The big news this month is the signing of the USDOT loan documents for the Union Station project. See News Release immediately below. Also herein are reports on the July 8 and 16 DUSPA meetings and construction progress from USA’s Roving Reporter in the Field.
July 23 News Release
Denver Union Station Project Authority Closes
Two Loans with U.S. Department of Transportation
LOANS COMPLETE FUNDING PACKAGE FOR REDEVELOPMENT PROJECT
DENVER – The Denver Union Station Project Authority (DUSPA) and the U.S. Department of Transportation (DOT) announced the closing today on a $145.6 million Transportation Infrastructure Finance and Innovation Act (TIFIA) loan and a $155 million loan under the Railroad Rehabilitation and Improvement Financing Program (RRIF) for Denver Union Station (DUS). DUS is the centerpiece of the Regional Transportation District’s (RTD) FasTracks transit expansion program and will serve as a multimodal transportation hub for the region.
“We are delighted the Department of Transportation found a creative way to use different loan programs to help fund the Denver Union Station redevelopment,” said Mayor John Hickenlooper. “This project will generate thousands of jobs and put more than $3 billion into our state’s economy over the next decade. We are grateful to the Department of Transportation for helping us invest in Colorado’s future and improving transportation options for everyone who lives in and around the metro area.”
The loan closings guarantee the completion of the public transportation infrastructure of the redevelopment including a 22 bay underground bus facility, a light rail station for current and future light rail routes, a commuter rail station that will serve Amtrak and the East, Gold, North Metro and Northwest Rail commuter rail lines, extension of the 16th Street Mall Shuttle and public plazas to integrate transit service with adjacent neighborhoods. “The DUS project is the most important economic development initiative for the City of Denver and the State of Colorado. It has taken commitment and determination from very dedicated Board members, city and RTD leadership, staff and other stakeholders for this project to move forward and it has been worth every step,” said DUSPA Board President Elbra Wedgeworth. “This is a remarkable achievement for DUSPA and our partners.”
The DUS project represents the first time the two federal loan programs have worked together to fund a major infrastructure project. By working with the DOT, the interest rates on the loans are slightly below 4%, well below what could have been secured in the tax-exempt capital markets.
“This transaction has had many loan structuring challenges due to the prospective nature of the tax-increment revenues,” said Claude Pumilia, Denver’s chief financial officer. “We met this challenge by tailoring debt service to our future revenues and using the cash flow to create additional reserves to act as a safeguard, while still meeting the loan repayment criteria.”
In addition to the federal loans, funding for project includes money from state and federal grants and allocations from the FasTracks program.
“Today’s announcement ensures Denver Union Station will be ready when our new transit corridors are completed,” said RTD Chairman Lee Kemp. “This is a critical step in helping deliver the voter-approved FasTracks program that will greatly improve mobility around our region.” Early construction work including utilities relocation and excavation of the regional bus facility has been underway since 2009. The RTD Board approved bridge funding to DUSPA to allow DUS construction to advance while the project awaited approval of the federal loans.
The DUSPA was formed by the City and County of Denver in July 2009 to serve as the financing and contracting entity for the transportation improvements at DUS, through a partnership with RTD, the city, the Colorado Department of Transportation (CDOT), the Denver Regional Council of Governments (DRCOG) and the DUS Metropolitan District.
July 8 and 16 DUSPA Meeting Summaries
TIFIA/RRIF Loans: Legal documents required for closing were approved by the board in a special board meeting on July 16th. It is expected that the loan close sometime during the week of July 19th.
At the July 8th meeting a quarterly draft budget was distributed. It was stated that an updated budget would be distributed every quarter. The budget reflects a total project cost of approximately $481 million dollars. So far there have been 10 change orders to the project with an 11th pending and $4.4 million of the $18.5 million contingency has been used.
The Owner Representative Report included the following construction updates:
- The ground water permit was re-issued two weeks prior to deal with the high iron content. Samples will be taken each Friday and the findings will be averaged monthly. The first tests show that the mitigation measures are working.
- The placement of mud slabs that go down prior to the slab on grade has commenced.
- Waterproofing has started
- Work continues on the Light Bulb Building (Amtrak temporary location)
- Light Rail platform work continues with pouring of foundation walls.
