Crenshaw Project Corporation
One Gateway Plaza
Los Angeles, CA 90012
Meeting_Body
CRENSHAW PROJECT CORPORATION BOARD MEETING
DECEMBER 3, 2015
Subject/Action
SUBJECT: TRANSPORTATION INFRASTRUCTURE FINANCE AND INNOVATION ACT (TIFIA) LOAN ADMINISTRATION ACTIVITIES
ACTION: RATIFY RESTATED ARTICLES OF INCORPORATION, AND RECEIVE AND FILE REPORT ON 2015 TIFIA LOAN ADMINISTRATION ACTIVITIES
Heading
RECOMMENDATION
Title
CONSIDER:
A. RATIFYING AND APPROVING the Crenshaw Project Corporation (CPC) Restated Articles of Incorporation (Attachment A); and
B. RECEIVING AND FILING the Restated Bylaws (Attachment B) and this report of other TIFIA loan administration activities during calendar year 2015.
Issue
ISSUE
The Crenshaw Project Corporation (CPC) was formed in 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 Project). At the CPC Annual Meeting held November 13, 2014, the Board adopted a resolution to amend the bylaws, select fiduciaries to serve as fiscal agents, open bank accounts, change corporate status, file restated articles of incorporation and perform other related activities. These actions were necessary to enable CPC to administer the TIFIA Loan. This report is provided to update the Board about those actions made pursuant to the approved resolution and the loan agreement. As of October 30, 2015, the CPC has drawn $263.9 million of the $545.9 million TIFIA Loan available to the Crenshaw/LAX Project.
Discussion
DISCUSSION
Subsequent to the CPC Annual Meeting held November 13, 2014 staff has completed the following activities in order to administer the TIFIA Loan and TIGER Grant:
New Articles of Incorporation and Restated Bylaws
Last year staff recommended a change in CPC's corporate status from a mutual benefit corporation to a public benef...
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