Metro - File #: 2016-0379

• File #: 2016-0379
• Type: Project
• Status: Passed
• File created: 4/26/2016
• In control: Construction Committee
• On agenda: 6/15/2016
• Final action: 6/23/2016
• Title: CONSIDER: A. ESTABLISHING a Full Funding Grant Agreement (FFGA) Budget of $2,410,544,879 as described in Attachment A for the Westside Purple Line Extension (WPLE) Section 2 project, consistent with direction from the Federal Transit Administration (FTA); B. AUTHORIZING up to $54.5 million in funds expected from the City of Beverly Hills as their 3% contribution to be advanced from Measure R funds from the Westside Subway Extension line item in the Measure R Expenditure Plan, in support of the FFGA requirements of the FTA; C. APPROVING the Measure R Cost Management Process and Policy analysis and funding strategy in Attachment B to use up to $191.81 million Measure R funds from the Westside Subway Extension line in the Measure R Expenditure Plan to meet the new cost and revenue assumptions in the Short Range Transportation Plan; D. DIRECTING the CEO to assume that all savings from the Exposition Light Rail Phase 2 project will be redirected to WPLE Section 2 project at such tim...
• Sponsors: Planning and Development (Department)
• Indexes: Budget, Measure R, Metro Purple Line, Policy analysis, Project, Transportation Infrastructure Finance and Innovation Act of 1998, Westside Subway Extension/Purple Line Extension Phase 1

Date	Action By	Action	Result
6/23/2016	Board of Directors - Regular Board Meeting
6/16/2016	Construction Committee

Meeting_Body
CONSTRUCTION COMMITTEE
JUNE 16, 2016

Subject/Action
SUBJECT: WESTSIDE PURPLE LINE EXTENSION SECTION 2 PROJECT

ACTION: APPROVE FFGA BUDGET, REVENUES, AND THE FUTURE REDIRECTION SAVINGS FROM EXPOSITION PHASE 2 IN SUPPORT OF $1.5 BILLION IN FFGA AND TIFIA LOAN REQUESTS FOR THE WPLE SECTION 2 PROJECT


Heading
RECOMMENDATION

Title
CONSIDER:

A. ESTABLISHING a Full Funding Grant Agreement (FFGA) Budget of $2,410,544,879 as described in Attachment A for the Westside Purple Line Extension (WPLE) Section 2 project, consistent with direction from the Federal Transit Administration (FTA);

B. AUTHORIZING up to $54.5 million in funds expected from the City of Beverly Hills as their 3% contribution to be advanced from Measure R funds from the Westside Subway Extension line item in the Measure R Expenditure Plan, in support of the FFGA requirements of the FTA;

C. APPROVING the Measure R Cost Management Process and Policy analysis and funding strategy in Attachment B to use up to $191.81 million Measure R funds from the Westside Subway Extension line in the Measure R Expenditure Plan to meet the new cost and revenue assumptions in the Short Range Transportation Plan;

D. DIRECTING the CEO to assume that all savings from the Exposition Light Rail Phase 2 project will be redirected to WPLE Section 2 project at such time as the Expo project is closed out and the necessary actions of the Metro Board of Directors can be secured to free up these funds; and

E. APPROVING the resolution in Attachment C updating the FTA on these actions as they relate the Metro's WPLE Section 2 Financial Plan from August 2015.

Issue
ISSUE

This report provides recommended actions of the Metro Board of Directors that are necessary to secure federal approval of a $1,187 million Federal Transit Administration (FTA) Full Funding Grant Agreement (FFGA) and a $307 million Transportation Infrastructure Finance and Innovation Act (TIFIA) Loan. Without approval of the recommendatio...