HomeMy WebLinkAbout20012604 EA-1-70 PuID lic Hi ghwa9 Auti-Iorit
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Quarterly Update
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1 Birth of a Roadway- Pictured is Segment I in 199O near .�.
Parker Road. It includes wetlands and a bridge structure at
1 Jordan Road_Segment I opened in 1991, ten years ago.
See anniversary story on page 5.
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Quarterly report April I -June 30,2001
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A progress report on
Segment IV construction
/7iE �f CCC,£'j �s August 15.2001
c—/- - fCC/ `—J
2001-2604
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Budget and Area Activity
About the Tollwa9 Revenue and Economic
E-470 is a toll highway that runs along the eastern perimeter materials,labor,and services relating to the design-build In April of the second im acts
of the Denver metropolitan area. Presently,the road extends contractor's obligations under the design-build contract quarter,the Board of E-470 I
34 miles from State Highway C-470 at 1-25 in Douglas County (including all equipment and services provided by sub- Directors amended the Year 2001 Total EXpressTolh•Accounts and Transponders Issued
on the south,runs east then north through Aurora,passes along contractors and vendors and intellectual property rights 2001 Operating Budget , 1oo,000 --- CH2M Hill announced a $53
g million project in Douglas
the western edge of the Denver International Airport,and necessary to perform the work). and approved and ®T„NT,.°wnne.ol..n.e g
terminates at 120th Avenue just west of Tower Road in Adams appropriated a new value eo,0oo County,in the Meridian
County. Guaranteed Completion Dates of$20,500,710. International Business Center.The E-470 Public Highway Authority ("the Authority") The design-build contractor is obligated to achieve final • Toll revenues during the so,000 The two buildings,totaling
consists of eight member jurisdictions: Adams, Arapahoe and acceptance of the Segment IV project by the date that is 1,124 second quarter were 250,000 square feet will
$8,663,800. consolidate employees onto a
Douglas counties and the cities of Aurora,Brighton,Commerce days (June 10,2003) from the date that notice was issued to ao 000
City,Parker and Thornton. Affiliate,non-voting members are proceed with Phase III work The design-build contractor is • Vehicle Registration Fees 17-acre campus,serving as their
the cities of Arvada,Broomfield and Greeley,and Weld County. required to achieve substantial completion of Sub-Package B I ' were $1,770,300 during 3 z0000 -• new headquarters. CH2M Hill
Ex-officio members are the Colorado Department of (120th Avenue to US 85) by 850 days (September 9,2002) the second quarter. is one of Colorado's largest
Transportation (CDOT),Denver Regional Council of from the date on which the Authority gave notice to proceed • Highway Expansion Fees o - , private companies,as well as an
Governments DRCOG and the Re ionalTrans Transportation on Phase II for Packs a B,and on all of Packs e B b 1,034 in the second quarter 2, �r international engineering firm.
( ) g g g y �0a' �,°d °f0 `a �� Development interest
District(RTD). days (March 12,2003) from the date on which the Authority totaled $102,500.
continues in the Denver
gave notice to proceed on Phase III for Package B. International Airport area. A
About the Project $24 million, 174-room Embassy
Engineering Oversight E-470 Suites hotel will be under
The Authority has retained the services of O'Brien Year 2001 Monthly Toll Revenue
Segment IV,the final portion of the highway to be constructed, Kreitzberg,Inc.as Oversight Engineer to assist with $3,500 000 , construction in e the fall of 2001, i
g Project g g cenrola
will connect E-470's present northern terminus at 120th Avenue d next to Frontier Airlines' new
design-review and construction implementation during the 1 sa,o0o 0oo — �•C°°""°"'
with 1-25 on the north near the 157th Avenue alignment in On the Road headquarters. This location is
Segment IV design-build contract. The O'Brien Kreitzberg a roximatel
Thornton. szsoo 000 ^ pp y one mile west of
contract value after adding two change orders for oversight of Traditionally,usage of the JJ E
A Segment IV design-build contract was signed in January I E-470,in the Denver
the 1-25 interchange construction is $9,173,500. roadway is higher in the I $2,000000 — International Business Center.
