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Home My WebLink About20041577.tiff. . . . . . . . . . . 4 < - %./ ®^ 3 ^ < In the driver ' s 32 t ... :, :. .... • . •:� e� • . 70 Pu blic High way Auboty Year-End Investor Report • , » • 2004-1577 C67 --(17 0 : 2 E -- 4 i3% ) PUBLIr HItW HI} PY AUTHORITY LIFE i IN THE Board of Directors n P E N ROAD yJ y' E-470 celebrates anniversary of completion Jan Pawlowski Lynn Myers Reba Drotar Noel Busck Chairman Vice Chairman Secretary/Treasurer Mayor, Mayor Commissioner Council Member, City of Thornton E-470 is in the driver's seat. The last construction Increasingly, E-470 has become the road those City of Brighton Arapahoe County City of commerce City barricades were removed on January 3, 2002 as drivers prefer to travel. In 2002, them was o E-470 opened its final eight miles to complete the 25 percent increase from 2002 in overall toll 47-mile beltway, making it truly the "open" road transactions, totaling more than 28 million. y t "F,• E-470 is now in its thirteenth year as an operating E-470 also set records for daily transactions *.. tollway, with a new link to more communities. In throughout the year: November. E-470 connected with the new Northwest • During the holidays, E-470 PSI orded tts highest. Parkway, an 11-mile toll road. The result is 58 miles number of single day transactions on the road Gary Lasater Ted Strickland James Sullivan Ed Tauer Mayor, Commissioner Commissioner, Mayor, of expressway for drivers in the northwestern, east- with 160,539 on Friday, Dec. 19. Town of Parker Adams County Douglas County City of Aurora r c ern and southeastern areas of metropolitan Denver. • Earlier in the year, E-470 had recorded 159 87.E, Directors transactions on Friday, Aug. 29, the eve of Labor Day weekend. This was the sncond highest '/ ' • .. S✓ ''r /J/ January 3,2003:the barricades come down,opening the final segment of E-470. k u7 / number of transactions for any single d iy. M1 to* ,, '^�' In 2003 E�+70s nor in loll and other revenues 4 '"� ,x-• - i combined with savings on budgeted operating tla S expenses resulted in healthy finoncial performance. e Lei AS Lx; Edward J.DeLozier John D.McCuskey I Matthew Alexander Dan Baker David M.Kristick Matthew M.McDole ,.,,,x, i e-... ?2 q ; The Authority's solid financial position is good new.=. Executive Director Deputy Executive Director, Director of Maintenance Director of Information Director of Operations Chief Engineer / N�'' ',• .• A. Director of Finance Technology '""" - J for bondholders- It also enables E-470 to maintain and Audit ""-- * — y - �� U and improve the quality of the driving expel Ient:a. Ex-Officio Directors Affiliate Directors Gearing up for the fnrnre,, E-470s road map includes •� major improvement projects and upgrades to its ,•>b Robert Hawthorne Don Allard r Colorado Department of transportation(CDOT) Council Member,City of Asada y�yyyw„�� - �/i ,'gat technology systems. Jack O'Boyle Don Feldhaus / /4 ryu Denver Regional Council of Governments meets(DRCoc) Council Member,City of Greeley - _dam The achievements of 2003, together with E-470's y Rosemary Paolillo Karen Stuart ' " commitment to the safety and reliability Of din I t ao, Regional Transportation District(RTD) Mayor,City of Broomfield should make for a smooth ride ahead for E-4/0 David Rose Glen Vaad Regional Transportation District(RTD) Commissioner,Weld County drivers and bond investors alike. a I 2 i l i x = E — � f E I: l r� lWl �_� TE Intl Airpo„ . H I C; H E; F' E E Cl r/.„ e Pa ' I I_ItHtiEl_• TII_Iti ... r ti r'i00' y PAM1KWAV mi .�-tsin ..a „7 P.\td40 • ■ • IV 'gIIIIIIIIII; • 1,14TH O BRIGHTON • ■ "`"' Segment IV finishes 47-mile beltway ■ ` 120TH Affitt Illi ADAMS COUNTY Northern link connects with newly opened Northwest Parkway ® E-470 TOLL PLAZA ' 104TH m/ 104TH ■ E-470 set a historical milestone in Colorado's • A Union Pacific Railroad crossing was installed on a bride_c INTERCHANGE THORNTON OATH �■ Denver enen•xsnsit oa ) transportation history when it opened the final eight over the highway. In addition, E-470 constructed two other LIM miles of Segment IV on Jan. 3, 2003bridges over railroad crossings for Union Pacific and k°THNn emnBurlington Northern Santa Fe Railway4 �,,,,,, ",,,,� Afteropeningitsfirstfive-milesegmentin1991■ E„„ it took nearly 12 years of financing and political Nevertheless, the road was built in just 34 months and COMMERCE atv problem-solving as well as construction to complete opened five weeks ahead of