A new based schedule is being prepared reflecting the April 28th Notice To Proceed.
The draft DUS Historic Structures Assessment Report has been completed and submitted to the Owner Representative. This report identifies the improvements that are required to upgrade the building.
July 23, 2010: Report from USA’s Roving Reporter in the Field
As reported last month, upgrading the dewatering system to remove high amounts of iron from the ground water brought the project to a halt. After about three weeks, the problems were solved and construction resumed in late-June.
The most recent progress is depicted in the photo below. In the past month, a 6-inch thick mud slab (concrete floor) has been poured over most of the bottom of the bus terminal hole. The purpose of the slab is simply to give the Kiewit construction crew a solid, flat surface upon which to work on building the foundation, which serves as the floor, for the bus terminal. In the center of the photo below is a large white square. That is the concrete mud slab, about half of which is covered with a water proof membrane. Further up the photo is a darker area. That’s concrete covered with the membrane and also covered with a dense amount of rebar. As mentioned in last month’s report, the bus terminal floor will be 4-feet thick. Combining that amount of concrete with tons and tons of heavy-duty rebar (it takes three workers to carry one piece of rebar) will make for a very solid foundation.
Referring again to the photo below, please notice foundations for the two escalators and the sole elevator. They are inside the area covered by the concrete mud slab. Those escalators and the elevator, of course, will eventually carry passengers between the below-grade bus terminal and the street level plaza.
It is difficult to pick out in the photo, but surrounding the mud slab are a 4-foot high concrete forms. They are being installed in preparation for pouring the concrete bus terminal floor on the mud slab, after the membrane and rebar are completed. It will be interesting to watch tens of thousands of cubic yards of concrete flowing into that hole.
Work also continues on the new light rail station and light rail tracks along the consolidated main line (the freight tracks). Likewise, there is ongoing progress on the temporary Amtrak terminal at 21st and Wewatta streets. Visually, those two construction sites are far less dramatic than the bus terminal site.
The best places to view the project are the two pedestrian bridges: the Millennium Bridge and the nearby Union Gateway Bridge. If you like big construction activity, be sure to watch Denverinfill.com/blog/ for information on when the concrete will start pouring into the massive floor.
July 23 News Release
Denver Union Station Project Authority Closes
Two Loans with U.S. Department of Transportation
LOANS COMPLETE FUNDING PACKAGE FOR REDEVELOPMENT PROJECT
DENVER – The Denver Union Station Project Authority (DUSPA) and the U.S. Department of Transportation (DOT) announced the closing today on a $145.6 million Transportation Infrastructure Finance and Innovation Act (TIFIA) loan and a $155 million loan under the Railroad Rehabilitation and Improvement Financing Program (RRIF) for Denver Union Station (DUS). DUS is the centerpiece of the Regional Transportation District’s (RTD) FasTracks transit expansion program and will serve as a multimodal transportation hub for the region.
“We are delighted the Department of Transportation found a creative way to use different loan programs to help fund the Denver Union Station redevelopment,” said Mayor John Hickenlooper. “This project will generate thousands of jobs and put more than $3 billion into our state’s economy over the next decade. We are grateful to the Department of Transportation for helping us invest in Colorado’s future and improving transportation options for everyone who lives in and around the metro area.”
The loan closings guarantee the completion of the public transportation infrastructure of the redevelopment including a 22 bay underground bus facility, a light rail station for current and future light rail routes, a commuter rail station that will serve Amtrak and the East, Gold, North Metro and Northwest Rail commuter rail lines, extension of the 16th Street Mall Shuttle and public plazas to integrate transit service with adjacent neighborhoods. “The DUS project is the most important economic development initiative for the City of Denver and the State of Colorado. It has taken commitment and determination from very dedicated Board members, city and RTD leadership, staff and other stakeholders for this project to move forward and it has been worth every step,” said DUSPA Board President Elbra Wedgeworth. “This is a remarkable achievement for DUSPA and our partners.”
The DUS project represents the first time the two federal loan programs have worked together to fund a major infrastructure project. By working with the DOT, the interest rates on the loans are slightly below 4%, well below what could have been secured in the tax-exempt capital markets.