2000 between MKK Constructors (MKK) and the Authority. 1
summer months as the days ! slsoo 000 — Commerce City provided
MKK,a joint venture between Washington Group International, are longer and more people
Inc.(formerly Morrison Knudsen)and Kiewit Western,is 1 development referrals in the
spend time in their cars. s1.00000o totaling 520
designing and building the final portion. (See page 3,"Design- second quarter
In June,weekday ts00 000 ^`' j acres,most of which are for
Build Contractor")
transactions averaged
Construction is scheduled to be completed in 2003. mixed-use developments. A
P 94,388,an 8.4 percent ° "A as °r �c �,A tee° developer announced plans for
increase over the projected �a° Mme` a 1,400-acre mixed use
Design-Build Contract total of 87,100.
There were no amendments to the contract during the • • • st,6. /- development in Brighton that
Q ka In the second quarter,the
second quarter-There were 10 change orders approved with a U y • • tee,,•\ }* Tm S would include more than 8
number of ExpressToll I
total value of$3,005,759.The bulk of the change order value t'1 ,r n; ' • • million square feet of office and 1
accounts reached a total of retail space. More than 3,000
was for a joint design of the 1-25 /Northwest Parkway = $ ••j m P
' 53,971 while the total
interchange with a value of$2,750,000.The Authority and the I 136th Avenue u X • . E-470 housing units are planned for
3 • number of windshield-
Northwest Parkway Authority executed an Intergovernmental ' �5°6-Pacy r , Year 2001 Weekday Toll Transaction Average the Prairie Center,in addition
128th nvesu° S :Dal mounted transponders 1°0,000
Agreement for thejoint design and construction of the new �_? A A arn,ww«xwv•»�.°. to a 243-acre parcel for a major
g 124th Men - issued was 92,223 (see top
interchange whereby E-470 will be reimbursed for these costs. 120th MThue Avow shopping mall.
chart at right).The steady ao,000 — SI Smartgrowth in the outlying
Through the end of the second quarter,there have been a totalr. increase in ExpressTollTM Y g
of 19 change orders with a combined value of$6,043,623. 112th Avenue s` areas of the E-470 corridor
accounts illustrates the F, 60,000 should not be overlooked.
104th Avenue popularity of non-stop toll L Since the announcement in
IOarh Avenue - P P Y
Fixed Contract Price
100th Avenue c collection. 40,000 `
The total price,with change orders and amendments,owed ^, 96tnAvenne o € 1995 of the closure of
` p Average monthly toll , Fitzsimons Army Hospital,the
to the design-build contractor for completing Segment IV at .-) 7, : €
revenue for the quarter was I z0,o0o
the end of the second quarter is $238,991,850. The contract asmAvenne ,,I a area has be un a massive
$2,887,923 (see middle transformation.
price includes all design,construction,supervision,equipment, Map of E-470 Segment I V chart at right). o `
'9�aA 0°Jg9 Nav°c NE 4%4a� <0
0,0 (continued on page 4)
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Segment IV Design-Build
FProp.
ro ect Progress Report L Area Activity and
Timeline Milestones Economic Impacts cont.
Design-Build Contractor Utilities In the second quarter,engineering,right-of-way and
The Authority entered into the Segment IV design-build • Utility relocations are over 50 percent complete at the end of
construction remained on target for completion in spring A state-of-the art outpatient and cancer treatment/research
contract onJanuary 27,2000 with the design-build contractor,a the second quarter.
