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Client Work

Colorado US 36 and I-25 managed lanes project reaches financial close

Fasken
Reading Time 1 minute read
Client

Plenary Group

Financial close has been reached on Colorado’s US 36 Managed Lanes project. The project is The Colorado Department of Transportation’s (CDOT) first Public‐Private Partnership and is expected to create hundreds of local construction jobs. Plenary Roads Denver is the selected private consortium. The Design, Build, Finance, Operate and Maintain toll concession includes the construction of an express lane, reconstructing two general purpose lanes, replacing, rehabilitating and widening three bridges and installing Intelligent Transportation Systems (ITS) for tolling, transit and traveler information and incident management. Plenary Roads Denver will also operate and maintain the US 36 corridor between I-25 and Table Mesa and I-25 Express Lanes between downtown Denver and US 36 for a 50-year period. Transportation Infrastructure Finance and Innovation Act (TIFIA) and (Public Activity Bonds) PABs funding has been secured for the project, in addition to subordinate project financing provided by a commercial lender. The CDOT and High Performance Transportation Enterprise (HPTE) and Plenary Roads Denver reached commercial close on the project in June 2013. Fasken Martineau was lead legal advisor to Plenary Roads Denver with a team led by Brian Kelsall and including Ella Plotkin, Sean Stevens, Sean Morley, Marc Lefler, Louise Kennedy and Nick Gefucia.