Denver Metro Area, Colorado
|Project Sponsor / Borrower||
Regional Transportation District (RTD)
Commuter Rail Transit
The Eagle Project is part of RTD's FasTracks initiative, a voter-approved program to expand rail and bus transit throughout the Denver metropolitan region. FasTracks includes 122 miles of commuter rail and light rail, 18 miles of bus rapid transit service, the redevelopment of Denver Union Station (DUS), 21,000 new parking spaces, and other improvements.
The Eagle Project elements include:
The University of Colorado A Line, Gold Line, and CRMF are financed in part with a TIFIA loan. The B Line is locally funded.
The Eagle Project has been procured through a concession agreement between RTD and Denver Transit Partners to design, build, finance, operate, and maintain the project's components for 34 years. RTD retains ownership of all assets at all times, set fares and fare policies, and keeps all project revenues. RTD is making availability payments to the concessionaire based on established performance metrics.
RTD was awarded a $1.030 billion Full Funding Grant Agreement (FFGA) on August 31, 2011.
Total Cost (Federal Project) - $2,043.1 million
FTA New Starts Full Funding Grant Agreement - $1,030.4 million
Private Activity Bonds - $396.1 million
TIFIA loan - $280.0 million
Other federal grants - $57 million
RTD sales tax revenue - $128.1 million
Revenue bond proceeds - $56.8 million
Local/CDOT/other contributions - $40.3 million
Equity - $54.3 million
|Project Delivery / Contract Method||
Design-build-finance-operate-maintain Availability Payment Concession (34 years)
Denver Transit Partners
Denver Transit Constructors - design-builder
Other Private Partners
|Project Advisors / Consultants||
RTD Eagle P3 Advisor - Goldman, Sachs & Co.
RTD Financial Advisor - First Southwest Company
RTD Bond Counsel - Sherman & Howard, LLC
To USDOT TIFIA JPO
|Duration / Status||
Commercial and financial close with Denver Transit Partner in August 2010.
|TIFIA Credit Assistance||
Direct Loan - $280.0 million
The TIFIA loan is secured by a senior lien gross revenue pledge of RTD's 0.4 percent sales tax revenues and a subordinate lien pledge of RTD's 0.6 percent sales tax revenues. The 0.4 percent sales tax may only be used to construct and operate the FasTracks mass transit system. The TIFIA lien is on parity with RTD's existing FasTracks senior revenue bonds.
The TIFIA loan has been rated "Aa2" by Moody's Investors Service.
TIFIA credit agreement was executed on December 1, 2011
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