Location |
Denver Metro Area, Colorado |
Project Sponsor / Borrower |
Colorado High Performance Transportation Enterprise (HPTE) |
Program Areas |
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Fiscal Year Approved |
Fiscal Year 2011 |
Mode |
Highway / Managed Lanes; Bus Rapid Transit |
Description |
U.S. 36 is a 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 Phase I is an initial 10-mile phase of improvements along 16 miles of roadway between the two cities. This $306 million first phase is being delivered under a design-build contract and will include the following components:
This phase of the project is expected to be open to traffic by January 2015. |
Cost |
$312.4 million ($305.9 million of Eligible Project Costs) |
Funding Sources |
TIFIA loan - $54.0 million CDOT federal/state grant - $41.4 million CDOT Bridge Enterprise funds - $41.5 million Regional federal funds (Denver Region Council of Governments) - $46.6 million RTD sales tax revenue - $112.1 million TIGER Grant* - $4.8 million Local Funds - $5.5 million Other - $6.5 million *Net of TIFIA subsidy costs |
Project Delivery / Contract Method |
Design-Build |
Project Partners |
Design-builder: Ames Granite Joint Venture Team (Ames Construction Inc. , Granite Construction Company, HDR Engineering Inc. , and Michael Baker Inc. ) |
Project Advisors / Consultants |
To the Borrower:
To USDOT TIFIA JPO:
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Lenders |
USDOT - TIFIA |
Duration / Status |
Construction began in July 2012. The project is expected to open in January 2015 |
TIFIA Credit Assistance |
Direct Loan: $54.0 million The security for the TIFIA Phase 1 loan currently is a gross pledge of toll revenues collected on the U.S. 36 Phase 1 managed lanes. However, upon the assumption of the Phase 1 TIFIA loan by Plenary, it will be integrated into the new Phase 2 credit structure and flow of funds and secured on parity with the Senior Lien PABs for Phase 2 (see Phase 2 Fact Sheet). The terms and conditions of the Plenary's assumption of the Phase 1 TIFIA Loan at substantial completion of Phase 1 construction are set forth in an Amended and Restated TIFIA Phase 1 Loan Agreement, which will become effective on the assumption date. The interest rate and amortization profile of the TIFIA Phase 1 loan will remain unchanged from that set forth in the existing Loan Agreement with HPTE. TIFIA's security position for the Phase 1 TIFIA loan will be strengthened by the change in lien position from a subordinated position to a senior lien position on par with the Senior Lien Private Activity Bonds (PABs), the expanded base of revenues pledged to repayment of the Phase 1 TIFIA Loan, which will include toll revenues from the I-25 Express Lanes as well as Phase 1 and 2 revenues, and the addition of a ramp-up reserve in the amount of $6 million. The TIFIA Phase 1 loan has been rated "BBB-" by Fitch Ratings. |
Financial Status / Financial Performance |
The TIFIA credit agreement was executed on September 1, 2011. |
Innovations |
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Related Links / Articles |
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Contacts |
Mark Gosselin |