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Project Profile: Eagle Project

Eagle Project - Denver Metro Area, CO

photo credit: Courtesy RTD


Denver Metro Area, Colorado

Project Sponsor / Borrower

Regional Transportation District (RTD)

Program Areas

Project FinanceValue CaptureTIFIA

Value Capture Techniques Sales Tax Districts

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:

  • University of Colorado A Line - 22.8-mile commuter rail line from DUS east to Denver International Airport, with five intermediate stations
  • Northwest Rail B Line Westminster segment - 6.2-mile commuter rail line segment from DUS to South Westminster, West 69th Avenue
  • Gold (G) Line - 11.2-mile commuter rail line, the first 3.7 miles of which are shared with the Northwest Rail B Line (segment 1) from DUS north and west to Wheat Ridge, with six intermediate stations
  • Commuter Rail Maintenance Facility (CRMF) - sited adjacent to the Gold and Northwest Rail B Lines it includes a central control center, a maintenance shop, and a rail storage yard, among other facilities

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

Funding Sources

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-maintain Availability Payment Concession (34 years)

Project Partner

Denver Transit Partners

  • Fluor Enterprises, Inc.
  • Uberior Infrastructure Investments
  • John Laing Investments

Denver Transit Constructors - design-builder

  • Fluor Enterprises, Inc.
  • Balfour Beatty Rail, Inc.
  • Ames Construction

Other Private Partners

  • Hyundai-Rotem - rolling stock
  • Alternate Concepts, Inc. - operator
Project Advisors / Consultants

RTD Eagle P3 Advisor - Goldman, Sachs & Co.

RTD Financial Advisor - First Southwest Company

RTD Bond Counsel - Sherman & Howard, LLC


  • TIFIA Legal Advisor - Bryant Miller Olive
  • TIFIA Financial Advisor - Montague DeRose and Associates, LLP/ High Street Consulting Group, LLC


Duration / Status

Commercial and financial close with Denver Transit Partner in August 2010.

Opening Dates

  • CRMF - March 2015
  • University of Colorado A Line - April 2016
  • Northwest Rail B Line (segment 1) - July 2016
  • Gold Line - 2017 (expected)
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.

Financial Status

TIFIA credit agreement was executed on December 1, 2011

  • First P3 for commuter rail in the U.S. to include design-build, financing, and long-term operations
  • Winner of 2010 "Deal of the Year" in the southwest region by The Bond Buyer
Related Links / Articles

RTD Website

RTD Project Website

Denver Transit Partners

Eagle P3 Project Procurement Lessons Learned

FTA Project Profile


Tara Bettale
Public Information Specialist
RTD FasTracks Team
Tel: (303) 299-2641

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