Metro project acceleration plan

7/28/2019 Metro project acceleration plan

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bonding against Proposition A and Proposition C revenues (See summaryinformation in Attachment D, the MeasureR Project Finance Acceleration Plan);D. Detail on the proposed "financial and process paths" to pursue with the FTA onthe South Bay Green Line Extension, Eastside Gold Line Phase II Extension,West Santa Ana Branch, Gold Line Foothill Extension and Airport MetroConnector (Attachment B);E. Develop funding plans for the remaining 12 highway initiatives that are in theplanning stage or not under consideration for Public/Private Partnerships. Theseplans should include anticipated Master Credit Agreements and TransportationInfrastructure Finance and Innovation Act (TIFIA) programming commitments(Attachment E, the Funding Plan for Non-P3 Highway Initiatives in PlanningStages); and,F. Estimate of the public investment required to support Public/Private investment(environmental review, right-of-way, and other costs) (Attachment F, thePublic/ Private Partnership Investment Analysis).

DISCUSSIONEconomic Recovery: We continue to enjoy an economic recovery, making it easier forState and Federal funding partners to keep their commitments and yielding increasedsales tax receipts relative to the depths of the worldwide economic downturn. As shownin Attachments D, the actual sales tax receipts have tracked well since our last forecastupdate was received from UCLA in late 2011. The 2012 update to the UCLA AndersonForecast includes a taxable retail sales component that shows an overall decreaserelative to the prior Forecast, but is close enough that counter-balancing changes ininterest cost assumptions for our planned borrowing can adequately address anyproblems presented by the lower forecast.State of Good Repair: Our State of Good Repair study results are not yet completed,but significant progress has been made as we respond to the LACMTA Board ofDirectors request and a national policy effort on the part of the Federal TransitAdministration to improve State of Good Repair practices by carefully studying theseneeds and identifying their anticipated cost and funding. As shown in Attachment Cand D, we are using preliminary data from the study to insure that we have adequatelyprovided for State of Good Repair needs going forward.LACMTA 30/10 Policy: This report addresses the financial aspects of a funding strategyto implement second and third decade projects in the next ten years, consistent with theLRTP and the LACMTA Board of Director's 30/10 Policy. The 30/10 policy wasapproved at the LACMTA Board of Director's April 2010 meeting with the direction topursue efforts to accelerate both transit and highway projects. The approved policy insupport of the "30/1 0 Initiative" is subject to the policies and conditions in Attachment G.The Measure R Project Finance Expenditure Plan in Attachment D meets all the policiesand conditions set forth in the adopted policy in Attachment G.

Measure R Project Finance Acceleration Plan Page 2


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MeasureR Amendment: The MeasureR Expenditure Plan approved by the votersprecludes the accelerated expenditure of Measure R funds before the dates shown inAttachment A in the "Funds Available Beginning" column of the Expenditure Plan onpage 2. Those dates need to be amended to begin expending Measure R funds onthose projects to complete their construction within the accelerated schedule. Nochanges to the Highway Capital project dates are required to permit acceleration effortsbecause MeasureR flexibly described them as "To Be Determined". The LACMTA30/10 policy in Attachment G requires, in part, that the LACMTA Board of Director'sadopt an accelerated project delivery schedule prior to implementing any 30/10 plan.DETERMINATION OF SAFETY IMPACTProper planning for both State of Good Repair investments and transportation capitalproject acceleration has substantial long term safety benefits. State of Good Repairinvestments, when implemented, prevent safety incidents related to equipment breakdowns and other unanticipated problems.FINANCIAL IMPACTThe adoption of a MeasureR Project Finance Acceleration Plan, if fully implemented,will have profound financial impacts. The $21 billion Measure R Project FinanceAcceleration Plan for transportation improvements is shown in Attachment Don pages23 and 25. In addition to the Measure R projects, the Plan includes all the anticipatedpublic investments for transportation operating and maintenance needs for the existingtransportation system. The operations and maintenance costs are estimated to bevalued at over $45 billion in the first decade. In total, the Acceleration Plan will guidethe investment of a $21 billion portion of a total public transportation investment of over$66 billion in the first decade of the LRTP. From construction and right-of-way costs tooperating and maintenance costs, we have included the anticipated financial impacts inthe MeasureR Project Finance Acceleration Plan. Highway operating and maintenancecosts are borne by Caltrans and other local agencies. Transit impacts are primarilyfunded by or through the LACMTA.

IMPACT TO BUS AND RAIL OPERATING AND CAPITALThe MeasureR Project Finance Acceleration Plan has positive impacts on bus and railcapital improvements and their ongoing repair needs. It requires funding for newoperating and maintenance costs for the Measure R projects that are accelerated. Weshow that these added costs can be met, in part, with Measure R funds in AttachmentD, pages 30 and 35.



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ALTERNATIVES CONSIDEREDThe LACMTA Board of Directors has considered numerous alternatives to enableacceleration of Measure R projects, as shown in Table 1. The "Large Grant" alternativeidentifies the funds necessary to accelerate all Measure R transit corridor projects usinga single large grant (the shortfall). The "Large Loan" approach explored the availabilityof a Sovereign Wealth Fund loan that would close the shortfall. The Measure Japproach was an extension of Measure R for 30 years coupled with longer termborrowing. The "Measure R/A/C" acceleration concept recommended in this reportbuilds on previous work and assumes that Proposition A and Proposition C will be usedto make repayments in 2040 and beyond, after the expiration of Measure R.Table 1. Alternative Project Finance Acceleration Plans:

$16$14

$12$10

$8$6$4

$2$-

Alternative 30/10 Funding Strategies

__ NewStarts

TIFIAMeasR

Other

$3.97 } Gap$1.19

Large GrantNew Starts Grants

(Dollars in Billions)

Large Loan@ 2.17%Gap

$4.20.. _':

MeasureJ

Measure R/A/CTIFIA LoansMeasure R Borrowing

11 AFF Measure R/A/C BondsOther State, Local & Federal

NEXT STEPS

TotalR/A/CBonds$3.02

{ $1.35

MR Project AccelTIFIA LoansMeasure R/A/C Bonds

If the amendment is approved, we will continue to seek approval for $1.9 billion in FullFunding Grant Agreements and apply for a TIFIA Transit Master Credit Agreement toreflect a new total of up to $2 billion for the Regional Connector and Westside SubwayExtension projects. We will also pursue Congressional approval of a $45 billion nationalAmerica Fast Forward Non-Refundable Tax Credit bonds program. If and whenCongress approves the program, we will seek $1.00 billion to $1.35 billion (2.2% to3.0%) of the new national America Fast Forward program for Los Angeles County.



