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Project Profiles

Eagle Project - Denver Metro Area, CO


Denver Metro Area, Colorado

Project Sponsor / Borrower

Regional Transportation District (RTD)

Program Areas

Project FinanceP3TIFIANon-Road Pricing Revenue

Fiscal Year Approved

Fiscal Year 2011


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 funded by the TIFIA loan include the following :

  • East Corridor - 22.8-mile commuter rail line from DUS east to Denver International Airport, with five intermediate stations
  • Gold Line - 11.2-mile commuter rail line, the first 3.7 miles of which are shared with the Northwest 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 Lines it includes a central control center, a maintenance shop, and a rail storage yard, among other facilities

In addition, there is a locally-funded element known as the Northwest Electrified Segment, an initial 5.3-mile commuter rail line from DUS north to South Westminster.

The Eagle Project is being 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 will retain ownership of all assets at all times, set fares and fare policies, and keep all project revenues. RTD will make 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

DBFOM (design, build, finance, operate, and maintain)

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.

Expected Completion Dates

  • CRMF - November 2014
  • East Corridor - January 2016
  • Northwest Rail Line (segment 1) - early 2016
  • Gold Line - mid-2016

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
  • First P3 project advanced through FTA's Penta-P P3 pilot program
  • Winner of 2010 "Deal of the Year" in the southwest region by The Bond Buyer

Related Links / Articles

RTD Project Website

Denver Transit Partners

Eagle P3 Project Procurement Lessons Learned

FTA Project Profile


Kevin Flynn
Public Information Manager
Regional Transportation District
Tel. (303) 299-2898

Federal Highway Administration | 1200 New Jersey Avenue, SE | Washington, DC 20590 | 202-366-4000
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