HomeMy WebLinkAbout20002022.tiff E--+70 Public Hi hwa Authorit -
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Qua rterl9 Update
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4711
Quarterly report April- l=June 30, 2000
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IIII
5oard of
)1rectors Management About the ToIIway On the Road
oland E. Cole ' Edward J..DeLozier E-470 is a toll highway that runs along the eastern perimeter With Segments II and Ill
icy Council.Member, Executive Director of the Denver metropolitan area. Presently,the road extends E-470 ( having opened in the middle of
I - - Year.2000 Total.EXpressToll Accounts and Transponders Issued ( r
ommerce City, 34 miles from State Highway C-470 at 1-25 in.Douglas County 60 000 the second quarter last year,
hairman _ I John D. McCuskey on the south,runs east then north through Aurora,passes along - significant increases were
Director of Finance and Audit the western edge of the Denver International Airport,and - - - j projected for 2000 in both
50.000
iary Lasater terminates at 120th Avenue just west of Tower Road in Adams i traffic and the number of
ayor, Matthew M. McDole County. - - - - 40,000 _ EXpressToIITM accounts and
)wn of Parker, - Chief Engineer Segment IV,the final portion of the highway to be constructed,- • transponders issued. In the
rst Vice Chairman - I will connect E-470's present northern terminus at 120th Avenue 30;000 — - second quarter,those - I
David M. Kristick with I-25.on the north near the 157th Avenue alignment in expectations were being met.
lme5 R. Sullivan- •( Director of Operations Thornton. •A Segment IV.design-build contract was signed in - 20..000 - I The most important
ounty Commissioner, mg cxixeseToll Accounts
January 2000 between MKK Constructors(MKK)and the - in Transponders Issued barometer of the highway's
Douglas County, Timothy Paranto I 10.000
acond Vice Chairman Authority. MKK,a joint venture between.Morrison Knudsen growing popularity is weekday
I Manager of Maintenance -
and Kiewit Western,is designing and building the final portion. traffic,measured in total
Joel.Busck -(See page 2,Design-Build Contractor.)Construction is o ,0 ,y Q a\ o� ,,, 05 ,,,es e oe ,oz` transactions.The projection is
layor ( F scheduled to be completed in 2003. - a`' �e° 4a. P e,§' ,,6‘oii ,)9�,F o¢a� I that by the end of 2000 the
icy of Thornton, The E-470 Public Highway Authority(PHA)consists of eight Weekday Transaction Average j
acretary .; I member jurisdictions:Adams,Arapahoe and Douglas counties - - - I for the entire year will be I
and the cities-of Aurora;Brighton,Commerce City,Parker and - E=470 - j 66,024.
ed Strickland Thornton.Affiliate,non-voting members are the cities of Year 2000 Monthly Toll Revenue While that target was just out
ounty Commissioner, - ( Arvada,Broomfield and Greeley,and Weld County. Ex-officio $2,500,000 - - of reach all three months of the
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dams County, - members are the Colorado Department of Transportation, - - first quarter,it was surpassed in
reasurer Denver Regional Council.of Governments and the Regional $2,000,000 • each month of the second
• I - • - { Transportation District. - quarter,with June reaching a
erryV. Lucero I I record high of 81,361. .
$1{ - ; ,500.000—
layor,
:ity of Brighton, -
lirector • - $1,000,000 •
{. NM Cash Tolls
'aul E.Tauer '. I $500.000 , Electronic Tolls 4 •
layor, ( _
I
:ity of Aurora,
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lirector - oc�a4 aaA ec'c P. .tea, a� �A J�45 ��ei o ,s ,,,,,,§
l ' e<e ' P �¢.e O6'
tt ,,ec off
ynn Myers
:ounty Commissioner, -
,rapahoe County, I E-470
tireccor ! - - Year 2000 Weekday Toll Transaction Average I
100.000
40,000 -
I , '
60,000 I -
F
40000
IMI weekday Average I
-..-Projected Weekday Average I 20,000 e
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. aaad aaA .,ge PA ,yak ._,0 1e e ,t?:' e ,.:ft / 111111 I
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�egment IV Desi n-build •, - "
ro ect ProgressReport
'ermitting Design-Build Contract Engineering Oversight• Project Financial Highlights
Construction of Segment IV requires several types of "Design-build"describes a project delivery method of To assist with design review and construction oversight during On May 10,2000,the Authority successfully closed on a
ermits and,approvals from federal,state,and local agencies. enhancing the likelihood of timely project completion and cost the term of the Segment IV design-build contract,the Authority $358,048,750 bond sale to fund the completion of Segment IV
[ppropriate environmental assessments and reviews were. 3 control by permitting a variety of aspects of a project,including• has retained the services of O'Brien Kreitzberg,Inc.as Project from 120th Avenue to 1-25 North.The Series 2000A bonds .