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For the MeasureR highway program, we will begin work with the sub-regions to identifyspecific highway projects to accelerate. During this process, we will evaluate anyproposals to reprogram Measure R capital project funding from highway to transit andfrom transit to highway. According to the MeasureR Ordinance, any such proposalcould not be approved prior to FY 2019.We will also prepare a new TIFIA Master Credit Agreement Letter of Interest for up to$1 billion for above ground elements of Measure R transit projects and up to $950million for Measure R highway projects. Finally, we will begin preparing a trustindenture for bonds to be secured with Measure R, Proposition A and Proposition Crevenues.ATTACHMENT(S)Attachment A: Proposed Measure R Expenditure Plan AmendmentsAttachment B: Self-Ready Condition Strategy for 2nd and 3rd Decade Transit ProjectsAttachment C: Report on the Status of State of Good Repair AnalysisAttachment D: Measure R Project Finance Acceleration PlanAttachment E: Funding Plan for Non-P3 Highway Initiatives in Planning StagesAttachment F: Public/Private Partnership Investment AnalysisAttachment G: LACMTA Board of Director's Policies and Conditions for 30/1 0 Initiative

Prepared by: David YaleExecutive Officer, Countywide Planning and Programming213-922-2469



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Executive Director, Countywide Planning

Arthur T. LeahyChief Executive Officer



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ATTACHMENT A

MetroNOTICE OF PUBLIC MEETING

Los Angeles County Metropolitan Transportation AuthorityThe Los Angeles County Metropolitan Transportation Authority Board of Directors will hold apublic meeting on June 27, 2013 at 9:00am in the Los Angeles County MetropolitanTransportation Authority (Metro) Boardroom located at One Gateway Plaza, Los Angeles.The Board is considering an amendment to the Measure R Traffic Relief and Rail ExpansionOrdinance an d Expenditure Plan (also referred to as Attachment A of the Ordinance). ThisOrdinance was approved by the voters in 2008 and imposed an additional1 f2 of one percenttransactions 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 andthird decades of th e Expenditure Plan to be accelerated by an average of 10 years. The Boardis required to hold a public meeting on the proposed amendment prior to adoption.PROPOSED AMENDMENT TO ORDINANCE AND EXPENDITURE PLANTwo amendments to the MeasureR Ordinance are being proposed. The first amendmentwould add a new section to the Ordinance, Section 18 as noted below. This new sectiondescribes the financial conditions under which project acceleration can occur and states thatthe accelerated project sequence will follow the same order as the adopted 2009 Long RangeTransportation Plan.

SECTION 18. MEASURER PROJECT FINANCE ACCELERATION PLANlfTI FIA loans and a Tl FIA Master Credit Agreement of at least $3.0 billion

combined(1 ), America Fast Forward Tax Credit Bonds of at least $1.0 billion,an d Full Funding Grant Agreements (FFGAs) of at least $1.9 billion combinedare executed for one or more of the 12 transit projects, the amended "FundsAvailable Beginning" dates shown on lines 6, 9, 12, 13, and 16 of Attachment Ashall take effect and Metro shall complete all12 transit projects in the samesequence as the adopted 2009 Long Range Transportation Plan(2). However, ifsuch loan agreements in the sum of at least $4.0 billion or one or both of th eFFGAs in the su m of at least $1.9 billion are no t executed, this amendmentshall no t take effect and the "Funds Available Beginning" dates shown on lines6, 9, 12, 13, and 16 of Attachment A shall no t change.(1) Including prior transit Tl FIA loans with Measure R pledged in repayment.



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(2) Does not apply to non-Measure R funds.

The second proposed amendment would amend the Measure R Expenditure Plan(ATIACHMENT A). Unless amended, the Expenditure Plan approved by the voters does notallow the accelerated expenditure of Measure R funds on transit projects before the datesshown 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 beginexpending Measure R funds on those projects to complete their construction within theaccelerated schedule. No changes to the Highway Capital project dates are required to permitacceleration efforts because Measure R flexibly described their "Funds Available Beginning"dates as "To Be Determined". Attached is a revised Expenditure Plan which presents theproposed amendments to the Transit Capital Subfund "Funds Available Beginning" datesneeded to enable the proposed project acceleration. At the time the Board considers approvalof this amendment, an accelerated project delivery schedule will also be presented forconsideration.Written comments on this matter will be accepted through June 27, 2013. All commentsshould 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 MeasureR Ordinance are available from Metro's Records Management Center at the LACMTA PlazaLevel at (213) 922-2342 and at www.metro.net.



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ATTACHMENT 8 Part 1 (Transit}MeasureR Project Finance Acceleration Plan:Part 1: Shelf-Ready Condition Strategy for 2nd and 3rd Decade Transit Projects

Assuming FTA finds that the Measure R financial acceleration plan is seen as viable,LACMTA will continue to pursue each second and third decade project as shown below.Westside Subway ExtensionThere are three sections of the Westside Subway Extension. All three sections wereincluded in the Final Environmental Impact StatemenUReport (FEIS/R) that was certifiedby the Board and approved by the FTA. The first section of the project to La Cienega ismoving forward toward construction. The remaining sections would be built in thesecond and third decades. The Transit Project Delivery Department will proceed withthe procurement of a Design/Build contractor for the first section only, and with thenegotiation of a Full Funding Grant Agreement (FFGA) for that section (with provisionsfor FFGA amendments to cover the future sections). Construction on the first section isexpected to start in the spring of 2014. Since a Federal Record of Decision has beenreceived, and per Board direction in January, 2013, the second section will proceed withPreliminary Engineering which is well underway in order to complete the Design/Buildpackage so it is ready for advertisement when funding sources are identified.Airport Metro ConnectorThe Airport Metro Connector project is a second decade project in the LRTP. However,the Measure R Expenditure Plan allows for the acceleration of this project if the LosAngeles World Airports (LAWA) provides funding. The Alternatives Analysis phase ofwork was completed and received by the Board in April 2012. We have not begun thedraft environmental analysis due to on-going discussions with LAWA, the FTA, and theFederal Aviation Administration (FAA). In February 2013, the LAWA Board of AirportCommissioners and the City of Los Angeles Planning Commission approved the LAWASpecific Plan Amendment Study Locally Preferred Alternative which committed to usingan Automated People Mover (APM). LAWA staff also identified three potential locationswhere the APM could connect with LACMTA's light rail system. Staff will continue towork with LAWA on the technical analysis that will become the basis of the draftenvironmental work. The environmental work will begin once the FTA and FAA giveclearance to begin. At the December 2012 Board meeting, staff was instructed to studythe possibility of using a P3 approach in order to accelerate this project. That study isbeing undertaken.South Bay Green Line ExtensionThe Draft Environmental Impact StatemenUReport (DEIS/R) for the South Bay GreenLine Extension has been completed and is being reviewed by the FTA. In order toMeasure R Project Finance Acceleration Plan Page 13


