U.S. Transportation Secretary Ray LaHood announced on July 23, 2010 that the Denver Union Station project will receive just over $300 million in federal loans through an unprecedented and historic innovative financing arrangement using the Department of Transportation's (DOT) Railroad Rehabilitation and Improvement Financing (RRIF) Program and the Transportation Infrastructure Finance and Innovation Act (TIFIA) Program. The project is funded with a unique financing structure and for the first time combines credit assistance from both programs.
The loans are being awarded to the Denver Union Station Project Authority (DUSPA), a non-profit, public benefit entity formed by the city in July 2008, through a partnership with the Regional Transportation District (RTD), City and County of Denver, Colorado Department of Transportation, Denver Regional Council of Governments and Denver Union Station Metropolitan District.
"This project epitomizes the importance of livability principles to promote transportation mobility and strong communities," said Secretary LaHood. "Not only will Union Station be the centerpiece for the Denver region's multi-modal transportation system, it will serve as a magnet and anchor for residential, retail and commercial development."