Meeting_Body
Crenshaw Project Corporation
One Gateway Plaza
Los Angeles, CA 90012
CRENSHAW PROJECT CORPORATION BOARD MEETING
NOVEMBER 30, 2017
Subject
SUBJECT: TRANSPORTATION INFRASTRUCTURE FINANCE
AND INNOVATION ACT (TIFIA) LOAN ADMINISTRATION
ACTIVITIES
Action
ACTION: RECEIVE AND FILE
Heading
RECOMMENDATION
Title
RECEIVE AND FILE report on Crenshaw Project Corporation TIFIA Loan administration activities during calendar year 2017.
Issue
ISSUE
The Crenshaw Project Corporation (CPC) was formed in June 2012 to act as the TIFIA Loan conduit borrower and the Transportation Investment Generating Economic Recovery (TIGER) II TIFIA Payment grant sub-recipient for the Crenshaw/LAX Transit Corridor Project (Crenshaw/LAX).
This report provides an update to the Board about CPC administrative actions taken pursuant to the loan agreement since the last update at the CPC Annual Meeting held December 1, 2016. As of November 30, 2016, the CPC has drawn all of the $545.9 million TIFIA Loan available to the Crenshaw/LAX Project.
Discussion
DISCUSSION
Subsequent to the last CPC Annual Meeting held December 1, 2016, staff has completed the following actions in 2017 to administer the TIFIA Loan and TIGER Grant:
• Obtained annual credit rating;
• Paid the annual TIFIA Lender Loan Servicing Fee;
• Submitted to TIFIA:
o Reports and presentation material sent to rating agencies for ratings on any indebtedness secured by Proposition A, Proposition C, and Measure R sales taxes and General Revenues;
o Preliminary Official Statements and Official Statements filed for all LACMTA bond issuances;
o Unaudited Quarterly Financial Statements of LACMTA and CPC;
o Audited Annual Financial Statement of CPC;
o LACMTA’s Consolidated Annual Financial Report for the period ended June 30, 2016;
o Monthly Construction Progress Reports;
o Monthly FTA Project Management Oversight Reports;
o Fifth Annual Financial Plan for the Crenshaw/LAX Transit Corridor Project; and
o Notification of Budget Revision for Crenshaw/LAX Transit Project.
• Prepared and submitted to the Federal Transit Administration the Annual Budget Review and Program Plan as required by the TIGER Grant.
Financial_Impact
FINANCIAL IMPACT
Actual expenditures in FY17 for CPC TIFIA Loan activities totaled $21,200 to pay for the United States Department of Transportation annual fee, Trustee fees, and accounting fees. These activities are included in the FY18 proposed CPC Budget at an estimated cost of $21,300.
Next_Steps
NEXT STEPS
Staff will continue to take all actions required of the borrower under the Crenshaw/LAX Project TIFIA Loan and to provide annual updates to the CPC Board. Additionally, staff will return to the Board in the event there are any amendments required to the Crenshaw/LAX Project TIFIA Loan.
Attachments
ATTACHMENT
Attachment A - Crenshaw/LAX Project Funding Table
Prepared_by
Prepared by: Emma Nogales, Manager, Transportation Planning, (213) 922-3066
Cosette Stark, DEO, Countywide Planning & Development, (213) 922-2822
Laurie Lombardi, EO, Countywide Planning & Development, (213) 418-3251
Danny Jasper, Manager, Treasury, (213) 922-4026
Donna Mills, Treasurer, (213) 922-4047
Reviewed_By
Reviewed by: Therese W. McMillan, Chief Planning Officer, (213) 922-7077
Nalini Ahuja, Chief Financial Officer, (213) 922-3088
