Monday, July 26, 2010

DOT sets loans for Denver Union Station Project

Written by 

Transportation Secretary Ray LaHood announced the award of just over $300 million in federal loans to the Denver Union Station project, which will include a light rail terminal consisting of three tracks and two platforms for existing and planned routes and an intercityand regional rail facility with eight passenger tracks and platform.

The DOT announcement said the loans will be made through “an unprecedented and historic innovative financing arrangement using the Department of Transportation’s Railroad Rehabilitation and Improvement Financing (RRIF) Program and the Transportation Infrastructure Finance and Innovation Act (TIFIA) Program.” The project for the first time combines loans from both programs.

The loans are being awarded to the Denver Union Station Project Authority (DUSPA), a non-profit, public benefit entity formed by the city in July 2008, through a partnership with the Regional Transportation District (RTD), City and County of Denver, Colorado Department of Transportation, Denver Regional Council of Governments, and Denver Union Station Metropolitan District.

Together the TIFIA and RRIF loans constitute approximately 58% of all funding sources for the project. An RTD bond as well as tax increment revenues pledged to DUSPA will be used to repay the debt.