photo credit: Colorado DOT
| Location | Denver, Colorado |
|---|---|
| Project Sponsor / Borrower | Colorado Department of Transportation, Kiewit Meridiam Partners LLC |
| Program Areas |
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| Value Capture Techniques | Right-of-Way Use Agreement |
| Mode | Highway / Express Lanes |
| Description | The Central 70 project redesigned 10 miles of I-70 in Denver, Colorado. The interstate was fully reconstructed between Brighton Boulevard and I-270, widened from I-270 to Chambers Road, and restriped between I-25 and Brighton Boulevard. Together, these improvements provide new capacity in the form of one new express toll lane in each direction, with the potential to add a second express toll lane between Brighton Boulevard and I-270 in the future. The project removed the 57-year-old, 2-mile-long viaduct between Brighton and Colorado Boulevards, lowered this section of interstate below grade, and placed a 4-acre park over the 1,000-foot portion of the lowered section between Clayton Street and Columbine Street. Colorado's largest-ever transportation project at the time, Central 70 is designed to reduce travel time through the corridor by one-third to one-half by 2035, accommodate the needs for growing population, and improve safety by redesigning shoulders and interchanges to reduce crashes. The park above the lowered portion also unites the Swansea and Elyria neighborhoods. The public space features a small amphitheater, a splash park, a sports field, play areas, and room for farmers' markets and community events. The project was delivered under a design-build-finance-operate-maintain concession agreement between the Transportation Investment Office (formerly the High Performance Transportation Enterprise) and the Statewide Bridge and Tunnel Enterprise (formerly the Colorado Bridge Enterprise) within the Colorado Department of Transportation (CDOT) and Kiewit Meridiam Partners LLC. The state is compensating the concessionaire with availability payments over the life of the 30-year agreement following construction completion. |
| Fiscal Year Closed | Fiscal Year 2018 |
| Cost | $1,271 million (TIFIA eligible project costs) |
| Funding Sources | State and federal resources - owner pre-development costs, milestone payments during construction, capital payment portion of availability payments over 30 years
State and local resources - operations, maintenance and renewal (OMR) portion of availability payments over 30 years
Concessionaire's financing sources for construction - $961.2 million
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| Project Delivery / Contract Method | DBFOM (design, build, finance, operate and maintain) |
| Private Partner | Kiewit Meridiam Partners LLC
Design-builder - Kiewit Infrastructure Co.
Routine operations and maintenance (10-year renewable contract) - Roy Jorgensen Associates, Inc. |
| Project Advisors / Consultants | To USDOT Build America Bureau
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| Lenders | USDOT TIFIA, Bondholders |
| Duration / Status | Commercial close reached November 21, 2017 Financial close reached December 21, 2017 Construction started summer 2018 Construction completed in July 2023 Concession concludes in 2052 |
| TIFIA Credit Assistance | Direct Loan - Up to $416.0 million The TIFIA loan is secured by availability payments paid by HPTE and CBE to the private partner. |
| Financial Status | TIFIA credit agreement was signed on December 19, 2017. The TIFIA loan will mature in December 2049. |
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