photo credit: Courtesy RTD
| Location | Denver Metro Area, Colorado |
|---|---|
| Project Sponsor / Borrower | Regional Transportation District (RTD) |
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| Value Capture Techniques | Sales Tax Districts |
| Mode | Commuter Rail Transit |
| Description | 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. |
| Cost | 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
Denver Transit Constructors - design-builder
Other Private Partners
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| 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
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| Lenders | USDOT TIFIA |
| Duration / Status | Commercial and financial close with Denver Transit Partner in August 2010. Opening Dates
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| 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 |
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| Related Links / Articles | |
| Contacts | Tara Bettale |
