Denver Union Station:

A True Public-Private

PartnershipBill 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

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)

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3

DENVER UNION STATION & CENTRAL PLATTE VALLEY - 2005

DUS Property

USNC Properties

4

RTD ACQUIRES DUS SITE

2001

MASTER PLANNING

2002-4

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. 2004FasTracks approved

by voters

5

DEVELOPER SELECTION

2005-6

DESIGN REFINEMENT

2007

18 month process of national significance

Developer RFQ June 2005 11 teams submit

RFP Part 1, February 2006 5 teams submit

RFP Part 2, July 2006

Developer Interviews, August 2006

Public Presentations, September 2006

Nov. 2006USNC Selected as

Master Developer,team included SOM, AECOM, and Kiewit

Nov. 2007Revised solution& target budget

established

PRELIMINARY ENG.

2008

USNC led design refinement - team studied alternative configurations

At-Grade Solutiondeveloped 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

Dec. 2008PE complete

Start D/B Negotiations

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DRCOG

Denver Regional

Council of Governments

CDOT

Colorado Department of

Transportation

RTD

Regional

Transportation District

CCD

City & County

of Denver

DDA

Downtown Development

Authority

DUSPADenver Union Station Project Authority

Owner’s Representative: Trammell Crow Company

Kiewit Western Company

Transportation/Public Infrastructure

Contractor

AECOM

Transportation Infrastructure Engineer

Hargreaves & Associates

Landscape Architect

SOM

Skidmore, Owings, and Merrill, LLP

Master Plan & Transit Architect

FEDERAL & STATE DUS METRO DISTRICT

Design, Construction, and Operation of

Private Buildings developed on DUS

site

CONTINUUM

PARTNERS

EAST WEST

PARTNERS

USNCUnion Station Neighborhood

Company

Master Developer

Private land and vertical developer of DUS

sites

Participate in management of transit and

public infrastructure project

PUBLIC PRIVATE

DRCOG

1 member

RTD

2 members

CCD

6 members

2 non-voting

members

CDOT

1 member

Metro District

1 member

DESIGN-BUILD CONTRACT

7

Design-Build contract executed

Early Action workFinal Design / Permits

Continued Public Outreach through USAC

DUS Design Standards & Guidelines Approval

DUS General Development Plan

Approval

DUS obtains investment grade rating

Q4 2013 – Q1 2014Public project

completion

Amtrak relocated to temporary station

USNC closes on Triangle development parcel

Light Rail Station opens

DUS Phase 2 construction begins

DUSPA MOVES AHEAD

2009

CONSTRUCTION START

2010

PHASE 1 OPENS

2011

PROGRESS CONTINUES

2012

Final design continues

DUS Phase 1 construction starts at

risk

DUSPA closes loans with USDOT

USNC closes on North and South Wing

development parcels

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

Major Transit ElementsTransit 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

• 16th Street Mall expansion• Downtown Circulator 8

9

Wewatta Plaza

DUS - Transit Infrastructure

DUS HISTORIC

BUILDING

LIGHT RAIL + MALL

SHUTTLE STATIONS

REGIONAL BUS

TERMINAL

COMMUTER RAIL

TERMINAL

10

DUS Aerial View

• Light Rail $ 56.9 M

• Passenger Rail $ 145.2 M

• Regional Bus $ 219.0 M

• Streets & Public Spaces $ 40.0 M

• DUS Renovation $ 17.0 M

• Miscellaneous $ 9.9 M

$488.0 M

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Project Cost Summary

12

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)

Project Finance Summary

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

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2008 Market Shift

• Tax-Exempt Markets

– After downturn, capital markets not accessible

• Federal Loan Opportunities

– Restructured DUS repayment scenarios to accommodate federal requirements

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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

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Public Finance Summary

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DDA & DUS Met

District

Boundaries

DDA Boundary

DUS Met Districts

DUS SiteMarket St. Station

DUS

Market St. Station

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

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N. WING BUILDING

(November 2013)

5 Story Office Building,

Retail, Restaurants &

Parking

HISTORIC DENVER

UNION STATION

(2014)

112 Room Crawford Hotel

& Retail

S. WING BUILDING

ONE UNION STATION

(Spring 2014)

5 Story Office Building,

Retail

UNION DENVER

(late 2017)

600 Apartments, Whole

Foods Market

ALTA CITY HOUSE

(2015)

5 Story, 281 Unit

Apartment Building

TRIANGLE BUILDING

(2015)

11 Story Office Building,

Parking, Retail & Office

1900 16th STREET

(September 2009)

17 Story Office Building,

Retail & Living Space

1 DAVITA WORLD

HEADQUARTERS

(August 2012)

14 Story Office Building

2 CADENCE

APARTMENTS

(December 2013)

13 Story, 219 Apartment

Building, Retail & Parking

PLATFORM

(2015)

21 Story, 290

Apartments

8

ELAN

(2015)

312 Apartments, King

Soopers Grocer

1601 WEWATTA

(2015)

10 Story Office

Building, Retail &

Parking

HOTEL BORN &

1881 OFFICE

(2017)

200 Room Hotel, 5

Story Office & Retail

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WEWATTA STREET

WYNKOOP STREET

CHESTNUT STREET

16

TH

ST

RE

ET

17

TH

ST

RE

ET 1

8T

HS

TR

EE

T

19

TH

ST

RE

ET

18

TH

ST

RE

ET

15

TH

ST

RE

ET

16 CHESTNUT

(2018)

19 Story Office Space,

Parking & Retail

DELGANY STREET

COMPLETED

UNDER CONSTRUCTION

1

2

8

16

9

11

4 3

5 910

10

543

6

6

15

15

UNION TOWER WEST

(2017)

180 Room Hotel, 100K

Office, 10K Retail

7

7

COLORADAN

(2018)

345 Condos, 30K Retail

1912

14

1718

1709 CHESTNUT PLACE

(2018)

510 units in 12 & 24 story apt.

building, Retail & Parking

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19

ASCENT UNION STATION

(2018)

14 Stories, 4K Retail, 142

Apartments

20

20

HILTON GARDEN INN

(2019)

233 Room Hotel

17

13

16

1975 18th STREET

(2017)

4 Story, 104 Unit

Apartment Building

(Affordable Housing)

13

DUS

MET

District

DDA

District

1112

Development Activity – Plan vs Actual

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Uses

Feasibility Study for TIF (2009 - 2019) Projected

Lo - Hi AbsorptionAs of September 2017

Actual Absorption*

Office 418,000 - 628,000 SF 2,020,000 SF

Retail 193,000 - 245,000 SF 371,000 SF

Commercial Subtotal 611,000 - 823,000 SF 2,391,000 SF

Hotel 0 706 Rooms

Residential 1520 - 1930 Units 3058 Units

*All projects completed or under construction and completed by 2019

DUS INSPIRED

NEW BUSINESS LOCATIONSto the Union Station area since 2009

*Courtesy of Denver OED

124

5000

25

6000INDIRECT OR INDUCED JOBS CREATED

Leads to $325 million in wages

JOBS CREATED

$425 million in wages

,

CONSTRUCTION PROJECTS COMPLETED

Over $2 billion in private investment

ECONOMIC DEVELOPMENT

3.5 BILLION DOLLARSin overall economic impact

21

Questions?