Meeting_Body
CRENSHAW PROJECT CORPORATION BOARD MEETING
DECEMBER 1, 2022
Subject
SUBJECT: CRENSHAW PROJECT CORPORATION
Action
ACTION: APPROVE RECOMMENDATION
Heading
RECOMMENDATION
Title
ADOPT a Resolution (Attachment A) that authorizes the election to wind up and dissolve the Crenshaw Project Corporation (the "CPC" or "Corporation").
Issue
ISSUE
Dissolution of the CPC is necessary at this time as the corporation is no longer needed to provide financial assistance to the Los Angeles County Metropolitan Transportation Authority (the "LACMTA" or "Metro").
Background
BACKGROUND
The CPC was formed in March 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). The TIFIA loan was secured by Measure R sales tax revenues allocated to the Crenshaw/ LAX Project. USDOT disbursed the maximum total of $545.9 million in TIFIA loan funds, and all loan disbursements were advanced to Metro to reimburse the agency for eligible Crenshaw/LAX Project expenses. In August 2020, the TIFIA loan was terminated and paid off, in full, by refinancing the debt with Measure R Junior Subordinate Sales Tax Revenue Refunding Bonds, Series 2020-A. The latest Annual Financial Report states that the net position of the CPC as of June 30, 2021, was zero, and there have been no further activities since the full repayment of the TIFIA Loan in August 2020.
Discussion
DISCUSSION
The attached resolution authorizes the CPC Board to take the appropriate measures and actions to wind up and dissolve this Corporation. The steps in the process to wind up and dissolve the Corporation involve having the officers of the Corporation complete the following: i) ratify the filing of the State Form FTB 3555A Request for Tax Clearance and ii) the filing of the Dissolution Waiver of Notice Letter with the California Secretary of...
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