Meeting_Body
Crenshaw Project Corporation
One Gateway Plaza
Los Angeles, CA 90012
CRENSHAW PROJECT CORPORATION BOARD MEETING
NOVEMBER 30, 2017
Subject
SUBJECT: CRENSHAW PROJECT CORPORATION ANNUAL
FINANCIAL REPORT
Action
ACTION: RECEIVE AND FILE
Heading
RECOMMENDATION
Title
RECEIVE AND FILE the Crenshaw Project Corporation (CPC) Annual Financial Report for the fiscal year (FY) ended June 30, 2017 (Attachment A).
Issue
ISSUE
The CPC was formed on March 23, 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 CPC’s fiscal year (June 30), or such later date permissible by Public Benefit Corporation Law. Attachment A presents this required financial report.
Discussion
DISCUSSION
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. The final draw down from the TIFIA loan of $65,835,389.78 was received in August 2016. As of June 30, 2017, USDOT has disbursed the maximum amount of $545,900,000 in TIFIA loan funds. All loan disbursements were advanced to Metro for the purpose of reimbursing the agency for eligible Crenshaw/LAX Project expenses. In addition, during FY17 the CPC paid $21,000 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, 2017 was $0. Total assets of $566,769,000 represent advances to Metro and the total liabilities represent the note payable to USDOT. Attachment A contains the CPC Audited Financial Statements for FY17.
Financial_Impact
FINANCIAL IMPACT
The administrative costs associated with preparing the CPC annual financial report was funded in Metro’s adopted FY18 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 Financial Statements for the Fiscal Year Ended June 30, 2017
Prepared_by
Prepared by: Jesse Soto, Executive Officer, Finance, (213) 922-6861
Reviewed_by
Reviewed by: Nalini Ahuja, Chief Financial Officer, (213) 922-3088
