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, Colorado |
Project Sponsor / Borrower |
Denver Union Station Project Authority (DUSPA) |
Program Areas |
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Fiscal Year Approved |
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:
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. |
Cost 1 |
$487.7 million |
Funding Sources |
TIFIA loan - $145.6 million RRIF 2 loan - $155.0 million FHWA Grant - $45.3 million FTA Grant - $9.5 million ARRA Stimulus Grant - $28.4 million Homeland Security - $353 thousand RTD contribution - $65.1 million Other state and local funds - $19.9 million Land sales - $18.4 million |
Project Delivery / Contract Method |
Design-Build |
Private Partner |
Design-builder (Kiewit Western Company) |
Project Partners |
The DUSPA partnership includes:
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:
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Lenders |
USDOT - TIFIA and RRIF |
Duration / Status |
Substantial completion was achieved on February 24, 2014. |
TIFIA Credit Assistance |
Direct loan: $145.6 million 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 was 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 |
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Contacts |
Elbra Wedgeworth, President Bill Mosher, Owner's Representative |
1 Of this total, $454.3 represents TIFIA Eligible Project Costs.
2 Railroad
Rehabilitation & Improvement Financing