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ATTACHMENT B, Part 2 (Highway)MeasureR Project Finance Acceleration Plan:Part 2: Shelf-Ready Condition Strategy for 2nd and 3rd Decade Highway Projects

LACMTA's approach to complete each of the MeasureR Highway Categories isdescribed below:1. Alameda Corridor East Grade Separation Phase II - Continue design, Right-of

Way acquisition, and construction of Phase II projects. Currently, the San GabrielTrench is under construction with an estimated completion in 2017. Furthermore,grade separation projects on Puente Ave., Fairway Drive, and Fullerton Ave. (Cityof Industry) and Hamilton Blvd. (Pomona) are in varying stages of design andROW acquisition.

2. BNSF Grade Separation in Gateway Cities - Complete on-going construction atValley View Ave and close out project by 2014. We will work with the GatewayCities subregion to develop and implement grade separation projects.

3. Countywide Soundwall Construction - Complete the on-going constructionprojects and continue to explore the feasibility of constructing Packages 1 0 and11 as part of the bundled highway improvement projects in the AcceleratedRegional Transportation Improvements (ARTI) package using P3 as a deliverymechanism.

4. High Desert Corridor (Environmental) - Complete the environmental documentand continue to explore the feasibility to complete this strategic multi-purposecorridor using P3.

5. 1-5/St Route 14 Capacity Enhancement- Complete construction and close outproject by 2015.6. Interstate 5 Capacity Enhancement from 1-605 to Orange County LineComplete the on-going construction projects on the first four segments and workwith the State of California and the Gateway Cities subregion to identify fundingoptions for completing the last segment; Complete construction and close outprojects by 2017 or beyond.7. Interstate 5 Capacity Enhancement from SR-134 to SR-170- Completeconstruction and close out project by 2018.8. Interstate 5/Carmenita Rd Interchange Improvement- Complete the on-goingconstruction project and close out the project by 2015.



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9. Highway Operational Improvements in Arroyo Verdugo- Complete thedelivery of the Board approved project list through FY 2019 and continue todevelop the list of projects to be delivered from FY 2020 through the third decade.10. Highway Operational Improvements in Las Virgenes/Malibu - Complete the

delivery of the Board approved project list through FY 2019 and continue todevelop the list of projects to be delivered in the third decade as remaining fundsare only available from FY 2024 through FY 2033.11.1nterstate 405, 1-110, 1-105, and SR-91 Ramp and Interchange Improvements(South Bay) - Complete the delivery of the Board approved project list through

FY 2019 and continue to develop the list of projects from FY 2020 through thethird decade.12.1nterstate 5 North Capacity Enhancements from SR-14 to Kern County Line

-Complete the construction of Phase 1 (truck lanes from SR-14 to Pico Canyon),continue to explore the feasibility of delivering Phase 2a (HighOccupancy/Express lanes from SR-14 to Parker Road) as part of the ARTIpackage using P3 as a delivery mechanism, and be responsive for directives, ifany, to initiate Phase 2b (capacity enhancement from Parker Road towards KernCounty Line) and continue to explore P3 opportunities to implement Phase 2b.

13.1nterstate 605 Corridor "Hot Spot" Interchanges- Continue to work with theGateway Cities subregion to identify, develop and deliver new projects consistentwith the LRTP through the third decade.14. State Route 710 North Gap Closure -Complete the environmental document

consistent with the LRTP.15.1nterstate 710 South and/or Early Action Projects - Complete theenvironmental document for 1-710 South and delivery of the Board approved list of

1-710 Early Action Projects consistent with the LRTP; work with Gateway Citiessubregion to develop the list of Early Action Projects to be delivered through thesecond decade.16. State Route 138 Capacity Enhancements- Complete the delivery of the Boardapproved project list through 2022 and explore funding strategies to complete theproposed capital improvements as needed.



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Approach fo r Highway TIFIA OpportunitiesMeasure R provides less than 30% of the funds needed to complete the highway projectcategories approved by the voters. The remaining 70% of funding sources includeProposition C, Congestion Mitigation and Air Quality Improvement (CMAQ), StateTransportation Improvement Program (STIP), Regional Surface Transportation Program(RSTP), toll revenues, and other, as yet unidentified funds. Additionally only a portionof the Measure R highway projects are defined at this point and the rest of the programcan only be defined progressively over time. Though we believe the effective approachfor LACMTA's highway projects may be to secure TIFIA loans for each projectindividually instead of collectively in a TIFIA MCA, we do not need to make that decisionuntil more specific MeasureR project lists emerge.Currently five highway projects have been identified as primary TIFIA loan applicants foraccelerated delivery. As more projects are progressively identified and developed overthe course of Measure R, additional needs for a TIFIA loan will be then specified. Thetarget time frame for Letter of Interest (LOI) submittals for the known projects issummarized in the following table:

TIFIA TIFIAMeasure Non-ROnly LACMTA Draft Env. Target

Est. Cost ($M) Funds Doc. Target LOI FinancialProject ($M) ($M) Circulation Submittal Close YearART I 700 231 Done March 2013 Spring 2014HOC 3,500 1,155 Fall 2013 November 2014 Fall 2014Allocation710 South 3,500 TBD 1,155 Spring 2014 August 2014 Summer 2015710 North 5,400 1,782 Spring 2014 August 2014 Summer 2015605 Hot Spots 2,200 726 Spring 2015 August 2015 Summer 2016

Totals 15,300 950 5,049



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TO:THROUGH:

FROM:

SUBJECT:

