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Home My WebLink About20021202 I Psi Breaking Ground: BreakingPrecedent �q y ) 2001 Annual Report 9$ om t ) \t ' \. JY � r t Q 1 ak ? > w X«aa �* t m., r ^ Y xos ShY. q!migiAr HlIca ,A lj� Y+4 wa 9 "g H P`+ •a rf ygF n i � `k ♦:nrM«a m'w t vA.��'� �A` M' Y.t'�L � •_. Oe-�R$..�gp,Z, 2002-1202 Table of Contents Letter to Readers page 2 Project Update page 3-4 Project Alignment page 5-6 Balance Sheet page 7 Bond Financing page 8 Board of Directors page 9 Northwest Parkway Staff page 10 Contractors & Consultants page 10 Letter to Readers Dear Reader, The Northwest Parkway Public Highway Authority reached several exciting milestones in 2001,which include obtaining fund- ing for the roadway, formally dedicating the project and beginning construction! The Northwest Parkway is truly "Breaking Ground: Breaking Precedent" as the Parkway is on schedule to open in 2003. Achievements in 2001 include: Groundbreaking of the Parkway and the Beginning of Construction A groundbreaking ceremony was held in July to celebrate progressing to the next phase of the project. Members of the authority board and numerous transportation and government officials attended the groundbreaking event. A ceremonial first turn of earth by the board signified the project was ready to advance to the next step:construction. Initial construction began following the announcement that funding had been secured through non-recourse toll revenue bonds backed solely by toll revenues of the Parkway. Construction is currently underway, and the Parkway is scheduled to open in 2003 as an 11- mile project with 9 miles of 70-mile per hour road that connects with E-470 and 1-25 at 157th Avenue and travels west to 96th Street allowing access to U.S. 36. Balancing Development with Environmental Issues An Environmental Assessment (EA) was required for the 1-25 and US 287 interchanges of the project, as outlined by the Federal Highway Administration and Colorado Department of Transportation. The Assessments were completed in February 2001 and include project budget, development, scope of work effects on wetlands and impacts on threatened species. Findings of No Significant Impact(FONSI)were signed in May by the agencies. Issues such as air quality, noise and endan- gered species have been studied. More than $22 million of land will be purchased around the Parkway to create new per- manent open space so no development will occur in the vicinity of portions of the Parkway. The Parkway is planned as a transportation corridor, not a development accelerator. Parkway Designs Include Multi-Modal Themes Pedestrian and mass transit traffic has been included in plans for the Parkway. The right-of-way preserved for the Parkway can accommodate High Occupancy Vehicle (HOV) lanes and/or light rail within the median. The Parkway will be available for use by both motorists and mass transit bus systems. Pedestrian traffic also has been addressed as a multi-use trail and accommodations such as crosswalks at intersections and sidewalks through interchange areas are planned. Working Together to Get the Job Done The finalizing of funding,approval of intergovemmental agreements and the beginning of construction could not happen with- out teamwork by many entities, including the Northwest Parkway PHA members, Broomfield, Lafayette and Weld County as well as the Regional Transportation District, Colorado Department of Transportation and the Interlocken Metropolitan District. Working as a united team, we are truly "Breaking Ground: Breaking Precedent"with the Northwest Parkway. Sincerely, Board of Directors Northwest Parkway Public Highway Authority 2 t Project Update The concept and need for the Northwest Parkway Northwest Parkway Constructors, a joint venture underscores the importance of transportation as of Peter Kiewit & Sons', Inc. and the Washington the top issue in Colorado today. The U.S. 36 cor- Group, was selected as the prime design/build ridor is developing as a burgeoning center for contractor for the parkway. Kiewit is on target technology, industry and recreation, and traffic and schedule with design and construction work demands are greatly increasing. The Parkway for the 2003 opening date, which will occur short- will serve an integral role in the future of the ly after the completion of E-470 Segment IV. The