Denver Metro Area, Colorado
|Project Sponsor / Borrower||
Colorado High Performance Transportation Enterprise (HPTE)Plenary Roads Finco LP (Plenary) - the TIFIA Borrower
Highway / Managed Lanes; Bus Rapid Transit
US 36 is a four-lane divided highway that connects the City of Boulder to Denver, Colorado at its intersection with I-25. 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 2 project extends the 10-mile Phase 1 express lane facility five miles further northwest to Boulder and includes the following components:
Phase 2 is being delivered as a design, build, finance, operate, and maintain (DBFOM) public-private partnership (P3). Pursuant to a competitive procurement process, HPTE selected Plenary Roads Denver Ltd. (PRD) in April 2013 as the concessionaire for Phase 2, completing improvements to the entire US 36 corridor between Denver and Boulder. PRD financed, designed, and constructed Phase 2, and is operating and providing routine maintenance and lifecycle maintenance on the Phase 1, Phase 2 and the existing I-25 Express Lanes under a 50-year agreement. PRD is an affiliate of Plenary Roads Finco; the TIFIA Borrower.
$208.4 million ($170.2 million of Eligible Project Costs)
HPTE/CDOT Funding (including Capital Payment)
|Project Delivery / Contract Method||
DBFOM (design, build, finance, operate, and maintain)
|Project Advisors / Consultants||
To the Public Sponsor
To the Borrower
To USDOT TIFIA JPO
Bondholders, USDOT TIFIA, Subordinated Lender (Northleaf/PRD LenderCo LP)
|Duration / Status||
HPTE awarded the DBFOM concession in April 2013. Early construction activities began in late 2013. Phase 2 opened to traffic in January 2016 and tolling began in March 2016. The concession period will extend for 50 years.
|TIFIA Credit Assistance||
Direct Loan - $60.0 million
The TIFIA Phase 2 loan is secured by a net pledge of revenues from the I-25 Express Lanes (existing) and the US 36 Express Lanes Phase 1 and Phase 2. Plenary assumed the TIFIA Phase 1 loan at substantial completion of Phase 1 when responsibility for that segment was transferred from HPTE to PRD.
The Phase 2 TIFIA loan is subordinate to the Senior Lien Private Activity Bonds (PABs) and the Phase 1 loan. Both TIFIA loans have the benefit of debt service reserve funds in addition to a $6 million ramp up reserve.
The TIFIA Phase 2 loan was rated "BBB-" by Fitch Ratings.
|Financial Status / Financial Performance||
The TIFIA credit agreement was executed on February 25, 2014.
Financial close of the Senior Lien PABs occurred on February 26, 2014.
|Related Links / Articles|
Terry Ostrom, Senior Vice President, Project Delivery