ISSUE

0 1 ( ' C l : ( 'W1i ;J lZ:JI


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Estimated replacement costs were compared with available funding levels currentlyprogrammed over the SRTP period to identify funding shortfalls and surpluses(Attachment A). This information will be used to analyze various funding scenarios andthe project delivery/workforce capacity to address the needs.FindingsThe 10-year SGR need is $3.3 billion (in 2014$}. There is sufficient funding over theSRTP time frame to meet SGR project needs with $3.8 billion provided between FY2014 and FY 2023. However, on an annual basis, the timing and amount of fundingavailable needs to be re-aligned. Attachment A shows that the largest need is in thefirst few years where the backlog exceeds funding currently programmed. In lateryears, funding exceeds needs and advancing these funds could address the $806million deficit during the first five years between FY 2014 and FY 2018.Continuing AnalysisAddressing the funding shortfall requires advancement of funds, but we must alsoconsider that workforce capacity is a constraint on delivering SGR projects. Apreliminary analysis scenario (shown as the dashed line on Attachment B) considersadvancing funding gradually to allow a matching growth of project managementcapability. An aggressive scenario that may be able to achieve this is increasingfunding 25% per year in the first five years until the backlog is addressed and thenreducing funding to match lower levels of need during the last five years.Work is underway to understand the impact of the funding timing issue on the operationof the transit system. Several funding scenarios are being tested to address the impactof providing more funding in the years needed. We are also performing an analysis todetermine an optimal project mix based on changing priorities and the workforcecapacity needed to address SGR needs. Continuing efforts will focus on determiningan appropriate funding schedule for SGR work given the extent of project backlogs andan understanding of appropriate staffing levels.

NEXT STEPSThe Measure R Project Finance Acceleration Plan will be presented to the Board inMarch, 2013. The financial assumptions used in this strategy are currently using thepreliminary SGR analysis. This preliminary analysis is currently undergoing furthervalidation. We expect this validation process to be completed by summer 2013. In thebudget process, OMB will be requesting that the Board adopt a maintenance/replacement policy in compliance with Contract/Facility/Equipment vendorspecifications which will ensure all facilities and equipment be maintained in a state ofgood repair. More details will be included in upcoming budget discussions.



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700:000600,000500,000- 400,00000; 300,000200,000100,000

0

~ I I . ,

SGR Needs vs LRTP Funds{2014 $)

2014 2015 2016 2017 2018 2019 2020 2021 2022 202

Measure R Project Finance Acceleration Plan


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Transit and Highway Acceleration Benefits

r.rthCountyi "" "I - :l_ d

t.. --. ...--......,

I ' . : : . : ~ ~ ~ - ,/ ~ : , , ; ; ,i

Measure R Transit Project Costs and Opening YearsTotal Transit Project Cost and Opening Year Assumptions (a)

(Year of expenditure (YOE) dollars in millions)

Project Description

Orange Line Canoga ExtensionExposition Blvd. Light Rail Transit IIGold Line Foothill ExtenSion- - - ~ ~ ~ - - - - -East San Fern. Valley Transit Corridors- -Crenshaw/LAX Transit CorridorRegional Connector

~ - - - - - - - - - - - - -

Westside Subway Extension Section IWestside Subway Extension Section II

aWest Santa Ana Branch LineAirport Metro Connector (Green Line, Extensio n to LAX) (b)

.... South Bay Green line Extension_, Gold line Eastside Extension Phase II

Westside Subway Extension Section IllSepulveda Pass Transit CorridorTotal (a)


LRTP May 2013 U p d a _ t ~Assumed OpeningFunding Yeari$ {i 'TH!IiUflS)

160 1 : FY 2013---+-------------

1.511.2 FY 2017----+---- ------851.1 FY 2017

- ~ ~ - ~ - - - - - - ~ - r - - - --------170.1 FY 2018

2 058 0 i FY 2020i

1 399 0 FY 2020----2.509 1 FY 20231.817 7 FY 2026

649 0 FY 2027330 0 FY 2028555 0 FY 2035

2.490 0 ' FY 20352.145.8 : FY 20362 468 0 FY 2039

19,114.1

Ac::elerated Plar ~ 2 0 1 3A s s u ~ e d iFundmg.$ n T liw:s

160 11.511 2

2 509 1

502 8247 7360 8

1 734 3

1 647 616.318.7

8 n adoit1cr to AfL..naec ac::eleratec

Page 23


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Measure R Transit Project Scheduleswith without acceleration

~ ~ ~ ~ ~ ~ Schedule does not asswne Acceleration, ~ , I T r II f [ - Schedule assumes Acceleration

I 7 $ nl\II 7'5 !: :: d

1r r 'P

Measure R Highway Project Costs and Opening YearsMeasureR Highway Project Cost and Opening Year Assumptions (a)

(Year of expenditure (YOE) dollars in m1llions)LRTP Feb. 2013 U date Accelera ted Plan Feb 20 13

Project Description Assumed Opening Assumed OpeningFunding Year Funding Year($in millions) ($m tTUihons)Interstate 5/State Route 14 Capacrty Enhancement 175.8 FY 2015 175 8 FY 2015Htgh Desert Corndor {Enviromental} 33.0 FY 2015 33 0 FY 2015Interstate 5 North Carpool Lanes from State Route 608.2 FY 2017 608 2 FY 2017170 to State Route 134Interstate 5 South Carpool Lanes (including 1,894 2 FY 2017 1,894 2 FY 2017Carmemta lnterchan eBNSF Grade Separations m Gateway Cittes 35 0 FY 2018 35 0 FY 2018Alameda Corndor East Grade Separaltons Phase II 1.054 7 FY 2019 1,054.7 FY 2019

c3 Countywtde Soundwalls 120 0 FY 2023 120 0 FY 2023,.State Route 138 Corndor Widenmg 243 0 FY 2022 243.0 FY 2022

f-~ r ~ ~ ~ t ~ ~ n ! s N o r t h Capac1ty Enhancement including 410 0 FY 2023 410 0 FY 2023Interstate 605 Corndor Hot Spot Interchanges 339 8 FY 2023 339 8 FY 2023

72.9 FY 2023 72.9 FY 202385 7 FY 2023 85 7 FY 2023

328 5 FY 2023 328 5 FY 2023129.7 FY 2023 129 7 FY 2023

5,530 5 5,530 5



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Measure R Highway Project Costs and Opening Years

V>"C"'-'"1:'2 (")""Cc:N"-f-tr....J

Measure R Highway Project Cost and Opening Year Assumptions (a)(Year of expenditure (YOE) dollars in millions)