erformed by the Authority with the assistance of consultants design,obtaining governmental permits and right-of-way,sub- Oversight Engineer.The responsibilities of the Project consisted of$105,200,000 current interest bonds and the Series
mployed by the Authority in making alignment,design, contractor bidding,procurement and construction,to occur Oversight Engineer include,among other matters,document 20008.bonds consisted of$252,848,750 capital appreciation
onstruction planning and development decisions. Numerous j concurrently rather than in sequential completed steps.The - control,communication,coordination and interface between the bonds.This brings the total Authority debt outstanding to
onstruction-related permits must be obtained and maintained r Authority successfully constructed Segments II and III under a Authority,its contractors and all other entities involved in the approximately$1,231,000,000. Substantially all of the bonds i
i full force,including a Federal Highway Administration. design-build contract. - Segment IV project and project support to the Authority;design { are insured by MBIA and these have received'AAA'ratings
FHWA)access permit,fugitive dust permits,toll plaza building On January 27,2000,the Authority issued a notice to proceed review and oversight activities related to design;construction from Standard&Poor's Ratings Services and Fitch IBCA,and �.
ermits,water well rights/permits,septic tank/leach field for Phase 1($7,250,000)of the work under the design-build monitoring'of the design-build contract;independent materials j an'Aaa'rating from Moody's Investors Services. In the first
ermits,drainage approvals/permits,stormwater permits,and - contract for Segment IV,consisting of wetlands mitigation and testing;contract administration of the design-build contract; ' quarter 2000,the Authority reviewed its underlying bond
n SB40 Certification which relates to re-vegetation of stream ! related work as required by the U.S.Army Corps of Engineers and close-out and warranty activities involving the design-build j ratings with the ratings services and received'BBB-'ratings
nd bank areas.The application and permitting process for the ! Section 40,1-permits obtained with respect to Segment IV. On contract.The Project Oversight Engineer is also required to from Fitch and Standard&Poor's,and re-confirmed its existing
najority of these permits is routine and is the responsibility of March 17,2000,the Authority issued a notice to proceed under provide various reports to the Authority relating to project 'Baa3'rating from Moody's.
he design-build contractor.The Segment IV project schedule the design-build contract for Phase II($2,500,000),consisting tracking,to assist in the dispute resolution process,to analyze With the successful financial completion of Segments II and
iy the design-build contractor was developed to provide the - of early design work and development of quality control plans. - change orders,to coordinate and interface with contractors and III,the Authority was able to carry forward a balance in the
iecessary time for permit application,coordination with the Notice to proceed for Phase III,consisting of the full design- permitting agencies,to develop various operational procedures construction fund of$93,037,680 into the Segment IV program.
ppropriate agencies and permit approval.All significant 1 build contract,was issued May 12,2000,immediately following• and to provide information necessary to respond to requirements -
iermits,environmental clearances and approvals were received the closing of the Segment IV financing.Amendment One to of the financing entities,the E-470 staff and board,the general ! Uses of funds for the project are as follows:
!rior to completing the debt financing.These include U.S. the design-build contract was entered into on May 12,2000,as public and others.. Uses of Funds
krmy Corps of Engineers permits for wetlands and stream well.This amendment extends the time for the Authority to ' Design-Build Contract Price $232,948,227
mpoundments pursuant to Section 404 of the Clean Water I direct design changes for structures affecting any of the 10 major Timeline Chart - - I Other Segment IV Project Costs(I) 75.000,000
tct and Colorado Department of Transportation and Federal irrigation ditches located in the right-of-way.The financial E-470 Budget for Miscellaneous.Improvements(2) 20,000,000
-lighway Administration"Findings of No Significant Impact" I effect of this'amendment is nominal. Segment IV Completion Schedule • Capitalized Interest on Series 2000A Bonds(3)26,481,178
FONSI)for connection to state and Interstate highways. (Current as of August 15.2000) Deposit to Senior Bonds Debt Service
toutine administrative permits remain which will'be obtained- Fixed Contract Price _ Reserve Account 35.804,875
s;g'„,:':"�ssa: po Issuance Costs and Underwriting Fees(4) 31,539,702
luring the courseof the design and construction of the project. i The total price to be paid to the design-build.contractor for ! 1
the performance of all of its obligations with respect to the B"9'"�"rig ; Project Contingency(5) , - 60.798,441
Design'-Build Contractor Segment IV project is$232,948,227.The contract price includes Fight-o'way ioea� • Total Uses of Funds $482,572,422
c""an"mm�.
