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Project Profiles

Denver Union Station

Location

Denver, Colorado

Project Sponsor / Borrower

Denver Union Station Project Authority (DUSPA)

Program Areas

Project FinanceP3Tifia

Fiscal Year Approved

Approved in Fiscal Year 2010.

Mode

Intermodal - Transit/Multimodal Development

Description

The Project, which will promote livability and provide environmental, social and economic benefits to the Denver region, is a public-private development venture located on approximately 50 acres in lower downtown Denver, which includes the historic Denver Union Station building (excluding renovation of the building itself), rail lines, vacant parcels, street rights-of-way, and offsite trackage rights. The Project comprises the redevelopment of the Project site as an intermodal transit district surrounded by transit-oriented development, including a mix of residential, retail, and office space. The transit district will serve as a regional multimodal hub connecting commuter rail, light rail and bus rapid transit, regularly scheduled bus service, and other related transportation services, including:

  • Construction of light rail and commuter rail stations
  • A regional bus facility
  • Extension of the 16th Street Mall and the Shuttle service
  • Accommodation of the Downtown Circulator service
  • Pedestrian improvements as well as improved street, replacement parking and utility infrastructure.

DUSPA is a nonprofit, public benefit corporation formed by the City of Denver in July 2008 to finance and implement the Project. As project elements are completed, they will be transferred to the Regional Transportation District (RTD), which will maintain each such element of the Project. Once Substantial Completion occurs, RTD will provide for the operation and maintenance of the Project as a complete transportation district.

Cost1

$518.6 million

Funding Sources

TIFIA loan - $145.6 million
RRIF2 loan - $155.0 million
FHWA Grant - $45.3 million
FTA Grant - $9.5 million
ARRA Stimulus Grant - $28.4 million
RTD contribution - $40.0 million
Other state and local funds - $19.9 million
Land sales - $17.4 million
Revenues during construction - $57.5 million

Project Delivery / Contract Method

Design-Build

Private Partner

Design-builder (Kiewit Western Company)

Project Partners

The DUSPA partnership includes:

  • Regional Transportation District
  • City and County of Denver
  • Colorado Department of Transportation
  • Denver Regional Council of Governments

Continuum and East-West Development Corporation (a joint venture called Union Station Neighborhood Corporation) will be the master developer for the transit-oriented development.

Project Advisors / Consultants

Alex Brown Consulting - Financial Advisor
Public Resources Advisory Group - Financial Advisor
Hogan Lovells US LLP - DUSPA Co-Counsel
Bookhardt & O'Toole - DUSPA Co-Counsel

To USDOT TIFIA JPO:

  • TIFIA Legal Advisor: Nixon Peabody LLP
  • TIFIA Financial Advisor: Scully Capital

Lenders

USDOT - TIFIA and RRIF

Duration / Status

Construction is underway with completion of all project elements expected by December 2014.

TIFIA Credit Assistance

Direct loan: $145.6 million.
The TIFIA and RRIF loans will be secured by liens on pledged revenues, which consist of an annual payment of $12 million from RTD to DUSPA and real estate development-related income generated by the DUSPA project area, including tax increment revenues, a levy on property tax revenues, and lodger's tax revenue. The RTD payment is funded from the 0.4 percent FasTracks sales and use tax approved by voters in 2004.

The TIFIA loan has a senior lien on pledged revenues, while the RRIF loan has a subordinate lien. TIFIA debt service repayment has been structured so that it will not exceed RTD's annual payment to the Borrower. The TIFIA loan has been rated "A" by Fitch Ratings.

Financial Status / Financial Performance

TIFIA credit agreement executed on July 23, 2010

Innovations

This is a unique financing structure and the first time DOT has combined credit assistance from the TIFIA and RRIF programs.

Related Links / Articles

Denver Union Station Project Website
RTD FasTracks Website

Contacts

Elbra Wedgeworth, President
Denver Union Station Project Authority
c/o Trammell Crow Company
1225 17th Street, Suite 3050
Denver, Colorado 80202
(303) 628-7444
elbra.wedgeworth@dhha.org

Bill Mosher, Owner's Representative
Denver Union Station Project Authority
c/o Trammell Crow Company
1225 17th Street, Suite 3050
Denver, Colorado 80202
(303) 628-7444
bmosher@trammellcrow.com

1 Of this total, $454.3 represents TIFIA Eligible Project Costs.
2 Railroad Rehabilitation & Improvement Financing