- Briefing Room
Denver Metro Area, Colorado
|Project Sponsor / Borrower||
Colorado High Performance Transportation Enterprise (HPTE)
Highway / Managed Lanes; Bus Rapid Transit
US 36 is a four-lane divided highway that connects Boulder, Coloradoto with I-25 and the City of Denver. The highway experienced significant congestion and had been targeted for improvements by the Colorado Department of Transportation (CDOT) since the late 1990s. The US 36 Express Lanes Phase 1 project is an initial 10-mile segment along the 16-mile corridor between the two cities. This $306 million project was delivered under a design-build contract and includes the following components:
A second phase, which opened in January 2016, extends the HOT lanes five miles to Table Mesa/Foothills Parkway in Boulder. Phase 2 is being delivered as a design, build, finance, operate, and maintain public-private partnership. The private partner operates and provides routine maintenance and lifecycle maintenance on the Phase 1, Phase 2 and the existing I-25 Express Lanes under a 50-year agreement.
$312.4 million ($305.9 million of Eligible Project Costs)
TIFIA loan - $54.0 million
CDOT federal/state grant - $41.4 million
CDOT Bridge Enterprise funds - $41.5 million
Regional federal funds (Denver Region Council of Governments) - $46.6 million
RTD sales tax revenue - $112.1 million
TIGER Grant* - $4.8 million
Local Funds - $5.5 million
Other - $6.5 million
*Net of TIFIA subsidy costs
|Project Delivery / Contract Method||
Design-builder - Ames Granite Joint Venture Team
|Project Advisors / Consultants||
To the Borrower
To USDOT TIFIA JPO
USDOT - TIFIA
|Duration / Status||
Construction began in July 2012. The project opened in July 2015.
|TIFIA Credit Assistance||
Direct Loan - $54.0 million
The initial security for the TIFIA Phase 1 loan was a gross pledge of toll revenues collected on the US 36 Express Lanes Phase 1. However, upon the assumption of the Phase 1 TIFIA loan by the Phase 2 concessionaire, the loan was integrated into the new Phase 2 credit structure and secured on parity with the Senior Lien private activity bonds (PABs) for Phase 2. The terms and conditions of the concessionaire's assumption of the Phase 1 TIFIA Loan are set forth in an Amended and Restated TIFIA Phase 1 Loan Agreement, which became effective on the assumption date. The interest rate and amortization profile of the TIFIA Phase 1 loan remains unchanged from that set forth in the existing Loan Agreement with HPTE.
TIFIA's security position for the Phase 1 TIFIA loan is strengthened by the change in lien position from a subordinated position to a senior lien position on par with the Senior Lien PABs, the expanded base of revenues pledged to repayment of the Phase 1 TIFIA Loan, which includes toll revenues from the I-25 Express Lanes as well as Phase 1 and 2 revenues, and the addition of a ramp-up reserve in the amount of $6 million.
The TIFIA Phase 1 loan was rated "BBB-" by Fitch Ratings.
|Financial Status / Financial Performance||
The TIFIA credit agreement was executed on September 1, 2011.
|Related Links / Articles|