photo credit: Colorado Tourism Office
| Location | Denver, Colorado |
|---|---|
| Project Sponsor / Borrower | Denver Union Station Project Authority (DUSPA) |
| Program Areas |
|
| Mode | Intermodal - Transit/Multimodal Development |
| Description | The Denver Union Station project is a public-private development venture located on approximately 50 acres in lower downtown Denver, which includes the historic Denver Union Station building (excluding renovation of the building itself), rail lines, vacant parcels, street rights-of-way, and offsite trackage rights. The project comprised the redevelopment of the project site as an intermodal transit district surrounded by transit-oriented development, including a mix of residential, retail, and office space. The transit district serves as a regional multimodal hub connecting commuter rail, light rail and bus rapid transit, regularly scheduled bus service, and other related transportation services, including:
DUSPA is a nonprofit, public benefit corporation formed by the City and County of Denver in July 2008 to finance and implement the project. Project elements have been transferred to the Regional Transportation District (RTD), which operates and maintains them as a complete transportation district. |
Cost |
$487.7 million (TIFIA eligible project costs - $454.3 million) |
| Funding Sources | TIFIA loan - $145.6 million RRIF (Railroad Rehabilitation and Improvement Financing) loan - $155.0 million FHWA Grant - $45.3 million FTA Grant - $9.5 million ARRA Stimulus Grant - $28.4 million Homeland Security - $353 thousand RTD contribution - $65.1 million Other state and local funds - $19.9 million Land sales - $18.4 million |
| Project Delivery / Contract Method | Design-build |
| Private Partner | Design-builder (Kiewit Western Company) |
| Project Partners | The DUSPA partnership includes:
Continuum and East-West Development Corporation (a joint venture called Union Station Neighborhood Corporation) is the master developer for the transit-oriented development. |
| Project Advisors / Consultants | Alex Brown Consulting - Financial Advisor Public Resources Advisory Group - Financial Advisor Hogan Lovells US LLP - DUSPA Co-Counsel Bookhardt & O'Toole - DUSPA Co-Counsel To USDOT TIFIA JPO
|
| Lenders | USDOT - TIFIA and RRIF |
| Duration / Status | Substantial completion achieved on February 24, 2014. |
| TIFIA Credit Assistance | Direct Loan - $145.6 million The TIFIA and RRIF loans are secured by liens on pledged revenues, which consist of an annual payment of $12 million from RTD to DUSPA and real estate development-related income generated by the DUSPA project area, including tax increment revenues, a levy on property tax revenues, and lodger's tax revenue. The RTD payment is funded from the 0.4 percent FasTracks sales and use tax approved by voters in 2004. The TIFIA loan has a senior lien on pledged revenues, while the RRIF loan has a subordinate lien. TIFIA debt service repayment has been structured so that it will not exceed RTD's annual payment to the Borrower. The TIFIA loan was rated "A" by Fitch Ratings. |
| Financial Status | TIFIA credit agreement executed on July 23, 2010. |
| Innovations |
|
| Related Links / Articles | |
| Contacts | Elbra Wedgeworth, President |
