08/10/2011 01:39 pm ET Updated Oct 10, 2011

Denver Regional Transportation District Secures Federal Transit Administration Grant Worth $1.03 Billion

RTD officials announced Tuesday the receipt of a $1.03 billion federal grant to help pay for FasTracks' construction. A signing ceremony will be held Aug. 31 in Old Town Arvada according to the Denver Business Journal.

Old Town Arvada is the location of FasTracks' first Gold Line station. The Gold Line is expected to be completed in July 2016. The highly anticipated East line to DIA is slated for completion in January 2016.

"The federal government's vote of confidence in FasTracks speaks volumes about the importance of transit in Colorado," said Rick Clarke, RTD FasTracks assistant general manager of capital programs.

The RTD anticipates allotting $305 million of the initial grant money for:
  • U.S. 36 Bus Rapid Transit - Complete managed lanes to Interlocken ($90 million)
  • North Metro - Complete from Union Station to Stock Show Complex ($90 million)
  • I-225 - Complete from Nine-Mile to Iliff ($90 million)
  • Northwest Rail - Complete Longmont Station ($17 million)
  • Central Rail Extension - Additional technical analysis ($0.5 million)
  • Southeast Rail Extension - Final design & federal environmental process ($9 million)
  • Southwest Rail Extension - Relocate Union Pacific Railroad track ($8.5 million)

The RTD also received $120 million in funding earlier this year from the Federal Transit Administration. Senators Udall and Bennet secured the funding from a $1.6 billion pool approved by Congress. Taxpayers approved funding 40 percent of the FasTracks initiative in 2004 with a 4/10 of 1 percent local sales tax increase.

flickr photo via vxla