Northwest Metro quadrant as the corridor contin- Parkway will be an 11-mile project with 9 miles of ues to develop and grow. Construction of the 70-mile per hour road that connects with E-470 Parkway coincides with transportation develop- and 1-25 at 157th Avenue and travels west to 96th ments throughout the Front Range, including the Street. At 96th Street traveling south, it will turn T-REX project on 1-25, E- 470 Segment IV and other such transportation improvement projects that address traffic capacity and related issues. Construction has begun on the Parkway, and many developments have led us _ to this point in the process as we look towards the future and opening the ' Parkway for traffic at the end of 2003. 3 into a local four-lane 45 MPH arterial allowing line toll plaza and ramp tolls at US 287. The access to U.S. 36, the Flatiron Crossing Mall and Parkway will include two lanes in each direction Interlocken Business Park. and will be designed and engineered for three lanes in both directions. When both the In order to begin construction, project funding Northwest Parkway and E-470 are completed, was raised through Northwest Parkway Public drive time from the Parkway and Boulder Highway Authority Revenue Bonds Series 2001 Turnpike to Denver International Airport will be 30 that were issued in June totaling more than $416 minutes. million. Right-of-way property for Segment I of the Parkway was delivered to the contractor to begin work in December and acquisition of Segment II property has commenced. When completed in 2003, the Parkway will use the same automatic vehicle identification technol- ogy used by E-470 that will allow the use of a transponder to permit travel on both facilities �,,,Nat � without the need to stop at the toll barriers. Construction of the Parkway also will include two rein interchanges, five grade separations, one main Pog The Groundbreaking f . o em ceremony for the �*mri Northwest z y 4 r'�,1��ia. w.+ka'- �c.,Px^'�3;. 1. Parkway was held in 2001 . 4 Project Alignment • q .-. LAEAYETTE _ y ,LOUISViat a `" s "Dillon Rd. Pe" , 3 co FLATIRON E ,CROSSING }HALL 4 ROOMFIELt INTERLOCkEN AUSINESS PARK " Stag Hwry.128 ' 7 Oh ' ©� µ 5 ^..�',�1tt1 '41\ �,,, ! _ '' WELD COUNTY " dq r. o Q b t ffi �] 4 L .nry yx p i ,1 - 144th Ave. 2 ti Y , ( f by r ., ,r C NW ry � PARKWAY t ,: 6 Northwest Parkway Public Highway Authority (A Development Stage Company) BALANCE SHEET* December 31, 2001 2001 2000 ASSETS Current assets Cash and cash equivalents $ 578,838 $ 261,402 Reimbursable expenditures under program assistance contract - 611,325 Prepaid and other expenses 18,346 4,073 Total current assets 597,184 876,800 Restricted assets Investments 329,217,436 - Accrued interest receivable 629,113 - Total restricted assets 329,846,549 - Property and equipment Property and equipment, net 42,260 53,121 Construction in progress 148,757,920 430,077 Total property and equipment 148,800,180 483,198 Bond issue costs (less accumulated amortization of$467,560) 35,063,193 - Total assets 514,307,106 1,359,998 LIABILITIES AND EQUITY (DEFICIT) Current liabilities Accounts payable and other liabilities 34,121 388,302 Current liabilities payable from restricted assets Accounts payable and other liabilities 19,877,542 - Accrued interest payable 1,498,006 - Total current liabilities payable from restricted assets 21,375,548 - Long-term liabilities Revenue bonds payable 418,105,867 - Intergovernmental payable 20,000,000 - Reimbursements payable 55,872,040 - Total long-term liabilities 493,977,907 Total liabilities 515,387,576 338,302 Equity (deficit) Contributed capital 976,700 1,901,700 Deficit accumulated during development stage (2,057,170) (930,004) Total equity (deficit) (1,080,470) 971,696 Total liabilities and equity (deficit) 514,307,106 1,359,998 'Complete copies of the Northwest Parkway Public Highway Authority 2001 financial statements and the accompanying notes are available upon request from the Authority office at 303-466-0567. 