schedule. Although this segmentv0TH OATH the 47-mile highway. was the most expensive to build, it was finished on budget... ^� without federal funding. a _ ,Imo beE-470 built is one of the few highways in the nation to A,„ DENVER_ be built using apublic-private partnership. The total route for E-470 now extends from Park Meadows Mall at I-25 and C-470 in the south, and rejoins I-25 at the ■ The construction on Segment IV, like Segments II I-25/Northwest Parkway interchange near 160th Ave. in tho 6TH ■ and III, was accelerated through the use of the burgeoning eastern half of Adams County. ru , AURORA design-build method. Still it was the most difficult msyssii"vr segment to construct, largely because it included rrm lour 42 bridges — more than any other segment on the E-470's final link connects with l-25 and the Northwest Parkway in Thornton.n�Ir. TrI,�P°r road- Construction included these unusually _ challenging structures: - � . ItQUINCYAVE ©� • An aqueduct was used to raise the Signal Ditch f ARAPAHOE COUNTY Over the highway. • Nine bridges had to be built over nine ///;////4‘;''-'4,Z% „ H� � /i/n r�i ■ other ditches. - With E-47O's connection to the newly opened $71 ' 11- 4 r ■ ■ PARKER Northwest Parkway in November 2003,approxi- " —•P�� T rte~ 'LL . ■ ^^ �l mately 10,000 additional daily transactions were DOUGLAS COUNTY expected to result along the highway. AN AN 3 4 t FIC'i )=1t'� I IHI HIGHLIGHTS / - = • ('•i11 3 OPERNTIN BHEII_ ET iFylii %;. I c 47 r A strong year for hitting total revenue I - Bottom line results and debt service coverage targets better than budgeted goal 2003 REVENUES:576.8 million FIG.1 2003 DEBT SERVICE COVERAGE FIG.4 Bondholders continue to be well served by the 2113 • E' TING :U'GET(unau rited) FIG.5 76.7% Tolls Authority's conservative approach to budgeting for 1.65 ACTUAL After operating expenses and vehicle registration fee debt service payments 2003 BUDGET 2003 ACTUAL Aiiiii.. revenues needed to cover senior bond debt service. - are subtracted from total revenues, Operating Re $ n,73n,mo s rc,rai,aal 9.8% Vehicle Registration Fees �� / ca Tolls represent the majority of those budgeted / % the amount remaining is reserved for operating Expenditures 8 2$A77 200 $ 2058/IC i 'may 10.8% Investment Income revenues (Figure 1). The number of toll transactions O4i�,� �� senior debt service payments To ensure VtF Debt Service a 2 8/6495 a 2 576.450 /// 4 there are more than enough funds, rose in 2003 by 7.B million — or 25 percent over / n the Authority is required to provide Funds Available for Senior Debt Service $ 51,381,004 5 53,573,248 3% Highway Expansion Fees $$/$4$$$$$$:'0;$, $$$'/$/$' servo,Bonds Debt Service $ 37,447,957 $ 37,447,957 2002 (Figure 2). 2senior debt service coverage equal to ��,-�/.4/{7 9 ,, 1.30 times the actual amount that Senior Bonds Debt Service Coverage 1.5E} 1.65 2.4% All Other Revenues � '°"��% Figure 3 shows that E-470's unaudited total wm be payable. revenues achieved 99.2 percent of projections, As shown above in Figure 5, operating expenditures TRAFFIC VOLUME:Total Toll Transactions FIG.2 with toll revenues at 95 percent of projections, 2003 MONTHLY TOLL REVENUE FIG.6 were significantly lower than budgeted. Coupled with and non-toll revenues at more than 100 percent operating revenues just below projections, this } Since 1999 traffic volume has nearly tripled of the amount budgeted Together with operating 6 40 MIr„s„ II RFC-IRONIC. resulted in more funds available for senior bonds expenses being less than budgeted, E-470'5 financial 5 ---- debt service than was budgeted ' ' ' ' ' M 30 i cash flow exceeded expectations. 2 4 20 ' 24.0 E 3 ' ' , ' ; ; I ; ' , Revenue-related highlights for 2003 include. A covenant in the documents governing E-470's 10 13.0 - obligation to bondholders stipulates and defines that 2 • Actual total average weekday traffic (transactions) operating income, minus operating expenses and 1 - - . - was 120,208 versus the 123,592 projected, o - - vehicle registration fee bond payments, equals the o - - off 2.7 percent. 1999 2000 2001 2002 2003 Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec funds available for senior debt payments. Further, • Actual toll revenue was $58.89 million, "funds available" must be no less than '1.30 times compared to the $61 77 budgeted, a difference 2003 REVENUES(unaudited) FIG.3 what is needed to meet the actual senior debt 2003 AVERAGE WEEKDAY TRANSACTIONS FIG.] of 4.7 percent. 2003 BUDGET 2003 ACTUAL service payments. 