HomeMy WebLinkAbout20033230 .i.
t I
ia
'F'�a r' f . * - �tln• '1w. .+,nz.r. .T�.S1R'C$Y•�pf
_i"{nnilt
_"1T�
Northwest Parkway
Public Highway Authority
Construction Update
for the period ending
September 30, 2003
November 15, 2003
: ,9 ) 2003-3230
OVERVIEW 1
Northwest Parkway Public Highway Authority, Project Description
PROJECT PROGRESS SUMMARY 1-2
ROW, Design/Build Contractor, Schedule Status, Design, Geotechnical, Permits
& Clearances, Construction
PROJECT FINANCIAL HIGHLIGHTS 3
INVESTMENTS, BUDGET 3-4
BOND FINANCING 4
THE PEOPLE BEHIND THE PROJECT 5
NWP Board of Directors, Senior Staff, Core Consulting Group
MAP BACK COVER
Northwest Parkway Public Highway Authority
555 Eldorado Boulevard, Suite 130
Broomfield, Colorado 80021
Telephone: 303-466-0567
Fax: 303-404-3049
www.northwestparkway.org
Pr 's ,7, AY info@northwestparkway.org
piping for the De-Icing system;9) MSE walls; 10) ROW fenc-
ing for Boulder County; 11) eliminated construction scope for
R{{,,jj Rock Creek; 12)Class 2 backfill material; 13) remediation of
_ f hazardous waste at Dillon Road; 14)plug and abandon
119 {L.Y CDOT monitoring wells; 15) irrigation crossing for Patina
Lease Road; 16)remediation of petroleum stained soils at US
H I G ,I G HTS 287 and Dillon Road; 17)design costs for Pulte Homes utility
t sleeves; 18)construction costs for Pulte Homes utility
sleeves; 19) City of Lafayette utility sleeves;20)Toll Plaza
Overall Financial Status canopies; 21) relocate 160th Avenue bridge Variable Messag-
ing The total capital budget for the Northwest Parkway was origi- Sign;22)application of graffiti proof sealant to MSE walls;
nally$242,637,528,excluding contingency funds. After ad-
sleeves;access road from Lowell Blvd.to Toll Plaza; 24)water line
justing for all change orders through September 30,2003 the sleeves; 25) lr video cameras,for environmental issues at 96thSt.;
total capital budget is$246,346,286 excluding the contin• 26)additional video road )signage redi and paving work;
non-
gency fund budget.That amount includes the Design-Build 27)enhancement to UG conduit; 28)credit for Contract covering all construction; a contract with E-470 for conforming rcansponrete work;order;2931)Woods nal road;30)can-
Contract
early I-25 interchange design; Program Management costs cellation of transponder additional mapping work;
including construction oversight and all right-of-way acquisi- 32)telephone system enhancement;33)access road for
tion activities. The amount of expenditures through Septem- additional maintenance yard; a4)kerfossii display for )the Toll e enhancement
ber 30,2003 total$226,892,019. The payments to NPC in- 35)t the lPlaza;mle 37)demolition sign posts;36)
propertyso a onemht-
cluded in that total are$189,384,915. at Toll of vacant on right-
of-way; 38) installation of radio equipment;39)installation of
water line to Toll Plaza; 40)additional wiring for phone sys-
Capital Budget tem;41)plug and abandon two additional CDOT wells, and
The original Contract Amount of the Design-Build Contract 42)additional ramp traffic signals.
was$187,637,528. Change orders approved through Sep-
tember 30,2003 have increased that amount to The net change orders approved as of September 30, 2003
$191,346,286. There have been sixty-four contract changes total$3,708,758. Pulte Homes Corporation financed items 17
authorized,with a total cost impact of$3,708,758. However, and 18 with a check in the amount of$608,973. Funds are
five change orders, in the amount of$1,322,654, have been also being provided by the City of Lafayette for item 19 in the
funded by Pulte Homes Corporation,the City of Lafayette,the amount of$177,196 and by the City and County of Broom-
City and County of Broomfield and the Colorado Department field for item 39 in the amount of$450,000. The Colorado
of Transportation. In addition one change order was funded Department of Transportation funded item 21 with a check in
as a transfer from the Northwest Parkway Right-of-Way the amount of$86,485. $285,107 for item 11 was funded by
budget in the amount$285,107. Therefore,the net impact on transfer from Northwest Parkway Right-of-Way budget for
the contingency funds through September 30,2003 is a work done by Boulder County to Rock Creek in the Right-of-
transfer of$2,100,997. Ten of the change orders were tech- Way alignment.
