Metro - File #: 2019-0434

• File #: 2019-0434
• Type: Informational Report
• Status: Agenda Ready
• File created: 5/16/2019
• In control: Construction Committee
• On agenda: 7/18/2019
• Title: RECEIVE AND FILE financial forecast and constructability analysis to deliver the Twenty-Eight by '28 Initiative.
• Sponsors: Planning and Programming Committee
• Indexes: Bids, Budgeting, C Line (Green) Extension to Torrance, Capital Project, Capital Project Funds, Construction, Construction engineering, Debt, Federal Transit Administration, Financial analysis, Funding plan, Grant Aid, Informational Report, Long Range Transportation Plan, Measure M, Measure R, Metro Gold Line, Metro Gold Line Eastside Extension, Metro Green Line, Metro Rail C Line, Metro Rail E Line, Metro Rail L Line, Metro Vision 2028 Plan, Motion / Motion Response, New Starts Program, Olympic games, Payment, Plan, Policy, Procurement, Project, Project delivery, Public private partnerships, Revenue Service, Twenty-eight by '28 Initiative, West Santa Ana Branch Transit Corridor (WSAB) Project

Meeting_Body
CONSTRUCTION COMMITTEE
EXECUTIVE MANAGEMENT COMMITTEE
JULY 18, 2019

Subject
SUBJECT: TWENTY-EIGHT BY '28 FINANCIAL FORECAST AND CONSTRUCTABILITY ANALYSIS

Action
ACTION: RECEIVE AND FILE

Heading
RECOMMENDATION

Title
RECEIVE AND FILE financial forecast and constructability analysis to deliver the Twenty-Eight by '28 Initiative.

Issue
ISSUE

This item is a response to a Board request (Motion 32.4, #2019-0108) during the Board meeting on February 2019 to prepare a detailed year-by-year financial forecast to deliver Twenty-Eight by '28, prioritizing four "pillar projects," and to conduct a constructability analysis for the pillar projects. Responses to other components of the motion were provided by Metro staff in a May 2019 status report to the Board.

Background
BACKGROUND

Motion 32.4 requests a detailed year-by-year potential financial forecast that prioritizes the four pillar projects listed below; assumes public private partnership (P3) efficiencies but not use of local return revenues; public and private financing not in Metro's existing "toolbox"; and a constructability analysis of the four pillar projects that includes scope, costs, risks, use of alternative modes, and timelines.

Pillar Projects (Measure M Opening Date)
* Gold Line Eastside Extension Phase 2 (FY 2035)
* Green Line Extension to Torrance (FY 2030)
* Sepulveda Transit Corridor (FY 2033)
* West Santa Ana Branch to Downtown LA (FY 2028, FY 2041)

Discussion
DISCUSSION
Metro staff has developed a Pillar Projects Financial Forecast that attempts to identify a viable funding plan for the four projects. The Pillar Projects Financial Forecast is an alternative to the baseline Metro system-wide, or Long Range Transportation Plan (LRTP) financial forecast, which is the multiyear funding plan for all Metro projects, programs, and services.

Key assumptions made include: all pillar projects are completed by FY 2028, the cost of each of the pillar projects is the same as ...