CONTRIBUTED BY CORY GARDNER AND MICHAEL BENNET
Washington, D.C. – U.S. Senators Cory Gardner (R-CO) and Michael Bennet (D-CO) today introduced the Railroad Rehabilitation and Improvement Financing (RRIF) Equity Act. The bill would require the US Department of Transportation (DOT) to refund credit risk premiums (CRP), as required under the Railroad Rehabilitation and Improvement Financing (RRIF) loan program, upon the satisfaction of a loan’s obligations. In 2010, Regional Transportation District (RTD), and the City and County of Denver received a RRIF loan for the Denver Union Station project. RTD paid off the RRIF loan more than 20 years early, but is still waiting for reimbursement of the CRP they provided under the loan.
“The Denver Union Station project has been a wonderful success, and it’s important that RTD gets this money back so they can continue to invest in Colorado,” said Senator Gardner. “I was proud to introduce this legislation with Senator Bennet. We remain committed to enhancing the transportation and infrastructure systems in Colorado to increase the quality of life for Coloradans.”
“Denver and RTD worked hard to repay their Railroad Rehabilitation and Improvement Financing loan 20 years ahead of schedule,” said Senator Bennet. “With this project fully completed and the loan repaid, our legislation will ensure that Denver and RTD receive the premium refund they are due promptly. This will enable them to continue to pursue critical transportation projects that will benefit the community.”
“The Denver Union Station redevelopment project continues to yield benefits for RTD riders throughout metro Denver, and this legislation would repay to RTD and Denver millions of dollars in long-withheld funds from the project – funds we are eager to re-invest in new transportation improvements for the region. It is clear that Senators Gardner and Bennet share my commitment to leveraging our limited public resources for much-needed infrastructure investment,” said Dave Genova, RTD CEO and General Manager.