The airport opened as planned on February 28, 1995. However, several problems became apparent. First, the baggage handling system did have ''bad days." Passengers traveling to and from Denver felt more comfortable carrying bags than having them transfered by the computerized baggage handling system. Large queues began to form at the end of the escalators in the main terminal going down to the concourse trains. The trains were not running frequently enough, and the number of cars in each train did not appear to be sufficient to handle the necessary passenger traffic.
The author flew from Dallas-Ft. Worth to Denver in one hour and 45 minutes. It then took one hour and 40 minutes to catch the airport shuttles (which stop at all the hotels) and arrive at the appropriate hotel in downtown Denver. Passengers began to balk at the discomfort of the remote rental car facilities, the additional three dollar tax per day for each rental car, and the fact that the nearest gas station was 15 miles away. How does one return a rental car with a full tank of gas?
Departing passengers estimated it would take two hours to drive to the airport from downtown Denver, unload luggage, park their automobile, check in, and take the train to the concourse.
Faults in the concourse construction were becoming apparent. Tiles that were supposed to be 5/8 inches thick were found to be 1/2 inch thick. Tiles began to crack. During rainy weather, rain began seeping in through the ceiling.
MUNICIPAL BOND PROSPECTUS $261,415,000
CITY AND COUNTY OF DENVER, COLORADO
6.875% SPECIAL FACILITIES AIRPORT REVENUE BONDS
(UNITED AIRLINES PROJECT)
Date: October 1, 1992
Due: October 1, 2032
Rating: Standard & Poor's BBB-
This official statement is provided to furnish information in connection with the sale by the City and County of Denver, Colorado (the "City") of 6.875% Special Facilities Airport Revenue Bonds (United Airlines Project) series 1992A in the aggregate principle amount of $261,415,000 (the "Bonds"). The bonds will be dated, mature, bear interest, and be subject to redemption prior to maturity as described herein.
The Bonds will be issued pursuant to an Ordinance of the City and County of Denver, Colorado (the "Ordinance").
The proceeds received by the City from the sale of the Bonds will be used to acquire, construct, equip, or improve (or a reimbursement of payments for the acquisition, construction, equipping, or improvement of) certain terminals, Concourse B, aircraft maintenance, ground equipment maintenance, flight kitchen, and air freight facilities (the "Facilities") at the new Denver International Airport (the "New Airport").
The City will cause such proceeds to be deposited, distributed, and applied in accordance with the terms of a Special Facilities and Ground Lease, dated as of October
17 Only excerpts from the prospectus are included here.
1, 1992 (the "Lease") between United Airlines and the City. Under the Lease, United has agreed to make payments sufficient to pay the principal, premium, if any, and interest on the Bonds. Neither the Facilities nor the ground rental payments under the Lease are pledged as security for the payment of principal, premium, if any, and interest on the bonds.
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