How the Center for Innovative Finance Support Office Does Business...
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About Us |
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Capacity Building |
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Outreach/Awareness |
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Research |
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Technical Assistance |
Location |
Denver Metro Area, Colorado |
Project Sponsor / Borrower |
Regional Transportation District (RTD) |
Program Areas |
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Fiscal Year Approved |
Fiscal Year 2011 |
Mode |
Commuter Rail Transit |
Description |
The Eagle Project is part of RTD's FasTracks initiative, a voter-approved program to expand rail and bus transit throughout the Denver metropolitan region. FasTracks includes 122 miles of commuter rail and light rail, 18 miles of bus rapid transit service, the redevelopment of Denver Union Station (DUS), 21,000 new parking spaces, and other improvements. The Eagle Project elements funded by the TIFIA loan include the following :
In addition, there is a locally-funded element known as the Northwest Electrified Segment, an initial 5.3-mile commuter rail line from DUS north to South Westminster. The Eagle Project is being procured through a concession agreement between RTD and Denver Transit Partners to design, build, finance, operate, and maintain the project's components for 34 years. RTD will retain ownership of all assets at all times, set fares and fare policies, and keep all project revenues. RTD will make availability payments to the concessionaire based on established performance metrics. RTD was awarded a $1.030 billion Full Funding Grant Agreement (FFGA) on August 31, 2011. |
Cost |
Total Cost (Federal Project): $2,043.1 million |
Funding Sources |
FTA New Starts Full Funding Grant Agreement - $1,030.4 million Private Activity Bonds - $396.1 million TIFIA loan - $280.0 million Other federal grants - $57 million RTD sales tax revenue - $128.1 million Revenue bond proceeds - $56.8 million Local/CDOT/other contributions - $40.3 million Equity - $54.3 million |
Project Delivery / Contract Method |
DBFOM (design, build, finance, operate, and maintain) |
Project Partner |
Denver Transit Partners
Denver Transit Constructors - design-builder
Other Private Partners
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Project Advisors / Consultants |
RTD Eagle P3 Advisor - Goldman, Sachs & Co. RTD Financial Advisor - First Southwest Company RTD Bond Counsel - Sherman & Howard, LLC To USDOT TIFIA JPO:
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Lenders |
USDOT TIFIA |
Duration / Status |
Commercial and financial close with Denver Transit Partner in August 2010. Expected completion dates:
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TIFIA Credit Assistance |
Direct Loan: $280.0 million The TIFIA loan is secured by a senior lien gross revenue pledge of RTD's 0.4 percent sales tax revenues and a subordinate lien pledge of RTD's 0.6 percent sales tax revenues. The 0.4 percent sales tax may only be used to construct and operate the FasTracks mass transit system. The TIFIA lien is on parity with RTD's existing FasTracks senior revenue bonds. The TIFIA loan has been rated "Aa2" by Moody's Investors Service. |
Financial Status |
TIFIA credit agreement was executed on December 1, 2011 |
Innovations |
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Related Links / Articles |
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Contacts |
Kevin Flynn |