2003. center,the Anschutz Center for Advanced Medicine,has
joint venture between Washington Group International,Inc. For area 82,virtually all of the design packages are on Overall design of Segment IV was 77 percent complete and opened for patient care. The $1.3 billion campus for the
(WGI),formerly Morrison-Knudsen,and Kiewit Western schedule to be submitted for final design review by the end of
total construction of Segment IV was 33 percent complete at University of Colorado Health Sciences Center is moving to
August
Company.Full notice to proceed was given during the first and t the end of the second quarter. Fitzsimons. A bioscience research park is also being planned.
second quarters of 2000 with formal groundbreaking occurring Construction In Sub-Package BI,the eastern portion of construction,MKK At build-out,the 577-acre site will provide 18,000 jobs in
on September 7,2000.At the end of the second quarter,overall • Construction activities during the second quarter focused on continued to work from 120th Avenue to Brighton Road, addition to $9.5 million in property tax revenues. Fitzsimons
•
design-build construction was 33 percent completed. roadway embankment work in the area immediately west of assembling over 550 supervisory,engineering,subcontract and is located on East Colfax Avenue and can be easily accessed
WGI announced during the second quarter on May 14,2001 US 85,where considerable fill activities took place. craft personnel to work at the project site and at local design from E-470 at the Colfax interchange.
that it had reached an agreement in principle with its bank • Off road heavy truck activities concluded at the dirt borrow offices.
group steering committee on a plan of reorganization for the area near 120th Avenue and Buckley Road and the trucks and In Sub-Package B2,the western portion,right-of-way is 80 On October 2,2000,Buckley Air National Guard Base became
company.In order to facilitate the reorganization,the company Holland Loader were relocated west of Riverdale Road in ga P Y percent complete and ready for construction.Engineering an active-duty Air Force base. In preparation for the
and a certain number of its subsidiaries,filed voluntary petitions area 82. design for Sub-Package B I is 98 percent complete and for relocation of more active-duty Air Force members,a new
to reorganize under Chapter II of the U.S.Bankruptcy Code • Bridge construction work intensified in the second quarter Sub-Package 92 it is 60 percent complete. commissary and base exchange is under construction,as well
together with a plan of reorganization that describes the terms with various stages of construction in area B I at multiple as residential units.The base,which is located immediately
of the restructuring. locations including 120th Avenue,Buckley Road using a unique - west of E-470,along East 6th Avenue will provide support for
As part of the restructuring in conjunction with the plan,the Mechanically Stabilized Earth (MSE) system,1-76 and US 85.
approximately 88,000 military personnel,retirees,and
company has asked the court's authorization to pay certain dependents.E-470 willprovide a convenient transportation
Right-of-Way P P
pre-petition,unsecured claims that relate to ongoing businesses. At the end of the second quarter,E-470 had acquired route to Buckley AFB as the city of Aurora continues its plans
Under the plan,the company has stated that it should possession of property needed from all but 12 owners,of which to extend East 6th Avenue to the current East 6th Parkway
experience no interruption in the flow of goods and services. three are railroads and E-470 has construction crossing interchange at E-470.