The Authority entered into the design-build contract for ; all design,construction,supervision,equipment,materials,labor, (I)Budget for work associated with the segment Iv Project nat is not included in the
iegment IV dated January 27,2000 with MKK Constructors,as • I and services relating to the design-build contractor's obligations ',. f d ton p d n d Q b'Ld contract Ind d pp ry sos if
SubPacya a02 f % ( y q aI0 jj' f rthe toll collect r system$er - f
lesign-build contractor: MKK-Constructors is a Colorado.joint under the design-build contract(including all equipment and _ g ! d to a a' n d r "usand$50 m 11 on for pro!ecn oner'gn q Bering
[act m�.x�
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renture between Morrison Knudsen Corporation and Kiewit E services provided by sub-contractors and vendors and intellectual Brig...9 rrg r aeld on n f bPdg f A u Improvements s gm through Its to be
Nestern Company. Notice to proceed on Phase 1 and Phase II I property rights necessary to perform the work). R, f ou 13)I t d Ise 2000A rso ds to d(e sef to b I.zo04.
grit o y I 14)Intl d h b d p d fees for d g—a counsel
fnan�al advisor.and rating agencies and other expenses associated with the ssua a of i
)f Segment IV was given-in the first quarter of 2000. Phase III j - cari.[raortne Series
I 151 Ava'lab�000ay Proj C [he ex[en[that th A y d_ n
)otice to proceed was given in the second quarter of 2000. - 1 Guaranteed Completion Dates ." 2goo 2gg, 2ggx 2gfKi h am u a e no a ro 'b qu red for the Seg n[.P Proiec[[he Au[hon[y
may apply them toother capital costs for the E 470 ToII Road.
The design-build contractor is obligated to achieve final
Right-of-Way acceptance of the Segment IV project by the date that is 1,124 Timeline Milestones
The construction of Segment IV requires approximately 1,720 days(June 10,2003)from the date of issuance of notice to The Authority reached two important milestones in the month I
icres of right-of-way divided into 153 parcels:83 in Sub-Package proceed with Phase III work.The design-build contractor is - of May when it completed its Segment IV financing and issued I
31 (from 120th to US 85!and 70,t,Sub-package B2(US 85 to required to achieve substantial completion of Sub-Package BI Its official Notice to Proceed on the full scope of the project
-25).The Authority has acquired 25 of those parcels and expects i by 850 days(September 9.2002)from the date on which the to E-470's design-build contractor,MKK Constructors.Also,
:o acquire the remainder of the needed right-of-way through ` Authority gives notice to proceed on Phase II for Package B, the Authority's Project Oversight Engineer mobilized and
surchase or condemnation.As of the end of the second { and on all of Package B by 1,034 days(March 12,2003)from located in the Authority's Administrative Headquarters Facility.
quarter 2000,the Authority had acquired ownership of 15 E the date on which the Authority gives notice to proceed on Looking ahead to the third quarter,several other major project
sarcels in Sub-Package BI and 10 parcels in Sub-Package 62. j Phase III for Package B, milestones are expected to be achieved,including acquisition of ..
The Authority currently expects to acquire approximately 40 the right-of-way for the majority of Sub-Package B1 (120th to -
)arcels by exercising its condemnation powers. US 85),the official Segment IV groundbreaking ceremony, - I
- - _ establishment of construction field offices and staging areas,and
.j - - the launch of on-site civil construction activities. - - '
Ether Ca ital Projects, Budget Area Activity and Economic Impacts
Gartrell Interchange Maintenance Operating Budget Construction along the E-470 corridor continues at a rapid pace. Over 3,000 multi-family
The secondquarter saw Support Sites The Authority's Year 2000 Budget was approved and adopted . residential units are planned or under construction in the area'of Segment I. ComPark
PP I ty' g PP
:he completion of paving, Progress was made toward by the Board of Directors in December.1999.The operating j construction began on a 570-acre,6.5 million square foot commercial development.This includes j
itriping and signing on this the completion of three expenditure was for$18.7 million. Over half of the • American Furniture Warehouse's 635,000 square foot showroom,restaurant,and studio for
sew interchange,which is Maintenance Support Sites , expenditures are for.Toll Operations(53%)followed by Road filming advertisements.
