Denver

A federal loan of up to $280 million was awarded to advance construction on the 30-mile Eagle P3 commuter rail project, which will significantly expand transportation choices in the greater Denver area. "This loan brings Denver a step closer to completing this ambitious and far-reaching project that offers better transportation choices in one of the most densely populated regions of the country," U.S. Transportation Secretary Ray LaHood said. "We're proud to promote a solid foundation for the region's economic growth, while creating thousands of good jobs in Colorado." The project is a two-pronged effort. The western segment of Eagle P3, known as the Gold Line, will serve the suburbs of Arvada and Wheat Ridge. The East Line will run from Denver's historic Union Station nearly 23 miles east to Denver International Airport and will connect to existing light rail and bus service. Both lines are under construction and roughly 4,700 construction-related jobs are expected to be generated by the work. The Department's Transportation Infrastructure Finance and Innovation Act program, which provides credit assistance for infrastructure projects, is the source of the loan to the Denver Regional Transportation District. This funding boost is in addition to a $1 billion federal funding agreement for the project signed in August by Secretary LaHood and Federal Transit Administrator Peter Rogoff. RTD will use the TIFIA loan to fund a portion of its contribution to the project and will begin drawing on the funds in 2013. In addition to FTA's contribution to the project, a consortium of private companies, known as the Denver Transit Partners, is responsible for financing around 24 percent of the project through tax-exempt private-activity bonds issued by RTD, equity contributions and other means. The entire project should be completed in 2016.