Most of the company's domestic subsidiaries are included in agreements for all of them.Five of the remaining nine are ditch
the filing.Those entities excluded from the filing are all companies and the last four are "partial take" landowners.These
Westinghouse Government Services Companies and related remaining properties total 63 take fee acres and 30-easement
entities;partially owned limited liability companies and joint acres,of which one owner represents 46 and 17 acres,
ventures;and foreign subsidiaries and affiliates.E-470 received a respectively.The total of the take acres in Segment IV is 1,820,
letter on May 17 from WGI stating that MKK Constructors was making the possession process nearly complete.There still will E-470 Segment IV Updated Completion Schedule
not included in the filing;therefore the E-470 contract should be two years of mainly condemnations and some friendly
not be affected. settlements to complete.None of these remaining parcels has
The design-build contractor has provided certain payment caused a delay in construction. Sub-Package B1
g Financing completed;Notice to Proceed given
and performance bonds and certainparentguarantees,but the As scheduled,all acquisitions of oil and gas wells were (120th Ave.to US 85)
Design 98%complete
Authority is unable at this time to evaluate whether or to concluded by May 8,200[This means no construction delays
due to incomplete plugging and abandoning or due to flow line Engineering
what extent,if any,the events affecting WGI could impact the r 100%of right-of-way acquired,ahead of schedule
ability of the design-build contractor to perform all of its and tank battery relocations. t
obligations under the design-build contract. Total acquisitions in Segments 1,11,111,and IV have amounted to Right-of-Way I I
5,695 acres. Ground breaking held September 7,ahead of schedule
., (-50%comblete
Progress Construction
Design
Summary Project Financial Highlights
• At the end of the second quarter Segment IV overall design In May of 2000,the Authority closed on a $358,048,750 bond '
was 77 percent complete. issued to finance Segment IV.This raised the total debt for
• Total construction is 33 percent complete. E-470 to approximately $1,231,000,000.Through the first Sub-Package B2
• Significant grading operations are now underway for area B2 quarter the accepted Earned Value for Segment IV was (US 85 10 1-25) Design eo%complete
west of Brighton Road and the South Platte River. $68,097,692 or about 29 percent of the total contract value. Engineering
• Grading and drainage construction is now 26 percent During the second quarter,the Authority refinanced c 80%of parcels have been acquired to date
complete. approximately$50 million of Vehicle Registration Fee bonds Right-of-Way
• Most of the remaining right-of-way to construct E-470 to 1-25 issued in 1995 into variable rate securities.A swap agreement (-15%complete
is on target to be made available by August 10,2001. was executed simultaneously at the bond closing transaction
that allowed the Authority to fix its interest rate payments at Construction
4.11 percent as opposed to the prior average coupon rate of 6
percent.The refinancing is expected to save the Authority about 2000 2001 2002 2003
$4 million in present value savings. 4 E
i R
i Looking through the Rearview Mirror: rr
The Rearview 02/85 board •of Ex o elo
E-*7o Overcomes a Decade of Roadblocks Mirror-
., Through a Memorandum of Directors Directors
... A Understanding,Adams,Arapahoe,ond
Douglas counties form the E-470 ! •
Ten years ago,E-470 was the road less traveled.The five-mile E—'`}-70 Mi estones Authority. Noel Busck Joann Groff
stretch of Segment I-from I-25 to Parker Road-had opened • ,:4:;'.`-'-''..•"4.441'''' � ?', Mayor, Colorado-fit of .
June I, 1991 and was averaging only 3,250 vehicles a day,producing . a :• - A ' 08/86 City of Thornton (Transportation(COOT) :"
ti ` ` s> 0"�'-"' \'" 4 Proceeds of$722 million in bonds are Chairman
revenues falling short of expected funding needs.E-470 faced _ EDon Parsons `�{ • F r" deposited into an escrow account for
t
mounting expenses and impending legal issues.Critics dubbed the . ,..,,,'•‘:',•,,,'' J' the E 470 project. Denver Regional Council of
highway the "Road to Nowhere." ,. , ,. 08187 j Sean Ford Governments (DRCOG)
' City Council Member,
.i \will Colorado Governor Roy
Nonetheless,daily traffic began to rise,financing methods -
f• Romer signs the Public Highway '� 01/88 Commerce City
iDavid Roseevolved and innovative Construction methods resuscitated the \t.:3..:C.
