U.S. Transportation Secretary Anthony Foxx today announced a Transportation Infrastructure Finance and Innovation Act (TIFIA) loan for $60 million that will help pay for the reconstruction of U.S. 36 express lanes in the Boulder-Denver area, bringing congestion relief to drivers throughout the region. The TIFIA loan announced today is in addition to an earlier $54 million TIFIA loan provided to Colorado to rebuild U.S. 36, bringing the Department's total support for the project to $114 million.
"President Obama knows that transportation opens the doors to opportunity and rebuilding U.S. 36 will mean access to jobs in the important corridor linking Boulder and Denver," said Secretary Foxx. "This loan is an important investment in the people and future of Colorado."
The TIFIA loan will help finance reconstruction of a 5.1 mile segment of U.S. 36 between 88th Street in Louisville/Superior to Table Mesa/Foothills Parkway in Boulder, extending a 10.1- mile segment from Pecos Street to 88th Street, which was the first phase of the project. When completed, this portion of U.S. 36 will help reduce congestion by offering travelers six lanes, rather than the existing four. Under the new construction, travelers will benefit from three lanes in each direction, two of which will be tolled and link to the I-25 express lanes. The U.S. 36 corridor comprises a number of communities between Boulder and Denver and is home to more than 26,000 businesses.
"The U.S. 36 express lanes project will enhance reliability and mobility and provide transportation options," said Federal Highway Deputy Administrator Greg Nadeau. "In addition, the tolled express lanes will give drivers a congestion-free choice."
The congested U.S. 36 corridor carries up to 100,000 vehicles per day and is estimated to increase to 165,000 by 2035, according to Plenary Roads Denver, the concessionaire and TIFIA loan applicant. The project will save significant travel time for drivers commuting from Boulder to Denver as well as to cities along the corridor. It will improve access to 11 regional bus routes that travel on U.S. 36 and connect to Denver International Airport, Denver Union Station, the 16th Street Mall and employment centers throughout the metro area.
The TIFIA credit program is designed to fill market gaps and leverage substantial non-federal investments. Each dollar of federal funding can provide up to $10 in TIFIA credit assistance and support up to $30 in transportation infrastructure investment. Since its launch, the TIFIA program has helped 42 projects turn over $15.8 billion in U.S. Department of Transportation assistance into more than $59 billion in infrastructure investment across America.
The Moving Ahead for Progress in the 21st Century Act (MAP-21) transformed TIFIA into one of the largest transportation infrastructure loan programs in history, making up to $17 billion available in credit assistance for critical infrastructure projects.