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Project Profile: C-470 Express Lanes

C-470 Express Lanes - Denver Metro Area, Colorado

photo credit: Colorado Department of Transportation

Location

Denver Metro Area, Colorado

Project Sponsor / Borrower

Colorado High Performance Transportation Enterprise (HPTE)

Program Areas

Alternative Project DeliveryTolling and PricingTIFIA

Mode

Highway / Managed Lanes

Description

C-470 is a 26-mile, highway that runs along the southern and western flanks of the Denver metropolitan area, linking the intersection of I-25 and E-470 in the east, to the intersection of U.S. 36 and I-70 in the west. Along with E-470 and the Northwest Parkway, the route forms a partial circumferential highway around the Denver metro area. The C-470 Express Lanes project extends for nearly half the full highway, 12.5 miles from its eastern end at I-25 to Wadsworth Boulevard. It will improve mobility, safety, and infrastructure condition through addition of express toll lanes, reconstruction of the general purpose lanes, bridge widening and replacement, and other geometric and operational enhancements. The following elements are included:

  • Two westbound Express Lanes (express toll lanes) constructed from I-25 to Colorado Boulevard, and one Express Lane from Colorado Boulevard to Wadsworth
  • One eastbound Express Lane constructed along the length of the project, between I-25 and Wadsworth Boulevard
  • Full reconstruction of existing pavement
  • Westbound auxiliary lanes between ramps from University Boulevard to Platte Canyon Road/Chatfield Avenue and from Yosemite Street to Quebec Street
  • On and off-ramp improvements
  • Realignment of substandard curves
  • Widening of existing bridges
  • Replacement of the bridges over the South Platte River

The Express Lanes will provide additional capacity and greater reliability along this congested corridor, which is projected to experience a 40 percent increase in volume by 2035. HPTE expects the project to provide up to 18 minutes in travel time savings for westbound trips from I-25 to Wadsworth Boulevard during morning peak and evening commute times. All drivers who choose to use the Express Lanes will be required pay the dynamically variable toll; there will be no free HOV option.

Cost

$325.1 million (TIFIA eligible project costs)

Funding Sources

TIFIA Loan - $106.95 million

Federal Highway Safety Improvement Program (HSIP) funding - $6.3 million

Toll revenue bonds - $157.4 million

State RAMP funding (Responsible Acceleration of Maintenance and Partnerships) - $40.0 million

State FASTER funding and other local funding - $12.0 million

State water quality funding: $2.4 million

Project Delivery / Contract Method

Design build

Private Partner

Flatiron Construction Corp. and AECOM - Design-Build Joint Venture

Project Advisors / Consultants

To Colorado HPTE

  • Ernst & Young Infrastructure Advisors, LLC and FirstSouthwest - Financial Advisors
  • Nossaman LLP and Sherman & Howard, LLC - Legal Advisors

To USDOT Build America Bureau

  • Project Finance Advisory Ltd. - Financial Advisor
  • Skadden, Arps, Slate, Meagher & Flom LLP - Legal Advisor
Lenders

Bondholders, USDOT TIFIA

Duration / Status

Construction began October 2016 and is estimated to be substantially complete in late 2019.

TIFIA Credit Assistance

Direct Loan - $106.95 million

The TIFIA loan will be repaid through a pledge of the project's gross toll revenues.

Financial Status

The TIFIA Loan Agreement was executed on June 7, 2017 and is expected to mature in 2054.

Innovations
  • The C-470 Express Lanes will be part of a growing network of Express Lanes in the Denver metro area that includes the U.S. 36 Express Lanes, I-25 Express Lanes, I-70 Mountain Corridor Express Lanes, and planned Central 70 Express Lanes.
Related Links / Articles

Project Website

CDOT Express Lanes Website

Contacts

Nicholas Farber
Operations Manager
Colorado HPTE
Tel: (720) 248-8544
nicholas.farber@state.co.us

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