Authority Act The E-470 Public Highway
70Auth ri Oirecto !`'` ssucceeds the original E 470 Authority. Regional TranSpot�gsloe project In the future,there would be a 47-mile highway but itb District(RTD)
would take twelve more years of tenacity for construction to i ' " 12/88 1188 Gary.Lasater' t
..,+ �� � A formal groundbreaking for Segment I Voters in three counties approve the$10
conclude. ,, t g g Igm Mayor, r
^ takes place at the site of the E-470 motor vehicle registration fee 58 E
Town of Parker,
Why was it necessary to build the highway? How did E-470 -r. e' 'i percent to 42 percent E A late
P4,."•,,.
p �# K-� 'k ' . g4 � a Jordan Road interchange, Treasurer t
rebound from dire financial straits?What's it like 10 years later? 1 Directors
Dccembcr 14,1'88—Formal groundbreaking for Segment I takes place - 1J
at the Jordan Road interchan e.Former Governor Roy Romer is second ° Terry V.Lucero r
Origins of the beltway g yI Don Allard
from right. Mayor, ":
In the 1970s,as the Colorado Department of Highways planned ..iCity of Brighton, CountyocilfAMrvaemdaber,.
the southwest section of the C-470 beltway several studies for constructing the remaining three segments.
Secretary I Ci
indicated the need to extend the highway to the east.Published in By Fall 1990,international events forced UBS to defer indefinitely 06191
William Berens
1982,the Centennial Airport Influence Area Transportation Study its efforts to syndicate.A year later,attempts to secure credit Segment I opens to traffic. Lynn Y . M or.
L nn M ers •
Coun Commissio recommended the extension of C-470 east and north to 1-70. backed financing dissolved,and Morrison Knudsen (now h } City of Broamfiel�'. •FirstVic a County Director
E-470 was needed to provide traffic relief and improve north- Washington Group International) the designated contractor to First Vice Chairman
south access for commuters.It became a focal point for land use design and build Segments II and III,offered to assist with financial Tom Selders`
and transportation planning,and was designed to accommodate packaging with E-470 investment bankers George K.Baum and i t Ted Strickland
Council Member
inevitable growth in a planned fashion. Shearson,Lehman Hutton. 06/93 t County Commissioner City of Greele
y,
The new alignment of Segments II and I In the absence of state or federal funding,three counties — Morrison Knudsen endorsed shortening the alignment and Adams County, Director .:::
iii is adopted,a suit is filed,claiming
Adams,Arapahoe and Douglas—formed the E-470 Authority,to placing it closer to potential highway users by re-locating Segments realignment enabling law is Director ;
spearhead financing methods to build the highway. II and III further west— reducing construction costs and increasing
unconstitutional and E-470's Glen Vaad
financing plan is not legal. James R.Sullivan Commissioner,
toll revenues.Nevertheless,a two-year legal battle ensued
{ The evolution of financing methods County Commissioner, Weld County
challenging the constitutionality of the law enabling the realignment} 08/95 Douglas County, Director
( In 1986,proceeds of$722 million in bonds—at that time,the and the le li of the financing plan.Ultimately the courts' 05/95
legality P Y E-470 bonds refinanced.
Director
largest bond issue in the history of Colorado— were deposited in After favorable rulings in two lower
P decisions removed the roadblocks to construction.In October 10195
I courts on both realignment and financing I Mana ement an escrow account for the E-470 project.Through its own Ground is broken for Segments II and Ill.
