Guide to Value Capture Financing for Public Transportation Projects (2016) / Chapter Skim
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Pages 54-62
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From page 54... ...
Figure 19 identifies major DUS elements including the station building, commuter rail facilities, bus terminal, and light rail terminal. The plan's public elements, expected to cost $488 million, included accommodation of various transportation modes and multiple capital investments in buildings, rail and bus facilities, and public spaces (as shown in Table 12)
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. Source: Denver Union Station Project Authority, 2011.
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These included measures to provide access to funding sources -- TIF and special assessment districts -- as well as innovative finance programs. Regulatory and institutional initiatives undertaken by DUS partners included: • Intergovernmental agreement: The intergovernmental agreement (IGA)
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1 through 5 (Met Districts) : The CCD established "Met Districts," statutory metropolitan districts that levied property taxes (like special assessment districts)
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A Public-Private Partnership DRCOG Denver Regional Council of Governments CDOT Colorado Department of Transportation RTD Regional Transportation District CCD City & County of Denver DDA Downtown Development Authority DUSPA Denver 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 re, 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 USNC Union 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 Denver Union Staon Skidmo Figure 21. DUS project organization.
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Fitch Ratings rated the senior lien TIFIA loan "A," which was one rating grade below RTD's AA sales tax rating. This rating was based on the following: • Cash-flow coverage was not dependent on development revenues, but primarily on the RTD portion of pledged revenues, or $12 million; • The TIFIA lien was subordinate to RTD's FasTracks bonds; and • "In addition to RTD's annual $12 million payment, pledged revenues on both levels of debt include incremental property and sales tax revenues collected within the DUS project area and DUS metro district mill levies.
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In the early years, however, payments from RTD's sales tax revenue receipts are expected to be the dominant source of funding. Some of these projections are based on CBRE's independent analysis (Denver Union Station Project Authority, 2011)
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DUSPA received a TIFIA senior lien loan of $145.6 million, based on the following pledge (Denver Union Station Project Authority, 2016) : • RTD sales tax monies annuitized at 5.65% to $12 million annually, and • Lodger's tax generated within the DUS project area to the extent appropriated by the CCD and pledged to DUSPA.
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From page 62... ...
• Legal complexity: To access several funding sources and financing mechanisms, DUS required a number of complex legal contracts and the establishment of several corporate entities. • CCD support: While TIF and SAD revenues along with those from a small number of land sales were expected to be more than sufficient to cover financing needs, sales taxes and CCD support made it possible to achieve federal credit approval, which essentially required investment-grade credit quality at the senior lending level and near investment-grade credit quality at the subordinate lending level.
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