Crenshaw Project Corporation
One Gateway Plaza
Los Angeles, CA 90012
Meeting_Body
CRENSHAW PROJECT CORPORATION BOARD MEETING
DECEMBER 3, 2015
Subject/Action
SUBJECT: CRENSHAW PROJECT CORPORATION ANNUAL FINANCIAL REPORT
ACTION: RECEIVE AND FILE
Heading
RECOMMENDATION
Title
RECEIVE AND FILE the Crenshaw Project Corporation (CPC) Annual Financial Report for the fiscal year ended June 30, 2015 (Attachment A).
Issue
ISSUE
The CPC was formed in 2012 to act as the Transportation Infrastructure Finance and Innovation Act (TIFIA) Loan conduit borrower for the Crenshaw/LAX Transit Corridor Project (Crenshaw/LAX Project). The CPC Bylaws require that an annual financial report be prepared for review by the CPC Directors no later than 120 days after the close of the Corporation’s fiscal year (June 30th), or such later date permissible by Public Benefit Corporation Law. Attachment A presents this required financial report.
Discussion
DISCUSSION
Fiscal Year 2015 was the first year, since its inception, that the CPC had any financial transactions. In September 2012, the CPC secured a $545,900,000 TIFIA loan from the United States Department of Transportation (USDOT). The TIFIA loan is secured by Measure R Sales Tax revenues allocated to the Crenshaw/LAX Project. In June 2015, the CPC received its first disbursement of TIFIA loan funds in the amount of $37,477,000. This loan disbursement was then advanced to Metro for the purpose of reimbursing the agency for eligible Crenshaw/LAX Project expenses. In addition, the CPC paid $457,000 in expenses that consisted of loan fees and other charges. The CPC was reimbursed for these expenditures by Metro. The Annual Financial Report states that the net position of the CPC as of June 30, 2015 was $0 as a result of the transactions noted above. Attachment A contains the CPC Basic Financial Statements (Unaudited) for FY15.
Determination_of_Safety_Impact
DETERMINATION OF SAFETY IMPACT
There is no safety impact related to this action.
FINANCIAL IMPACT
The administrative costs associated with preparing the CPC Annual Financial Report was funded in Metro’s adopted FY16 budget in various cost centers.
Next_Steps
NEXT STEPS
Staff will continue to provide CPC financial reports to the Board on an annual basis as required by the Bylaws.
Attachments
ATTACHMENTS
Attachment A - Crenshaw Project Corporation Basic Financial Statements (Unaudited) For the Fiscal Year Ended June 30, 2015
Prepared_by
Prepared by: Jesse Soto, Executive Officer, Finance, (213) 922-6861
Cosette Stark, Deputy Executive Officer, (213) 922-2822
David Yale, Managing Executive Officer, (213) 922-2469
Reviewed_By
Reviewed by: Martha Welborne, FAIA, Chief Planning Officer, (213) 922-7267
Nalini Ahuja, Executive Director, Finance & Budget (213) 922-3088