nical no cost changes and eleven were for allowances al-
ready provided for in the Design-Build Contract. This contract
amount covers all costs associated with the design and con- Contingency Fund Status
struction of the Northwest Parkway including such activities The allocated budget for Contingency is$18,763,753, includ-
as: design, paving, interchange and crossing structures, land- ing expected interest earnings over the life of construction.
scaping,communications, toll plazas and operations facilities, Approved change orders total$3,708,758. However, after
and toll collection system. The total value of approved work adjusting for third party funded change orders and a transfer
earned through September 30,2003 is$189,384,915 or 99% from the Right-of-Way budget,the net charge against the
of the contract. In accordance with Colorado State law,the original contingency fund is currently$2,100,997,which ad-
10%retainage on the first 50%of the contract is being held justs the allocated budget amount to$16,662,756.
by the Authority in securities in lieu of retainage.
Change Order Status
Sixty-four change orders have been approved to date. Ten of
these were technical, no cost changes to the contract per-
formance criteria. One change order was a credit for a global
settlement on oil and gas facilities. Eleven change orders
were also no cost changes that replaced allowances in the
Design-Build Contract. The remaining forty-two change or-
ders include: Construction Fund
1)a global change with the contractor for Toll Plaza improve-
ments,credits for concrete box culverts, paving changes, (a) At the time of closing,$245,114,354 was invested in an
elimination of bridge lugs and pier shape changes; 2) removal Investment Agreement with Trinity Funding Company,
of lead paint;3)404 permit for Rock Creek;4)engineering which submitted the successful bid.
definition for the Neumann Flood Plain;5)engineering defini-
tion for a gas and oil road crossing; 6)a credit for decreasing (b) Bond proceeds in the Construction Fund which were not
the thickness of base course for asphalt paving; 7)increase nvested in that Investment Agreement are invested by
the size of the concert box culvert at Station 275;8) initial the Trustee in either a Wells Fargo money market fund or
the AAA Colorado Local Government Liquid Asset Trust.
3
Debt Service Reserve Fund
(a)$36,161,406.28 of the Senior Bond proceeds were [ N C (�"
invested for the Senior Debt Service Reserve Fund in a Debt k s� E E�d ,�r �aA
Service Reserve Forward Delivery Agreement with
Bayerische Hypo—and Vereinsbank AG, New York Branch,
which was the successful bidder. The Northwest Parkway Public Highway Authority issued
(b)$5,078,244.75 of the First Tier Subordinate Lien Bonds approximately$364 Million of insured Senior Bonds and
proceeds were used to enter into a Reserve Fund Agreement approximately$52 Million of Subordinate Bonds in June 2001
for the First Tier Subordinate Debt Service Reserve Fund with to fund the construction of the Northwest Parkway toll road
Lehman Brothers Special Financing Inc. which was the project. The Underwriters were George K. Baum &Company
successful bidder. and Bear, Steams&Co. Inc. PB Consult Inc.was the
financial consultant and provided the chief financial officer for
the Authority. A.G. Edwards&Sons, Inc.was the financial
Capitalized Interest Fund advisor. Vollmer Associates conducted the traffic and
The capitalized interest amount from the bond proceeds of revenue study with PB Consult Inc. providing the economic/
$43,047,440.50 was invested in an Investment Agreement land use inputs for the study.
with AIG Matched Funding Corp. This Investment Agreement
is expected to provide returns which,when combined with The Senior Bonds received bond insurance from both Ambac
interest flowing from the Debt Service Reserve,will provide and FSA resulting in a positive reception of Northwest
the necessary interest payments through the capitalized Parkway Authority bonds in the market. The financing plan
interest period. received investment grade underlying ratings from all three
rating agencies: Standard&Poor's and Fitch rated the
Senior Bonds BBB—and Moody's Investors Service rating
BUDGET them a Baa3. The Subordinate Bonds received Moody's Bat
rating and a BB-plus from Standard& Poor's.
