Denver Union Station: A True Public-Private Partnership
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1 Denver Union Station: A True Public-Private Partnership Bill Sirois (Moderator) Sr Manager, Transit Oriented Communities, Regional Transportation District Diane Barrett Chief Projects Officer, Office of the Mayor, City & County of Denver Marla Lien Partner, Kaplan Kirsch & Rockwell, LLP, former General Counsel RTD Frank Cannon Development Director, Continuum Partners, former president of the Union Station Neighborhood Company
2 Union Station: A Public Private Partnership Regional Transportation District (RTD) City & County of Denver (CCD) Colorado Department of Transportation (CDOT) Denver Regional Council of Governments (DRCOG) Union Station Neighborhood Company (USNC) Denver Union Station Project Authority (DUSPA) 2
3 DENVER UNION STATION & CENTRAL PLATTE VALLEY DUS Property USNC Properties 3
4 2001 RTD ACQUIRES DUS SITE MASTER PLANNING August 2001 RTD acquires DUS site in accordance with IGA between RTD, CCD, CDOT and DRCOG April 2002 Partner Agencies initiated master planning process 3-year public process with 96-member Advisory Committee September 2004 Vision Plan approved by four Partner Agencies establishing transit and development programs September 2004 DUS rezoned T-MU 30 Milestones Nov FasTracks approved by voters 4
5 DEVELOPER SELECTION 2007 DESIGN REFINEMENT 2008 PRELIMINARY ENG. 18 month process of national significance Developer RFQ June teams submit RFP Part 1, February teams submit RFP Part 2, July 2006 Developer Interviews, August 2006 Public Presentations, September 2006 USNC led design refinement - team studied alternative configurations At-Grade Solution developed and costed; 15% Conceptual Plans prepared Master Plan amended to reflect new solution EIS advances Design Team prepared 30% Preliminary Engineering EIS completed ROD issued October 2008 DUSPA created DDA created, TIF district established DUS Met Districts created Nov USNC Selected as Master Developer, team included SOM, AECOM, and 5 Kiewit Nov Revised solution & target budget established Dec PE complete Start D/B Negotiations
6 PUBLIC PRIVATE FEDERAL & STATE DUS METRO DISTRICT DRCOG Denver Regional Council of Governments CDOT Colorado Department of Transportation RTD Regional Transportation District CCD City & County of Denver DDA Downtown Development Authority CONTINUUM PARTNERS EAST WEST PARTNERS DUSPA Denver Union Station Project Authority USNC Union Station Neighborhood Company DRCOG 1 member CDOT 1 member RTD 2 members CCD 6 members Metro District 1 member Master Developer 2 non-voting members Private land and vertical developer of DUS sites Owner s Representative: Trammell Crow Company Participate in management of transit and public infrastructure project DESIGN-BUILD CONTRACT Kiewit Western Company Transportation/Public Infrastructure Contractor Design, Construction, and Operation of Private Buildings developed on DUS site AECOM Transportation Infrastructure Engineer SOM Skidmore, Owings, and Merrill, LLP Master Plan & Transit Architect Hargreaves & Associates Landscape Architect 6
7 DUSPA MOVES AHEAD CONSTRUCTION START PHASE 1 OPENS PROGRESS CONTINUES Design-Build contract executed Early Action work Final Design / Permits Continued Public Outreach through USAC DUS Design Standards & Guidelines Approval DUS General Development Plan Approval Final design continues DUS Phase 1 construction starts at risk DUSPA closes loans with USDOT USNC closes on North and South Wing development parcels Amtrak relocated to temporary station USNC closes on Triangle development parcel Light Rail Station opens DUS Phase 2 construction begins Wynkoop Plaza construction begins North Wing and South Wing construction begin Completion of Bus Box structure CRT Train Hall Canopy begins USNC closes on A- Block development parcel DUS obtains investment grade rating 7 Q Q Public project completion
8 Major Transit Elements Transit Framework 8 track CRT (plus expansion) East (DIA) North Metro (I-25 North) Northwest (Boulder) Gold (Arvada/Golden) Amtrak 3 track LRT Existing Southwest & Southeast West (Lakewood/Golden) 22 bay regional bus facility 16 regional 4 Downtown Circulator 2 commercial bus 16 th Street Mall expansion Downtown Circulator 8
9 DUS - Transit Infrastructure LIGHT RAIL + MALL SHUTTLE STATIONS REGIONAL BUS TERMINAL Wewatta Plaza COMMUTER RAIL TERMINAL DUS HISTORIC BUILDING 9
