IBank Board Approves $11 Million Loan to City of Del Mar for Utility Line Undergrounding Project
Project will improve public safety by reducing fire risk in critical areas
SACRAMENTO (Aug. 4, 2025) — The California Infrastructure and Economic Development Bank (IBank) board of directors approved $11 million in loan financing for the City of Del Mar for a project that will move utility lines underground — lowering maintenance costs and reducing fire risks currently related to above-ground utilities.
The $11 million Infrastructure State Revolving Fund financing will finance a portion of a larger $30 million citywide utility undergrounding project known as Utility Undergrounding District (UUD) X1A (Crest Canyon) and UUD1B (Stratford Court North). The project will remove existing utility poles and replace overhead cables for electricity and telecommunications with underground lines.
The project will help fulfill the city’s obligations for undergrounding (per California Public Utilities Commission Rules 20B and 32.2-A). It will also benefit the city by reducing the fire risk currently related to above-ground utilities and improve access for emergency vehicles. The community will also benefit with increased service reliability and reduced maintenance costs.
“Californians understand not only the public safety benefits of undergrounding utility lines, they value the increased reliability of electricity that comes with it,” said IBank Executive Director Scott Wu. “This is exactly why IBank is here. To provide affordable financing for projects that protect our environment, our communities, and – in this case – can literally save lives.”
“The city is pleased to learn that the IBank Board has approved our application for funds to further the city’s Undergrounding Program, which will allow the city to continue accomplishing this important work for the benefit of the community,” said Del Mar City Manager Ashley Jones.
The remaining cost of the $30 million project will be covered by the city and several utility companies including San Diego General & Electric, Spectrum, AT&T, and Crown Castle.
The project is expected to create about 40 temporary jobs, and the city is aiming for completion by August 2027. This is the third project IBank has financed through an Infrastructure State Revolving Fund loan for the City of Del Mar.
About the California Infrastructure and Economic Development Bank: IBank was created in 1994 to finance public infrastructure and private development that promote a healthy climate for jobs, contribute to a strong economy, and improve the quality of life for Californians and communities throughout the state. IBank is located within the Governor’s Office of Business and Economic Development and is governed by a five-member board of directors.
IBank issues tax-exempt and taxable revenue bonds, provides financing to public agencies, provides credit enhancements, acquires and leases facilities, leverages state and federal funds, and provides loan guarantees and other credit enhancements for small businesses. Visit us at ibank.ca.gov.
Karen C. Naungayan
Deputy Director of External Affairs
Office: 916.447.8474
Mobile: 916.207.9132
