It will still need to be paid back, but a $20 million loan that materialized suddenly from the state’s Department of Transportation last week is a windfall of sorts for one of Tacoma’s major public works projects: Restoring the Murray Morgan Bridge.
And the loan’s terms are almost too good to turn down: A zero-percent interest rate, a 10-year term and a balloon repayment structure – meaning the money doesn’t have to be paid back for a decade.
“This is the first I’ve heard of something like this,” city traffic engineer Kurtis Kingsolver said. “This is a tremendous opportunity for the city.”
Combined with $37 million in state and federal funds already dedicated, the new money will effectively put the city over the top in covering the price tag for a restoration project once thought to be a pipedream.
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