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Location |
Denver Metro Area, Colorado |
Project Sponsor / Borrower |
Colorado High Performance Transportation Enterprise |
Program Areas |
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Fiscal Year Approved |
Fiscal Year 2011 |
Mode |
Highway / Managed Lanes; Bus Rapid Transit |
Description |
U.S. 36 is four-lane divided highway that connects the City of Boulder to Denver at its intersection with I-25. The highway currently experiences significant congestion and has been targeted for improvements by the Colorado Department of Transportation (CDOT) since the late 1990s. The U.S. 36 Managed Lane Project: Segments 1 and 2 is an initial phase of approximately $1.3 billion of identified improvements along the 18 miles of roadway between the two cities. This $307 million first phase is being procured as a design-build contract and will include the following components:
The Project is being developed by the High Performance Transportation Enterprise (HPTE) in partnership with the Colorado Department of Transportation (CDOT) and the Regional Transportation District (RTD). This phase of the Project is expected to be open to traffic by July 2015. A future Segment 3 would extend the reconstruction and addition of HOT lanes to Table Mesa Drive in Boulder. Other components to be implemented at a later date include the repair or replacement of 11 additional bridges and the addition of auxiliary lanes between interchanges. |
Cost |
Est. Total Cost: $307 million (First Phase) |
Funding Sources |
TIFIA loan - $54.0 million |
Project Delivery / Contract Method |
Design-Build |
Project Partners |
To be determined – expected contract award March 2012 |
Project Advisors / Consultants |
Jacobs Engineering Group - Engineering Advisor
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Lenders |
USDOT - TIFIA |
Duration / Status |
Design-build shortlist July 2011, contract award expected March 2012. Expected opening July 2015 |
TIFIA Credit Assistance |
Direct Loan: $54.0 million The TIFIA loan, which initially will be the only Project debt, will be issued within a Master Trust Indenture. The TIFIA Loan Agreement and the Master Trust Indenture provide certain credit protections to mitigate project risk, including reserves, additional bonds test, and a rate covenant. The security for the TIFIA loan will be a gross pledge of toll revenues collected on the U.S. 36 managed lanes. The Borrower has covenanted to maintain tolls to produce debt service coverage on all senior and TIFIA debt of 1.30x and debt service coverage on any future senior lien debt of 1.40x. Prior to substantial completion the Borrower will establish a TIFIA debt service reserve equal to maximum annual debt service over the next five year period. The TIFIA loan has been rated "BBB-" by Fitch Ratings. |
Financial Status / Financial Performance |
TIFIA credit agreement executed on September 1, 2011 |
Innovations |
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Related Links / Articles |
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Contacts |
John Schwab, P.E. |
1 Of this total, $454.3 represents TIFIA Eligible Project Costs.
2 Railroad Rehabilitation & Improvement Financing