10 DUS Aerial View 10
11 Project Cost Summary Light Rail $ 56.9 M Passenger Rail $ M Regional Bus $ M Streets & Public Spaces $ 40.0 M DUS Renovation $ 17.0 M Miscellaneous $ 9.9 M $488.0 M 11
12 Project Finance Summary Cash Sources Description Amount FHWA PNRS $ 45.3 M FTA 5309 $ 9.5 M CDOT SB-1 $ 17.4 M FASTER Grant $ 4.0 M DRCOG TIP Funds $ 2.5 M ARRA (stimulus) Grant $ 18.6 M RTD ARRA (stimulus) Grant $ 9.8 M Property Sales Proceeds $ 38.4 M RTD FasTracks Contribution $ 40.8 M CPV District Bond Funds $ 1.0 M TOTAL $187.3 M Required Financing ($300.6 M) 12
13 Project Financing Strategy Borrowed funds: Clear need for additional funds Determine source of borrowing Determine source/sources for repayment Assumption: Tax-exempt securities sold in financial markets; repayment from RTD s FasTracks allocation to DUS ($208.8M) and from CCD tax increment revenue Steps: Annuitize the RTD FasTracks allocation Establish a CCD framework for creating and collecting incremental taxes on and surrounding the site 13
14 2008 Market Shift Tax-Exempt Markets After downturn, capital markets not accessible Federal Loan Opportunities Restructured DUS repayment scenarios to accommodate federal requirements 14
15 Federal Loans Transportation Infrastructure Finance and Innovation Act (TIFIA)- $145M Railroad Rehabilitation and Improvement Finance (RRIF) - $155M Repayment Sources FasTracks $208.8M less previous expenditures = $165M $165M annuitized at 5.65% to $12M annually, pledged by RTD to DUSPA to secure and repay TIFIA loan Denver Downtown Development Authority (DDA) all tax increment revenue for 30 years pledged by City to DUSPA to secure and repay RRIF loan 15
16 Public Finance Summary DDA & DUS Met District Boundaries DUS DDA Boundary DUS Met Districts Market St. Station 16 DUS Site Market St. Station
17 Loan Security Moral Obligation (City Contingent Commitment) from City and County of Denver In the event of a shortfall in revenue available for debt service on the subordinate loan (RRIF), the City and County of Denver will request of its City Council appropriation of up to $8M annually during the term of the loan to make up any such shortfall 17
18 18 TH STREET 16 TH STREET 17 TH STREET 19 TH STREET 18 TH STREET th STREET 2 DAVITA WORLD 3 N. WING BUILDING 4 S. WING BUILDING 5 CADENCE (September 2009) HEADQUARTERS (November 2013) ONE UNION STATION APARTMENTS (August 2012) (Spring 2014) (December 2013) 6 HISTORIC DENVER UNION STATION (2014) 7 ALTA CITY HOUSE (2015) Story Office Building, Retail & Living Space ASCENT UNION STATION (2018) 14 Story Office Building 5 Story Office Building, Retail, Restaurants & Parking 5 Story Office Building, Retail 13 Story, 219 Apartment Building, Retail & Parking 112 Room Crawford Hotel & Retail 8 5 Story, 281 Unit Apartment Building PLATFORM (2015) Stories, 4K Retail, 142 Apartments COLORADAN (2018) CHESTNUT STREET Story, 290 Apartments 1601 WEWATTA (2015) DELGANY STREET WEWATTA STREET Condos, 30K Retail 1709 CHESTNUT PLACE (2018) Story Office Building, Retail & Parking ELAN (2015) 510 units in 12 & 24 story apt. building, Retail & Parking 15 TH STREET WYNKOOP STREET DDA District DUS MET District COMPLETED UNDER CONSTRUCTION 312 Apartments, King Soopers Grocer 17 HILTON GARDEN INN (2019) CHESTNUT (2018) 15 UNION DENVER (late 2017) 14 HOTEL BORN & 1881 OFFICE (2017) th STREET (2017) 12 UNION TOWER WEST (2017) TRIANGLE BUILDING (2015) Room Hotel 19 Story Office Space, Parking & Retail 600 Apartments, Whole Foods Market 200 Room Hotel, 5 Story Office & Retail 4 Story, 104 Unit Apartment Building (Affordable Housing) 180 Room Hotel, 100K Office, 10K Retail 11 Story Office Building, Parking, Retail & Office
19 Development Activity Plan vs Actual Uses Feasibility Study for TIF ( ) Projected Lo - Hi Absorption As of September 2017 Actual Absorption* Office 418, ,000 SF 2,020,000 SF Retail 193, ,000 SF 371,000 SF Commercial Subtotal 611, ,000 SF 2,391,000 SF Hotel Rooms Residential Units 3058 Units *All projects completed or under construction and completed by
20 DUS INSPIRED ECONOMIC DEVELOPMENT NEW BUSINESS LOCATIONS to the Union Station area since 2009 JOBS CREATED $425 million in wages INDIRECT OR INDUCED JOBS CREATED Leads to $325 million in wages CONSTRUCTION PROJECTS COMPLETED Over $2 billion in private investment, 3.5 BILLION DOLLARS in overall economic impact *Courtesy of Denver OED
21 Questions? 21
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