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2/9/17

SOM in the Press

Denver Plans to Repay Union Station Debt Sooner, and RTD Says it Will Save $134 Million

Photo © Ryan Dravitz Photography

Source: The Denver Post

The development boom that is sprouting a neighborhood around Denver’s Union Station project has come fast, spiking property and sales tax proceeds to levels not expected until 2022, city officials say.

The restructuring of the project loans less than three years after Union Station’s reopening is a bright spot amid ongoing technical crossing issues with RTD’s new commuter rail lines and the long-resented shelving of its northwest rail line to Boulder and Longmont.

“With 100,000 commuters passing through it every day and the incredible economic and residential growth that has occurred around it, Denver Union Station has become one of our city’s greatest success stories,” Mayor Michael Hancock said in a statement. “As the area continues to outperform growth projections, we are taking steps to ensure that we are saving taxpayer money by aggressively paying off our debt.”

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