![U.S. 36 Managed Lane / Bus Rapid Transit Project: Phase 1](https://webarchive.library.unt.edu/web/20161117161019im_/https://www.transportation.gov/sites/dot.gov/files/TIFIA_US%2036%20Phase%201%20and%202%20Schematic.jpg)
$312.4 million ($305.9 million of Eligible Project Costs)
Construction began in July 2012. The project reached substantial completion and commenced tolling operations in July 2015.
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:
- One express, high occupancy toll (HOT) lane in each direction from Federal Boulevard to 88th Street in Louisville/Superior (approximately 10 miles) and reconstruction of the general purpose lanes
- Replacement of the Wadsworth Parkway, Wadsworth Boulevard, Lowell Boulevard, and Sheridan Boulevard bridges and replacement of the U.S. 36 bridge over the BNSF Railway
- Bus rapid transit (BRT) accommodations at stations located on ramps and adjacent park-n-rides, and bus bypass ramps at several interchanges (new and more frequent bus service will be provided)
- Bikeway along much of the corridor
- Intelligent transportation system (ITS) equipment, including for tolling, transit information, and incident management
- Improvement of Regional Transportation District (RTD) stations along the corridor
This phase of the project is expected to be open to traffic by January 2015.
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
Design-Build
To the Borrower:
- Engineering Advisor - Jacobs Engineering Group
- Financial Advisors - The PFM Group and Acacia Financial Group
- P3 Advisor - KPMG, LLP
- Traffic & Revenue Consultant - Wilbur Smith Associates
- Bond Counsel - Kutak Rock, LLP
- HPTE's Special TIFIA Counsel - Ballard Spahr, LLP
- Financial Services - J.P. Morgan
To USDOT TIFIA JPO:
- TIFIA Legal Advisor - Hawkins Delafield & Wood, LLP
- TIFIA Financial Advisor - Infrastructure Management Group, Inc.
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.
- Addition of the HOT lanes will connect to the existing I-25 Express Lanes that extend from U.S. 36 to downtown Denver and add to a network of regional tollways
- Project combines several multimodal and ITS-based strategies to alleviate congestion along the corridor: managed (HOT) lanes, BRT, provision for a commuter bikeway, and various ITS and TDM strategies
Mark Gosselin
U.S. 36 Managed Lane, Project Director
CDOT Region 1
(303) 404-7020
mark.gosselin@state.co.us