Bond Financing for PURA Interchange ConstructionNews | June 1, 2014
Kutak Rock attorneys Mario Trimble and Matthias Edrich served as bond counsel to the Pueblo Urban Renewal Authority (PURA) in a $4 million deal to finance the Dillon Flyover Project, involving the construction of roadway and bridge improvements at Interstate 25 and Dillon Drive in Pueblo, Colorado. This was the first financing in Colorado for the lender bank, which required the seasoned guidance from Kutak Rock attorneys to ensure all parties involved were in agreement and understood Colorado laws and the deal terms.
The deal was originally scheduled to close on December 12, 2013; however, as this was one of the bank’s first municipal deals in the state of Colorado, there were additional concerns and requirements to be addressed that delayed the closing. Kutak Rock attorneys provided further assistance to ensure the deal closed before the year-end in order to avoid any additional costs resulting from the loss of the bank-qualification, successfully closing the deal on December 27, 2013.
The project includes the construction and reconstruction of the bridge over Interstate 25 and its associated entry and exit ramps, frontage roads, retaining walls and landscaping. The bridge and split-diamond interchange will provide ease of access into Pueblo on both sides of the Interstate, increasing new development by facilitating traffic to local businesses