USDOT provides $106.95m loan to Colorado for C-470 Express Lanes Project

TINNews |

The US Department of Transportation’s (USDOT’s) Build America Bureau (Bureau) will provide a $106.95m Transportation Infrastructure Finance and Innovation Act (TIFIA) loan to the Colorado High Performance Transportation Enterprise (HPTE) for the completion of the C-470 Express Lanes Project.

The loan is offered to the HPTE at an interest rate of 2.86% for a term of 35 years.

The C-470 is a highway stretch of 26 miles, which runs along the southern and western region of the Denver metropolitan area, stretching between the intersection of I-25 and E-470 in the east to the intersection of US-36 and I-70 in the west.

The C-470 Express Lanes Project is the first phase of a multi-phase project.

This project will see the addition of express tolled lanes (ETLs) to increase the capacity at the congested corridors and improve road layout over approximately 11.2 miles of the highway.

"By leveraging a loan from the Bureau, more projects like the C-470 Express Lane Project can become viable."

The project is slated for completion by July 2019.

HPTE explained that the project will not only reduce traffic congestion but also improve the mobility of the commuters and reduce travel time by up to 18 minutes.

The TIFIA loan amount will be used towards funding the development of two westbound ETLs from I-25 to 0.9 miles east of the University Boulevard off-ramp, and westbound auxiliary lanes between ramps from University Boulevard to Platte Canyon Road / Chatfield Avenue and from Yosemite Street to Quebec Street.

Build America Bureau executive director Marty Klepper said: “By leveraging a loan from the Bureau, more projects like the C-470 Express Lane Project can become viable.

“We have an open door policy for any transportation project sponsor to meet with our team to discuss Bureau loan programmes that could move projects forward.”