f 995 after the final ruling,the official groundbreaking for Segments 01!96 issues,the Colorado Supreme Court i Paul E.Tauer ���� a.•v.-•,.m. . -
initiatives,E-470 lobbied the state to pass the Public Highway II and III took place at the northwest corner of 1-70 and Gun Club E-470's financing named"Deal of the rules in favor of E 470's financing plan. Mayor, t
Edward J. DeLozier
Authority Act,and expedited the plan,design,finance;construction Road. Year by Institutional Investor. 0 City of Aurora, t
and operation of the highway 03/96 E-4706 wins the International Bridge, Director Executive Director
The Public Highway Authority's financial framework set the The modem-day beltway Governing awards E-470 its"Deal of the • Tunnel and Tumpike Association's"Tots
} Year"designation. . ! Innovation"award for financing of John D. McCuskey -
wheels in motion for construction to begin on the highway. Toda ,E-470's design is one of the most advanced in the metro gY l"") Segments II and IIL # Director of Finance and Audit
• In 1988,voters from three counties passed a $10 per vehicle area and the country.In 2000,E-470 collected a record $23 million '�
He9ua1"ters •
motor vehicle registration fee 58 percent to 42 percent. in revenues,and celebrated the formal groundbreaking for Segment . [ } Matthew M. MCDoIe
07/98 •
• Highway expansion fees were applied within E-470's IV (the final portion),from 120th Avenue to 1-25. Partial opening of completed section of Address: ( Chief Engineer
geographical boundaries. E-470 is no longer the "Road to Nowhere." Residential Segments II and Ill
1 Y, X3470 E.6th Parkway
• Highway tolls were implemented along the roadway as sections development continues in the southern area with 29,000 single and 05/99 I;'! time 100 David M. Kristick
Smoky Hill Road to 56th Avenue opens I:" Director of Operations were opened. multi-family units under development east and north of Parker Aurora,Colorado `' P
to traffic,completing Segment (land III ,, I_ �+
During groundbreaking for Segment I,E-470's Public Highway Road to Smoky Hill Road. construction. +.1 80018 #
Authority received a AAA-rated letter of credit from the Union in a partnership with the Northwest Parkway Authority,E-470 Timothy Paranto
ty 05/00
Authority closes on a$358 million bond I Director of Maintenance
Bank of Switzerland (UBS) ensuring repayment of$63 million bonds will connect with the high speed Northwest Parkway toll road at 09/00 ry Telephone
issue to finance Segment IV. f '
during the initial construction.UBS proposed a syndicate of letters I-25 and 157th Avenue in 2003.Two years from now E-470, Groundbreaking ceremony for Segment IV. ` 303-537-3470 ,.
of credit from AAA-ranked international banks to provide bonds together with C-470 and the Northwest Parkway,will form a
06101 •
' beltway around virtually all of the metro area. y p
Erans celebrates Safety
ears d operations . , t,.+ + d7O co
Transportation Safety Foundation formed. W w • �. T
.. _ 66 76
LE226 _ • •.: ♦ fI
5 O /♦' m
136th Avenue 9 "�
I 28th Avenue • •I or
1241h Avenue
•
120th Avert= -ee
20th Arena M_
112th Avenue
f
IA Denver International
104th Avenue 104th Avenue 7
® Airport
100th Avenue '
96th Avenu'85tUe
�.... ]6 \e± Ot_J
IlI�11
Rocky Mountain Arsenal I ®Pena Blvd. II
National Wildlife Refuge
" ill
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o6 Stapleton
I Redevelopment }
r3 26th Avenue
s Montview BI 70
3�yS 1N 17thAvenu•
�MM\Ip�l�l\�I��O1Ftw-n - I Cohn Ave. - _v
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n
8th A en e
i1 6th Avenue c 6th Ave j
Lowry I z" p
1g� Ave.�� I Campus _ n r .. Legend
1 `L' _ , Buekle 4, Le
Nmion Base eGaa
I r —E-470 Segment I
���►►► a4 3 .- 4: , miss19�
- - a %3 A n V E-470 Segment II
zs o </e=qa 1 �1 t I u, E-470 Segment HI
by mr Art. S I 7_ u 0
€ 71itrA tl - - E 470 Segment IV
y Under Construction
t Yule Ay a % Yale Ai a
t - ' $ ( —Highways/Principal Arterials
Hampdytn Avenue__ Major Road
—County Border
:° Quills aye ue _ Lake
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n6ueview A e - i Smoky Hill Roa ® E-470 Toll Plaza
O Interchange
hard oad
Orchard Ro \ N
�J I I 0 I 2 3 Miles
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mArapahoe Rod m - Arapahoe Rook
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m m 6 S cl a / \�
Dry Creek Rd '":#9,
eetOla \
li Airport 9-
`.Cou y ttse Road D r3 2 > Iiil'I
■ $ '
August 15,2001
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