ocated about eight miles - • (MSS)in Segments 1,11 and Maintenance(17%),Finance(10%),and the remainder to:the I Segment II planned development includes Buffalo Hills Ranch,a residential and mixed-use golf
northeast of the 1-25 South III.A fourth site is planned I Executive Director's Office(7%),Property&Business• j _ course community on 2,900.acres.Also in the planning stages is a proposed$200 million
nterchange. Installation of for Segment IV.The sites are i Development(8%),Engineering(5%),and the Board of Directors development on 77.1 acres to include air cargo facilities. Frontier Airlines plans to move its
he unmanned,automated located throughout the (<1%),The adopted budget total was within 10%of the 1994 headquarters and administration facility to the Denver International Business Center,near E-470
:oll collection components is highway to provide ongoing • projected operating budget for the full operation of Segments • • and Pena Boulevard,which will contain another air cargo facility. - _
;till to come. Nonetheless,in maintenance and quick 1,11 and III. Residential development dominates the 15 miles in the area of Segment!ll. Eagle Bend,a US
April the new interchange response for snow removal. -The Board of Directors adopted an amended budget at the Home golf course community on 1,018 acres,is underway with the golf course opening this I
opened-for business thanks MSS A,located on the end of the second quarter.The total amount remained at I summer.This residential and mixed-use development includes 2,018 residential units with its ( j
:o US Home Corporation.A • northwest corner of E-470 I $18.7 million;however,reallocations were made among the primary access from the E-470/Gartrell Road interchange..Construction continues in the Saddle i
major housing developer in and Jordan Road,will replace Authority's operating units.The most notable change included - ! Rock golf course communities to include over 3,600 units between Gartrell Road and Smoky
:he area,US Home agreed to a temporary facility just east j the absorption of the Property and Business Development group
- Hill Road.The 2000 Parade of.Homes will featureTallyns Reach,an executive housing area of
say tolls for all.Gartrell I of it,off Parker Road. Bids ; into the other operating units. 2,800 single-family units near Smoky Hill Road.Jeff Whiton,President of US Home's Colorado
nterchange users until the - for this facility are expected - 3 Division,was quoted as stating,"E-470 is an extremely important strategic development corridor.
automated collection system in the third quarter and the Capital Budget This will be a primary development area for the next 10 to 15 years" Murphy Creek's 5,000
scompleted at that location facility is expected to become The original approved year 2000 capital budget was for - single and multi-family home golf course community is under construction on 1,100 acres near
sometime in the fourth operational in 2001. - � $69.77 million.The amended budget recognized.che:bond . the JewellAvenue/E-470 interchange.
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quarter).The Authority i MSS C,to be built next to funding for Segment IV and was increased to$140.2 million for Development plans are increasing along the E-470 corridor in Segment IV,to.include annexations I
opened the interchange and the Central Maintenance the year 2000. and zonings.
mplemented a"shadow• Facility,was advertised for- �`
rolling"system,by which all • bids in the second quarter Revenues •
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nterchange traffic is being and construction is expected The original 2000 revenue budget called for$47.9 million in • _ -
:ounted by E-470 and billed td start in the third quarter, revenue. Of this•total,$25.3 million was projected from toll - - [ -
to US Home. with completion by mid-2001. revenues.The revised budget recognized the May 2000 bond
MSS D,near the highway's sale and closeout of the Segment II and III design-build contract - - I
Central Maintenance northern terminus,opened ! The gross bond proceeds were$358 million and the contract I !
Facility • for snow fighting support in 1 closeout included a$2.4 million credit to the Authority. , ,
Opened in the first quarter, the fall of 1999 and became Additionally,the toll revenue forecast was adjusted to I
the Central Maintenance fully operational in the first. $23.4 million for the year.This resulted in an amended-. . •
Facilitybecame fully utilized in quarter. - j i revenue figure of$407.7 million. • • -
the second quartet It is the _ MSS E-.will be constructed -
'sew headquarters for in Segment IV nearToll Plaza E.
maintenance contractor j - .. I
operations,including snow
removal. Certain toll a -
j
operations are located there,-
is well. It is-located
approximately midway along
the E-470 route,north of
ncerstate 70 adjacent to Toll -
'laza C. .
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