Vancouver Delegation Briefing

Los Angeles CountyTransportation Revenue InitiativesDavid YaleManaging Executive Officer, Planning, Programming, and Grants

Heather Hills and Cosette StarkDeputy Executive Officers, Countywide Planning and Development Los Angeles County Metropolitan Transportation Authority

November 14, 2012

Measure R (2008) Imagine Campaign

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Measure R (2008) Fact Sheet

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Economic Impacts

• 500,000 new jobs

• $83.9 billion in economic output (measured by business revenues)

• $30.6 billion in earnings for jobs created

• Over $9.2 billion in tax revenues, at the Federal, State, County and local levels 4

Measure R Value and Benefits

Environmental Impacts

• 191 million vehicle miles travelled reduced annually

• 522,000 pounds of emissions reduced annually

• 9.4 million gallons of gasoline saved annually

Measure R – Passed by 38,000 Votes in November 2008

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The Goal for Los Angeles County :Deliver 30 Year Measure R Program in 10 Years

• Complete 12 transit projects in 10 years• Create 160,000 jobs• Eliminate 522,000 lbs of

carbon emissions every day

• Reduce vehicle miles traveled by 191 million

• Increase transit boardings by 77 million

• Seek to accelerate 15 highway projects• Create 256,000 jobs • Relieve Congestion

Countywide

Measure R Extension Strategic Financial Plan Alternatives Considered

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$4.61 $4.56 $5.48 $4.94

$3.18

$8.38

$3.49 $6.03 $1.19

$4.20 $2.19

$3.97

$2.07 $2.07 $2.12 $2.12

$-

$2

$4

$6

$8

$10

$12

$14

$16

$18

Large Grant Large Loan @ 2.17% Measure R Extension Preferred Strategy

Fallback Strategy

Alternative 30/10 Funding Strategies(Dollars in Billions)

New Starts Grants Gap TIFIA Loans Measure R Borrowing Other State, Local & Federal

Gap Assumes Measure R extension

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TIFIA Funding Increased under MAP-21

$122 $122 $750 $1,000 $1,200 $1,200

$7,500

$10,000

$0

$2,000

$4,000

$6,000

$8,000

$10,000

$12,000

FY10 FY11 FY12 FY13

SAFETEA-LU MAP-21

$ in

mill

ions

Credit Subsidy/Loss Reserve Loan Capacity

Measure R Revenues

LACMTA Senior Debt Service

LACMTA Subordinate Debt

Service

TIFIA MCA Parity with Prior TIFIA

New Projects (Crenshaw Project Corp.)

LACMTA

TIFIA Allows Full Subordination of Loan

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• Revenues remaining after payment of debt obligations are released to LACMTA.

Springing Lien

Requirements:• 33% participation

– At Master Credit Agreement or Project level?

• “A” Rated, maximum 10% credit subsidy

• Non-project related revenue only

– No tolls

Measure R Highway & TransitRevenue and Interest Cost

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Preferred Strategic Financial Plan by Funding Source

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Other- State, Local & Federal- $5.5 B

Measure R Base-$5.6 B

Prior TIFIA-$1.2 B

Additional TIFIA-$3.0 B

$-

$500

$1,000

$1,500

$2,000

$2,500

$3,000

2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026

Fiscal Year

Measure R Extension Accelerated Expenditure PlanFunding by Source - October 2012

(Dollars in Millions)

Total Transit Projects Cost-$15.3 B

Measure J Fact Sheet

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Opposition to Measure J

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Opposition to Measure J

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Measure J Results as of Nov. 7, 2012

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Measure R Results in 2008

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Change from Measure R to Measure J

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Lessons Learned

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• Measure R’s success• Metro “brand”• Substantial support• Optimal outreach

• Measure J’s 65% “failure”– Opposed by some Board members– Lost by 2 percentage points

• Consensus is possible• Coalition is necessary• Champion is needed• Support of full Board of Directors is

needed

Preliminary Needs

Updated/Revised Lists

Updates to Final List

Yes No

LRTP Strategic

LRTP Funded

COG Input Ballot Development

Project Development Input Process for Long Range Plan/Ballot Initiative

Mobility MatrixNow – Feb 2015

Develop COG Ballot Priorities(Mar – Jun 2015)

Develop COG Ballot PrioritiesMar 2015 – May 2016

• Sub-Regional Needs• Sub-Regional Goals• Sub-Regional Projects* and

Priorities

• Update/Revise Projects Based on Initial Polling

• Refine Sub-Regional Projects• Assist with Development of

Financial Plan and Ordinance• Hold Metro Executive Team

Quarterly Meetings

* “Projects” refers to projects & programs

Preliminary Project List Development

Aug 2014 – Feb 2015

Initial PollingJan 2015

Update Project Costs & Schedules

Feb – Mar 2015

Project List & Financial PlanMar – Jun 2015

Update Projects if NeededJul 2015 – Feb 2016

Final PollingMar 2016

Board Action on OrdinanceMay 2016

Ballot ElectionNov 2016

Other Stakeholders

Other Stakeholders

Other Stakeholders