140 - - ----.- • Investment income, which was the year's second Toils set 774,000 a 55,594,595 120 ---- largest source of revenue, was $8.25 million, vehicle Regs ation rees 7615,000 7,591,000 g vest, tl true 7,375,000 8,252,6/5 As indicated in Figure 4, E-470's actual unaudited 100 , , , , , , exceeding the budgeted $7.38 million by Property sales n 250,000 356,027 debt service coverage was 1.65 surpassing both the 13 Highway Expansion Fees 350,000 240205 80 , , , , , , , , , g , 11.8 percent. Cell tovver Leases 130,000 t4/,059 required 1.30 minimum (with $11 3 million in excess r 60 i , I I I I I I I , • The next largest revenue category, vehicle re is- Per iOfficr Leases 50,000 84,660 .- , , , , , , , , , 9 9 Permits inand Fees 150,000 584,665 of what was required) and the budgeted 1.58 target 40 tratien fees, totaled $7.59 million. .4 percent Advertising Sign Rev.71 Assoc Fees 2,700 2.562 ($2.2 million in excess of the cal]. Property Rental Fees 75,700 g 20 - , , , , , , , , short of the budgeted $7.62 million. Omer n time 589,596 0 TOTAL — - - $77,730,700 5 16,181,441 Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec 5 6 ( 1 THE EXpressToll automatic toll technology N IW: Iw: ELERNTECI F H T allows non-stop travel V t - LANE CIE EL. IWIF t1Et� T - Drivers sign up in record numbers e-' For drivers on E-470, EXpressToll is the "express" way to travel, non-stop, the entire 47-mile stretch of highway at 70-mph. Paving the way for commercial and residential growth - ' E-470 was one of the first highways built from the ground up with non-stop electronic .—kk o g, . „,. toll collection, EXpressToll drivers, via automatic vehicle identification technology, pass %� For years, b470 has been the focal point of planned growth. In 2003 commercial and residential through highway mainline toll plazas and most ramp toll plazas with dedicated express development flourished, and E-470 reviewed 73 development referrals. lanes without stopping or slowing below the prevailing speed. The tolls are then . deducted automatically from the driver's pre-paid account" E-470 is facilitating economic growth along the corridor in a variety of ways, Including those examples: 2003 EXPRESSTOLL ACCOUNTS&TRANSPONDERS ISSUED In 2003, EXpressToll users accounted for over 60 percent • In Adams County, Shea Hurries held the grand opening for its rnasl.er-plonned community Reunion of E-470's transactions, and, on peak days, totaled more that totals 3,138 acres- The plan HU orionodatss 12,000 hones cirri 900 acres of commercial 250 �E.Pa�ssro a«o N �.N poxoEgs ss Eo than 90,000 transactions. And now, drivers on both E-470 and retail development. 200 - - - --- and the recently opened Northwest Parkway use inter- operable transponders that are accepted on the combined • The City of Aurora held groundbreaking ceremonies for a $17 million public facility, near E-470, that 1s0 ---_ --.-r 100 _ 58-mile stretch. will include a fire station, police station and a library. , I I More drivers [even those from outside Colorado) are • Home Depot opened at the Saddlerock Marketplace, located on the northwest corner of E-470 and so I I choosing the convenience of EXpressToll: Smoky Hill Road. The retail center includes 300,000 square feet. o r, Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec • Registrations for new accounts set a new single month Elsewhere on E-470, the I-70 interchange near Denver International Airport, has become a hub for record with 6,117 opened in December 2003. industrial distribution centers. In 2003, construction was underway for a new General Motors • In July 2003, E-470 opened its 100,000th EXpressToll account, via its Web site, 405,000 square-foot parts distribution center that will open in spring 2004. the most popular way for people to register. HOW PEOPLE REGISTER • Non-Colorado residents, from Hawaii to New York, opened more than 2,842 FOR EXPRESSTOLL: EXpressToll accounts. Reunion.Shea Homes'newest master-planned pcommunity,near Denver International Airport and E-470. VIA THE EXPRESSTOLL WEB SITE. 41.9°/o In 2003, E-470's marketing efforts with EXpressToll registration at Safeway grocery RETAIL STORES stores resulted in a strong demand for the technology. E-470 started the year with 28.6% EXpressToll distribution in 13 Safeway stores and eventually increased to 25 stores WALK-IN throughout the Denver metro area and along the Front Range. d 6/ % F;^A I "'f,°li s.TELE ' I X / %i .. 