Project Costs

The initial phase of the North Meadows Extension will have one lane in each direction, at an estimated construction cost for the Town of up to $69.2 million. Construction of additional lanes in each direction will be determined based on future traffic volumes and available funding.

In 2005, Town voters approved a $30 million bond issue to construct various roadway improvements, including the extension of North Meadows Drive to U.S. Highway 85. This bond issue is known as the Transportation Action Plan, or TAP. TAP included two other projects, and initial phases of those have been constructed and are now part of Plum Creek Parkway.

Of the $30 million in authorized bonding, $20 million has been issued for the North Meadows Extension, per a unanimous Feb. 19, 2013, Town Council vote.

Additional planned sources of funding for the North Meadows Extension are shown below. Any funding contribution noted from other parties may be subject to the approval of their respective boards or commissions.

Planned Funding Sources
Source
Amount
Notes
Town of Castle Rock $45.2 million
Funds from impact fees and building use taxes.
Transportation Action Plan bonds
$22.7 million
$20 million from bond proceeds, and $2.7 million from the bond premium. This will be paid back with impact fees, use taxes and future contributions from the Castle Rock Development Co.
Castle Rock Development Co.,
The Meadows' developer
$1.7 million
Received to date from the company. Required to contribute an additional $4.6 million when certain trigger points are reached within The Meadows, which will help fund debt service of the TAP bonds.
Douglas County
$11.3
million
For construction of the section between U.S. 85 and I-25, as identified in the County's 2012 list of high-priority projects.
Colorado Department of Transportation
$4.8 million
FASTER safety funding toward the U.S. 85 interchange.