LRTP Feb. 2013 Update Accelerated Plan Feb. 2013Project Description Assumed Opening Assumed OpeningFunding Year Funding Year($ 1n millions) ($ 1n millions)

Interstate 605 Corridor Hot Spot Interchanges 473.0 FY 2032 250.2 FY 2026H1ghway Operat1onallmprovements Arroyo Verdugo 186.7 FY 2032 97.1 FY 2026SubregionHighway Operational Improvements Las 167.6 FY 2032 89.3 FY 2026V1rgenes/Malibu Subregi onSouth Bay Ramp and Interchange Improvements 1,183.9 FY 2039 577.5 FY 2026Interstate 710 North Gap Closure (Tunnel) 1,103.2 FY 2036 807.1 FY 2026Countywide Soundwalls 821.4 FY 2039 130.0 FY 2026Interstate 5 North Capacity Enhancement including 164.8 FY 2039 164.8 FY 2026Truck LanesInterstate 710 South and Early Action Projects 713.9 FY 2039 510.1 FY 2026Subtotal 2nd and 3rd Decades 4,814.5 2,626.1TOTAL 10,345.0 8,156.6

$2.2 B in Matching Funds. NQt c e l e r a t e d

MeasureR Project Finance Acceleration Plan Summary



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Measure R Project Finance Acceleration PlanSources of$9.4 Bin Planned BorrowingMeasureR Project Finance Acceleration Plan

Debt & Highway)

Repayment Plan for Measure R Transit Project Acceleration:Some Loans Use A 35% and or

$3,500

$3,000

$2,500

$2,000

$1,500

$1,000

Transit Annual Debt Service by Type(Dollars in Millions)

MeasureR Borrowing ~ s Y * < AFF Measure R/A/C BondsMeasure R/A/C Bonds / Measure R/A/C Tl FIA LoansTIFIA Loans ~ M e a s u r e R 35% RevenuesProp A 35% & Prop C 40% Revenues

$1,439IWhen Measure R expires

Approx 14% of revenues

C40%

$3,391 ~

$500 $200 < O - - - - - - ~ $270$0

~ ~ ~ ~ ~ ~ ~ ~ ~ ~0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0N N N N N N N N N N N N N N N N N



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Post-2040 Proposition A and Proposition C Debt Service

$3,500

$3,000

$2,500

$2,000 .

$1,500

$1,000

$500

$0

Prop A 35% and Prop C 40% Debt Service(Dollars in Millions)

Acceleration Debt Service''Existing/Planned C40% Debt Service

Existing/Planned A35% Debt Service-.-Prop A 35% & Prop C 40% Revenues- -Deb t Policy Cap

MeasureR 35% Transit ProgramAcceleration Plan Meets Optimal Construction Cost Needs

$3.000 l Construction Cost Curve Funding by Source(Dollars in Millions) Total Cost $13.0 B$2.500 +---------------------------------



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Left Blank fo r Pagination Purposes

Repayment Plan for Measure R Highway Project Acceleration:Some Loans Use Prop. C 25%Highway Annual Debt Service by Type

(Dollars in Millions)

MeasureR Borrowing MeasureR/C BondsTIFIA Loans -..MeasureR 20% RevenuesProp C 25% Revenues

$488IApprox 13% of revenues

$64 ~ - - - - - - - - - - - - - - ~ $ 8 5



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Post-2040 Proposition C 25% Debt ServiceProp C 25% Debt Service

(Collars in Millions)

Acceleration Deb t Service'Existing/PlannedC25% Debt Service

- P r o p C 25% Revenue s_,_Debt Policy Cap'"*"FY2014 Debt Level (38%)

Sources and Uses ofMeasure R Highway Acceleration Funding StrategySourcesof Measure R Highway $4.4 Billion Acceleration Funding Strategy

(millions}

Measure R 20%Cash

$1,852

\Measure R 20% :nFJAPreeds$948


Uses of MeasureR Highway Project Acceleration FundingFY 2014-2026

LasVire:enes/Mahbu$1463.3%

February 2013 (Millions)

G.ttewayOtlet$1,14930.5%

Page 29


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Measure R Project Finance Acceleration Plan Actions

Proposed Amendment to the Measure R Ordinance



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Lower Interest Cost Assumptions6.00%

5.00%

4.00%

3.00%

2.00%

1.00%

0.00%

Senior Tax Exempt Bond Interest Rate Assumptions

-+-November 2011 LRTP Interest Rate -+-January 2013 LRTP Interest Rate

-tt-Moody'sAnalytics Aaa Bond Yield Forecast UCLA Anderson AAA Municipal Bond Index-IHS Global Insight AAA Bond Yield Forecast

m w oo o N m w oo m o N m v w oo m orl rl r l r l r l r l rl N N N N N N N N N N M M M M M M M M M M qo o o o o a o a o o a a o o o o o o o o o o o o o o o oN N N N N N N N N N N N N N N N N N N N N N N N N N N N

Sales Tax Receipts Tracking UCLA Forecast$3.5 MTA Sales Tax Relf(!nue J>rQjectiQilS


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Left Blank for Pagination Purposes

Preliminary State ofGood Repair Data

7(10 000600 000 + - - + ~ - - - - - : "-----,r------500 000 + - - - + - - " T - - - : . ~ - _ . . : J ' ' - - 1 - ~ ..............._400 OOtJ t-.1--- ~ . - - - - - : - - - - 1 - - - - - - - - - ;300 000


24

Page 34


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2013 Countywide Call for ProjectsPreliminary Modal Categories Funding Marks(Year of Expenditure $'sin thousands)

Regional Surface Transportation ImprovementsGoods Movement 17.5% $ 26,250Transit Capital 10.1% $ 15,150Transportation Alternatives (formerly " E n h a n c e m e n t s " ) ' ~ 1.8% $ 2,700Signal Synchronization & Bus Improvements 22.1% $ 33,150Regional Bikeways''c 15.0% $ 22,500Pedestrian l m p r o v e m e n t s ~ c 7.4% $ 11,100Transportation Demand Management (TOM) 3.7% $ 5,550

2.8% $ 4,200Approved De-obligations (modal allocation TBD) $ 49,300

Additional Debt Raises Interest RatesAmerica Fast Forward:Make subordinate interest rates lower through federal policy intervention

PPPJSWFJCalPERS

Subordinate2

Subordinate1

Seniorz

Senior1$1.6B $2.5 B

6.5%

$1.2 B $1.2B $1.0 B Without intervention, interest rates should rise as more debt is issued

