Council approves $4.4 million in State Infrastructure Bank loans for bike and shared‑use path projects

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.

Rodriguez said grouping projects in a single loan gives flexibility to reallocate savings between the listed projects. Finance terms presented to council showed a 25‑year term at an interest rate similar to prior SIB loans (about 3.56%). Representative Canales explained the move replaces a planned local match funded by prior capital asset sale proceeds; the city will rescind those prior allocations when SIB funds are received. Council approved the resolutions unanimously, and staff said executing the loan agreements is the final step to secure the funds.