The Authority originally adopted the 2003 budget on The Sources and Uses for the Northwest Parkway Bond
December 17, 2002. Upon completion of the 2002 issue are estimated as follows:
audit, a budget hearing was held and an amended
budget which.included all carryforward amounts for SOURCES OF FUNDS:
capital items was adopted by the Northwest Parkway Series 2001A Bonds $175,720,000
Authority Board on May 27,2003. (Current Interest)
Series 2001 B Bonds 79,865,792
1E11SNUW (Capital Appreciation)
Investment Income $5,873,000 Series 2001C Bonds 108,371,280
(Convertible Capital Appreciation)
TOTAL NIYNUES $5,873,000 Series 2001 D Bonds 52,465,000
(First Tier Subordinate)
Colorado Department of Transportation 723,000
EXPENOMMES
Capital $123866719 Net Original Issue Discount (4,025,562)
Debt-Related 76,410,438 TOTAL SOURCES $413,119,510
Operating Expenses 1,311,100
Salary Expenses 860,78E USES OF FUNDS:
Professional Servk ee 723,833 Design-Build Contract Price $179,819,232
(net of interest earnings)
Furniture and Fixtures 50,000 Other Costs of the Project(1) 104,738,219
TOTAL m PENOIT RES $203,222,672 Capitalized Interest 2001A,2001 D 43,047,440
Debt Service Reserve Accounts 41,239,651
Cost of Issuance/Underwriters Discount 26,617,107
Note: The Northwest Parkway Public Highway Author- Project Contingency 17,657,861
ity is considered a Development Stage Company. (available for Project Cost)
Therefore, all budgetary expenses are covered from TOTAL USES $413,119,510
bond proceeds and investment income.
(1) Includes right-of-way acquisition, project oversight engineering
services, administrative costs, and amounts due under
reimbursement agreements.
4
OVERVIEW PROJECT
PROGRESS
The Northwest Parkway
Public Highway Authority SUMMARY
The Northwest Parkway Public Highway Authority is a
political subdivision of the State of Colorado established in
June 1999 with all the powers, duties and privileges provided
by the Public Highway Authority Law. The Board of Directors ROW
of the Authority is currently composed of one elected official The right-of-way budget includes the estimated costs for
from each of the City and County of Broomfield,the City of right-of-way acquisition including associated relocation costs.
Lafayette,and Weld County, Colorado. In the 2nd quarter of The Authority was required to deliver on the contract sched-
2002,the City of Arvada applied to the Board of Directors and ule approximately 564 acres of right-of-way.
was approved for an affiliate membership to the Authority. In
the 4th quarter of 2002,Jefferson County also applied to the Western States Land Services('WSLS"), under contract to
Board of Directors and was approved for an affiliate member- the Authority, led the effort in right-of-way acquisition. More
ship to the Authority. The Authority is responsible for the than a dozen other contractors specializing in areas such as
financing, construction and operation of the toll highway to title work,surveying,appraisals and condemnation law sup-
be known as the Northwest Parkway. port WSLS in their acquisition efforts. Under the terms of the
Design-Build Contract,the Authority was obligated to deliver
Project Description right-of-way to the contractor in three phases.
The Northwest Parkway will consist of the existing two-mile
Interlocken Loop from State Highway 128 to Tape Drive(just The Authority has obtained possession of all of the 564 acres
south of the intersection with 96th Street)connecting with the of right-of-way it is obligated to deliver under the Design-Build
nine-mile limited access toll highway being constructed on the Contract. Of this,452 acres are free simple takes and the
northwestern perimeter of the Denver metropolitan area that remainder is made up by easements.
will link the Interlocken Loop to 1-25.
