The project involves the development of new toll lanes in each direction in addition to the two, existing, free lanes. It also involves the upgrade of various on-ramps along C-470 between I-25 west to about Kipling Parkway.
The project will be funded with public money, using a design-build delivery. The preferred bidder will not manage the highway nor collect tolls.
Tim Garden, chair of the High Performance Transportation Enterprise (a CDOT division) board of directors, stated:
HPTE completed an analysis on how to finance and deliver the C-470 project, including both a public-private partnership (P3) and design-build public funding approach.Our analysis shows that due to the limited size and scope of the C-470 project, the state does not appear to receive any additional value in using a P3. Therefore, HPTE recommends a design-build public funding delivery model to provide the best value for taxpayers on this project.
The total project investment is estimated at US$230 million. CDOT has identified US$112 million in money from federal, state and local governments for the road project. The remaining US$118 million will be funded by toll revenue bonds and other sources.
Construction works are scheduled to begin by summer 2016. The project is expected to be operational by December 2017.
Several sections of the of C-470 road already have more than 100,000 cars a day. According to a 2005 study developed by the Colorado Department of Transportation, the population along the corridor is expected to grow 34% by 2025.
This month CDOT has announced that it will hold an industry meeting for the Interstate 70 East public private partnership (PPP) project. CDOT had recently appointed Freshfields and Kaplan Kirsch Rockwell as legal advisers for the road P3 project.