“This transaction has had many loan structuring challenges due to the prospective nature of the tax-increment revenues,” said Claude Pumilia, Denver’s chief financial officer. “We met this challenge by tailoring debt service to our future revenues and using the cash flow to create additional reserves to act as a safeguard, while still meeting the loan repayment criteria.”
In addition to the federal loans, funding for project includes money from state and federal grants and allocations from the FasTracks program.
“Today’s announcement ensures Denver Union Station will be ready when our new transit corridors are completed,” said RTD Chairman Lee Kemp. “This is a critical step in helping deliver the voter-approved FasTracks program that will greatly improve mobility around our region.” Early construction work including utilities relocation and excavation of the regional bus facility has been underway since 2009. The RTD Board approved bridge funding to DUSPA to allow DUS construction to advance while the project awaited approval of the federal loans.
The DUSPA was formed by the City and County of Denver in July 2009 to serve as the financing and contracting entity for the transportation improvements at DUS, through a partnership with RTD, the city, the Colorado Department of Transportation (CDOT), the Denver Regional Council of Governments (DRCOG) and the DUS Metropolitan District.
July 8 and 16 DUSPA Meeting Summaries
TIFIA/RRIF Loans: Legal documents required for closing were approved by the board in a special board meeting on July 16th. It is expected that the loan close sometime during the week of July 19th.
At the July 8th meeting a quarterly draft budget was distributed. It was stated that an updated budget would be distributed every quarter. The budget reflects a total project cost of approximately $481 million dollars. So far there have been 10 change orders to the project with an 11th pending and $4.4 million of the $18.5 million contingency has been used.
The Owner Representative Report included the following construction updates:
- The ground water permit was re-issued two weeks prior to deal with the high iron content. Samples will be taken each Friday and the findings will be averaged monthly. The first tests show that the mitigation measures are working.
- The placement of mud slabs that go down prior to the slab on grade has commenced.
- Waterproofing has started
- Work continues on the Light Bulb Building (Amtrak temporary location)
- Light Rail platform work continues with pouring of foundation walls.
A new based schedule is being prepared reflecting the April 28th Notice To Proceed.
The draft DUS Historic Structures Assessment Report has been completed and submitted to the Owner Representative. This report identifies the improvements that are required to upgrade the building.
July 23, 2010: Report from USA’s Roving Reporter in the Field
As reported last month, upgrading the dewatering system to remove high amounts of iron from the ground water brought the project to a halt. After about three weeks, the problems were solved and construction resumed in late-June.
The most recent progress is depicted in the photo below. In the past month, a 6-inch thick mud slab (concrete floor) has been poured over most of the bottom of the bus terminal hole. The purpose of the slab is simply to give the Kiewit construction crew a solid, flat surface upon which to work on building the foundation, which serves as the floor, for the bus terminal. In the center of the photo below is a large white square. That is the concrete mud slab, about half of which is covered with a water proof membrane. Further up the photo is a darker area. That’s concrete covered with the membrane and also covered with a dense amount of rebar. As mentioned in last month’s report, the bus terminal floor will be 4-feet thick. Combining that amount of concrete with tons and tons of heavy-duty rebar (it takes three workers to carry one piece of rebar) will make for a very solid foundation.
Referring again to the photo below, please notice foundations for the two escalators and the sole elevator. They are inside the area covered by the concrete mud slab. Those escalators and the elevator, of course, will eventually carry passengers between the below-grade bus terminal and the street level plaza.
It is difficult to pick out in the photo, but surrounding the mud slab are a 4-foot high concrete forms. They are being installed in preparation for pouring the concrete bus terminal floor on the mud slab, after the membrane and rebar are completed. It will be interesting to watch tens of thousands of cubic yards of concrete flowing into that hole.
Work also continues on the new light rail station and light rail tracks along the consolidated main line (the freight tracks). Likewise, there is ongoing progress on the temporary Amtrak terminal at 21st and Wewatta streets. Visually, those two construction sites are far less dramatic than the bus terminal site.
The best places to view the project are the two pedestrian bridges: the Millennium Bridge and the nearby Union Gateway Bridge. If you like big construction activity, be sure to watch Denverinfill.com/blog/ for information on when the concrete will start pouring into the massive floor.
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