Shearman & Sterling advised the US Department of Transportation (“DOT”) in connection with the extension of Transportation Infrastructure Finance and Innovation Act (“TIFIA”) loans for the US 36 Managed Lanes/Bus Rapid Transit Project in Colorado. The total financed by the DOT is $114 million, which includes a new $60 million TIFIA loan that will be allocated to finance the reconstruction of one segment of the US 36 express lanes, including the construction of tolled managed lanes, on one segment of US 36, and an amendment and restatement of a $54 million TIFIA loan that was provided in 2011 to finance the reconstruction of another segment of US 36.
When completed, this portion of US 36 will help reduce congestion by offering travelers six lanes, rather than the existing four, and is expected to improve travel time for commuters in the corridor between Boulder and Denver. The project is also expected to improve access to regional bus routes that travel on US 36.
The Shearman & Sterling team included partners Cynthia Urda Kassis (New York-Project Development & Finance) and Patricia G. Hammes (New York-Project Development & Finance); counsel Paul Epstein (New York-Project Development & Finance); and associates Monica Lamb (New York-Project Development & Finance), Ayako Adachi (New York-Project Development & Finance) and Joshua Rivera (New York-Corporate).