Phase One of the acquisition extends from I-25 at the east
The final segment of the E-470 toll road which is to connect terminus of the Project to just east of Rock Creek, near the
with the Northwest Parkway at 1-25 was completed in the 4th U.S.287 interchange. The Authority met all of its obligations
quarter of 2002, providing access to and from regional under the Design-Build Contract to deliver this right-of-way by
employment centers and retail centers and facilitating travel December 25, 2001.
from the northwestern metropolitan area to points east and
south, including Denver International Airport. Phase Two begins just east of Rock Creek and ends just
west of the 104th Street grade separation. Phase Two
The Northwest Parkway project is expected to benefit from a right-of-way was delivered within 270 days of contract signing
barbell effect of two major developments on either end of the with exception of one parcel relating directly to utility
project,with the existing Interlocken development on the relocations which was ultimately determined not to be
southwest and a new 3,000 acre planned and zoned required.
development called Preble Creek on the northeast.
Phase Three begins at the end
w^; •=. K^» -.'k' 4°#.'" "t-Ss-,:te<4 of Phase Two and extends to
, the end of the Project on 96th
Street. The Phase Three right-
' of-way was delivered success-
f, fully by the contract deadline
41,s e of June 30,2002.
Y
? Of the purchases which have
3 `-0 V`1%,..' been finalized or have had
4 - ,,; ' 4. ; value determination set to date,
_ § the overall right-of-way costs
have been under the allocated
budget amount. For the ROW
>43-ra s ice,t,7,4 , 'e4,Va '," 3 obtained via eminent domain,
there remain two parcels that
At.1 ►g1 r'e�� ga ._ have not yet received value
determinations. Based on the
information currently available,
�,* e.; _ _ ' the Authority expects that suffi-
- cient budgetary resources have
_ , .,_`•- _ been set aside for the acquisi-
tion and court costs for those
Parcels.
1
Design/Build Contractor Geotechnical/Permlts &
The Design-Build Contract between the Northwest Parkway Clearances/Utilities
Public Highway Authority and the Northwest Parkway During July,the contractor received approval from Broomfield
Constructors, a Colorado joint venture of Kiewit Western Co. for a Water Tap License for the Huron Street Gateway. In
and Washington Group International, Inc.,was executed on September, NPC received the executed Burlington Northern
June 28,2001. The full notice to proceed was issued on Santa Fe Pipeline Crossing permit. The contractor also re-
June 28,2001 simultaneous with financing closing. The ceived approval for a 96th St. House Demolition from the
contract provides for the road to open to traffic by December Colorado Department of Health and Environment. A Week-
31, 2003 with revenue collection to begin on the Project end/Holiday Work Request was approved by the City of
Guaranteed Substantial Completion date of February 29, Broomfield in this period.
2004. The final acceptance of all items included in the project
is scheduled to be completed by the Project Guaranteed Final Construction
Acceptance of June 1, 2004.
In September, NPC continued to demobilize several pieces of
The Northwest Parkway will open equipment on the project. All of the required excavation and
embankment for the roadway was completed during this pe-
ahead of schedule! kid. The drainage crews completed all the embankment
protectors and the final work at Rock Creek. In Section Four
At the October 28,2003 meeting of the the contractor continued to finish slopes and place topsoil.
Northwest Parkway Public Highway The seeders covered up finish work with seed throughout the
Authority Board of Directors,members unani- project. All of the concrete flatwork was completed this pe-
mously voted to open the parkway on nod and 90%of the guardrail has been placed. Approxi-
November 24,2003 at 4:00 p.m. mately half of the final lane striping for the project is com-
plete. NPC completed the structures at the Lafayette Gate-
way and the 104th Street Gateway.
Schedule Status The contractor completed excavation at the Toll Plaza in July.
As of the reporting period ending September 30,2003 the The parking lots at the Toll Plaza were prepped and paved
construction contract is 99%complete(based on approved this period and the access road from Lowell Blvd.was com-
work). The overall completion milestones for the project re- pleted. In August, NPC completed the underdrain and began
main on schedule. The civil design work is 100%complete. irrigation work at the Toll Plaza. Work on the interior of the
Toll Plaza continued throughout this period.
The work is being conducted in four Sections. Section One
extends from the connection with E-470 east of 1-25 to Huron __ 'T"‘"Street, Section Two extends from Huron Street west to 120`" .-4 St., Section Three extends from 120th west to 104th and Sec- r.v,,. :_ it-r5:-- a4 - *,
tion Four extends from 104th southwest to US 36.