PPPjSWF =Public Private Partnership/Sovereign Wealth Fund



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LA's Three Part America Fast Forward Transit Plan$'sin millionsFiscal Year '14& '15 '16 '17 '18 '19Prior

TIFIA $71 $73 $97 $78 $27 $172No Subway 3.5% 3.5% 3.5% 3.5% 3.5% 3.5%E (+A&C) 2059 2059 2059 2059 2059 2059.:

"' "' TIFIA $1 $301 $700 $496p.. >:::I '8 Subway 3.5% 3.5% 3.5% 3.5%>-


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Left Blank for Pagination Purposes

lC

Funding for Accelerated Revenue Service Hours - Rail

MTA Rail Revenue Service Hours by Funding Source2.0 ..-Def i c i t PWMeasureR- S TA MlliliiPropC40%' Federal, CMAQ -PropA, TDA, Other.. ares -F eb ' 1 3 LRTP Update

!: .. ' ,,! 1.5":1:11;; 1/ '/ II"II f, :, :>;,('II II ..I:%u:;: 1.0">"';;;"':; 0.5..."..:

0.0



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34

Funding for Accelerated Revenue Service Hours$3.5

$3.0

$2.50uc

$2.0c.0

MTA Bus and Rail Operations Costs by Funding Source-Def i c i tt:1tJWMeasureR- STA- PropC400b

+v,; Federal, CMAQ- P r o p A, TDA, OthertMiiitfares-Feb 13 LRTP Update

Funding for Accelerated Revenue Service Hours - Bus

$2.5

$2.0cet!0 $1.5c0c.0

..,.

$1.0"':;;...cc


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Funding for Accelerated Revenue Service Hours - BusMTA Bus Revenue Service Hours by Funding Source

10-Defic i t MeasureR

-PropC40"hYJ:Y/tt Federal, CMAQ - P r op A, TDA, Other4B:$ Fares -Feb'13LRTP Update

Measure R Transit ProgramFinance Alternatives$16$14$12$10

$8$6$4$2$-

Alternative 30/10 Funding Strategies(Dollars in Billions)

NewStarts $2.07 $2.12

$3.97 } Gap $4..20TIFIA $1.19MeasR

Other

Large Grant/ New Starts Grants

$4.56

Large Loan@ 2.17%Gap

MeasureJ

Measure R/A/CTIFIA Loans AFF Measure R/A/C BondsMeasureR Borrowing Other State, Local & Federal

$2.91$2.57

Total { $0.98 TotalR/A/C $6.9 BBonds$3.02

MR Project AccelTIFIA LoansMeasure R/A/C Bonds



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Measure R Transit ProgramFunding Gap Alternatives

Selected Variable Assumptions

Large Grant

~ ; ~ * r ! : t > :l f ~ a s u r e RProjectAcceleration

NewStartsGrants$2.07 B+$3.97 B

$2.07 B

$2.128

$2.91 B

$1.19 B

$4.20 B


$3.18 B

$3.31 B

Transit ProjectsOptimized

12 Optimal

12 Optimal

12 Optimal

Conclusion

Not Available

Not Available

Not Available

Page 41


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5. Interstate 405, 1-110, 1-105, and SR-91 Ramp and Interchange Improvements{South Bay) - Complete the delivery of the Board approved project list through FY2019. Convene a joint meeting of the stakeholders (including the South Bay CitiesCOG, Cities of Carson, El Segundo, Gardena, Hawthorne, Hermosa Beach,Inglewood, Lawndale, Lomita, Manhattan Beach, Palos Verdes Estates, RanchoPalos Verdes, Redondo Beach, Rolling Hills, Rolling Hills Estates, Torrance, and theHarbor City/San Pedro communities of the City of Los Angeles, and County of LosAngeles) in the area in April/May to develop a joint list of projects to be deliveredwith the accelerated funding from FY 2014 through FY 2026.

- - - - ~ Measure_R S u ~ b Regional Fuc:.ncdc:_cs_________________ - ~ - -Projects with Executed Funding Agreement1----------------------- ~ - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

' : : : : ~ . : : : : = ~ ~ : : : ; ~ ~ : : ; ~ : ; ; ; : ~ : ~ ~ = - - - - n ~ ~ r : ~ o FY,: ~ : T F Y 1 5 i F Y ~G"""" , ~ , : : ~ : : " " ' Grndo Sparntioc " s." ~ ' ' R,;;;-p," o,. , ,: J , _ _ _ ___ -- - ~ - ~ r ' = = - _ ~Glendale iGrandview and Sonora Ave At-Grade Rail Crossing Improvements 1,850 , 1,850- - - - - - - - -" - - - - - - ------ -Glendale 'Central Avenue Improvement Broadway to SR134 3,250 ' 3,250-- - - - ~ - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -Glendale IVerdugo Rd Signal Upgrade Construction 700 700Glendale jSonora Ave At-Grade Rail Crossing Safety Upgrade 2,700 2,700 I

1,250 !937 3,500

- - --10,562 5,250

Glendale Traffic Signal Sync Brand Colorado San Fernando Glendale Verdugo 1,250 I~ ~ n 7 r ~ = a lsoundwalls o ~ l n t e r ~ t a t e 210 - - ~ 4 , 5 ~ - - - 1 - 5 1

Arroyo Verdugo Subregional Sub Total . 19,663 ' 3,851Agoura Hills 1Palo Camando interchange Proj Dev_ , 18,090 2,5901-- - -" " ' - - - - - - -+- - - - - - - - - - - - - - - - - - .____ -- - -- ---1----- ___ 3,5oo IAgoura Hills Roundabout Design Proj Dev_ 1 5,300 125 5,000 ---Agoura Hills Agoura Road Widening Proj Dev i 1Y,2-1o

