The U.S. Department of Transportation (U.S. DOT) approved a $151.6 million Transportation Infrastructure Finance and Innovation Act (TIFIA) loan and a $152.1 million loan application under the Railroad Rehabilitation and Improvement Financing Program (RRIF) for the Denver Union Station, the centerpiece of the Regional Transportation District's (RTD) FasTracks transit expansion plan.
These loans, which constitute 64 percent of the nearly half-billion dollar project cost, will help transform Denver Union Station into a true multi-modal transportation system, connecting light rail, commuter rail, buses, streets and public spaces.
In addition to the TIFIA and RRIF loans, Denver Union Station has already received $28.4 million in funding from the American Recovery and Reinvestment Act.
The Denver Union Station project is a 50-acre public-private development venture in lower downtown Denver. The intermodal transit development project will serve as a regional multimodal hub that will improve transportation and reduce congestion in the downtown area.
Transportation elements include an underground bus terminal with 22 bays, a light rail station for current and future light rail routes, a commuter rail station that will serve Amtrak and possibly a ski train, and public plazas to integrate transit service. Construction is estimated to take four-years to complete.
The East Corridor and Gold Line commuter rail lines are part of Regional Transportation District's (RTD) FasTracks expansion program of major transit investments in the Denver region. These projects, which were included in President Obama's budget request to Congress, will both feed into Denver Union Station.
By 2030 ridership is expected to reach 43,400 weekday boardings with 11,450 daily new riders. The total project cost is $479.4 million.