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 Not...
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