Bus

Denver's P3 commuter rail project receives TIFIA loan

Posted on December 2, 2011

The Denver Regional Transportation District (RTD) received a federal loan for up to $280 million to advance construction on the 30-mile Eagle P3 commuter rail project, which will significantly expand transportation choices in the greater Denver area.

The project is a two-pronged effort. The western segment of Eagle P3, known as the Gold Line, will serve the suburbs of Arvada and Wheat Ridge. The East Line will run from Denver's historic Union Station nearly 23 miles east to Denver International Airport and will connect to existing light rail and bus service. Both lines are under construction and roughly 4,700 construction-related jobs are expected to be generated by the work.

The U.S. Department of Transportation's Transportation Infrastructure Finance and Innovation Act (TIFIA) program, which provides credit assistance for infrastructure projects, is the source of the loan to RTD. This funding boost is in addition to a $1 billion federal funding agreement for the project signed in August by Secretary Ray LaHood and Federal Transit Administrator (FTA) Peter Rogoff.

The RTD is the first transit agency in the nation to successfully pursue a comprehensive public-private partnership, or P3, that draws on a mix of federal loans and grants and private investment to move major capital transit projects in the region forward. The partnership encompasses all phases of design, construction, financing, operation and maintenance.

RTD will use the TIFIA loan to fund a portion of its contribution to the project and will begin drawing on the funds in 2013. In addition to FTA's contribution to the project, a consortium of private companies, known as the Denver Transit Partners, is responsible for financing around 24% of the project through tax-exempt private-activity bonds issued by RTD, equity contributions and other means.

The entire project should be completed in 2016. The new railcars slated for use on the commuter line will be assembled in the U.S. and will consist of at least 60% U.S.-made components, consistent with the FTA's Buy America requirements.

Together, the Eagle P3 project and Denver Union Station's ongoing renovation are part of RTD's far-reaching FasTracks program - a voter-approved, multiyear, multibillion-dollar transit expansion program covering 140 miles of rail and bus corridors that will help Denver to successfully manage growth and compete for business for years to come.

View comments or post a comment on this story. (0 Comments)

More News

San Diego's MTS bus service gets $2M boost

The changes to approximately 60 bus routes were approved by the MTS Board of Directors at its meeting on Thursday.

METRO Magazine launching new transit bus event

TBX is designed to connect an influential group of public transportation bus operators with a select group of product and service suppliers for an exchange of information, ideas, and solutions.

Transportation's future, electric vehicles hot topics at BusCon 2017

The show featured nearly 135 exhibitors and close to 60 vehicles, ranging from transit buses to motorcoaches and cutaways to vans, as well as some of the latest technologies available to operators on the market today.

N.C.'s CATS adds 9 new MCI Commuter Coaches

The latest MCI additions to CATS fleet feature the newest clean-diesel engine technology for near-zero emissions and improved fuel economy.

Proterra bus sets world record, drives 1K-plus miles on single charge

The 40-foot Catalyst E2 max traveled 1,101.2 miles this month with 660 kWh of energy storage capacity at the Navistar Proving Grounds in New Carlisle, Ind.

See More News

Post a Comment

Post Comment

Comments (0)

More From The World's Largest Fleet Publisher

Automotive Fleet

The Car and truck fleet and leasing management magazine

Business Fleet

managing 10-50 company vehicles

Fleet Financials

Executive vehicle management

Government Fleet

managing public sector vehicles & equipment

TruckingInfo.com

THE COMMERCIAL TRUCK INDUSTRY’S MOST IN-DEPTH INFORMATION SOURCE

Work Truck Magazine

The number 1 resource for vocational truck fleets

Schoolbus Fleet

Serving school transportation professionals in the U.S. and Canada

LCT Magazine

Global Resource For Limousine and Bus Transportation

Please sign in or register to .    Close