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U.S. Department of Transportation U.S. Department of Transportation Icon United States Department of Transportation United States Department of Transportation

Site Notification

Site Notification

Eagle Project

Eagle Schematic
Alternate Project Name
Eagle P3
Project Type
Public Transit
Financing Type
Credit Agreement Executed
Regional Transportation District (RTD)
Project Description

The Eagle Project is part of RTD's FasTracks initiative, a voter-approved program to expand rail and bus transit throughout the Denver metropolitan region. FasTracks includes 122 miles of commuter rail and light rail, 18 miles of bus rapid transit service, the redevelopment of Denver Union Station (DUS), 21,000 new parking spaces, and other improvements. The Eagle Project elements funded by the TIFIA loan include the following:

  • East Corridor - 22.8-mile commuter rail line from DUS to Denver International Airport with five stations
  • Gold Line - 11.2-mile commuter rail line, the first 3.7 miles of which are shared with the Northwest Line (segment 1) from DUS north and west to Wheat Ridge, with six intermediate stations
  • CRMF - sited adjacent to the Gold and Northwest Lines it includes a central control center, a maintenance shop, and a rail storage yard, among other facilities

The Eagle Project is being procured through a concession agreement between RTD and Denver Transit Partners to design, build, finance, operate, and maintain the project's components for 34 years. RTD will retain ownership of all assets at all times, set fares and fare policies, and keep all project revenues. RTD will make availability payments to the concessionaire based on established performance metrics.

As of September 2015, the Eagle P3 project has employed 6,900 individuals and contributed more than $1.319 billion in total economic impact. Additionally, the project nearly cuts in half the time it takes for commuters to travel from downtown Denver to Denver International Airport, according to a 2011 statement from former US DOT Secretary Ray LaHood. The use of TIFIA financing and concessionaire structuring allowed for project delivery approximately 2 years earlier than other methods would have allowed.

Project Details
TIFIA Assistance
Primary Revenue Pledge
Tax Revenues
Project Cost
Fiscal Year Closed
Commercial and financial close with Denver Transit Partner occurred in August 2010. Overall Substantial Completion occurred in 2019.
Funding Sources
New Starts Full Funding Grant Agreement: $1,030.4M
Private Activity Bonds: $396.1M
TIFIA Loan: $280M
Other Federal Grants: $62.1M
RTD Sales Tax Revenue: $114.3M
Revenue Bond Proceeds: $48.2M
Local/CDOT/Other Contributions: $40.3M
Equity: $54.3M
Other Sources: $20.8M
Project Delivery/Contract Method
DBFOM (Design-Build-Finance-Operate-Maintain)
Project Advisers/Consultants
RTD Eagle P3 Advisor - Goldman, Sachs & Co.

RTD Financial Advisor - First Southwest Company

RTD Bond Counsel - Sherman & Howard, LLC


TIFIA Legal Advisor - Bryant Miller Olive
TIFIA Financial Advisor - Montague DeRose and Associates, LLP/ High Street Consulting Group, LLC
Project Lender
Credit Assistance Detail
Direct loan: $280 million. The TIFIA loan is secured by a senior lien gross revenue pledge of RTD's 0.4 percent sales tax revenues and a subordinate lien pledge of RTD's 0.6 percent sales tax revenues.
Financial Status
The TIFIA credit agreement was executed in December 2011. RTD was awarded a $1.030 billion Full Funding Grant Agreement (FFGA) on August 31, 2011. The loan was prepaid in full in 2021 prior to the commencement of Debt Service.
First P3 for commuter rail in the U.S. to include design-build, financing, and long-term operations
First P3 project advanced through FTA's Penta-P P3 pilot program
Winner of 2010 "Deal of the Year" in the southwest region by The Bond Buyer
Application Details
Regional Transportation District (RTD)
LOI Fiscal Year Received
LOI Received Date
Application Received Fiscal Year
Application Received Date
Estimated Project Cost
TIFIA Request
Instrument Type
Direct Loan