to cost concerns at such an uncertain time.
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“This is a transformative mobility and community improvement project that has been ongoing for over a decade,” explained Encinitas Mayor Catherine Blakespear. “The city will finally be able to see Streetscape’s vision come true.”
“This project will improve safety not only for drivers, but also create safe communities for walking and cycling, allowing more people to get out of their cars and helping the environment,” said IBank Executive Director Scott Wu. “IBank is pleased to fund an infrastructure project that will directly benefit the people of Encinitas for years to come – and will also increase access to a number of small businesses that are so vital to the economy and community.”
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