7 Bond Financing , Sources & Uses The Northwest Parkway Public Highway Authority The Sources and Uses for the Northwest Parkway ("Authority") issued approximately$364 Million of insured Bond issue are estimated as follows: Senior Bonds and approximately $52 Million of subordi- nate bonds in June 2001 to fund the construction of the SOURCES OF FUNDS: Northwest Parkway toll road project. The Underwriters were George K Baum & Company and Bear, Stearns & Series 2001A Bonds $175,720,000 Co. Inc. PBConsult Inc. was the financial consultant and (Current Interest) provided the chief financial officer for the Authority. A.G. Series 2001B Bonds 79,865,792 Edwards & Sons, Inc. was the financial advisor. Vollmer (Capital Appreciation) Associates conducted the traffic and revenue study with Series 2001C Bonds 108,371,280 PBConsult Inc.providing the economic/land use inputs for (Convertible Capital Appreciation) the study. Series 2001D Bonds 52,465,000 (First Tier Subordinate) The 100% toll-revenue backed start-up toll road received Colorado Department of Transportation 723,000 bond insurance from both Ambac and FSA resulting in a Net Original Issue Discount (4,025,562) positive reception of Northwest Parkway Authority bonds TOTAL SOURCES $413,119,510 in the market. The financing plan received investment grade underlying ratings from all three rating agencies: Standard & Poor's and Fitch rated the senior bonds BBB- USES OF FUNDS: and Moody's Investors Service rating them a Baa3. The Design-Build Contract Price $179,819,232 subordinate debt received Moody's Bat rating and a BB- (net of interest earnings) plus from Standard & Poor's. The Authority believes that Other Costs of the Project (1) 104,738,219 some of the factors supporting this project are that it is making an improved connection to already developed Capitalized Interest 2001A, 2001D 43,047,440 areas including Broomfield and Lafayette and one of the Debt Service Reserve Accounts 41,239,651 largest employment centers in the Denver metropolitan Cost of Issuance/Underwriters Discount 26,617,107 area: Interlocken Business Park. Project Contingency 17,657,861 (available for Project Costs) Because the project is backed solely by toll revenues, the finance team devised a structure that included a combi- TOTAL USES $413,119,510 nation of Current Interest Bonds, Capital Appreciation (1) Includes right-of-way acquisition, project oversight Bonds (CABs), Convertible Capital Appreciation Bonds, engineering services, administrative costs, and and First Tier Subordinate Bonds. Unlike current interest amounts due under reimbursement agreements. bonds that pay interest every six months, the CABs only pay interest at maturity, allowing the issuer to conserve cash flow. The use of the convertible CABs allows the Authority to minimize the amount of interest payable while still allowing a period for the ramp-up of toll revenues. 8 2001 Board of Directors ft, ., . . 'Illi 1 ,. � t1 • . William Berens Sue Klempan* Glenn Vaad Chairman of the Board Vice-Chairman of the Board Treasurer Mayor, City of Broomfield Mayor, City of Louisville Commissioner,Weld County Member since 1999 Member since 2001 Member since 2001 Ex-Officio Members If Y .0!„‘., 1 .,Mary K. Blue Joe Jehn Joel Rosenstein Regional Transportation District Transportation Commission Interlocken Consolidated Member since 1999 of Colorado Metropolitan District Member since 1999 Member since 2001 Alternatives/Representatives '0; i_k: �� r _ �. ,� Ilta.1!.., Hank Stovall Karen Stuart Wallace (Wally) Pulliam Robert Madsen Tom Norton Mayor Pro-Tern, Mayor, City of Regional Transportation District Commissioner, Colorado Department City of Broomfield Broomfield Member since 2000 Weld County of Transportation Member since 1999 Member since 2001 Member since 2001 Member since 1999 *Mark Hoskins member until May 2001. Sue Kempen named in May 2001. 9 Northwest Parkway Staff , it i. 4' ✓ b4 vY'.. 1� sad y Steve Hogan Richard Bauman Steve Bobrick Executive Director Chief Engineer Business Manager �pk eq$f. y . iiii ,iis liti ,, It Jill Lamoureux Lina Kheng Noelle Sherman Office Manager Administrative Assistant Administrative Assistant Contractors & Consultants Grant Thornton Icenogle, Norton, Smith, Blieszner & Miller Accounting/Auditor General Counsel PBConsult George K. Baum & Co., Bear Stearns & Co. Administrative & Finance Support Investment Banking Lovejoy Associates Vollmer Associates Consulting Engineer Traffic & Revenue InterMountain Corporate Affairs Carter & Burgess Public Relations Oversight Engineer 10 • -- Pri da PARKWAY Northwest Parkway Public Highway Authority 555 Eldorado Blvd., Suite 130 Broomfield, CO 80021 303-466-0567 FAX 303-404-3049 www.northwestparkway.org Hello