Overview

In 2005 the Denver Regional Transportation District (RTD) initiated the FasTracks project that included future commuter rail service to Longmont. In preparation for construction of a supporting rail station in the vicinity of 1^st Avenue and Main Street, the City prepared a master plan for the area in 2012. The study examined short-and-long term market and development potential that was used in preparing a transit-oriented development concept and implementation plan. The plan also examined multi-modal connections to the site, including alternative bus service options.

In the years since the plan adoption, the City of Longmont, and the Denver Regional Transportation District (RTD) have been partnering in the preparation of plans to locate and construct the transit facilities, including a bus station and parking garage, to provide more immediate bus-rapid-transit service, and future, long-term rail transit in the vicinity of 1st Avenue and Main Street. In addition to the transit facilities, the project includes development of a high-density mixed-use project (residential units over commercial space) to be integrated into the construction of the parking garage. The facilities are due to be completed in 2026 allowing for RTD to initiate “bus rapid transit” (BRT) service to Boulder. RTD is also planning on constructing rail serving facilities in proximity in the future.

Elements of the Immediate Project

• A 5-7 story structure incorporating about 600 parking spaces for transit users and adjacent development;
• A bus station at ground level of the parking structure;
• A newly constructed extension of Coffman Street between 1st Avenue and Boston Avenue;
• 250-300 apartment units; and,
• 30,000-50,000 square feet of ground-floor commercial space.

Project Funding and Expenditure

RTD is contributing $16.4 Million in funding towards construction of the transit improvements and the City has contributed $8.5 Million of its own funds towards the land acquisitions. The City is also responsible for any construction costs over the RTD funding most of which is related to construction of the public parking garage. Per an agreement with RTD, the City is to expend the RTD funds towards the following:

• A bus station facility at ground level of parking structure to accommodate 10 buses simultaneously;
• 200 commuter-dedicated parking spaces in structure;
• Construction of Coffman Street as multi-modal facility;
• Installation of all required utilities, sized and located to support the transit facility and adjacent development;
• Construction of water quality, and as needed, storm detention facilities.

In addition to the public investment, the integrated private development investment is anticipated to be in the range of $100-120 Million.

Public/Private Partnership

The City and Longmont Urban Renewal Authority (LURA) will be entering into a public/private partnership with a private developer to construct the residences and commercial space. The project’s location within a blighted and economically challenged section of the City provides significant challenges to making the project financially viable. Thus, given these overwhelming challenges to making a project financially viable and implementable, LURA is expected to consider providing tax increment funding (TIF) assistance to put the project on solid financial footing. The City may also evaluate providing needed financial assistance utilizing such mechanisms as fee and use tax waivers or reductions and the creation of a special district(s). Any level of financial support is contingent upon the quality of the project and the need for such financial assistance the City and LURA.

Project Schedule (subject to change)

For more information, please contact Redevelopment Revitalization Manager Tony Chacon at tony.chacon@longmontcolorado.gov or 303-651-8318.