Saratoga Springs receives $3.7M State Infrastructure Bank loan approval to accelerate local road projects
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Summary
The commission approved a State Infrastructure Bank (SIB) loan of $3.7 million to Saratoga Springs to accelerate local roadway construction, primarily for portions of Pony Express Parkway; the city presented prior SIB usage and said the earlier loan enabled a project to finish before school started.
The Transportation Commission approved a State Infrastructure Bank (SIB) loan of $3.7 million to Saratoga Springs to accelerate construction on several local road projects, including phases of Pony Express Parkway and associated east‑west connections.
City public works director Jeremy Lappin told the commission that a prior SIB loan helped the city fast‑track a widening project that will be completed before the August school start; the new loan will allow the city to widen Pony Express to five lanes east of the Jordan River and to start construction sooner rather than wait for incremental local revenue.
UDOT staff presented the SIB balance and the city application; the department said that approving the $3.7 million loan would leave a small unobligated SIB balance and that Saratoga Springs had demonstrated need and readiness. Commissioners voted to approve the loan under the SIB lending terms (15‑year term and interest set per SIP guidance).
What happens next: Saratoga Springs will execute the loan agreement, draw funds to accelerate construction and begin work per the city’s project schedule; the commission requires standard SIB reporting and repayment per the amortization schedule presented.