RTD, Union Pacific Approve Preliminary Agreement on Property Purchase for RTD's FasTracks Program
Denver, Colo., November 07, 2008 The Regional Transportation District (RTD) and Union Pacific Railroad (UP) today announced that the FasTracks Committee of the RTD Board of Directors has approved a preliminary agreement on a package of property acquisitions and relocations from UP for the FasTracks program totaling approximately $185 million in cash and direct costs to Union Pacific Railroad. Additional civil engineering work to be performed by RTD brings the total value to approximately $210 million. This preliminary agreement is subject to approval by the boards of directors of both RTD and UP, as well as final legal negotiations.
RTD General Manager Cal Marsella said, "This is a huge step forward for the FasTracks program that will serve the entire Denver metro area. We thank the Union Pacific Railroad for their hard work throughout this process."
"We are pleased that we were able to collaborate with the RTD to find a solution that allowed them to move forward with FasTracks and also enabled us to continue to serve our customers and maintain capacity for future growth," said Union Pacific Executive Vice President - Operations Dennis Duffy.
The preliminary agreement is for the acquisition of property and relocation of certain railroad improvements for the East Corridor, Gold Line, North Metro Corridor and West Corridor (Burnham Lead) lines and authorizes the General Manager to spend up to $185 million for property, relocation projects and site preparation work over the next several years beginning in 2009. Approximately $25 million will be spent by RTD on civil engineering projects. This agreement follows several years of negotiation between RTD and UP and will allow RTD to acquire property from UP subject to RTD performing certain railroad relocation or and/or entering into certain shared-use agreements.
- RTD would acquire UP's entire Boulder Industrial Lead (BIL) from Brighton Blvd. to Boulder. A portion of it is planned for use on RTD's North Metro line. UP will reserve general operating rights for the first mile and for one train per week in the segment between the first and eight mile. Freight operating rights will be reserved to limited windows.
- In the East Corridor, the property to be acquired starts just beyond Denver Union Station and extends to Airport Blvd. In addition to the acquisition cost for right of way RTD will pay UP relocation costs necessary to allow UP to move to the north side of the corridor and convey RTD the property on the south side. RTD will be responsible for site preparation and additional civil work.
- On the Gold Line from approximately Pecos Junction to Sheridan Blvd., RTD would acquire a strip approximately 40 feet wide and 2.2 miles in length on the north side of UP tracks. No direct UPRR relocation is required.
- On the West Corridor Burnham Lead, UP has agreed to the relocation of the existing lead to its shop facility. The existing UP Burnham Yard Lead ROW will be turned over to RTD to facilitate its new LRT alignment, station and future 13th Street flyover.
About RTD and FasTracks
The Regional Transportation District (RTD) provides public transportation services to the 8-county metro Denver area, including bus, light rail, paratransit, call-n-Ride and vanpool services. RTD carries more than 100 million passenger trips per year. FasTracks is RTD's 12-year program to expand rail and bus service throughout the RTD service area. Scheduled for completion in 2017, FasTracks will create six new rail corridors, extend three existing corridors, build 18 miles of bus rapid transit service, add 21,000 new parking spaces, redevelop Denver Union Station and expand bus service across the eight-county District.
About Union Pacific
Union Pacific Corporation owns one of America's leading transportation companies. Its principal operating company, Union Pacific Railroad, links 23 states in the western two-thirds of the country and serves the fastest-growing U.S. population centers. Union Pacific's diversified business mix includes Agricultural Products, Automotive, Chemicals, Energy, Industrial Products and Intermodal. The railroad offers competitive long-haul routes from all major West Coast and Gulf Coast ports to eastern gateways. Union Pacific connects with Canada's rail systems and is the only railroad serving all six major gateways to Mexico, making it North America's premier rail franchise.
For RTD route and schedule information, please call RTD's Telephone Information Center at 303.299.6000. Call 303.299.6089 for the speech and hearing impaired. Visit RTD's website at www.RTD-Denver.com. For more information on the FasTracks program, visit the FasTracks Web site at www.RTD-FasTracks.com.
Media Contacts: RTD Contact: Scott Reed, (303) 299-2137
Union Pacific Contact: Tom Lange (402) 544-3560
The statements and information contained in the news releases provided by Union Pacific speak only as of the date issued. Such information by its nature may become outdated, and investors should not assume that the statements and information contained in Union Pacific's news releases remain current after the date issued. Union Pacific makes no commitment, and disclaims any duty, to update any of this information.