Meeting_Body
PLANNING AND PROGRAMMING COMMITTEE
APRIL 16, 2025
Subject
SUBJECT: TRANSIT ORIENTED COMMUNITIES ECONOMIC DEVELOPMENT PROGRAM PILOT INVESTMENT FUND PROGRAM ADMINISTRATOR
Action
ACTION: APPROVE CONTRACT AWARD
Heading
RECOMMENDATION
Title
AUTHORIZE the Chief Executive Officer (CEO) to award a firm fixed price Contract No. PS122552000 to Vermont Slauson - LDC, Inc. for the administration of the Transit Oriented Communities Economic Development Program (EDP) Pilot Investment Fund (Fund) in the amount of $1,370,495 for the three-year base term, $310,740 for the first option year, and $253,745 for the second option year, for a total combined contract amount of $1,934,980, effective May 1, 2025, subject to the resolution of any properly submitted protest(s), if any.
Issue
ISSUE
The Transit Oriented Communities Economic Development Program (EDP) Pilot Investment Fund (Fund) was developed to build upon Metro's construction mitigation programs to prevent displacement and to support the long-term sustainability of small businesses in Equity Focus Communities (EFC) near the K Line and Little Tokyo segment of the A/E Line. To help in structuring, launching, and administering the Fund, Metro solicited proposals from Community Development Financial Institutions (CDFIs), which are mission-driven lenders focused on helping communities that are underserved by traditional financial institutions to become participants in the economic mainstream. Metro must select a CDFI to serve as the Fund Program Administrator to help finalize the program guidelines prior to returning to the Board and implementing the Fund.
Background
BACKGROUND
The Board approved the EDP and $5 million for the implementation of the Fund on December 1, 2022, contingent upon Board approval of the Fund Guidelines. The Board approved pilot program Fund Service Area (FSA) includes a half-mile radius of the K Line (formerly Crenshaw/LAX Line) and the Little Tokyo segment of the A...
Click here for full text