- - - - -5,000 ~ , 5 0 0 :,885

Calabasas Lost Hills Overpass and Interchange Proj Dev & ROW 19,000 2,500 7,000------ -- - ----------------- - - - - ' - - - - - - 9,500Calabasas Mulholland Hwy Scenic Corridor Proj Dev &ROW __ --------------t-2,750 I 250 2,000Calabasas-- I as Virgenes ScenicC;;:ridor Completion Proj 85c)T 350Calabasas Parkway Calabasas US 101 SB Off Ramp P r ~ J D - - ; v i 1,500 ' ---5--0-0+-----Westlake 1Route 101 Lindero Canyon Road Interchange Proj Dev 215, 215~ ~ ; ~ ~ _ H , g h ; , ~ - 1 0 - 1 - ~ ~ ~ ~ n _ d _ ~ l ~ e Proj :_-_--_-_ ___ - - - - - - - - + - - 2 _ 6 _ - - ~ - - l - - - - 2 - - 6 - - 1 +--- - - t - - - - - - - -1- - - - -+-\lillane____ 1R_t101 L i n d e r o C ~ n _ y _ o n _ R ( j _ l _ n t e r c h a n ~ e Construction P h a ~ ~ - 3 - B & 4B 3,378 - ~ , 3 7 8 IWest Lake _ _ I - - -+- - - - -+- - --Village 1Rt 101 L1ndero Canyon Rd Interchange Construction 5,339 1 5,339West Lake ' 1 --- ---r-Rt 101 Park and Ride Lot Construction 2,240 j 2,240Village

- - ~ - - -

Las Virgenes/Malibu Subregional Sub Tota l 76 133 20 633 19 000 17 500 ' 10 825 i 8 175



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f - - - -------- _ _________ M _ e a s u r _ E l _ ~ S u b Regional Funds - - - ~ - - - - -----------------Projects with Executed Funding Agreement- - - - ~ - - - - - - ~ - - - - - - - - - _ _ _ . _ _ _____t----f - - ~ - ~ - - - -

PROJECT TITLEPONSOR If - - - - - - - - - - --+. - - - - - - - - - - - - - - - - - - - - - - - - - ~ -SBCCOGS [South Bay Cities COGS Hwy Implementat ion Plan Proj Devr----- -- -+-------Carson 'Sepulveda Boulevard Widening Broadway to ICTF Driveway 1,158 I2,500

- - - - - - - - - , - - - - - , - - - - - - - iFY 14 1 FY 15

1FY 16

696 7 0 ~ rEl Segundo 'Maple Ave Arterial Improvement Sepulveda Blvd to Parkview 2, 500 Ic - - - - - --- - - - - - - - - - ; - - ~ - - t - - - - + - - - + - - -G a r d e n ~ - - ~ - - o s _ e _ c _ r _ a n s _ Av Arterial lmprov_e_lll_e_n_ts_Vermon_t A_v_to_Crensh_a_w_b_l _

1

5 , _ 1 _ ~ ___300 __ _1_7-+-_4_,5_2_3_'-, ________ _-------Gardena Artesia Blat Western Av Intersection Improvements 675 i 75 600

: : : : : d : : : : : ~ : ~ : : ; ; , : : : E ~ ~ ! ~ ~ ~ - - - _ - T ~ ~ : ~ + - - ~ ~ - - , :H e r m o s a ~ P -f- C H 1 . - I 368 1

600 1,500- -------f-------------------Beach

1aci iC oast wy mprovements Amta and Artesia 1 - 368

InglewoodLawndale

--------- - - - - - ~ - - -------- --I Inglewood Phase__V___ - - - - - - - - - - - - - - - - - + - - - 3 ~ , 5 ~ - - t - 300 - - r - - - - - - - - t - - - - r - - - - - - - j3,200 -Inglewood Ave widening from 156 St to 1-405 SB On-Ramp i 500 1 100 400

Manhattan 1 I IBeach !Sepulveda Blvd at Marine Ave Intersection Improvements -----+--- 2 3 5 ~ - - 2 ~ : _ _ 11 - : ~ o - ' : ~ ~ - : - c ~ ~ ~ - : c - - : - ~ - - - , P - a _ c _ f _ i c _ c _ o _ a s t _ t : J ~ g h w a ~ ~ _ n _ i t a _ ~ t to P ~ ~ ~ ~ _ - e _ - ~ d - e s Bl----==- . +':" ' 1.400 . ~ . ~ , l- 1-==-~ ~ c h _ Pa(;lf1c Coast Highway Torrance Bl I r- _____:_:__ _ 527 ___ f +--Redondo p T C H h p jeach ! aci 1c oast 1g way a os Verdes Bl 0 32 288

; ~ ~ ~ d o t!Aviation Bl at Artesia Bl - - - - - - - - - - - ~ - - - - - - ~ - - - ~ ~ ~ ~ = = - - - - - - t - 2 : ~ : __ ~ ___ =___ _ 'r----- _ -1--,----=Redondo - ~ ~ ~ ~ e ~ ~ o d ~ ~ - - - : _ t _ M _ ; ~ ~ ~ ~ ~ - n _ B _ e _ a _ c ~ - -~ : ~ ~ ~ d o 1---------------------------------------Beach IAviation Blvd at Artesia Intersection

1

Torrance Pacific Coast Hwy Hawthorne Blvd Intersection Improvements 1 19,600 1,300 300 18,000

------2,242

1--T_o_r_ra_n_c_e_ _ --M_ap'--l_e_Ave Sepulveda Intersection l m p r o v e m ~ n _ ! _ s _ _ _ _ _____ j1 18

,6100_00

lr----1

___0

60

00

_-1-_ _ _40 +-- - - - ' - ' - - _________Torrance Transit Park and Ride Regional Terminal Design 10,500 6 6 ~ ~ - -- - ' -------south Bay Rampsarni Inter chang es Sub Total-'- 66,848 I 13,soc'3-+---c-18::-,-=-21-:-4+--1-:-4-',-:c:187 1 18,7o2

Grand Total 162,644 I 37,987 47,776 36,937 29,527 10,417



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ATTACHMENT FPublic/Private Partnership Investment Analysis