Design
During this period, NPC completed design work in Sections 'N .
One,Two, Three and Four(Al—the I-25 interchange area,
A2—from Huron Ave.to 120th Ave.,A3—from 120th Ave.to
104th Ave.,and A4—from 104th Ave.to 96th St. , v �; , ' _Jots
respectively). A x �i ���
During this period, NPC reviewed shop drawings for the re- �_6 _
taining walls at the mainline Toll Plaza. Issues related to "'" - ` ' ''
4.
guardrail locations at the Toll Plaza were addressed in Au- _.. .. - ,bi' '``
gust. In September,the contractor submitted the Huron ;6" 4
Gateway landscape and irrigation package for review and
comment r t'
sT, ::===.2-21-7=n_.:: a / 3 r
/ / I ,,1 is
,
�m A�
P : t
2
ID.
THE PEOPLE BEHIND
I 'HE PROJECI
Board of Directors Authority Senior Staff
Hank Stovall, City and County of Broomfield Stephen D. Hogan—Executive Director
Chairman of the Board Richard Bauman—Chief Engineer
Alternate—Karen Stuart, City and County of Steven Bobrick—Business Manager
Broomfield. Pamela Bailey Campbell—Chief Financial Officer
(PB Consult Inc.)
Sue Klempan, City of Lafayette
Vice-Chairman of the Board Authority Core Consulting Team
Alternate—Tom Hogue, City of Lafayette
Glenn Vaad,Weld County Norman Lovejoy—Consulting Engineer
Secretary/Treasurer of the Board Ed Icenogle—General Counsel
Alternate—Robert Masden,Weld County Erin Smith—Lead Right-of-Way Counsel
Mark May—Right-of-Way Counsel
Associate Members Mark Shotkoski-Project Oversight Engineering Firm
Manager
Fred Niehaus—Public and Governmental Relations
Lorraine Andersen—City of Arvada Carolyn McIntosh—Special Governmental Counsel
Alternate—Don Allard, City of Arvada Howard Kenison—Special Environment Counsel
Michelle Lawrence—Jefferson County
Alternate—Richard Sheehan,Jefferson County
s
Ex-Officio Directors ;i
I
Joe Jehn—Colorado Transportation Commission
Alternate—Tom Norton, Colorado Department of
Transportation ≥; ' *:-�
Mary Blue—Regional Transportation District " ,
Alternate—Wally Pulliam, Regional Transportation ; ` ,\.
District tomcti; C
Joel Rosenstein—Interlocken Consolidated rt;
Metropolitan District J�° .' €
X
th.;{
y 4 ♦y t`-
.' iii".
,mot
.y NL;
5
„r ':..---1; - I�� ,.{' WELD COUNTY
g . •LAFAYETTEj `R
LOUISVILLE !
n
r s- s?maz
anon RdN :f — .. • Nam aw ' ' SF
t
m
< :,pR00MFIEL0 #
Y'FPLCCXEN:
7,,,EUSIkFSS PARS hi -
St.ItNAI'1l8
; +
C r
Northwest Parkway Public Highway Authority
555 Eldorado Boulevard, Suite 130
Broomfield, Colorado 80021
Telephone: 303-466-0567
Fax: 303-404-3049
www.northwestparkway.org
info@northwestparkway.org
TM
TRAASIAITTAI MEAIORAADUM
IIIIIIIII Aorthwoit Parkway Project
A Publio Highway Authority
5701 florthwert Parkway. Broomfield. Colorado 80020
till@nwoka.orq
Phone: 505-166-0567 fan: 505-404-5019
TO: NWP Investors
FROM: Jill Lamoureux
CC:
DATE : Friday, November 14 , 2003
SUBJECT: Northwest Parkway Bond Disclosure Document
Enclosed is the bond disclosure document for the 3rd
Quarter of 2003 . The PDF file can also be found on the
Investor' s section of our website (www.nwpky.orq) .
Please feel free to contact me if you have any questions
or concerns .
Hello