Location & Date
Metro Board Room, One Gateway Plaza, 3rd Floor,
Thursday, June 27, 2013 9:00 a.m.
NOTICE OF PUBLIC MEETING
Los Angeles County Metropolitan Transportation Authority
The Los Angeles County Metropolitan Transportation Authority Board of Directors will hold a public meeting on June 27, 2013 at 9:00 am in the Los Angeles County Metropolitan Transportation Authority (Metro) Boardroom located at One Gateway Plaza, Los Angeles.
The Board is considering an amendment to the Measure R Traffic Relief and Rail Expansion Ordinance and Expenditure Plan (also referred to as Attachment A of the Ordinance). This Ordinance was approved by the voters in 2008 and imposed an additional 1/2 of one percent transactions and use tax to fund county transportation improvements over a 30-year period. The proposed amendments will allow projects scheduled for completion in the second and third decades of the Expenditure Plan to be accelerated by an average of 10 years. The Board is required to hold a public meeting on the proposed amendment prior to adoption.
PROPOSED AMENDMENT TO ORDINANCE AND EXPENDITURE PLAN
Two amendments to the Measure R Ordinance are being proposed. The first amendment would add a new section to the Ordinance, Section 18 as noted below. This new section describes the financial conditions under which project acceleration can occur and states that the accelerated project sequence will follow the same order as the adopted 2009 Long Range Transportation Plan.
SECTION 18. MEASURE R PROJECT FINANCE ACCELERATION PLAN
If TIFIA loans and a TIFIA Master Credit Agreement of at least $3.0 billion combined(1), America Fast Forward Tax Credit Bonds of at least $1.0 billion, and Full Funding Grant Agreements (FFGAs) of at least $1.9 billion combined are executed for one or more of the 12 transit projects, the amended “Funds Available Beginning” dates shown on lines 6, 9, 12, 13, and 16 of Attachment A shall take effect and Metro shall complete all 12 transit projects in the same sequence as the adopted 2009 Long Range Transportation Plan(2). However, if such loan agreements in the sum of at least $4.0 billion or one or both of the FFGAs in the sum of at least $1.9 billion are not executed, this amendment shall not take effect and the “Funds Available Beginning” dates shown on lines 6, 9, 12, 13, and 16 of Attachment A shall not change.
(1) Including prior transit TIFIA loans with Measure R pledged in repayment.
(2) Does not apply to non-Measure R funds.
The second proposed amendment would amend the Measure R Expenditure Plan (ATTACHMENT A). Unless amended, the Expenditure Plan approved by the voters does not allow the accelerated expenditure of Measure R funds on transit projects before the dates shown in the "Funds Available Beginning" column of the Expenditure Plan on page 2. The “Funds Available Beginning” dates for certain transit projects need to be amended to begin expending Measure R funds on those projects to complete their construction within the accelerated schedule. No changes to the Highway Capital project dates are required to permit acceleration efforts because Measure R flexibly described their “Funds Available Beginning” dates as "To Be Determined". Attached is a revised Expenditure Plan which presents the proposed amendments to the Transit Capital Subfund “Funds Available Beginning” dates needed to enable the proposed project acceleration. At the time the Board considers approval of this amendment, an accelerated project delivery schedule will also be presented for consideration.
Written comments on this matter will be accepted through June 27, 2013. All comments should be addressed to Board Administration, Metro, One Gateway Plaza, Mail Stop 99-3-1, Los Angeles, CA 90012-2952. Copies of the proposed Ordinance amendment and the Measure R Ordinance are available from Metro’s Records Management Center at the LACMTA Plaza Level at (213) 922-2342 and at www.metro.net.