Funding secured for first phase of bypass
This summer, the cities of McMinnville, Newberg and Dundee joined Yamhill County in applying for $16 million in loans through ODOT’s revolving infrastructure loan program. The Confederated Tribes of Grand Ronde has agreed to put up the other $4 million.
The OTC granted the loans on 20-year terms at exceptionally favorable interest rates, according to County Commissioner Allen Springer, who is serving as the county’s Parkway Committee liaison. He said McMinnville is getting 2.38 percent and Newberg and Dundee, who are borrowing less, are receiving 2.58.
Committee Chair Dave Haugeberg noted 24 elected members of four different commissions and councils had agreed unanimously on the local match funding formula, which helped immeasurably in propelling it forward.
“I don’t care who the entities are,” said Mayor Rick Olson, representing McMinnville on the committe. “This kind of cooperation isn’t a thing that comes along every day.”
Haugeberg said ODOT plans to begin soliciting bids and awarding contracts in May and moving dirt in June.