Project Details

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Results Chart for Delivery Method and Financing

Delivery Method

DBOM All Public Finance
# of Projects: 1
100% of the Results

Background informationProject Created: December 17, 2010

Project Name: Ralph L. Carr Colorado Judicial Center
Year in Operation: 2012
Sector: Buildings
Subsector: Other Government Building
Status: Design / Construction
Type: New Facility
Description: The project consists of the replacement of an existing, 4-story facility for the State Supreme Court and State Court of Appeals. The Ralph L. Carr Colorado Judicial Center includes a Supreme Court, two Appellate Courts, the State law library, Clerk of the Courts, the State Court Administrator’s Office, the Attorney General’s offices, and numerous other State legal-related entities. The 700,000 square foot Judicial Center is scheduled to complete construction on time in February 2013 and is on budget. Hard costs are approximately $190M with a total budget of $258M.
Delivery Method as described in the country where it's located: Construction Manager at Risk
Is the project still active: Yes
Comments:

Project Locations

Address: 1300 Broadway, Denver, Colorado 80203
City: Denver
State:
Country: United States of America

Souces of Project Support (Non-monetary)

Checkbox Checked Access to Land: The State Judicial Branch owns the land, which is leased to a private, non-profit corporation. The non-profit is constructing the facility. The State will then lease-purchase the complex back from the non-profit.
Checkbox Checked Revenue Stream (Cash Flow) Protected Through Long Term Commitment(s) of Public Sponsor(s): The State will then lease-purchase the complex back from the non-profit.
Checkbox Checked Environmental Clearance: The existing Courts Building on the site contained a limited amount of Asbestos Containing Materials in pipe insulation and roofing sealants. All materials were remediated prior to the start of demolition activities of the existing structure.

Souces of Project Support (Monetary)

Checkbox Checked

From Public (Government) Sources to Producers: Project funding comes from both cash on hand from the Judicial Department and bonds secured in the private market, and from the State's lease commitment.

Arrow Right
Checkbox Checked

Direct Cash Support: A portion of the Project funds is provided through cash on hand from the Judicial Department. The revenue source is essentially Courts fees paid by filers to the Court.

Arrow Right
Checkbox Checked

Credit Enhancements: The remaining source of Project Funds is from the private bond market through Certificates of Participation. These COP’s are secured against the value of the Building and are repaid through the Lease/Purchase agreement between Judicial and the non-profit corporation. The Judicial Department will pay off the debt through a combination of cash from Courts Fees and revenues gathered from rent payment from State Tenants in the Office portion of the Complex.

Checkbox Checked

Rated by Standard & Poors: AA

Checkbox Checked

Rated by Moody's: AAA

Project Delivery & Finance Method

Project Delivery:
All Public Finance. Public Sponsor contracts for initial design, and separately contracts for initial construction. Public Owner operates and maintains the resulting facility.
Is there an independant checking engineer? No
Project Finance Method: All By Public Sponsor

Procurement Approach

Project Component
Qualifications
Based Selection
Request for
Qualifications
Request for
Proposals
Invitation
for Bids
Unsolicited
Proposals

Term for Key Components & Forms of Contract

Project Component
Years
Quarters
Combined Term: Initial Design, Construction, O&M Period
33
2
Forms
Description
US AIA
For Design. Length of Long Term Lease is believed to be 30 years. 
US AGC
For Construction 

Project Value (If and As Known)

Date of Estimated Project Value: December 17, 2010
Project Value
Hard Cost
Hard & Soft Costs
Pre-Feasibility (Public Sponsor Expense)
(none)
> $50 Million US
Design
$10-25 Million US
< $10 Million US
Construction
$100-250 Million US
$250 Million - 1 Billion US
Operations & Maintenance
< $200 Million US
$200-500 Million US
Total
$200-500 Million US
$200-500 Million US

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