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United States Department of Transportation United States Department of Transportation

U.S. 36 Managed Lane / Bus Rapid Transit Project: Phase 2

U.S. 36 Managed Lane / Bus Rapid Transit Project: Phase 2
Alternate Project Name
US 36 Managed Lane / Bus Rapid Transit Project: Phase 2
Project Type
Roads and Bridges
Financing Type
Credit Agreement Executed
Colorado High Performance Transportation Enterprise (HPTE); Plenary Roads Denver (PRD)
Project Description

U.S. 36 is a four-lane divided highway that connects the City of Boulder to Denver at its intersection with I-25. The U.S. 36 Managed Lane Project Phase II is a 5.1 mile segment from 88th Street in Louisville/Superior, Colorado to the Table Mesa/ Foothills Parkway in Boulder, Colorado. Phase I and Phase II of the project will connect to the northern terminus of the I-25 Express Toll Lanes.  Phase II is being delivered under a design-bid-build contract:

  • Addition of an express lane in each direction of the U.S. 36 for the Bus Rapid Transit (BRT), High Occupancy Vehicles (HOV) and tolled Single Occupancy Vehicles (SOV)
  • Pavement reconstruction and BRT signage and bus ramp improvements
  • Installation of Intelligent Transportation Systems (ITS)
  • Improve Regional Transportation District (RTD) stations
  • Installation of commuter bike lanes

The US 36 Managed Lane and Bus Rapid Transit Project will ameliorate significant safety hazards that existed before the project’s inception, such as:  structurally deficient bridges, harsh grading, and insufficient stopping sight distances. Upon completion, these improvements are expected to significantly reduce accident rates. The project will implement an intelligent transportation system for electronic tolling and electronic display of transit information. Together, improved conditions and upgraded technology will generate significant time savings with each transit rider, carpooler, and toll-paying drivers are expected to save up to 25 minutes in travel time savings between Denver and Boulder. The project created approximately 4,400 jobs. TIFIA financing allowed for the realization of the stated benefits at least 20 years earlier and at a cost savings of nearly $200 million compared to conventional financing methods.

Project Details
TIFIA Assistance
Primary Revenue Pledge
Toll Revenues
Project Cost
Fiscal Year Closed
Phase II Construction began in February 2014, and opened to traffic in January 2016.
Funding Sources
TIFIA Loan: $60M
Private Activity Bonds (PABs): $20M
HPTE Capital Payment: $49.7M
Equity: $20.6M
Subordinated Debt: $20.6M
CDOT: $8.4M
Capitalized Interest: $3.1M         
Misc. Income $0.4M
Revenues during construction $8.6M
Denver Regional COG: $8.2M
Other Local, State, and Federal Funding: $13.6M
Project Delivery/Contract Method
DBFOM (Design-Build-Finance-Operate-Maintain)
Project Participants
Plenary Roads Denver LLC
Project Advisers/Consultants
To the Borrower:

Engineering Advisor - Jacobs Engineering Group
Financial Advisors - The PFM Group and Acacia Financial Group
P3 Advisor - KPMG, LLP
Traffic & Revenue Consultant - Wilbur Smith Associates
Bond Counsel - Kutak Rock, LLP
HPTE's Special TIFIA Counsel - Ballard Spahr, LLP
Financial Services - J.P. Morgan

TIFIA Legal Advisor - Hawkins Delafield & Wood, LLP
TIFIA Financial Advisor - Infrastructure Management Group, Inc.
Project Lender
Credit Assistance Detail
Direct loan: $60 million. The security for the TIFIA Phase II loan currently is a gross pledge of toll revenues collected on the existing I-25 Express Lanes as well as U.S. 36 Phases I and II managed lanes. The Phase II loan is in a subordinated lien position with respect to senior lien PABs and the Phase I loan.
Financial Status
The TIFIA credit agreement was executed in February 2014. Interest and principal payments are expected to begin in 2020; final loan maturity is expected to occur in 2050.
Addition of the HOT lanes will connect to the existing I-25 Express Lanes that extend from U.S. 36 to downtown Denver and add to a network of regional tollways
Project combines several multimodal and ITS-based strategies to alleviate congestion along the corridor: managed (HOT) lanes, BRT, provision for a commuter bikeway, and various ITS and TDM strategies
Application Details
Colorado High Performance Transportation Enterprise (HPTE)
LOI Fiscal Year Received
LOI Received Date
Application Received Fiscal Year
Estimated Project Cost
TIFIA Request
Instrument Type
Direct Loan