Sepulveda Pass Transit CorridorStaff and consultants are preparing a comprehensive strategic assessment of theSepulveda Corridor Project, evaluating the suitability of a transit and/or highway facilityas a P3 project as well as a refined evaluation of use of a Pre-Development Agreement(PDA). Staff currently estimates that $3 million will be required to complete this analysiswhich will include substantial "project definition" (determination of terminal points fortransit connection, access points for toll lanes, tunnel configurations, operationalconcepts for toll and transit, refined ridership, use and refined capital cost estimatesetc.). The work will also include evaluations of P3 potential for the Airport MetroConnector and an analysis of the San Fernando Valley and East San Fernando ValleyTransit connection to the corridor.Recommendations as a result of these assessments will be presented to the Board, andif approved, will proceed with steps toward procurement of a developer (RFQ/RFP) for aPDA approach to the project. Staff estimates this phase would require $6 million tocomplete. Depending upon the negotiated terms with a P3 developer, the first phase ofthe development contract may require $5 to $7 million LACMTA contribution with thedeveloper retaining significant costs through a developer contribution ("sweat equity" inthe form of engineering and other analysis) to the project. LACMTA would alsocommence environmental clearance efforts during this phase which staff estimateswould require $60 million, depending on the scope of private investor involvement.1-710 South Freight CorridorThis project is currently in the environmental clearance phase, with a revised DEIS/Ranticipated to be completed by 2015. Depending on the results of the revised DEIS/R, itmay be necessary to reevaluate a portion of the strategic analysis and business planwork already completed in connection with the initial P3 evaluation. This additional workwould likely require approximately $1 million to complete. If authorized to proceed as aP3, the next step would involve finalizing the business case (including refinedtolling/revenue analysis, access and exit definition, operational concepts and refinedcapital cost estimates etc) and coordination and documentation of cooperativeagreements between LACMTA and Caltrans to procure a developer and obtain CTCapproval. Staff estimates that $5 million will be required to complete this work.LACMTA's retained costs of $750 million for pre-construction work (Right-of-Way, utilityrelocations, etc.) and a construction subsidy ranging from $3 billion to $4 billion,depending on the truck tolling scenario and the potential amount of a TIFIA loan thatcould be secured would also be required.



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SR-710 NorthThis project is also in the environmental clearance phase, with the Alternatives Analysisjust completed. A P3 business plan for this project was completed in August, 2012 andthat plan estimated a requirement of public funds for right of way, pre-development andearly design of approximately $80 to $90 million. If authorized to proceed as a P3, workto finalize the business case, complete documentation of cooperative agreementsbetween LACMTA and Caltrans to procure a developer and obtain CTC approval wouldrequire an estimated $6 million to complete. A portion of the Measure R allocation of$780 million would then be used for LACMTA's public subsidy in a P3 concession. Thetotal construction cost in excess of the subsidy, currently estimated at +/- $3.6 billion isestimated to be covered by toll revenue over the course of the project.High Desert Multipurpose CorridorAlso in the environmental clearance phase, if the Board determines to proceed with aP3 procurement on this project, the next steps will involve finalizing the business case,and negotiation and documentation of the cooperative agreements between LACMTA,SAN BAG for San Bernardino County, and Caltrans to procure a developer and obtainCTC approval. Additionally, LACMTA will have its share of retained costs(approximately 55% of $520 million i.e. Some 290 million) for pre-development work,right of way acquisitions and construction monitoring in Los Angeles County.Depending upon progress of adjacent high speed rail projects (CaHSR andXpressWest), the public subsidy could range from $0 with a Los Angeles to Las Vegasone seat ride, to $1.5 billion if utilizing Metrolink service between Los Angeles andPalmdale.Accelerated Regional Transportation Improvements ("ART/'? ProjectThis project is proceeding as a P3 but is anticipated to be partially publicly funded and isdiscussed in detail in the main body of the Board report.Public Funding Requirements ChartThe appended chart (Attachment 1) sets for the public funding component of current P3projects in tabular form.



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E .st1mate o u 1c nvestmentP bl" I or u ureF t P3 P . tojec sProject Estimated Public Estimated Total Capital CostInvestment (YOE)1-710 South Freight Corridor $3.7 billion to $4.7 billion $3.7 billion to $4.7 billion(1)SR 710 North Gap Closure $780 million $5.425 billion(2)High Desert Multipurpose $0.5 billion to $2.0 billion $4.527 billionCorridor (3)Sepulveda Pass Transit $1.0 billion+/- $10-$12 billion (Central Segment) $30.754Corridor (4) billion to $38.735 billionNotes:(1) This range includes LACMTA retained costs of $750 million for pre-construction dollars and aconstruction subsidy ranging from $3.0 to 4.0 billion, depending on the truck tolling scenario and TIFIAloan amount.(2) As estimated in SR 710 North Gap Closure Business Plan dated August 2012.(3) This range includes LACMTA retained costs of $500 million for Pre-Development, ROW, andconstruction monitoring, as well as a construction subsidy ranging from $0 with a direct connection toCAHSR in Palmdale (LA to Las Vegas one-seat ride) to $1.5 billion with a transfer from Metrolink toXpressWest in Palmdale.(4) Based on amount available in MeasureR in YOE dollars; assumed for initial phase; additional moniesmay be required; to be determined following further study and/or for completion of northerly (SanFernando Valley) and southerly (to Airport) sections of the total corridor.



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Attachment GLACMTA Board of Director's Policies and Conditions for 30/10 Initiative

1. Adopt a support position on the "30/1 0 Initiative" subject to these policies andconditions:a. A specific MTA Board action is required to re-program highway capital projectfunding for use on transit capital projects as result of 30/10, unless such reprogramming does not result in a net decrease to the highway capital projectfunding;b. Likewise, a specific MTA Board action is required to re-program transit capitalproject funding for use on highway capital projects as result of 30/10, unless such reprogramming does not result in a net decrease to the transit capital project funding;c. MTA shall complete projects accelerated through 30/10 in the same sequence as the

adopted 2009 Long Range Transportation Plan (LRTP);d. MTA shall support any new or modified federal program that provides financialassistance that would enable MTA to accelerate its Measure R/LRTP transitprojects;e. MTA also shall support any new or modified federal program that provides financialassistance that would enable MTA to accelerate its Measure R/LRTP highwayprojects;f. Adoption of an MTA support position is for securing a pledge of federal financialassistance only; adoption of an accelerated project delivery schedule shall besubject to future MTA Board approval;g. Nothing in the contemplated federal assistance would compel MTA to actuallyaccelerate its transit construction program;h. MTA shall only utilize pledged federal assistance if the construction and financingcosts are less than the available funds (adjusted for inflation) planned in the adopted2009 LRTP, unless those costs are being adjusted by the minimum necessary toaccomplish an operable segment for the corridor; andi. MTA public-private partnership program and 30/10 shall be closely coordinated tomaximize leverage afforded by both.

2. Add the "30/10 Initiative" to the MTA federal legislative platform.3. Direct the CEO to develop the supporting analyses and materials related to traveldemand benefits, economic benefits, operating and capital costs, schedule, federalmandates and organizational readiness necessary to secure federal assistance to

Metro project acceleration plan

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Transcript of Metro project acceleration plan