April 1, 2010

RTD, BNSF reach $144M FasTracks agreement

On Wednesday, Denver Regional Transportation District (RTD) and BNSF Railway Co. (BNSF) officials signed final agreements for RTD's purchase of railroad property and relocation of BNSF facilities necessary for FasTracks. The closing on these agreements will enable the FasTracks program to move forward, providing property needed to build the Gold Line, Northwest Rail Corridor, and have access in and out of Denver Union Station (DUS) and the commuter rail maintenance facility.

RTD's Board of Directors had earlier approved the agreements with BNSF, totaling $144 million, paving the way for this weeks closing on the property.

The agreements reached at the signing include a Purchase and Sale Agreement for acquisition of property from DUS to approximately 71st Avenue in Westminster; a Relocation and Construction Agreement for relocation and construction of BNSF facilities required to make the acquired property available to RTD for use on the Eagle P3 and other commuter rail projects; and a Joint Corridor Use Agreement with the BNSF governing ongoing operations between the two entities in the shared corridors.

FasTracks is RTD's voter-approved transit program to expand rail and bus service throughout the RTD service area. FasTracks will build 122 miles of commuter rail and light rail, 18 miles of bus rapid transit service, add 21,000 new parking spaces, redevelop Denver Union Station and redirect bus service to better connect the eight-county District.

The FasTracks investment initiative is projected to create more than 10,000 construction-related jobs during the height of construction, and will pump billions of dollars into the regional economy.

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