0 i F ` OVER THE TELEPHONE The success with Safeway led E-470 to expand its EXpressToll program with other retail - 8.8% outlets. King Soopers, another grocery stare chain, started registration in six of its ;-e'•" --- THROUGH REGULAR MAIL. stores and Great American Tire & Auto began registration in three of its stores. i X/ o • % �� .-- 7.7% EXpressToll sign-up is also available for shoppers at Flatiron Crossing Shopping Mall t) , ! �•n_ - FAX [located in Broomfield), near the Northwest Parkway. oomph 0, I '' '_ P / 4.1% _ _ _ 1. _. .. , AN AN 7 8 f I I _ _. 1. 0 ID to ri _ REL14 ::< AND ENJOY T H E Construction projects in the works THE F; IGE FEIDPi0 Even as the final segment was opening in January 2003, E-470 officials and engineers were shifting gears and planning improvements along the original five ... miles of the road in Douglas County. Weather or not, E-470 maintains speed and safety Periodic improvements are part of E-470's commitment to providing a safe and g"----17'—' ''''''. reliable route for its drivers. On E-470, weather-tracking systems enable E-470 maintenance crews to stay ahead of the storm. Along Pie During the past 13 years, E-470 has had a surge in drivers, with the highway, there are six weather stations, along with road sensors, that allow ninnntonarn r cr rows to r it , :z¢r- air number of daily transactions increasing from 5,000 to over 100,000. and pavement temperatures, and determine the amount of precipitation expected. Eased on this irformorm. In 2003, in order to accommodate these drivers. E-470's work included they use either liquid or dry chemicals to treat the road. • Widening a portion of the original five miles of road. In the liquid category, E-470 uses salt-brine (made on-site) and two brands - lceban and COliher - of a mixture nl • Adding a northbound climbing lane near Parker Road- magnesium chloride flmagchioride"], water and corn alcohol residue. In all, E-470 keeps 87,000.pallor s of I,. J:::-n • Constructing additional ramp access for drivers near Park Meadows Mall. and Caliber on hand for treating the road during inclement conditions. Looking ahead, E-470 is working in partner- August 2003:Girders are placed on Peoria Street during When E-470 pre-treats the highway, crews usually Maintenance crews treat 280 lane-miles on E-470. ship with its member jurisdictions and other the widening of the bridges over E-470. apply between 35 and 40 gallons of liquid chernical along entities on several construction projects. '' ": / e' , ; ,j i� /t6 ,, �;/�jo - the entire 47-mile stretch. Each application will dissolve ,..r-": 4--. .. about an inch of snowfall before it becomes diluted and Through an intergovernmental agreement, ineffective E-470 also keeps 2,000 tans of granular .- �z�r Em170, with the cooperation of the City of • products available that include salt, sand, and a mixtw !t '7 fir Aurora and the Colorado Department of •• _•` of salt and sand. % Transportation, is planning to build a north/ - ,•x. %4:44eeter ,- �" x' south fly-over at I-70 and E-470. This will allow j. maintenance crew is responsible for approximately ,The ' • 280 lane-miles of the highway .h 4/ ; e commuters to bypass traffic signals at the -, . j g y .!!fix � current interchange. Construction will start in v '6 I fa l • „ " r" E-470's maintenance contractor acquired 1 new ...r• "�. • late 2004 and last approximately two years. „y„ ^�t% �= r " tandem-axle trucks in 2003 dedicated exclusively to 14"--11 ,---.7.r----s � ir '' 20 Other o er plans asinclude uddro widening to prevent r E�70 toll road operations. They are capable of F. "" , x gdevelopment continues in the -•-�- - " - simultaneously plowing, spraying liquids and applying ,..•, _r' 'rxxf,-, 4 ,'y southern suburban areas of Douglas County -7-77-77---"-- 9� - granular materials. E-470 also h as six ara,.ks that "•'i r< ; and southeastern Aurora 8470's regularly I - r are used in a full deployment mode, complementing i/rr'¢ . f , -scheduled the l, it es asphalt w pavement a smoother rid n existing II " - �,• minutes to treat equipmenty r ' • "y asphalnd t willnd the I Pea smoot the � gx� �� >` �� 90 aI2E0 lane-miles t of E-470 about ,. • / P provide pavement. � - y:,._ - . surface , n;, ' ' . , g 70 I ik ADAMS COUNTY Arapahoe it County 1� Colorado First ilr 3"'¢�.�x a ' u; NORTH a City of Thornton loR osP E-47O a S . cry f BRoIGHTON V •....,:':.,,,,..`r- ,,,;-374, t ,-' t,:, _T E-470 Public Highway Authority 22470 E. 6th Parkway Aurora, CO 80018 303-537-3400 www.e-470.corn COLORADO WDOUGAS COUNTY Parker ti Hello